Capricorn Metals Ltd · ASX:CMM
Capricorn Metals — 2026 Macquarie Australia Conference
32 slides from Capricorn Metals's conference presentation, May 7, 2026
Slide 1: High Margin, Long Mine Life Gold Business with Compelling Growth
HIGH MARGIN, For personal use only LONG MINE LIFE GOLD BUSINESS WITH COMPELLING GROWTH 2026 Macquarie Presenter Australia Conference Mark Clark – Executive Chairman capmetals.com.au
Slide 2: Disclaimer & Competent Persons Statement
Disclaimer & Competent Persons Statement Such risks include, but are not limited to resource risk, metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, as well as governmental regulation and GENERA
Slide 3: Who is Capricorn Metals?
Who is Capricorn Metals? High Margin Production + Compelling Growth For personal use only Karlawinda – 1.3Moz1 reserve Built on time & budget, in <18 months for A$180m 4yrs production inc. FY25: 468koz @ AISC A$1,311/oz for $622M cash build Expansion underway to 150,000 ounces/pa production2 1.3Moz
Slide 4: Capricorn Metals - Corporate Summary
Capricorn Metals - Corporate Summary Capital Structure Shareholders For personal use only Shares on issue (ASX:CMM) 456.8 million Institutional - 49% Retail - 14% Board & Management - 8% Performance rights 1.6 million BlackRock - 7% Van Eck - 6% Share price (1 May 2026) $11.77 State Street - 6% Para
Slide 5: KGP - Engineered to Maximise Margin
KGP - Engineered to Maximise Margin 7000 AUD Spot Gold Price1 For personal use only (Monthly Average) 6000 5000 4000 Δ$5,417 AUD Gold Price 3000 for ORE3 2000 Δ$1,492 1000 Quarterly AISC2 0 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-2
Slide 6: Karlawinda Gold Project
For personal use only Karlawinda Gold Project Capricorn’s cornerstone asset & template for development of Mt Gibson
Slide 7: KGP - Capricorn's cornerstone asset and strong cash generator
KGP - Capricorn’s cornerstone asset and strong cash generator Key Metrics(1) FY26 FY25 H1 Q3 Record gold production, project delivery & maiden dividend For personal use only Gold production 115-125 117 62.8 30.4 (kozs) AISC (A$/oz) 1530-1630 1,468 1,626 1,617 Ore mined (‘000 BCM) 2,415 884 482 Waste
Slide 8: KGP Reserve - Maintaining +10 years ahead
KGP Reserve - Maintaining +10 years ahead Tonnes Grade Ounces (M) (g/t) For personal use only Probable Reserves (ORE)1 53.6 0.8 1,295,000 M & I Resources 80.9 0.7 1,833,000 Inferred Resources 13.6 0.7 287,000 Total Resources1 98.6 0.7 2,120,000 Reserves1 1.3 million ounces • Mine life 9 years (6.5mt
Slide 9: Karlawinda Mine Expansion
Karlawinda Mine Expansion Project Status CIL From 4mtpa to 6.5mtpa (150kozpa) Transfer For personal use only ROM 2 Crushing Milling Expansion Construction Well Advanced Sizing Surge Bin Additional : Crushing & Milling Circuits Leaching Capacity ROM & Tailings Dam Delivering a 2.5Mtpa increased Capac
Slide 10: Mt Gibson Gold Project
For personal use only Mt Gibson Gold Project Robust & executable project of genuine scale
Slide 11: Ore Reserve Estimate 2.73Moz - Update this quarter
Ore Reserve Estimate 2.73Moz1- Update this quarter Probable & Total Highway Cut-off Tonnes Grade Ounces (<1% of drilling) For personal use only (g/t) (Mt) (g/t) (koz) (5km NW) 0.05Moz Laterite 0.4 0.9 0.5 15 Ave Drill Depth 48m Oxide 0.4 10.3 0.9 84 Transitional 0.4 11.6 0.8 311 Fresh 0.4 68.9 0.9 2
Slide 12: Project Status PFS Highlights
Project Status PFS Highlights1 ORE 2.59Moz Mt Gibson Gold Project Plant Infrastructure A$260 million (Capital Cost) For personal use only 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$1.9
Slide 13: Mount Gibson Underground - Drilling
Mount Gibson Underground - Drilling Image - six drill rigs on MGGP Underground For personal use only capmetals.com.au 13
Slide 14: Underground Potential Emerging, Orion Resource
Underground Potential Emerging, Orion Resource1 Orion South Underground Highlights • Impressive results point to width For personal use only and tenor at ~70-degree dip • Just 1.2km of 8km strike • 6 drill rigs on site 2 Conceptual Mine Study – Key Highlights Cut Off 1.75g/t ($2500 GP) MSO + Develop
Slide 15: Mount Gibson Underground – Land of Opportunity
Mount Gibson Underground – Land of Opportunity Opportunity to meaningfully grow the inventory and production profile • Drilling not geology or economics constrained – where we drill, we find mineralization For personal use only • Orion South Underground has continued to be expedited, PFS underway wi
Slide 16: Underground Potential Emerging, Lexington – Project Next?
