# CPN: Investor Webinar Presentation - Updated Kelpie MRE Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/cpn-investor-webinar-presentation-updated-kelpie-mre--ccc294fb-9661-43b5-9ccf-482d91055feb Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03151665 Publisher: asx Original announcement: 2026-10-13T00:03:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-13T00:09:28.250Z Atlas analysis updated: 2026-10-13T00:09:28.250Z - Company: Caspin Resources - Ticker: CPN - Exchange: ASX - Region: New South Wales - Primary commodity: Tin - Secondary commodities: None reported - Document categories: Resource update, Other - Extracted: 2026-10-13 00:09:28 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Caspin Resources has updated the Kelpie Deposit Mineral Resource Estimate to 6.5Mt at 0.43% Sn, containing 28kt of tin. This represents a 45% increase in contained tin since the maiden estimate, with the Indicated category now comprising 25% of the total resource. Reasoning: The update shows substantial growth in contained metal and establishes a significant indicated component, de-risking the project scale. - Positive factor: Significant tonnage growth \(45% increase in contained tin since maiden MRE\) - Positive factor: High grade \(0.43% Sn\) for an open pit scenario - Positive factor: Expansion of resource scale to 6.5Mt - Positive factor: Indicated resource established \(25% of total\) 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: Contained tin increased by 45% since maiden MRE Evidence · text > A 45% increase in contained tonnes since maiden MRE **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The update establishes an Indicated resource representing 25% of the total Evidence · text > Indicated MRE represents 25% of the total MRE ## 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-investor-webinar-presentation-updated-kelpie-mre--ccc294fb-9661-43b5-9ccf-482d91055feb#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: other - Resource group id: resource:ae78e067d348e2ad8f63 - Deposit or zone: Kelpie Deposit - Mining method: combined - Material type: fresh - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 1625000 - Grade: 0.43 - Grade Unit: % - Contained Metal: 7 - Contained Unit: kt #### Prior Estimate - Resource Date: 2026-10-12 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: Indicated portion of the updated MRE. - Positive factor: Significant scale for indicated resource Evidence · text > 6.5Mt @ 0.43% Sn for 28Kt of contained tin #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/cpn-investor-webinar-presentation-updated-kelpie-mre--ccc294fb-9661-43b5-9ccf-482d91055feb#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: other - Resource group id: resource:1a3edbb5875d040d5188 - Deposit or zone: Kelpie Deposit - Mining method: combined - Material type: fresh - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 4875000 - Grade: 0.43 - Grade Unit: % - Contained Metal: 21 - Contained Unit: kt #### Prior Estimate - Resource Date: 2026-10-12 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-13T00:00:00.000Z Reasoning: Inferred portion of the updated MRE. - Positive factor: Contributes to significant total resource scale Evidence · text > 6.5Mt @ 0.43% Sn for 28Kt of contained tin #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## 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.