Bygoo Tin Project Boosted by $6M Placement at $0.135 per Share

Capital Raising to Boost Exploration

Caspin Resources Limited (ASX:CPN) has successfully secured $6 million through a single-tranche equity placement, significantly oversubscribed and supported by both existing shareholders and new strategic investors, including a cornerstone commitment from Sydney-based family office Farjoy Pty Ltd. The placement was priced at $0.135 per share, representing a discount to recent trading prices but reflecting strong investor appetite for exposure to Caspin’s flagship Bygoo Tin Project.

With the placement proceeds combined with existing cash reserves, Caspin will hold approximately $10 million, providing a solid financial foundation to advance its exploration ambitions. The company is focused on accelerating drilling programs at the Kelpie Deposit, where a maiden inferred resource of 3.94 million tonnes at 0.5% tin has been established, containing 19,300 tonnes of tin. This resource is poised for expansion, with a targeted update expected in the second half of 2026.

Exploration and Growth Potential

The Bygoo Project, located in New South Wales within a prolific tin belt, offers significant upside beyond the Kelpie Deposit. Caspin is undertaking regional reconnaissance to test multiple targets along a 20-kilometre prospective strike. While these exploration targets remain conceptual, the company’s recent metallurgical test work has delivered promising results, with concentrate grades around 54% tin and recoveries of 84%, positioning Bygoo as a potential high-grade open-pit tin operation.

Managing Director Greg Miles highlighted the strong demand for the placement as a reflection of the project’s quality and the growing interest from institutional investors. He emphasised that the capital raise enables Caspin not only to continue resource extension drilling but also to broaden its exploration footprint across the project area, aiming to uncover new deposits and enhance the project’s value proposition.

Market Context and Strategic Positioning

Tin prices have remained robust, hovering around US$50,000 per tonne, supported by strong long-term fundamentals linked to demand in technology and industrial applications. Caspin’s strategic positioning in Australia’s premier mineral districts, including its recent option to earn into the Weethalle Project and frontier projects in Western Australia, further diversifies its portfolio and exposure to critical minerals.

The company’s methodical approach, backed by competent technical personnel and rigorous reporting standards, underscores its commitment to advancing the Bygoo Project responsibly and efficiently. The upcoming months will be critical as Caspin releases drilling results and updates its mineral resource estimates, which will be closely watched by investors and the market alike.