Caspin Resources and ASM Joint Venture Agreement Announcement

Caspin Resources Limited (ASX: $CPN) has executed an option agreement with Australian Strategic Materials Limited (ASM) (ASX: $ASM) to enter a Joint Venture. Under the agreement, Caspin will maintain focus on nickel, copper, and gold at its 100% owned Mount Squires Project while retaining a 25% free carried interest in the Rare Earth Element (REE) rights. ASM will undertake REE metallurgical test work and drilling at Mount Squires over the next 3-9 months, with minimum expenditure commitments by ASM thereafter to progressively earn up to 75% interest in the REE rights. Caspin will retain 100% ownership of tenements and rights to all other metals including nickel, copper, and gold.

Caspin's Managing Director, Mr Greg Miles, on the Joint Venture Agreement

We're excited to be collaborating with ASM on the Rare Earth opportunity at Mount Squires, a reputable and specialist REE company. Caspin will retain exposure to the REE potential without any funding obligation and potentially receive milestone payments. This will allow Caspin to maintain its focus on the nickel, copper, and gold potential at Mount Squires and other acquisition opportunities. We believe that the high proportion of high value, heavy rare earths, close to surface in an area with no previous exploration for rare earths, sets the Mount Squires REE Project apart from its peers. However, the road to commercialisation of rare earth projects can be incredibly complex and high risk. Partnering with ASM, an established REE developer, provides a huge advantage to evaluate the economic viability of the Mount Squires REE Project. Caspin will benefit from ASM's in-house technical expertise to understand the potential to economically extract REEs at Mount Squires, and if successful, provide a pathway to market through ASM's Dubbo Project development and supply chains. Importantly, this agreement allows Caspin to retain its full exposure to nickel, copper, and gold and we look forward to continuing our exploration programs across the Mount Squires Project.

Summary of Caspin Resources and ASM Joint Venture Agreement

Caspin Resources Limited (ASX: $CPN) has entered into a Joint Venture agreement with Australian Strategic Materials Limited (ASM) (ASX: $ASM) to evaluate the Rare Earth Element (REE) potential at the Mount Squires Project in Western Australia. The agreement allows Caspin to maintain focus on nickel, copper, and gold while retaining a 25% free carried interest in the REE rights. ASM will conduct REE metallurgical test work and drilling at Mount Squires over the next 3-9 months, with the potential to earn up to 75% interest in the REE rights. Caspin's Managing Director, Mr Greg Miles, highlighted the advantages of partnering with ASM, an established REE developer, to evaluate the economic viability of the Mount Squires REE Project. The company aims to benefit from ASM's technical expertise and maintain its exploration programs across the Mount Squires Project.