Caspin Resources Defines High-Priority Moss Prospect Drill Target at Bygoo

Caspin Resources Defines Compelling New Drill Target at Moss Prospect — Just 1,000 Metres From Its High-Grade Kelpie Tin Deposit

Caspin Resources Limited (ASX: CPN) has announced the identification of a high-priority drill target at its Moss Prospect within the Bygoo Project in New South Wales, delivering a significant development for the company's exploration pipeline. The Caspin Resources Moss Prospect drill target at Bygoo Project has emerged from the convergence of multiple independent geophysical and geochemical datasets, all pointing to a geological setting that bears striking similarities to the nearby Kelpie Deposit.

The Kelpie Deposit is a high-grade, open pit tin resource currently estimated at 3.94 million tonnes at 0.50% tin for 19,300 tonnes of contained tin. With reconnaissance drilling set to commence in the coming weeks, Moss is rapidly emerging as one of the most exciting near-term discovery opportunities at Bygoo.

The Moss Prospect: Where Four Independent Datasets Tell the Same Story

What makes the Caspin Resources Moss Prospect drill target at Bygoo Project particularly compelling is not any single piece of evidence — it is the convergence of multiple independent datasets, all pointing to the same target zone. Caspin has completed systematic soil geochemistry, Induced Polarisation (IP) surveys, ground gravity surveys, and aeromagnetic imagery across the prospect. Each dataset has returned results that closely mirror the signatures observed at the adjacent Kelpie Deposit.

Managing Director Greg Miles commented: "What is particularly encouraging is that multiple independent datasets align at the same location. The structural setting, soil geochemistry, IP response and gravity signatures all point to a geological setting with strong similarities to the Kelpie Deposit. Together, these datasets have defined a compelling drill target ready for immediate drill testing."

The key findings across each dataset are summarised below:

The soil anomaly extends over 1,500 metres of strike along the Ardlethan granite contact, encompassing both the Moss Prospect and the Kelpie Deposit as zones of locally stronger response within a broader coherent feature. Smaller anomalies identified between Moss and Kelpie will be subject to additional infill sampling.

Why the Geology at Moss Matters: Understanding Greisen-Style Tin Mineralisation

For investors less familiar with tin exploration, understanding the geological model at Moss helps to appreciate why the company is so encouraged by these results.

What Is Greisen-Style Tin Mineralisation?

Greisen mineralisation is a type of tin deposit formed when hot, mineral-rich fluids associated with cooling granite intrusions react with and alter the surrounding rocks. These fluids deposit tin-bearing minerals — predominantly cassiterite — within fracture zones, veins, and at contacts between different rock types. The Kelpie Deposit is a greisen-style deposit, where the strongest mineralisation is hosted within the Ardlethan Granite, directly beneath an overlying rhyolite porphyry unit.

At Moss, surface outcrop of the same rhyolite porphyry unit is visible, along with small-scale historical workings targeting minor greisen veining within it. This is significant because at Kelpie, recent Caspin drilling has shown that this same rhyolite hosts only minor low-grade mineralisation near surface — with much stronger mineralisation occurring in the underlying granite.

The implication at Moss is that what is visible at surface may simply be the top of a more substantial system concealed at depth. In other words, the most exciting mineralisation may not yet be exposed.

Key Terms Investors Should Know

• Cassiterite: The primary tin-bearing mineral and the source of nearly all mined tin globally
• Greisen: An altered granite rock that often hosts tin, tungsten, and other metals in vein systems
• IP (Induced Polarisation): A geophysical survey method that measures how rocks store and release electrical charge underground, often used to detect sulphide minerals associated with metal deposits
• Chargeability: An IP measurement that indicates the presence of electrically chargeable minerals — elevated readings can indicate mineralised zones
• Ardlethan Granite: The host granite intrusion at the Bygoo Project, spatially associated with tin mineralisation across the project area
• Bouguer Gravity: A gravity measurement corrected for terrain and elevation, used to detect variations in subsurface rock density — useful for mapping granite contacts and alteration zones

Moss in Context: A Rapidly Growing Exploration Pipeline at Bygoo

The identification of the Caspin Resources Moss Prospect drill target at Bygoo Project is a meaningful step in Caspin's broader strategy to demonstrate that Bygoo is not a single-deposit story. Instead, it could represent a cluster of tin deposits along the Ardlethan granite contact.

