Cauldron Energy : Victorian Gold Mining & Exploration Forum Presentation

only	CAULDRON ENERGY
Victoria Gold Mining & Exploration Forum
use	EXTRACTIVE RESOURCES WITH POSITIVE COMMUNITY OUTCOMES
A MODEL FOR ALIGNING THE ENVIRONMENT WITH EXPLORATION AND MINING
	24 February 2022

personalr		Acknowledgement to the Wurundjeri Woi
		Wurrung People
Presented by Simon Youds	0408 937 928		ASX: CXU
Executive Chair	[e-mail]

Important Information

onlyForward Looking Statements

This Presentation may include statements that could be deemed 'forward looking statements.' Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those expected in the forward-looking statements or not take place at all.

No ffer to sell or invitation to buy

This Presentation is not, and should not be considered to, constitute any offer to sell, or invitation to buy, any securities in Cauldron Energy Limited, and no part of this Presentation forms the basis of any contract or commitment whatsoever with any person. Cauldron Energy Limited does not accept any liability to any person in relation to the distribution or possession of this Presentation from or in any jurisdiction.

useDisclaimer

Whilst due care has been exercised in preparing and presenting this Presentation, to the maximum extent permitted by law, Cauldron Energy Limited and its representatives: § make no representation, warranty, or undertaking, express or implied, as to the adequacy, accuracy, completeness or reasonableness of this Presentation

§ accept no responsibility or liability as to the adequacy, accuracy, completeness or reasonableness of this Presentation; and § accept no responsibility for any errors or omissions from this Presentation.

Competent Person Statement

The information in this Presentation that relates to Exploration Targets, Exploration Results, and Mineral Resources is based on information compiled by Ms Asha Rao, Exploration Manager of personalCau dron Energy Limited. Ms Rao is a Competent Person who is a Member of both the AusIMM and the Australasian Institute of Geoscientists (AIG). Ms Rao has sufficient experience that is relevant

to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken to qualify as a Competent Person, as defined in the JORC 2012 edition of the "Australasian Code for Reporting of Mineral Resources and Ore Reserves". Ms Rao consents to the inclusion in this report of the matters based on this information in the form and context in which they ppear.

No New Information

Except where explicitly stated, this announcement contains references to prior exploration results, all of which have been cross-referenced to previous market announcements made by the C mpany. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements.

Expl ration by Other Explorers

This Presentation contains information sourced from the reports of other Explorers. References to the original reports are provided as footnotes where the information is cited in this presentation. The Company does not vouch for the accuracy of these reports. The Company has taken the decision to include this information as it is in the public domain and has assessed it to be of relevance to hareholders and investors.

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Unique Commodity Spread: High Quality Assets

only	Unique Commodity mix in global market	High quality assets in Uranium & Silica have price upside with limited
•	increasing demand	supply and low-cost quartile potential
	•	limited supply	Gold price increases lock-in and stabilise as gold regains its safe-haven
use	•	no substitution
		status overlain with Asian retail demand

• Uranium- landholding and proven exploration expertise to grow a portfolio with low-cost & global scale potential

• Growth withoutCarbon Consideration - demand forecast at 2.5% pa with supply reducing at 2.5% pa - significant price rise

• WithCarbon Consideration - demand forecast at 7.1% pa leading to extreme prices over long term with no supply pipeline

• Predictions of Long-TermSupply shortage compounded by Demand Growth

• Without substitution, leads to excessive prices rises over extended periods

• Gold- cash injection from market and near-term access to modelled high-grade zones

• Market recognition of Victorian gold with under-explored Victorian assets

• Cauldron's overlooked Victorian assets in the high potential Bendigo zone

• Stable cash generation potential with M&A interest in downstream capacity

• River Sand (Silica)
personalr	•	Global demand for silica increasing as quality resource scarcity grows

• Licensed scarce sand assets with high silica potential close to bulk transport

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VICTORIAN GOLD - Global Scale Resources

only
	•	Hosts the world's highest-grade gold mine at Fosterville
	• Gold rush between 1860-1900s contributes 2-3% all gold mined in
		recorded history from Victoria alone
	• Majority of Victorian gold hosted in thick sedimentary sequence
	use	• 2006 Central Victorian Deep 2D Seismic Survey
	•	Structural and geochemical similarities with Bendigo Zone suggest
		potential for common mineralization source at depth (GSV, NewGen
		Gold, 2021):
			• Linked to the same mineralization event (~440 Ma)
	personalr	• Same sediment host (Ordovician turbidites)
	• Steep to near-vertical,west-dipping faults
	•	Regional-scale plumbing of mineralised fluids from deep crust
			• Part of same deformation phase (regional-scale
				compression/extension) as surrounding major goldfields
	• Contrast between Blackwood and other major fields
			• Lack of tenement-wide holistic geology input
			• Lack of exploration below 100m
			• Great potential for undiscovered bonanza gold at depth

Image courtesy of Earth Resources, Victoria

https://earthresources.vic.gov.au/geology-exploration/minerals/metals/gold

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GOLD - Recent Work connects Victorian Goldfields

only		Stylised X Sections of
			Bendigo and
			Castlemaine goldfields
use		adapted from Willman
	et. al., 2010; and Cayley
	& Cairns, 2021 (NewGen
			Gold Conference
personalr		Proceedings 2021)
•	Similar tectonic setting - low-angle, curved "listric", 2nd Order Faults
		• Regional plumbing of high-grade gold from deep in the crust
• Bendigo Zone - faults in brittle hinges of tightly-folded turbidite
	sediment sequences
		• Accommodation space created for high-grade gold mineralisation
• Logical conclusion - potential for high-grade gold below 100m depth
		2006 - Central Victorian Deep 2D Seismic Survey (GSV), Willman et al, 2010 & Cayley & Cairns, 2021	5