Ann: Exploration Update, page-13

Recommencement of Drilling
The Company is looking forward to recommencing RC drilling within the coming weeks, with the program set to extend beyond the remaining 2,000m of the original planned program.

Only a small fraction of the entire intrusion has been drilled by Caspin or its predecessors. Most of the previous drilling has focussed only on where mineralisation comes to surface, but there remains a large portion of the prospective basal sequence that is potentially obscured by overlying sequences and present at depth where it is unrecognised and remains to be tested.

The program will also be testing the Northwest soil geochemical anomaly which occurs in an embayment of the intrusion and a potential near-surface expression of the basal contact. The Company will also be testing the XC- 22 Airborne Electromagnetic (AEM) anomaly, which is coincident with a magnetic high and gravity low. Further details of these targets can be found in Caspin's ASX release of 21 September 2021.

The upcoming diamond program, part funded by the WA Government Exploration Incentive Scheme, is also expected to commence towards the end of October. This rig will be drilling a deep diamond hole through the entire intrusion to assist geological interpretations and potentially identify prospective basal sequences.