Capricorn Metals Ltd · ASX:CMM
Capricorn Metals — Diggers & Dealers Mining Forum 2026
34 slides from Capricorn Metals's conference presentation, August 2026
Slide 1: Capricorn Metals
For personal use only Capricorn Metals Building a high-margin, multi-decade gold business in Western Australia High Margins. Higher Growth. Diggers & Dealers Mining Forum SHANE CLARK AUGUST 2026 | ASX: CMM CHIEF DEVELOPMENT OFFICER
Slide 2: Disclaimer & Competent Persons Statement
IMPORTANT INFORMATION Disclaimer & Competent Persons Statement Disclaimer For personal use only This presentation is general in nature and contains no new information. All information is extracted from the Company’s ASX announcements dated 27 July 2026 entitled “Capricorn Gold Reserves Increase to 5
Slide 3: Who is Capricorn Metals? Quality Reserves with Compelling Growth
WHO IS CAPRICORN METALS? | QUALITY RESERVES WITH COMPELLING GROWTH High Margins. Higher Growth. For personal use only 3 STRIVING FOR 500,000 OUNCES PER ANNUM GROUP INVENTORY 1,2 KGP ORE 1.57 Moz1 | 3,425km2 | 150kozpa Built on time & budget | 18 months | <$180M 5.24 Moz 5Yr Prod | 592koz | $1,377 AI
Slide 4: Who is Capricorn Metals? Capital Structure & Shareholders
WHO IS CAPRICORN METALS? | CAPITAL STRUCTURE & SHAREHOLDERS Capital Structure Shareholders For personal use only Institutional 54% Key Metrics Retail 12% Shares on issue (ASX: CMM) 456.8 million BlackRock 9% Performance rights and options 2.4 million Institutional Board & Management 9% Share price (
Slide 5: Standalone Assets, Genuine Scale, Conservative Assumptions
WHO IS CAPRICORN METALS? | STANDALONE ASSETS | GENUINE SCALE | CONSERVATIVE ASSUMPTIONS Ore Reserves of ASX Listed Australian Gold Producers For personal use only Projects > 1 Moz Ore Reserves 10 (Proved & Probable) | Producing Assets (Gold Only) & MGGP | Revenue Factor (Gold Price) Labels: Ticker |
Slide 6: Karlawinda Gold Project
For personal use only Karlawinda Gold Project Five years of delivery. Expanding for the decade ahead. CAPRICORN METALS | ASX: CMM 6 / 34
Slide 7: Karlawinda Gold Project: Keeps on Keeping On
KARLAWINDA GOLD PROJECT | KEEPS ON KEEPING ON KGP – Capricorn's cornerstone asset and strong cash generator For personal use only Record gold production for the year, project delivery & maiden dividend Key Metrics8 FY27 FY25 FY26 FY26 Q4 Gold production (kozs) 137 – 147 117 124 30.4 AISC (A$/oz) 1,9
Slide 8: KGP Reserve Growth
KGP RESERVE GROWTH | KEEPS ON KEEPING ON Bibra drilling converts down-dip resources to Reserves For personal use only KGP ORE1 1.57 Moz (GP:A$2,600 Oz) | Significant conversion immediately down-dip of 2024 pit design Karlawinda Gold Project4 Oz Depleted & Reserve Updates Oz Depleted Reserves 2,500ko
Slide 9: Karlawinda Expansion on Track
KARLAWINDA EXPANSION | ON TRACK Commissioning Underway – Targeting 150 Koz pa For personal use only KGP - ORE1 1.57 Moz (GP: A$2,600 Oz) | MRE 2.99 Moz (GP: A$2,800 Oz) +32% RE Expansion to 6.5 Mtpa processing capacity | Commissioning Q1 FY27 | Mine life >10 years at 150 koz pa run rate CAPRICORN ME
Slide 10: Mt Gibson Gold Project
For personal use only Mt Gibson Gold Project Robust & Ready to execute. Scale + Compelling growth. 10/30 CAPRICORN METALS | ASX: CMM 10 / 34
Slide 11: Mt Gibson Prefeasibility Study: Key Outcomes at A$5,500 Gold Price
MT GIBSON PREFEASIBILITY STUDY2 | KEY OUTCOMES AT A$5,500 GOLD PRICE Mt Gibson PFS update | Steady-state production of 260koz pa For personal use only 260.9 koz 19.25 yrs A$1,870 A$12.0 bn Annual production AISC / oz LOM Free Cash Flow Steady-state Mine life (pre-tax) (Years 3–6) 3.51 Moz 14 mths $4
Slide 12: MGGP Reserve Growth