The Moss Prospect sits just 1,000 metres north of Kelpie in vacant crown land and, critically, has never been effectively drilled. Historical small-scale workings across the area, likely dating to the early 20th century, indicate that prospectors recognised mineralisation potential long ago. However, no modern systematic drilling has tested the target.

The Bygoo exploration pipeline now includes several advancing prospects:

1. Kelpie Deposit — Active RC drilling underway targeting resource extensions, including the recently discovered Errol's Zone (intersections of 8m at 1.39% Sn and 5m at 1.15% Sn reported 3 June 2026)
2. Moss Prospect — Reconnaissance drilling imminent, now ranked highest drill priority outside the Kelpie resource
3. Ardlethan East — Recently drilled, assay results pending (announced 30 March 2026)
4. Additional regional prospects — Multiple opportunities across the 1,183 km² project area, with the company noting the absence of systematic modern exploration for the past 40 years as a key opportunity

The project area encompasses three exploration titles — EL8260, EL9288, and EL9234 — covering a combined 1,183 km², all 100% held by Caspin Resources and in good standing.

Upcoming Catalysts: What Investors Should Watch For

Caspin has outlined a clear near-term activity schedule, with several potential news-generating events on the horizon across the Bygoo Project.

The reconnaissance drill programme at the Caspin Resources Moss Prospect drill target at Bygoo Project is designed to intersect the granite-rhyolite contact — interpreted as the likely mineralised host — at modest depth across the soil anomaly, with capacity for follow-up drilling where encouraging lithologies are encountered.

The Tin Market: A Supportive Commodity Backdrop

Tin's role as a critical technology metal underpins the strategic rationale for advancing a high-grade tin project like Bygoo. Tin currently trades at approximately 3.5 times the copper price, reflecting its specialised demand profile and relatively constrained global supply.

Furthermore, more than 50% of global tin production is consumed as solder — the conductive connection material used in circuit boards and electronic components. This positions tin as a direct beneficiary of structural growth in electrification, consumer electronics, solar energy, and artificial intelligence data centre infrastructure.

Tin is listed on both the US critical minerals list and Australia's strategic minerals list, reflecting its recognised importance to modern industrial supply chains. For Caspin, this commodity backdrop adds considerable commercial context to the technical progress being made at Bygoo.

Investment Thesis: Why the Moss Announcement Matters

The identification of Moss as a high-priority drill target represents a meaningful expansion of the Bygoo Project's discovery potential. Several factors combine to make this announcement noteworthy for investors tracking Caspin:

• Proximity to a known deposit: Moss sits just 1,000 metres from an existing resource of 19,300 tonnes of contained tin at high grade, significantly de-risking the target through geological association
• Analogous geological setting: The structural, geochemical, and geophysical signatures at Moss closely mirror those at Kelpie, providing a well-understood template for what a discovery could look like
• Untested ground: No effective modern drilling has been conducted at Moss, meaning this is genuine greenfield discovery potential adjacent to an advanced resource
• Multiple converging datasets: The alignment of four independent datasets — soil geochemistry, IP, gravity, and magnetics — at a single location reduces the risk of a false anomaly and strengthens the geological case for drilling
• Active drilling programme: Caspin is not waiting; drill site preparation is underway and reconnaissance drilling is expected within weeks
• Cluster of deposits thesis: Beyond Moss, Ardlethan East and other regional prospects suggest that Kelpie may prove to be one of several mineralised centres along the Ardlethan granite contact

The combination of an advancing flagship resource at Kelpie and a freshly defined, drill-ready new target at Moss means Caspin enters the coming months with two distinct near-term news catalysts operating in parallel.

Caspin Resources has positioned itself as an emerging force in Australian tin exploration, with a high-grade flagship resource at Kelpie now complemented by a compelling new drill target at Moss that mirrors Kelpie's geological signatures across four independent datasets. With reconnaissance drilling at Moss set to commence in the coming weeks alongside ongoing resource-extension drilling at Kelpie, investors have multiple near-term catalysts to monitor as Caspin works to demonstrate the broader deposit potential of the Bygoo Project.

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