Corazon Mining : Lynn Lake Exploration Update

ASX ANNOUNCEMENT

18 March 2022

only ASX: CZN

useABN: 87112 898 825

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Level 3, 33 Ord St,

We t Perth, WA 6005

PO Box 8187

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personalE: [e-mail] www.corazon.com.au

For

Nickel targets defined

Corazon Confirms New Drilling Campaign

Lynn Lake Nickel Sulphide Project

Corazon Mining Limited (ASX: CZN) (Corazon or Company) is pleased to announce a new campaign of exploration drilling at its wholly owned Lynn Lake Nickel-Copper-Cobalt Sulphide Project (Lynn Lake or Project) in Manitoba Province, Canada.

Corazon's exploration at Lynn Lake is focused on the Fraser Lake Complex (FLC), a large metal rich mafic intrusive body located approximately five kilometres from the historical Lynn Lake Mining Centre (Mining Centre) (Figure 1).

The upcoming phase of drilling is scheduled to commence this month and will test discrete pipe-like bodies (pipes) within the FLC. Geophysically these dense bodies are very similar to the spatially related ultramafic intrusives and massive sulphide deposits within the Mining Centre.

Recently completed detailed aerial gravity geophysics over the FLC (ASX announcement 17 January 2022) highlighted numerous pipes that are yet to be tested by drilling (Figure 2). These features are also apparent (to some degree) within the magnetic data and appear to come together to form a large body at depth within the centre of the FLC (Figure 3).

The potential for massive sulfide deposits to exist in close association with ultramafic lithologies within the extremely mineralised FLC, is a priority exploration focus for Corazon.

Shareholder Entitlement Offer to Raise up to $10.7m Now Open

The Company is offering eligible shareholders the opportunity to acquire new shares at $0.03/share through a one (1) for one (1) non-renounceablepro-rata rights issue to raise approximately $10.7 million (before costs) if fully subscribed (Entitlement Offer) (ASX announcement 3 March 2022). The Entitlement Offer opened on 17 March 2022 and is currently scheduled to close on 4 April 2022.

Further details of the Entitlement Offer, including details on how to accept the Entitlement Offer, are set out in a prospectus announced on the ASX on 9 March 2022.

Key Highlights

Drilling starting this month at the Lynn Lake Nickel Sulphide Project in Canada Targeting numerous untested pipes within the nickeliferous Fraser Lake Complex Drill rig is on site - access being prepared - startup to be announced in due course

Entitlement Offer for new shares to eligible shareholders is now open - scheduled closing on the 4 April 2022

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ASX Announcement | Lynn Lake Exploration Update 18 March 2022

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personal Figure 1 - Lynn Lake Project - MobileMT survey magnetic susceptibility inversion depth slice at 50m below surface - over a

GeoTem total-field regional aeromagnetic image, with the area of the gravity high target outlined.

ForNew Gravity Refines the Fraser Lake Complex Model - Generates Targets for Drilling

The completion of a detailed aerial gravity survey over the Lynn Lake Project in January 2022 identified features not highlighted by the historical gravity data. Of note within the FLC are multiple discrete, dense, sub-verticalpipe-like bodies. These features appear to join at depth, forming a large dense magnetic body, within the core of the intrusive complex (Figure 3).

The pipes are late in the history of formation of the FLC and located on structures that disrupt the surrounding geology. This characterisation of late, dense, structurally controlled intrusive bodies is the exact relationship for the ultramafic lithologies and sulphide orebodies within the Lynn Lake Mining Centre.

The geophysical characteristics of the FLC pipes are most similar to the EL Deposit within the Mining Centre, a vertical intrusive mafic pipe of about 300 metres in diameter, with an internal core of massive sulphide breccia and ultramafic rocks of between 80 and 120 metres in diameter.

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ASX Announcement | Lynn Lake Exploration Update 18 March 2022

The EL Deposit was mined to only 200 metres below surface, producing approximately 1.9 million tonnes of ore at 2.4% nickel and 1.15% copper.

The initial target for drilling (Figure 2) has a coincident VTEM (aerial electromagnetic survey) B-Field Tau conductor located onlyat the centre of the gravitational high. The drill hole for this anomaly is planned to test the VTEM conductor at surface and the densest part of the pipe, at about 500 metres below surface. This target is adjacent to the Matrix Trend (induced po arization chargeability high anomaly) where drilling by Corazon has intersected strong nickel-copper-cobalt sulphide

mi eralisation (refer to previous ASX announcements by the Company).

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Forigure 2 - Initial drill target - pipe-like gravity high

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ASX Announcement | Lynn Lake Exploration Update 18 March 2022

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Figure 3 - Gravity and magnetic long-sections along the Matrix Trend through the FLC

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ASX Announcement | Lynn Lake Exploration Update 18 March 2022

This announcement has been authorised on behalf of Corazon Mining Limited by Managing Director, Mr. Brett Smith.

For further information visit www.corazon.com.auor contact:

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Brett Smith	James Moses
Managing Director	Media & Investor Relations
Corazon Mining Limited	Mandate Corporate
P: [phone]	M: [phone]
E: [e-mail]	E: [e-mail]

useAbout Corazon

Corazon Mining Limited (ASX: CZN) is an Australian resource company with projects in Australia and Canada.

In Canada, Corazon has consolidated the entire historical Lynn Lake Nickel Copper Cobalt Mining Centre (Lynn Lake) in the province of Manitoba. It is the first time Lynn Lake has been under the control of one company since mine closure in 1976. Lynn Lake hosts a large JORC nickel-copper-cobalt resource and presents Corazon with a major development opportunity that is becoming increasingly prospective due to recent increases in the value of both nickel and cobalt metals, and their expected strong demand outlooks associated with their core use in the emerging global electric vehicle industry.

In Australia, Corazon is exploring the Miriam Nickel-Copper Sulphide Project (Miriam) in Western Australia and the Mt Gilmore Cobalt- personalCopper-Gold Sulphide Project (Mt Gilmore) in New South Wales.

Miri m is a highly prospective nickel sulphide exploration project, representing a strategic addition to Corazon's portfolio of nickel sulphide assets.

Mt Gilmore is centered on a regionally substantive hydrothermal system with extensive copper, cobalt, silver and gold anomalism, i cluding high-grade rock chip samples over a strike of more than twenty (20) kilometres. Mt Gilmore also hosts the Cobalt Ridge Dep sit - a unique high-gradecobalt-dominant sulphide deposit.

The commodity mix of Corazon's projects place it in a strong position to take advantage of the growing demand for metals critically required for the booming rechargeable battery sector.

Competent Persons Statement:

The information in this report that relates to Exploration Results and Targets is based on information compiled by Mr. Brett Smith, B.Sc Hons (Geol), Member AusIMM, Member AIG and an employee of Corazon Mining Limited. Mr. Smith has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking 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". Mr. Smith consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

ForF rward Looking Statements

This announcement contains certain statements that may constitute "forward looking statement". Such statements are only predictions and are subject to inherent risks and uncertainties, which could cause actual values, results, performance achievements to differ materially from those expressed, implied or projected in any forward looking statements.

Forward-looking statements are statements that are not historical facts. Words such as "expect(s)", "feel(s)", "believe(s)", "will", "may", "anticipate(s)" and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be

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