Capricorn Metals Ltd · ASX:CMM
Capricorn Metals — Diggers & Dealers Mining Forum 2025
33 slides from Capricorn Metals's conference presentation, Aug 5, 2025
Slide 1: High Margin, Long Mine Life Gold Business with Compelling Growth
HIGH MARGIN, LONG MINE LIFE GOLD BUSINESS WITH COMPELLING GROWTH IN A PREMIER JURISTICTION 5th August 2025 Presenter Diggers & Dealers Mining Forum Shane Clark – Chief Development Officer capmetals.com.au
Slide 2: Disclaimer & Competent Persons Statement
Disclaimer & Competent Persons Statement GENERAL The purpose of this presentation is to provide general information about Capricorn Metals Limited (“Capricorn” or the Such risks include, but are not limited to resource risk, metals price volatility, currency fluctuations, increased production costs
Slide 3: Who is Capricorn Metals?
Who is Capricorn Metals? High Margin Production + Compelling Growth Karlawinda – 1.4Moz1 reserve Built on time & budget, in <18 months for $180m 4yrs production: 468koz @ AISC A$1,311/oz for $622M cash build Expansion underway to 150,000 ounces/pa production2 Mt Gibson – 2.6Moz1 reserve Acquired Jul
Slide 4: Capricorn Metals Corporate Summary
Capricorn Metals Corporate Summary Capital Structure Shareholders Institutional - 42% Shares on issue (ASX:CMM) 431.2 million Retail - 13% Board & Management - 9% Performance rights 1.6 million Van Eck - 7% Paradice Investment - 7% BlackRock - 7% Share price (30 Jun 2025) $9.55 First Sentier - 5% Va
Slide 5: Senior Management
Our People – Proven mine builders, operators & wealth creators Mr Mark Clark Mr Mark Okeby Mr Myles Ertzen Mr Bernard De Araugo Ms Jill Irvin Long & successful record of Executive Chairman Non- Executive Director Non- Executive Director Non- Executive Director Non- Executive Director Board of Direct
Slide 6: KGP – Engineered to Maximise Margin
KGP – Engineered to Maximise Margin 5000 AUD Spot Gold Price1 (Monthly Average) 4000 Δ$3,749 3000 AUD Gold Price 2000 for ORE3 Δ$1,492 1000 Quarterly AISC2 0 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 AISC AUD Reserves AUD S
Slide 7: Karlawinda Gold Project
Karlawinda Gold Project Capricorn’s cornerstone asset & template for development of Mt Gibson
Slide 8: Karlawinda Performance – years of cash generation & growing
Karlawinda Performance – 4 years of cash generation & growing Karlawinda Gold Project - Oz Produced1 and Cash build2 700koz $622m $800m Validation of CMM approach Gold Production 600koz 115 -125koz $600m It does what we said it would do… Cash Build 500koz $396m 400koz 300koz $257m 468koz 468koz $400
Slide 9: KGP – Capricorn's cornerstone asset and strong cash generator
KGP – Capricorn’s cornerstone asset and strong cash generator Key Metrics(1) FY26 FY25 FY24 Q4 Mine Plan delivers linear ounce profile build for FY2025 Gold production Stripping focus 115-125 117 113 32 (kozs) AISC (A$/oz) 1530-1630 1,468 1,421 1,381 High grade Low grade Ore mined (‘000 BCM) 2,415 2
Slide 10: KGP Reserve – Maintaining +10 years and still growing
KGP Reserve – Maintaining +10 years and still growing Tonnes Grade Ounces (M) (g/t) Probable Reserves (ORE)1 57.7 0.8 1,428,000 M & I Resources 85.0 0.7 1,965,000 Inferred Resources 13.6 0.7 287,000 Total Resources1 98.6 0.7 2,252,000 Reserves1 1.43 million ounces • Mine life 10 years (6.5mtpa) • St
Slide 11: Camp Expansion
KGP – Capricorn’s cornerstone asset and strong cash generator Southern Corridor Bibra Pit KEP Clearing Works Camp Expansion capmetals.com.au 11
Slide 12: Expansion Project Status