Underground Potential Emerging, Lexington – Project Next? Lexington Highlights For personal use only • Impressive results point to width and tenor at ~80-degree dip • Distinct intrusion-related orogenic system with higher grade tenor • Only 600m north of Orion South underground MRE and open in all d
Slide 17: Warriedar Acquisition – Adding Strategic Options to MGGP
Warriedar Acquisition – Adding Strategic Options to MGGP South Murchison gold consolidation delivers enhanced scale and optionality Significant Gold Resources Gives Capricorn Belt Scale Strategic Infrastructure For personal use only - Grow, Optimise, Mine Exploration Opportunity - Potential MGGP Sca
Slide 18: Investment Highlights
Investment Highlights Capricorn is a high margin, long mine life gold business with compelling growth Why Capricorn? For personal use only • Proven team that delivers for shareholders • Two regionally significant projects 4.0Moz ORE1 +10 Years Life • Long life/low cost with organic expansion Growth
Slide 19: Appendix A: Resource, Reserve & Peer Comparison Data
For personal use only Appendix A Resource, Reserve & Peer Comparison Data
Slide 20: Mineral Resources
Mineral Resources For personal use only TABLE 1: MGGP & KGP MINERAL RESOURCE4 Indicated Inferred Total Mineral Resources Type Deposit Cut-Off Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Mineral Resource Estimate Source Document (Mt) (g/tAu) (000's) (Mt) (g/tAu) (000's) (Mt) (g/tAu) (
Slide 21: Ore Reserves
Ore Reserves For personal use only TABLE 2: GROUP OPEN PIT ORE RESERVE STATEMENT5 Proved Probable Total Type Deposit 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) Open Pit MGGP
Slide 22: Appendix A – Peer Comparison Data
Appendix A – Peer Comparison Data1 Proved Probable Total ASX Code Project Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Ore Reserve Estimate1 Source Document For personal use only (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
Slide 23: Appendix B: Warriedar Mineral Resource Estimate
For personal use only Appendix B Warriedar Mineral Resource Estimate
Slide 24: Appendix B | Warriedar Mineral Resource Estimate
Appendix B | Warriedar Mineral Resource Estimate Golden Range Mineral Resources (JORC 2012) - May 2025 Measured Indicated Inferred Total Resources kOz kOz kOz Au / Deposit kt g/t Au kOz Au kt g/t Au kt g/t Au kt g/t Au Au Au AuEq For personal use only Austin - - - 222 1.3 9.1 212 1.5 10.1 434 1.4 19
Slide 25: Appendix B | Warriedar Mineral Resource Estimate
Appendix B | Warriedar Mineral Resource Estimate • Competent Person Statements | Golden Range • Competent Person Statements | Big Springs For personal use only • The information in this report that relates to estimation, depletion and reporting of the • The information in this report related to Expl
Slide 26: Appendix B | Warriedar Gold Equivalent Calculation Methodologies
Appendix B | Warriedar Gold Equivalent Calculation Methodologies • RICCIARDO Sb MRE – Resource (refer ASX:WA8 Release 5 May 2025) • RICCIARDO Sb Exploration results (refer ASX:WA8 Release 21 June 2025) For personal use only • Warriedar considers that both gold and antimony included in the gold equiv
Slide 27: Appendix C: Karlawinda Expansion Progress Photos
For personal use only Appendix C Karlawinda Expansion Progress Photos
Slide 28: Karlawinda Expansion Project – Primary/Secondary Crusher
Karlawinda Expansion Project – Primary/Secondary Crusher Building to +150koz of high margin production For personal use only capmetals.com.au 28
Slide 29: Karlawinda Expansion Project – Mill
Karlawinda Expansion Project – Mill Building to +150koz of high margin production For personal use only capmetals.com.au 29
Slide 30: Karlawinda Expansion Project – TSF
Karlawinda Expansion Project – TSF 2 Building to +150koz of high margin production For personal use only capmetals.com.au 30
Slide 31: Karlawinda Expansion Project – Berwick
Karlawinda Expansion Project – Berwick Building to +150koz of high margin production For personal use only TSF 2 capmetals.com.au 31
Slide 32: Not for release or distribution in the United States
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES For personal use only 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
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