Carawine Resources : 2021 Annual General Meeting Presentation

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The information in these Presentation Materials that relates to Exploration Results is based on information compiled by Mr Michael Cawood, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Cawood holds shares and options in and is a full-time employee of Carawine Resources Ltd and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activities being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (the "JORC Code (2012)"). Mr Cawood consents to the inclusion in this presentation of the matters based on his information in the form and context in which it appears.

These Presentation Materials includes information that relates to Exploration Results prepared and first disclosed under the JORC Code (2012) and extracted from the Company's previous ASX announcements (with the Competent Person for the relevant original market announcement indicated in brackets), as follows:

• Tropicana North: "High Gold Grades Continue at Hercules" 21 December 2021 (M Cawood)
• Tropicana North: "Latest Results Extend Big Freeze Gold Zone With Follow-Up Drilling Planned For Early 2022" 20 December 2021 (M Cawood)
• Fraser Range JV: "Fraser Range Joint Venture Exploration Update" 22 November 2021 (D Boyd)
• Fraser Range JV: "Fraser Range JV Exploration Program Update" 8 November 2021 (D Boyd)
• Tropicana North: "Multiple New Gold Targets Identified at Tropicana North" 1 November 2021 (M Cawood)
• West Paterson JV: "Priority Targets Identified from Airborne Electromagnetic Survey at West Paterson JV" 27 October 2021 (M Cawood)
• Tropicana North: "Hercules Extended at Depth" 26 October 2021 (M Cawood)
• Oakover JV: "BCA: Maiden Manganese Mineral Resource for the LR1 Prospect at Flanagan Bore" 5 October 2021 (B Cummins; G Jones)
• Oakover JV: "BCA: Manganese confirmed at Braeside and Oakover West" 23 September 2021 (B Cummins)
• Tropicana North: "Strong Results from Hercules Extend Multiple Lode System and Deposit Strike" 23 September 2021 (M Cawood)
• Tropicana North: "High Grades Extended in Latest Hercules Results" 8 September 2021 (M Cawood)
• Tropicana North: "Visible Gold in First Drill Core from Hercules" 26 July 2021 (M Cawood)
• Fraser Range JV: "Two Compelling New Bedrock Conductors Identified at Red Bull, Fraser Range JV" 19 July 2021 (D Boyd)
• Tropicana North: "Follow-Up Assay Results Extend Hercules Mineralisation" 7 July 2021 (M Cawood)
• Tropicana North: "New Regionally Significant 'Big Freeze' Gold Prospect Defined at Tropicana North" 15 April 2021 (M Cawood)
• Tropicana North: "Outstanding Results Continue with Latest High-Grade Intersections at Hercules" 3 March 2021 (M Cawood)
• Tropicana North: "Multiple High-Grade Intersections Confirm Exciting New Gold Discovery at Hercules" 24 February 2021 (M Cawood)
• Tropicana: "Carawine Acquires New Gold Project in Western Australia" 3 September 2020 (M Cawood)

Copies of these are available from the ASX Announcements page of the Company's website: www.carawine.com.au

The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have

not materially changed. The company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

This document may not be reproduced, redistributed or passed on, directly or indirectly without the consent of the Company. By receiving the Presentation Materials, you acknowledge and represent to the Company that you have read, understood and accepted the terms of this disclaimer.

The contents of the Presentation Materials reflect various technical and economic conditions at the time of writing. Given the nature of the resources industry, these conditions can change significantly over relatively short periods of time due to factors outside the control of the Company and its directors, staff and consultants. Consequently, actual performance may vary from those contained in this document.

Some statements in the Presentation Materials regarding estimates or future events are forward-looking statements. They include indications of, and guidance on, future earnings, cash flow, costs and financial performance. Forward- looking statements include, but are not limited to, statements preceded by words such as "planned", "expected", "projected", "estimated", "may", "scheduled", "intends", "anticipates", "believes", "potential", "predict", "foresee", "proposed", "aim", "target", "opportunity", "could", "nominal", "conceptual" and similar expressions. Forward-looking statements, opinions and estimates included in this report are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Forward-looking statements are provided as a general guide only and should not be relied on as a guarantee of future performance. Forward-looking statements may be affected by a range of variables that could cause actual results to differ from estimated results and may cause the Company's actual performance and financial results in future periods to materially differ from any projections of future performance or results expressed or implied by such forward-looking statements. So there can be no assurance that actual outcomes will not materially differ from these forward-looking statements.

The Presentation Materials are for information purposes only and do not constitute or form any part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities in the Company in any jurisdiction. The Presentation Materials and its contents must not be distributed, transmitted or viewed by any person in any jurisdiction where the distribution, transmission or viewing of this document would be unlawful under the securities or other laws of that or any other jurisdiction. The Presentation Materials contain summary information about the Company and its activities which is current as at the date of the Presentation Materials. The information in the Presentation Materials is of a general nature and does not purport to contain all the information which a prospective investor may require in evaluating a possible investment in the Company or that would be required in a prospectus or product disclosure statement or other offering document prepared in accordance with the requirements of Australian law or the laws of any other jurisdiction, including the United States of America. The Company does not undertake to provide any additional or updated information whether as a result of new information, future events or results or otherwise.

The Presentation Materials are not investment or financial product advice (nor tax, accounting or legal advice) and are not intended to be used for the basis of making an investment decision. Recipients should obtain their own advice before making any investment decision.

Carawine and its directors, employees and consultants make no representations or warranty as to the accuracy, reliability or completeness of the Presentation Materials, and have no liability, including liability to any person by reason of negligence of, or contained in or derived from, or for any omissions from this document, except liability under statute that cannot be excluded.

The release of these Presentation Materials has been authorised by the Board. Date: 22 December 2021

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CORPORATE SNAPSHOT

Capital Structure

Top 20:

Captain Nominees Directors & Management Others: HNW, Sprott, Other institutions

Directors & Management

only

Coolbro JV (Cu-Au) (Fortescue to 75%)

• Regional target generation
• Heli-EMsurvey analysis pending
• Initial drilling planned 2022

West Paterson JV (Cu-Au) (Rio Tinto to 80%)

• Geological and geophysical targets
• Drill-ready,initial RC completed with additional programs planned 2022

Oakover JV (Mn) (Black Canyon to 75%)

• Manganese focus
• LR1 Mineral Resource, open
• Drilling from Nov-21

NORTHERN

PATERSONTERRITORY

PROVINCE

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