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Caspin Resources Ltd ASX:CPN

0 opened or increased0 held1 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 1 reduced. 1 managers in total.

Position history by manager 1 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

2026

31 Oct 2025 to today

Commentary 2 comments

DateManagerActionSummary

31 Jul 2026Lion Selection GroupExitLion Selection Group divested its holding in Caspin Resources during the quarter, locking in a 4% return on its $0.75M investment while retaining exercisable options.

Quarterly Report, price recorded $0.14

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31 Oct 2025Lion Selection GroupInitiatedLion Selection Group initiated a position in Caspin Resources, investing $0.75 million as part of a $4.5 million placement priced at 7.5 cents per share, with Caspin directors participating for a further $0.1 million, taking Lion's stake to 4.1%. The manager highlights Caspin's flagship Bygoo tin and gold project in southwestern NSW, noting that since acquiring Bygoo in late 2024 the company has released a maiden mineral resource estimate of 3.94 million tonnes at 0.5% tin that is shallow and amenable to open-pit mining, following a new exploration model identifying greisen-style tin mineralisation missed by previous explorers.

Gold ExplorationQuarterly Report, price recorded $0.11

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 1 managers first commented on CPN.

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About Caspin Resources Ltd

Materials, Metals and Mining

Caspin Resources (ASX:CPN), a tin and gold explorer in New South Wales, was exited by Lion Selection Group. In July 2026, Lion said it divested its holding in Caspin during the quarter, locking in a 4% return on its $750,000 investment. In October 2025, Lion described Caspin as a tin and gold explorer in south-western New South Wales, focused on its flagship Bygoo tin project, which it acquired to build a tin resource. Caspin Resources operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 2 comments from 1 fund manager, Lion Selection Group. Founded in 2020 and headquartered in West Perth, Caspin Resources explores for tin, gold and other minerals, with the Bygoo tin project in New South Wales and the Yarawindah Brook nickel-copper-PGE project in Western Australia.

Market cap: $28m
Price to earnings: Loss-making
Return on equity: -87.4%
Dividend yield: 0.0%
Price to book: 5.28x
52-week range: $0.07 to $0.21

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Caspin Resources Ltd (ASX:CPN)?

Fund managers including Lion Selection Group have invested in Caspin Resources Ltd (ASX:CPN).

What opportunities or catalysts do fund managers highlight for Caspin Resources Ltd?

Lion Selection previously highlighted Caspin's Bygoo tin project and its potential to define a meaningful tin resource.

What are the key risks to the Caspin Resources Ltd investment thesis, according to fund managers?

Lion exited with only a 4% return, suggesting limited progress relative to expectations.

What does Caspin Resources Ltd (ASX:CPN) do?

Caspin Resources Ltd. is a mineral exploration company based in West Perth, Australia. Founded on June 16, 2020, the company provides mineral exploration services and focuses on the Yarawindah Brook and Mount Squires projects. Caspin Resources Ltd. develops exploration assets in Australia and is engaged in identifying mineral opportunities through its project portfolio.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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