MGGP RESERVE GROWTH | SETTING ITSELF APART Orion South drilling and trade-off study paid dividends For personal use only MGGP2 – ORE 3.68 Moz (GP: A$2,200 - $2,600 Oz) | MRE 5.67 Moz (GP: A$2800 Oz) Mt Gibson Gold Project5 Reserve Updates MGGP MGGP UG 4,000koz 365 3,000koz Previous Reserve 2,000koz
Slide 13: Mt Gibson Prefeasibility Study: Physicals
MT GIBSON PREFEASIBILITY STUDY2 | PHYSICALS Long Life | Low Strip | Large Underground Production Uplift For personal use only MGGP Annual Gold Production by Source Mining - Open Pit Waste (tonnes millions) 558 Open Pit Underground AISC Ore (tonnes millions) 112 300,000 $4,000 Exploration Focus Total
Slide 14: Mt Gibson Prefeasibility Study: Capital, Costs & Key Metrics
MT GIBSON PREFEASIBILITY STUDY2 | CAPITAL, COSTS & KEY METRICS High Quality Mine | Industry Leading Costs For personal use only Total Project | Pre – Production Capital Underground $/Ounce* $/t Ore* Department A$m $/t Ore* $/ounce* Department Units Capex Opex Capex Opex Capex Opex Processing Plant 2
Slide 15: Robust Underground Resources Emerging
ROBUST UNDERGROUND RESOURCES EMERGING | OPPORTUNITY IN ITS INFANCY Orion South could be just the beginning For personal use only MGGP2 - ORE 3.68 Moz (GP: A$2,200 - $2,600 Oz) | MRE 5.67 Moz (GP: A$2800 Oz) Lexington Pre-MRE No Drilling Maiden underground Ore Reserve 365 koz | MRE 886 koz | 513 koz
Slide 16: Lexington Drilling
ROBUST UNDERGROUND RESOURCES EMERGING | LEXINGTON DRILLING Lexington – Emerging High-Grade Target For personal use only HIGHLIGHTS Impressive intercepts | width & grade Intrusion related system at ~80° dip Only 600 m north of Orion South UG MRE Open in all directions – strong growth potentia
Slide 17: Year Outlook: Range 500
For personal use only 5 Year Outlook RANGE 500 Building a high-margin, multi-decade gold business in Western Australia 17/30 CAPRICORN METALS | ASX: CMM 17 / 34
Slide 18: Range 500: The Aspiration
RANGE 500 | THE ASPIRATION Striving for 500,000 ounces3 per annum For personal use only SCALING NEW HEIGHTS IN QUALITY GOLD PRODUCTION 6 3 2 CURRE N T OUTLOOK ASPIRATION MIN E LIFE >400 koz 500 koz 19+ yrs within 2.5 years of MGGP start within 5 years MGGP + growing UG inventory Range 500 is Caprico
Slide 19: Range 500: Striving for 500,000 Ounces per Annum
RANGE 5003 | THE ASPIRATION Striving for 500,000 ounces per annum For personal use only SCALING NEW HEIGHTS IN QUALITY GOLD PRODUCTION From Reserves4,5 To Reality6 KGP KGP RANGE 5 MGGP 0.36 500 MGGP Open Pit + UG 500 MGGP UG Range 500 Aspiration 4 400 3.31 3 300 Moz Koz 2.59 230 260 1.83 180 2 1.45
Slide 20: Warriedar Acquisition in Focus
WARRIEDAR ACQUISITION IN FOCUS | BROADER TENURE, OPPORTUNITY TO GROW High Grade Heads North to Bring Forward Golden Range Ounces For personal use only CREATING A PATHWAY FOR REGIONAL DEPOSITS WITHOUT A GRADE DIFFERENTIAL TO MGGP Golden Range Ricciardo Fields Find Mount Gibson Orion 50km Rationale: t
Slide 21: Stage 2 Opportunity: Golden Range Second Processing Hub
STAGE 2 OPPORTUNITY3 Golden Range Second Processing Hub For personal use only MGGP STAGE 2 STUDY 1.38 Moz Golden Range MRE7 Technical, permitting and financial assessment of a second processing hub at Golden Range (65–100 km north of MGGP). Existing plant site Fast-track opportunity Plant scale opti
Slide 22: Summary: Clear Pathway to Quality Mid-tier Scale
SUMMARY Clear Pathway To Quality Mid-tier Scale For personal use only 1 2 KGP MGGP Stage 1 Stage 2 Upside ORE 1.57 Moz ORE 3.68 Moz • Expansion to 150 kozpa • 260 koz pa steady-state • Golden Range hub study • Commissioning Q1 FY27 • 19+ year mine life • Further UG growth • Mine life >10 years • Dev
Slide 23: Investment Case: Why Capricorn?
