# CPN: 45% Increase to MRE at Kelpie Tin Deposit Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/cpn-45-increase-to-mre-at-kelpie-tin-deposit--081968bb-2e81-445b-9aca-f252720f046a Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03150937 Publisher: asx Original announcement: 2026-10-11T21:25:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-11T22:16:33.565Z Atlas analysis updated: 2026-10-11T22:16:33.565Z - Company: Caspin Resources Limited - Ticker: CPN - Exchange: ASX - Region: New South Wales - Primary commodity: Tin - Secondary commodities: None reported - Document categories: Resource update - Extracted: 2026-10-11 22:16:34 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Caspin Resources Limited announced a 45% increase in the Mineral Resource Estimate for its Kelpie Tin Deposit, now totaling 6.5 Mt at 0.43% Sn for 28 kt of contained tin. This update includes a maiden Indicated Resource, representing 25% of the total, and is entirely constrained within an open pit shell, significantly enhancing the project's economic viability. The company sees excellent potential for further resource growth, particularly in undrilled areas and down-plunge extensions. Reasoning: The updated MRE shows a substantial 45% increase in contained tin, including a maiden Indicated resource, which significantly de-risks the project and supports its open-pit development potential. The estimate is JORC compliant and pit-constrained, indicating strong economic prospects. - Positive factor: Significant increase in contained tin \(45%\) - Positive factor: Maiden Indicated Resource established, improving confidence - Positive factor: Resource is entirely constrained within an open pit shell, enhancing economic viability - Positive factor: JORC 2012 compliant and signed off by Competent Person - Positive factor: Excellent potential for further resource growth identified Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 2 ## Classification and evidence **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: The updated MRE shows a 45% increase in contained tin since the September 2025 maiden MRE, indicating significant tonnage growth. Evidence · text > 45% increase in contained tin since September 2025 maiden MRE **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: The contained tin increased by 45% from the previous estimate, from approximately 19.31 kt to 28 kt. Evidence · text > 45% increase in contained tin since September 2025 maiden MRE **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: The MRE includes a maiden Indicated resource, representing 25% of the total, which is an upgrade in resource confidence. Evidence · text > Maiden Indicated MRE representing 25% of the total MRE, driven by an enhanced geological model and increased drill density **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The report states that Mr Michael Job, a Fellow of the Australasian Institute of Mining and Metallurgy, is the Competent Person for the Mineral Resources. Evidence · text > The information in this report that relates to Estimation and Reporting of Mineral Resources is based on information compiled or reviewed by Mr Michael Job, who is a Fellow of the Australasian Institute of Mining and Metallurgy. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The MRE is reported in accordance with the JORC Code \(2012\). Evidence · text > The MRE is reported in accordance with the JORC Code \(2012\). **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The cut-off grade of 0.15% Sn used for the resource estimate is clearly stated. Evidence · text > The resource is reported above a cut-off grade of 0.15% Sn. **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The document highlights the establishment of a maiden Indicated MRE. Evidence · text > Maiden Indicated MRE representing 25% of the total MRE **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document announces an updated Mineral Resource Estimate for the Kelpie Tin Deposit. Evidence · text > Updated Mineral Resource Estimate \(MRE\)of 6.5Mt @ 0.43% Sn for 28kt of contained tin **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: The MRE is being used to assess development economics and support a stand-alone open pit tin development. Evidence · text > As we begin to assess the development economics of the project. ## Extracted facts Stored fact records: 2. Some facts used in scoring do not have a stored record. ## Resource Estimates (2) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/cpn-45-increase-to-mre-at-kelpie-tin-deposit--081968bb-2e81-445b-9aca-f252720f046a#fact-resource-facts-0) Kelpie Deposit · tin #### Identity - Project: Kelpie Deposit - Commodity: tin - Region: australia\_nsw - Reported Region: New South Wales - Ticker: CPN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Michael Job - Resource group id: resource:a518d2fc083035531239 - Deposit or zone: Kelpie Deposit - Mining method: open\_pit - Material type: fresh - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 1400000 - Grade: 0.47 - Grade Unit: % - Contained Metal: 7 - Contained Unit: kt - Cutoff Grade: 0.15 - Cutoff Unit: % Sn #### Prior Estimate - Resource Date: 2026-10-12 - Prior Contained Metal: 19.31 #### Lab - Laboratory: ALS Laboratories #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The establishment of a maiden Indicated resource for tin, constrained within an open pit, significantly improves the confidence and economic viability of the project. - Positive factor: Maiden Indicated Resource established - Positive factor: Pit-constrained, enhancing economic viability - Positive factor: JORC 2012 compliant and QP signed Evidence · table > 0.47 Context: 1.4 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Contained Metal Decline** Polarity: negative Definition: Contained metal decreased vs prior despite tonnage growth — grade dilution exceeds volume gain. Why it applies: 7 against 19.31 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cpn-45-increase-to-mre-at-kelpie-tin-deposit--081968bb-2e81-445b-9aca-f252720f046a#fact-resource-facts-1) Kelpie Deposit · tin #### Identity - Project: Kelpie Deposit - Commodity: tin - Region: australia\_nsw - Reported Region: New South Wales - Ticker: CPN #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Michael Job - Resource group id: resource:2a0bd7e5de7aa2652e52 - Deposit or zone: Kelpie Deposit - Mining method: open\_pit - Material type: fresh - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 5100000 - Grade: 0.41 - Grade Unit: % - Contained Metal: 21 - Contained Unit: kt - Cutoff Grade: 0.15 - Cutoff Unit: % Sn #### Prior Estimate - Resource Date: 2026-10-12 - Prior Contained Metal: 19.31 #### Lab - Laboratory: ALS Laboratories #### Location - Loc. Confidence: medium #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-11T00:00:00.000Z Reasoning: The Inferred resource contributes significantly to the overall contained tin, is pit-constrained, and is JORC compliant, indicating strong potential for future conversion and economic extraction. - Positive factor: Significant contained metal contribution - Positive factor: Pit-constrained, enhancing economic viability - Positive factor: JORC 2012 compliant and QP signed Evidence · table > 0.41 Context: 5.1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 21 against 19.31 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.