What Caspin Resources does

Caspin Resources Limited (ASX: CPN) is an Australian mineral exploration company headquartered in West Perth that targets discovery and delineation of critical, precious, and technology mineral deposits. The company holds two principal projects: the Bygoo Tin Project in New South Wales, a 1,500 km² land position surrounding the historic Ardlethan Tin Mine (which produced approximately 48,000t of tin from 1912 to 1986), and the Yarawindah Brook Project in Western Australia, covering over 400 km² in the emerging West Yilgarn PGE-nickel-copper province approximately 40 km from Chalice Mining's Gonneville deposit.

Caspin's underlying technology comprises conventional mineral exploration tools — RC drilling, Moving Loop Electromagnetic (MLEM) surveys, soil geochemistry, geological interpretation, and metallurgical testwork — supplemented by two proprietary differentiators: a PCA-derived LCT Pegmatite Index for lithium prospectivity and validated XRT ore sorting testwork with TOMRA that delivered 3-6x feed-grade upgrades on Kelpie samples. The September 2025 maiden Inferred Mineral Resource Estimate at the Kelpie Deposit of 3.94Mt @ 0.5% Sn for 19,300t contained tin, supported by positive metallurgical results (53.6% Sn concentrate at 83.8% recovery), defines the company's principal asset.

Caspin is pre-revenue with no current production. Its intended business model is to advance projects through exploration, metallurgical, and feasibility stages and ultimately sell tin and PGE-Ni-Cu concentrates to smelters and refiners serving solder, electronics, EV, solar, and data center end-markets. Capital is raised via ASX placements; the company raised A$6M in March 2026 to fund a 4,500-5,000m drilling program at Bygoo. In April 2026 Caspin divested its non-core Mount Squires Project (via subsidiary Opis Resources) to Agrimin (ASX:AMN) to concentrate on the flagship tin asset. The company is led by Managing Director Greg Miles (formerly of Cassini Resources) and Chairman Justin Tremain, with a board that includes Dr Jon Hronsky.

Name

Caspin Resources

Legal name

Caspin Resources Limited

Website

https://caspin.com.au

Company type

Public

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

Caspin Resources Limited (ASX: CPN) is a pre-revenue Australian mineral exploration company focused on the Bygoo Tin Project in NSW and the Yarawindah Brook PGE-Ni-Cu Project in WA, targeting critical minerals supply for electronics and electrification end-markets.

Ownership category

akta.pro rank

Product category

Mineral Exploration

NAICS

Other Metal Ore Mining (21229), Other Metal Ore Mining (212290), Copper, Nickel, Lead, and Zinc Mining (212230), Copper, Nickel, Lead, and Zinc Mining (21223)

SIC

Miscellaneous Metal Ores (1090), Metal Mining (1000)

akta.pro primary industry

Exploration & Resource Development (Critical Minerals) (IMAKAFAL)

akta.pro secondary industry

Mine Development & Processing EPC (Critical Minerals) (IMAKAFAM)

Keywords

• Mineral exploration
• Tin mining
• PGE exploration
• Critical minerals
• Base metals exploration

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Others

Revenue model

1. Mineral Resource Development and Production: Pre-revenue exploration company with no current production. The company is developing the Bygoo Tin Project and Yarawindah Brook Project with the goal of eventually mining and selling tin, PGE, nickel, and copper concentrates. Revenue would come from concentrate sales to smelters and refiners once projects reach production.
2. Project Divestment: The company divested its Mount Squires Project to Agrimin via a share sale and purchase agreement, demonstrating an alternative path to value creation through strategic divestment of non-core assets.
3. Strategic Partnering and Farm-In: Potential for farm-in agreements or strategic partnerships with larger mining companies for project development and funding, similar to industry patterns in junior exploration.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels8 records

Core offering

Caspin Resources is a pre-revenue mineral exploration company developing two Australian projects targeting critical and battery metals. The flagship Bygoo Tin Project in NSW surrounds the historic Ardlethan Tin Mine and features the Kelpie Deposit with a maiden Inferred Resource of 3.94Mt @ 0.5% Sn (19,300t contained tin). The Yarawindah Brook Project in WA targets PGE-Ni-Cu sulphide mineralisation in the emerging West Yilgarn province, 40km from Chalice Mining's Gonneville deposit. The company employs RC drilling, MLEM surveys, metallurgical testwork, and XRT ore sorting technology to advance these projects toward eventual concentrate production.

