Caspin Resources Limited announced significant rhodium mineralisation has been found at the Yarawindah Brook PGE-Ni-Cu Project in Western Australia, only 100km north of Perth. Following the significant rhodium results in YARC0022, the Company has been selecting specific zones of PGE mineralisation to re-assay for the full six PGE suite of elements, which consist of iridium (Ir), osmium (Os), rhodium (Rh) and ruthenium (Ru), as well as platinum and palladium. This exercise has produced an exceptional high-grade rhodium intersection from YARC0036 of: 17m @ 1.73g/t Pt, 0.39g/t Pd, 0.22g/t Rh, 0.01g/t Au (2.33g/t 4E), 0.17% Ni from 131m, including 3m @ 4.60g/t Pt, 0.87g/t Pd, 0.56g/t Rh, 0.01g/t Au (6.04g/t 4E), 0.17% Ni from 144m.

The peak rhodium grade returned was 0.69g/t. These significant results provide confirmation of a significant PGE discovery and add further value at Serradella, which the Company has rapidly developed from a conceptual target less than 12 months ago. Serradella is open in multiple directions with potentially better mineralisation still to be found, as drilling steps progressively towards the basal contact position of the intrusion. This is the second significant rhodium result following the initial discovery in YARC0022 which returned 13m @ 0.17g/t Pd, 0.74g/t Pt, 0.11g/t Rh, 0.26% Ni, 0.21% Cu from 101m, including 2m @ 0.40g/t Pd, 2.45g/t Pt, 0.41g/t Rh, 0.23% Ni, 0.09% Cu from 112m.

Both holes are part of the `upper' Serradella position. A number of zones from recent Serradella drill holes remain pending, including YARCD0025 which has recently returned a significant intersection of 35m @ 1.03g/t 3E and 0.14% Ni from 91m, including a higher-grade core of 12.1m @ 2.07g/t 3E and 0.20% Ni from 105.9m. Further significant rhodium results were also returned from across the Serradella Discovery, such as 1m @ 0.20g/t Rh from 169m in YARC0042, part of the `lower' Serradella position and demonstrating the potential for significant mineralisation throughout Serradella.

Refer to Table 1 for a full list of assay results. The value of rhodium has ranged from USD 13,500/oz to USD 15,500/oz over the past three months after touching USD 22,000/oz earlier in the year. By comparison, palladium has ranged from USD 1,800/oz to USD 2,200/oz and gold between USD 1,700/oz and USD 1,800/oz over the same time.

This demonstrates the enormous value small additions of rhodium (can be as little as 100ppb, or 0.1g/t in South African PGE mines) can potentially make to project economics, assuming metallurgical recoveries are equal. The Company has also retrieved from storage a small number of PGE mineralised intervals from the 2021 drill program to complete a `sighter' program across the Central Yarabrook Prospect. Samples were selected based on providing a range of spatial coverage and mineralisation styles to evaluate potential metal associations or geological relationships.

This analysis of only 64 samples has returned significant grades of rhodium associated with platinum and palladium, with a peak value of 0.15g/t Rh. The results from Central Yarabrook, the initial focus for the Company because of historical work and mineralisation cropping out at surface, demonstrates the potential for rhodium to occur throughout the Yarabrook intrusion and is very encouraging for further exploration. This also provides incentive to review previous drilling and the economic potential of Central Yarabrook, particularly if rhodium mineralisation can be shown to have continuity, even over narrow widths.

Across the Yarabrook intrusion, significant rhodium mineralisation is generally proportional with better PGE grades, particularly platinum, although some nickel and copper association is also noted across Central Yarabrook. The rhodium dataset is currently relatively small and the understanding of this mineralisation will improve as more results are received.