Expansion Project Status Increasing Karlawinda from 4mtpa to 6.5mtpa (150kozpa) Key Highlights1 A$120 Plant Capital million Project Payback 20 Months (A$3,300/oz gold price) Internal Rate of Return 49% (A$3,300/oz gold price) Milling Capacity 6.5mtpa (Steady state) Targeted annual gold 150koz produc
Slide 13: Unlocking the Endowment of the KGP Region
Unlocking the Endowment of the KGP Region Regional focus • Targeting camp scale deposits on Pilbara / Yilgarn craton margin • Accelerate turnover of early-stage prospects across the 4,070km2 Promising AC drilling results at • Focus on Bibra analogues – Badlands / Carnoustie. gravity, magnetics & soi
Slide 14: Mt Gibson Gold Project
Mt Gibson Gold Project Robust & executable project of genuine scale
Slide 15: Mt Gibson Gold Project (MGGP) – the story so far
Mt Gibson Gold Project (MGGP) – the story so far Unique opportunity – not a retread • Prime location in Murchison, WA • 280km northeast of Perth & <10km off Great Northern Hwy • Historical (1986-99) gold production >868koz, 14 pits avg depth 60m • Closed when gold price cA$450/oz & remained “off the
Slide 16: Updated Ore Reserve Estimate 2.59Moz
Updated Ore Reserve Estimate 2.59Moz1 Probable & Total 4 metres @ 11.97g/t Cut-off Tonnes Grade Ounces from 126m (g/t) (Mt) (g/t) (koz) Laterite 0.4 1.0 0.5 17 Aries Oxide 0.4 9.4 0.9 257 13 metres @ 5.69g/t from 99m Transitional 0.4 10.8 0.8 290 9 metres @ 4.74g/t from 229m Fresh 0.4 65.1 0.9 1,978
Slide 17: Project Status
Project Status PFS Highlights1 ORE 2.59Moz Mt Gibson Gold Project Plant Infrastructure A$260 million (Capital Cost, $36.2M spent) Pre-Production Mining A$86 million (Capital Cost) Project Payback 2.3 Years (A$3,300/oz gold price) Free Cash Flow & NPV5 A$3.20bn & (A$3,300/oz gold price) A$1.95bn AISC
Slide 18: Sustained Resource Growth & Underground Scale Emerging
Sustained Resource Growth & Underground Scale Emerging Highlights • MRE & ORE extension potential throughout 8km strike • Updated Project MRE delivered including Maiden underground MRE for Orion. • Further updated Project MRE & ORE expected in Q2 Resource Conversion Drilling • 19 metres @ 3.75g/t fr
Slide 19: Underground Potential Emerging, Orion Maiden Resource
Underground Potential Emerging, Orion Maiden Resource Orion Highlights • Impressive results point to width and tenor at ~70-degree dip • +18,000m underground program completed to date focused on main Orion trend. • +70% of holes +25g.m Au • Consistent results below maiden underground MRE1 Undergroun
Slide 20: Underground Potential Emerging, Lexington
Underground Potential Emerging, Lexington Lexington Highlights • Impressive results point to width and tenor at ~70-degree dip plunging to the north. • Maiden underground drill programme delivered impressive results • Lexington an obvious target for future underground MRE • Only 500m north of Orion
Slide 21: Unlocking the Endowment of the MGGP Region
Unlocking the Endowment of the MGGP Region A Regional focus • Systematic exploration, targeting Kings Find Golden Grove Q1 Drilling meaningful additional ore sources to Mt Gibson • Region is well defined structurally with gold occurrences presenting in well known contacts, but only Ninghan / Mummalo
Slide 22: Capricorn to Acquire Warriedar Resources Limited
Capricorn to Acquire Warriedar Resources Limited Capricorn’s all scrip consideration is highly compelling and provides the expertise to unlock the value of the Golden Range Project for the benefit of all stakeholders • Capricorn to acquire Warriedar Resources Ltd (ASX:WA8), owner of the Golden Range
Slide 23: Why Capricorn?