Product overview

Caspin Resources is a mineral exploration company with two Australian projects providing exposure to technology and battery mineral markets. The flagship Bygoo Tin Project in NSW is an advanced exploration project surrounding the historic Ardlethan Tin Mine, featuring the Kelpie Deposit with a maiden resource of 3.94Mt @ 0.5% Sn. The Yarawindah Brook Project in WA targets PGE-Ni-Cu sulphide mineralisation near Chalice Mining's Gonneville deposit, with the Serradella Prospect being a significant discovery. The company also employs metallurgical test work and TOMRA ore sorting technology to optimise project development.

Differentiator

Problem solved

Functional benefit

Products and services

• Bygoo Tin Project Flagship advanced tin exploration project near Ardlethan, NSW, comprising leasehold surrounding the historic Ardlethan Tin Mine which produced approximately 48,000t of tin from 1912 to 1986. Spans a 20km prospective granite contact horizon and features the Kelpie Deposit with a maiden Inferred Resource of 3.94Mt @ 0.5% Sn for 19,300t contained tin.
• Yarawindah Brook Project PGE-Ni-Cu exploration project covering over 400 km² approximately 100km northeast of Perth in the emerging West Yilgarn province. Located 40km from Chalice Mining's world-class Gonneville PGE-Ni-Cu deposit. Features the Serradella Prospect discovery with two mineralisation styles (Peridotite Lode: Pt-Rh dominant; Pyroxenite Lode: Pd dominant) and multiple other PGE-Ni-Cu and LCT pegmatite targets.

Quantifiable outcome

• 53.6% Sn concentrate at 83.8% recovery from combined gravity and flotation testwork
• +4 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered minor.

• Cube Consulting Pty LtdminorOthersIndependent consulting firm that prepared the maiden Mineral Resource Estimate for the Kelpie Deposit in September 2025, utilizing a database of 275 holes for over 20,000m of drilling.
• Agrimin Limited (ASX: AMN)minorStrategic or Co-development PartnerAgrimin entered into a share sale and purchase agreement to acquire Caspin's subsidiary Opis Resources and the wholly-owned Mount Squires Project in Western Australia, divesting non-core assets to focus on Bygoo Tin Project.

Scale indicators13 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Elementos Limited: ASX-listed tin developer advancing the Cleveland Tin Project in Tasmania, a direct competitor in the Western tin-development space with a similar pre-production asset profile and strategic-minerals narrative.
• Chalice Mining: ASX-listed critical minerals explorer whose world-class Gonneville PGE-Ni-Cu deposit sits 40km from Caspin's Yarawindah Brook Project, making it the most directly comparable peer on geology, jurisdiction, and end-market exposure.
• Venture Minerals: ASX-listed junior developing the Mount Lindsay tin-tungsten project in Tasmania, offering comparable tin-development leverage, Australian jurisdiction, and pre-revenue stage.
• First Tin Plc: LSE-listed tin developer with assets in Germany and Australia (Taronga), directly comparable as a Western-jurisdiction tin developer with critical-minerals positioning targeting tin supply for electrification.
• Metals X: ASX-listed diversified producer that operates the Renison tin mine in Tasmania, one of the world's largest primary tin operations — a relevant peer both as a potential acquirer and as a benchmark for Australian tin development.
• Platina Resources: ASX-listed PGE and battery-metals explorer with assets in Australia and elsewhere, broadly comparable as a junior PGE-Ni-Cu developer in the same Western Australian critical-minerals thematic.
• Podium Minerals: ASX-listed PGE-focused junior advancing the Parks Reef PGE project in Western Australia, comparable as a small-cap PGE developer in the Australian jurisdiction.

Emerging players

• Tin One Mining: Junior tin explorer listed on the TSX with assets in Germany and Australia, comparable as a small-cap tin exploration peer targeting similar Western-jurisdiction tin supply.

Broad incumbents

• Aurubis: Europe's largest copper recycler and a major tin smelter/refiner, relevant as a downstream incumbent and potential offtake/customer for Australian tin concentrate producers.
• Yunnan Tin Group: World's largest integrated tin producer and refiner, providing a benchmark for global tin supply concentration and underscoring the strategic rationale for new Western-jurisdiction tin producers like Caspin.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/CaspinRes
• YouTubeyoutube.com/channel/UCwmBudI3b0w4AXl_MTAyirA
• LinkedInlinkedin.com/company/caspin-resources-limited/?viewAsMember=true

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Caspin Resources