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Caspin Resources (ASX: CPN) is an Australian mineral exploration and development company focused on advancing its flagship, 100%-owned Bygoo Tin Project in New South Wales.

The Company's key asset is the Kelpie Tin Deposit, which hosts a growing Mineral Resource Estimate of 6.5Mt @ 0.43% Sn for 28,000 tonnes of contained tin, representing a 45% increase since the maiden resource announced in September 2025.

With its high-grade resource, predominantly open-pit potential and encouraging metallurgical results, Caspin is working towards establishing one of Australia's highest-grade open-pit tin development projects.

Located in the historically productive Wagga Tin Granite Belt, the broader 1,500km² Bygoo Project offers significant exploration upside across a district that has seen limited modern exploration.

Management Profile:

Greg Miles is a geologist with over 30 years of experience in base and precious metals exploration and development, predominantly within the junior resources sector.

Throughout his career, Greg has been involved in numerous mineral discoveries across multiple commodities, as well as resource development studies, project acquisitions, corporate transactions and capital raisings.

Previously an Executive Director of Cassini Resources, Greg played a key role in advancing the West Musgrave Project through its early exploration and study phases.

He has led Caspin Resources as Managing Director since its ASX listing in 2020, bringing extensive technical, commercial and corporate experience to the Company's exploration and development strategy.

What are your key goals for the next 3 months?

Continue targeted drilling at the Kelpie Tin Deposit to test extensions to the existing resource, particularly near-surface opportunities and down-plunge mineralisation.

In parallel, advance a pipeline of regional exploration targets across the Bygoo Project, including Moss, Ardlethan East, Ardlethan South and Taylors Hill, with a focus on identifying additional tin mineralisation through first-pass drilling.

What are your key goals for the next 6 months?

Deliver a further Mineral Resource update at the Kelpie Tin Deposit, building on the recent 45% increase in contained tin and targeting additional resource growth and improved resource confidence.

Progress drilling of priority regional prospects across the broader Bygoo Project, with the objective of making new discoveries and establishing a larger resource base to support the potential development of a stand-alone tin operation.

What are your key goals for the next 12 months?

Advance the Kelpie Tin Deposit towards preliminary feasibility, supported by further resource growth, metallurgical optimisation, technical studies and evaluation of potential processing and development options.

In parallel, continue systematic exploration across the broader Bygoo Project, targeting additional tin discoveries that could enhance the scale, economics and long-term development potential of the project.

What do you think makes your company such a compelling investment?

Caspin offers investors exposure to a growing, high-grade Australian tin resource with predominantly open-pit potential, strong metallurgical performance and significant exploration upside.

Tin shares many of the attractive long-term supply and demand fundamentals of copper, with increasing demand from electronics, data centres, renewable energy and electrification, against a backdrop of constrained global supply and limited new production.

Our flagship Bygoo Project is located in a historically significant tin-producing district that has seen limited systematic exploration for more than 40 years.

The Kelpie Deposit has already demonstrated substantial resource growth, increasing contained tin by 45% in just over 12 months to 28,000 tonnes. Its grade of 0.43% tin compares favourably with other open-pit tin development projects, while encouraging metallurgical results and a relatively simple processing flowsheet provide potential competitive advantages.

Importantly, Kelpie represents only around 5% of the prospective eastern contact of the Ardlethan Granite, highlighting the considerable opportunity for further discoveries across the broader project.

With an experienced management team, a relatively small global peer group of listed tin investment opportunities and a modest market valuation relative to its resource and exploration potential, we believe Caspin presents a compelling combination of resource growth, development potential and exposure to a strategically important critical metal.

What are your corporate activities?

Caspin is focused on broadening and strengthening its shareholder base through engagement with domestic and international institutional investors, specialist resource funds and strategic investors.

A key priority is securing long-term investment support and access to equity funding to underpin the next phase of exploration, resource expansion and development activities at the Bygoo Tin Project.

The Company is also evaluating potential strategic partnerships and alternative funding opportunities that could accelerate project advancement and support its longer-term objective of establishing a stand-alone tin operation.