Investor Insight

Corazon Mining is advancing a Western Australian gold exploration strategy centred on its Two Pools and Feather Cap projects, supported by ongoing and planned drilling activities in 2026. The company also maintains exposure to base and battery metals through its Lynn Lake, MacBride and Mt Gilmore projects.

Overview

Corazon Mining (ASX:CZN) is focused on gold exploration in Western Australia, with a consolidated landholding across the Gascoyne and Bryah–Padbury Basin regions. The company is advancing its portfolio through exploration programs designed to validate historical results and define mineralised systems.

The flagship Two Pools Gold Project is located within the Plutonic–Marymia Greenstone Belt, a region hosting more than 12Moz of gold. Historical drilling has confirmed high-grade gold mineralisation, and recent technical work has identified a continuous 4km gold anomaly and refined the geological interpretation, supporting ongoing and planned drilling activities.

Corazon has expanded its gold portfolio through the Feather Cap Gold Project, which hosts shallow gold mineralisation across multiple target zones. Both projects are located within trucking distance of established processing infrastructure, including the Plutonic processing plant and Fortnum Mill.

In addition to its Western Australian gold assets, Corazon holds a portfolio of base and battery metals projects, including the Lynn Lake nickel-cobalt-copper (Ni-Co-Cu) Project in Canada and the Mt Gilmore Cu-Au Project in New South Wales. These assets provide exposure to nickel, copper and cobalt alongside the company’s gold exploration activities.

Company Highlights

• WA Gold Focus: Corazon is advancing gold exploration across the Gascoyne and Bryah–Padbury Basin regions in Western Australia.
• Two Pools Gold Project: The flagship project comprises a 342 sq km land package located approximately 200km northeast of Meekatharra within the Plutonic–Marymia Greenstone Belt.
• High-Grade Gold Intercepts: Historical drilling includes 12m @ 8.89 g/t gold (incl. 3m @ 34.25 g/t gold), 18m @ 3.89 g/t gold (incl. 4m @ 15.96 g/t gold), and 8m @ 7.83 g/t gold (incl. 1m @ 52.24 g/t gold).
• Defined Gold System: A continuous 4km gold anomaly has been identified, supported by a 1.8km x 1.2km anomalous zone.
• Active Exploration: Exploration programs include diamond drilling, RC drilling, and follow-up work, with assay results from initial drilling expected.
• Feather Cap Gold Project (up to 80 percent): A 154 sq km project comprising three exploration licences and one mining lease, with intercepts including 20m @ 3.01 g/t gold and 7m @ 6.21 g/t gold.
• Infrastructure Access: Two Pools is located approximately 60km from the Plutonic processing plant and Feather Cap approximately 50km from the Fortnum Mill.
• Base & Battery Metals Portfolio: Includes the Lynn Lake Ni-Co-Cu Project (116,800t Ni, 54,300t Cu, 5,300t Co), MacBride Cu-Zn-Au, and Mt Gilmore Cu-Au.
• Corporate Snapshot: Market capitalisation of approximately $10.8 million, 70.2 million shares on issue, and cash of approximately $3.5 million as at 31 December 2025.

Key Projects

Two Pools Gold Project (Western Australia)

The Two Pools Gold Project comprises a 342 sq km land package located approximately 200km northeast of Meekatharra within the Plutonic–Marymia Greenstone Belt. The project is situated in a region hosting more than 12Moz of gold and is located approximately 60km from the Plutonic processing plant.

Historical drilling has confirmed high-grade gold mineralisation, including intercepts of 12m @ 8.89 g/t gold (incl. 3m @ 34.25 g/t gold), 18m @ 3.89 g/t gold (incl. 4m @ 15.96 g/t gold), and 8m @ 7.83 g/t gold (incl. 1m @ 52.24 g/t gold). Mineralisation is hosted within greenstone beneath shallow granite cover.

A technical review has identified a continuous 4km gold anomaly, supported by a 1.8km x 1.2km anomalous zone. Exploration activities include diamond drilling, RC drilling, and follow-up programs to test these targets.

Feather Cap Gold Project (Western Australia)

The Feather Cap Gold Project covers 154 sq km and is subject to an agreement to acquire up to an 80% interest. The project comprises three contiguous exploration licences and one mining lease and is located approximately 150km north of Meekatharra.

Historical drilling has identified shallow gold mineralisation across multiple prospects, including intercepts of 20m @ 3.01 g/t gold (incl. 4m @ 10.7 g/t gold), 35m @ 1.47 g/t gold (incl. 5m @ 5.13 g/t gold), and 7m @ 6.21 g/t gold (incl. 2m @ 18.33 g/t gold).

The project is located adjacent to Westgold’s Durack Deposit (112koz @ 1.2 g/t gold) and approximately 50km from the Fortnum Mill, with exploration focused on advancing defined target areas.

Lynn Lake Ni-Co-Cu Project (Manitoba, Canada)

The Lynn Lake Project is a fully permitted nickel-copper-cobalt project with established infrastructure. It hosts a JORC-compliant resource containing 116,800 tonnes of nickel, 54,300 tonnes of copper, and 5,300 tonnes of cobalt.

The project provides exposure to nickel, copper and cobalt and includes the MacBride Copper-Zinc-Gold Project, which hosts near-surface mineralisation.

Mt Gilmore Copper-Gold Project (NSW, Australia)

The Mt Gilmore Project is a copper-gold project located in New South Wales. Historical drilling results are being reviewed to guide future exploration activities.

The project provides additional exposure to copper and gold within the Company’s broader portfolio.

Management Team

Simon Coyle – Managing Director

Simon Coyle is a mining executive with over 20 years’ experience across gold, iron ore, manganese and lithium. He has held senior roles including CEO and President of Velox Energy Materials and General Manager – Operations at Pilbara Minerals, contributing to the development of its lithium operations. He is a graduate of the Western Australian School of Mines and a Non-Executive Director of Kali Metals Ltd.

Kristie Young – Non-Executive Chair

Kristie Young is a mining engineer with over 25 years’ experience across mining operations, feasibility studies and corporate roles. Her experience includes Mt Isa Mines, Plutonic Gold, Hamersley Iron and New Hampton Goldfields, as well as senior roles with PwC and EY. She currently serves as a Non-Executive Director of Brazilian Rare Earths Ltd, Livium Ltd, Tasmea Ltd and MinEx CRC.

Scott Williamson – Non-Executive Director

Scott Williamson has more than 20 years of experience across technical, operational and capital markets roles. He is currently Managing Director of Horizon Gold and holds degrees in Mining Engineering and Commerce from Curtin University and the Western Australian School of Mines.

Robert Orr – Company Secretary and Chief Financial Officer

Robert Orr is responsible for financial management and corporate governance.