Why Capricorn? High Margin Production + Compelling Growth
Slide 24: Strong Resource Conversion to ORE & Potential for More
Strong Resource Conversion to ORE & Potential for More Karlawinda Gold Project Mount Gibson Gold Project 5,000 5000 Oz Depleted(1) & Reserve Updates(2) Resource / Reserve Updates (2) 371km 2,000koz 4,500Koz 4500 350km 321km 1,800koz 4,000Koz 4000 1,208 300km 796 1,600koz 3,500Koz 3500 1,400koz 250km
Slide 25: Investment Highlights
Investment Highlights Capricorn is a high margin, long mine life gold business with compelling growth Why Capricorn? • Proven team that delivers for shareholders 4.0Moz ORE1 +10 Years Life • Two regionally significant projects Growth to • Long life/low cost with organic expansion +300koz/pa2 opportu
Slide 26: AISC First Quartile
Investment Highlights Capricorn is a high margin, long mine life gold business with compelling growth Why Capricorn? • Proven team that delivers for shareholders Bubble size AISC First Quartile 1 represents ORE1 • Two regionally significant projects • Long life/low cost with organic expansion opport
Slide 27: Appendix A
Appendix A Resource, Reserve & Peer Comparison Data
Slide 28: Mineral Resources
Mineral Resources TABLE 1: GROUP OPEN PIT MINERAL RESOURCE Indicated Inferred Total Mineral Resources Gold Gold Gold Gold Gold Gold Tonnes Tonnes Tonnes Deposit Type Cut-Off Grade Metal Grade Metal Grade Metal (Mt) (Mt) (Mt) (g/t) (koz) (g/t) (koz) (g/t) (koz) KGP4 Open Pit 0.3 < 85.0 0.7 1,965 13.6
Slide 29: Ore Reserves
Ore Reserves TABLE 2: GROUP OPEN PIT ORE RESERVE STATEMENT 5 6 Notes: 1. Ore Reserves are a subset of Mineral Resources. 2. Ore Reserves are estimated using a gold price of A$2,200/ounce at KGP and MGGP. 3. Ore Reserves are estimated using a cut-off grade between 0.3g/t and 0.4g/t Au. 4. The above d
Slide 30: Appendix A – Peer Comparison Data (1/3)
Appendix A – Peer Comparison Data6 (1/3) Date of ASX Market Cap / Ore Reserve Ordinary Fully Paid Closing Price ASX Code Name AISC AISC Data1 AISC Source Document1 Market Cap 2 Securities Reserve Multiple5 Estimate4 Securities on Issue3 31/07/2025 Quantity Ann3 First Quartile7 CMM Capricorn Metals $
Slide 31: Appendix A – Peer Comparison Data (2/3)
Appendix A – Peer Comparison Data1 (2/3) Proved Probable Total ASX Code Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Ore Reserve Estimate Source Document (000's) (g/tAu) (000's) (000's) (g/tAu) (000's) (000's) (g/tAu) (000's) ALK 1,318 2.09 3 10,442 1.8 702 11,760 1.9 705 "Annual Reso
Slide 32: Appendix A – Peer Comparison Data (3/3)
Appendix A – Peer Comparison Data1 (3/3) Proved Probable Total ASX Project Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Ore Reserve Estimate1 Source Document Code (000's) (g/tAu) (000's) (000's) (g/tAu) (000's) (000's) (g/tAu) (000's) NST KCGM 143,975 0.6 2,937 219,998 1.6 11,503 363,
Slide 33: Capricorn Metals Ltd (ASX: CMM)
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES Capricorn Metals Ltd (ASX: CMM) Level 3, 40 Kings Park Road West Perth, WA enquiries@capmet.com.au +61 8 9212 4600 www.capmetals.com.au ABN: 84 121 700 105
Capricorn Metals — Diggers & Dealers Mining Forum 2025 on 6ix