INVESTMENT CASE | GROWING INVENTORY, PRODUCTION & RETURNS Why Capricorn? For personal use only 5.24 Moz +19 Years +400 koz/pa Ore Reserves Mine Life Production Outlook Growing inventory of rare quality Long-life assets Fully funded growth Key Attributes Growth Drivers ▸ Proven team with history of r
Slide 24: Appendix A
For personal use only Appendix A Resources, Reserves, Peer Data CAPRICORN METALS | ASX: CMM 24 / 34
Slide 25: Capricorn Mineral Resource Estimate
Appendix A | Capricorn Mineral Resource Estimate Mineral Resource Estimate is extracted Capricorns ASX announcements per the Source Documents listed below and are available on the company website https://capmetals.com.au/investors/asx- For personal use only announcements/ and https://www.asx.com.au/
Slide 26: Capricorn Ore Reserve Estimate
Appendix A | Capricorn Ore Reserve Estimate Ore Reserve Estimate is extracted Capricorns ASX announcements per the Source Documents listed below and are available on the company website https://capmetals.com.au/investors/asx- For personal use only announcements/ and https://www.asx.com.au/markets/tr
Slide 27: Peer Comparison Data
Appendix A | Peer Comparison Data Ore Reserve Estimate is extracted from ASX announcements per the Source Documents listed below and are available on the corresponding company website and https://www.asx.com.au/markets/trade-our-cash-market/announcements Best endeavors have been used to ensure data
Slide 28: Appendix B
For personal use only Appendix B Warriedar Mineral Resource Estimate CAPRICORN METALS | ASX: CMM 28 / 34
Slide 29: Warriedar Mineral Resource Estimate
Appendix B | Warriedar Mineral Resource Estimate For personal use only Mineral Resource Estimate for Golden Range is extracted Warriedar’s ASX announcement titled “Ricciardo Project MRE Update” released to ASX on 5 May 2025 which is available on the ASX website at www.asx.com.au/markets/trade-our-ca
Slide 30: Warriedar Mineral Resource Estimate: Competent Person Statements
Appendix B | Warriedar Mineral Resource Estimate For personal use only Mineral Resource Estimate for Golden Range is extracted Warriedar’s ASX announcement titled “Ricciardo Project MRE Update” released to ASX on 5 May 2025 which is available on the ASX website at www.asx.com.au/markets/trade-our-ca
Slide 31: Warriedar Mineral Resource Estimate: Ricciardo Sb
Appendix B | Warriedar Mineral Resource Estimate For personal use only Mineral Resource Estimate for Golden Range is extracted Warriedar’s ASX announcement titled “Ricciardo Project MRE Update” released to ASX on 5 May 2025 which is available on the ASX website at www.asx.com.au/markets/trade-our-ca
Slide 32: Appendix C
For personal use only Appendix C References CAPRICORN METALS | ASX: CMM 32 / 34
Slide 33: Key References
Appendix C | Key References For personal use only Notes, Sources & Assumptions This presentation is general in nature and contains no new information. All information is extracted from the following ASX announcements, which contain the full details, material assumptions, risks and outcomes. These an
Slide 34: Diggers & Dealers Mining Forum
For personal use only Diggers & Dealers Mining Forum AUGUST 2026 | ASX: CMM
Capricorn Metals — Diggers & Dealers Mining Forum 2026 on 6ix