Capricorn Metals Ltd · ASX:CMM
Capricorn Metals — Shareholder Meeting (November 2024)
30 slides from Capricorn Metals's shareholder meeting presentation, Nov 19, 2024
Slide 1: High Margin, Long Mine Life Gold Business with Compelling Growth
HIGH MARGIN, LONG MINE LIFE GOLD BUSINESS WITH COMPELLING GROWTH 19 November 2024 Annual General Meeting 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: Company Update
COMPANY UPDATE 19 November 2024 Annual General Meeting capmetals.com.au
Slide 4: 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 3yrs production: 351koz @ AISC A$1,250/oz for $396M cash build Expansion underway to 150,000 ounces/pa production2 1.4Moz1 reserve Mt Gibson – 2.6Moz1 rese
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: Capricorn Metals Corporate Summary
Capricorn Metals Corporate Summary Capital Structure Shareholders Institutional - 46% Shares on issue (ASX:CMM) 410.9 million Retail - 13% Board & Management - 10% Performance rights 2.1 million Van Eck - 9% Paradice Investment - 7% Share price (15 Nov 2024) $6.25 BlackRock - 5% First Sentier - 5% M
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
Karlawinda Performance – 3 years of cash generation Karlawinda Gold Project - Oz Produced(1) and Cash build(2) 500koz $396m $500m Validation of CMM approach Gold Production 400koz 110-120koz $400m It does what we said it would do… Cash Build $257m FS parameters & costings robust 300koz $300m 200ko
Slide 9: KGP – Capricorn's cornerstone asset and strong cash generator
KGP – Capricorn’s cornerstone asset and strong cash generator Mine Plan delivers linear ounce profile build for FY2025 FY25(1) FY24 Q1(1) Q1 Gold production 110- 113koz 26koz Primary ore source (ozs) 120koz 1370- AISC (A$/oz) 1,421 1647 High grade 1470 Low grade H2 Ore mined (‘000 BCM) 2,023 615 Pri
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 Resources(1) 98.6 0.7 2,252,000 Reserves 1.43 million ounces • Mine life 10 years (6.5mtpa) • S
Slide 11: KGP Reserve Upgrade – Consistent growth & reserve performance
KGP Reserve Upgrade – Consistent growth & reserve performance Karlawinda Gold Project Compelling internal growth Oz Produced(1) & ORE Updates(2) • KGP operation established & cost structures 2000 validated on initial GP A$1,600/oz ORE 1800 • Since 2019, drilling has delivered ongoing 1600 quality re
Slide 12: Karlawinda Expansion Project increases production to 150,000 ozpa
Karlawinda Expansion Project (KEP) increases production to 150,000 ozpa KEP is a compelling growth project 1 Expansion capital A$120 million Highlights: • Steady state annual production 150,000 oz pa Project Payback (A$3,300/oz gold price) 20 Months • All from existing ORE Internal Rate of Return (A
Slide 13: KEP - a simple, executable & high value internal growth opportunity
KEP - a simple, executable & high value internal growth opportunity Simple and Proven Process Flowsheet 4mtpa (Existing) Plant Expansion: • 2.5mtpa increase in plant throughput • Parallel three-stage crushing & ball mill circuit replicates current flowsheet • Proven flowsheet with maximum flexibilit
Slide 14: Unlocking the Endowment of the KGP Region
Unlocking the Endowment of the KGP Region Regional focus Carnoustie Mission Rd • Targeting camp scale deposits on Pilbara / Badlands Yilgarn craton margin • Accelerate turnover of early-stage prospects 10km • Focus on Bibra analogues – gravity, magnetics Bibra +2moz & soil signatures 43,000m planned
Slide 15: Mt Gibson Gold Project
Mt Gibson Gold Project Robust & executable project of genuine scale Compelling growth for Capricorn
Slide 16: 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 17: Updated Ore Reserve Estimate 2.59Moz
Updated Ore Reserve Estimate 2.59Moz1 Probable & Total Cut-off Tonnes Grade Ounces (g/t) (Mt) (g/t) (koz) Laterite 0.4 1.0 0.5 17 Oxide 0.4 9.4 0.9 257 Transitional 0.4 10.8 0.8 290 Fresh 0.4 65.1 0.9 1,978 Heap Leach Pad 0.3 3.5 0.4 50 89.8 0.9 2,591 A$2,200/oz gold price used in Reserve estimate •
Slide 18: PFS Highlights – A quality HIGH MARGIN mine in the making
PFS Highlights(1) – A quality HIGH MARGIN mine in the making Strong Long Low Cost Low Strong Low Production Mine Life High Margin Capital Cost Financials Technical Profile (post capex/pretax) Risk @ GP A$3300/oz ~17 years 5mpta plant Open pit 150koz/pa 2.59Moz ORE AISC A$260m NPV5(1) Strip ratio 4.8
Slide 19: Sustained Resource Growth & Underground Potential Emerging
Sustained Resource Growth & Underground Potential Emerging MGGP RESOURCE(1) (koz) Indicated Inferred Total 3,194 796 3,991 Mineral Resource Growth (MRE (1)) FY22 FY23 FY24 2,083 koz 2,755 koz 3,991 koz Highlights • MRE & ORE extension potential throughout 8km strike • Updated Project MRE & ORE (this
Slide 20: Strong Resource Conversion to ORE & Potential for More
Strong Resource Conversion to ORE & Potential for More Mount Gibson Gold Project Compelling Resource & Reserve Growth Resource / Reserve Updates(1) • Targeting data gaps between resource shells, 4,500koz 350km 321km parallel trends, at depth & along strike 4,000koz 796koz 300km • High value drilling
Slide 21: Mt Gibson – Delivering a giant, that's still growing
Mt Gibson – Delivering a giant, that’s still growing What's the prize for developing MGGP(1)? What is the prize for developing MGGP? 3.50 3000 2.59Moz ORE & forecast to be a >150kozpa lowest 3.3Moz quartile AISC producer $2,556M 3.00 2500 The medium-term value creation opportunity of $2,287M 2.59Moz
Slide 22: 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 ORE(1) +10 Years Life • Two regionally significant projects Growth to • Long life/low cost with organic expansion +300koz/pa(2) opp
Slide 23: 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 represents ORE1 • Two regionally significant projects • Long life/low cost with organic expansion AISC First Quartile opportun
Slide 24: Mineral Resources
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES Mineral Resources TABLE 1: GROUP OPEN PIT MINERAL RESOURCE 5 6 Notes: 1. Mineral Resources are estimated using a gold price of A$2,400/ounce at KGP and MGGP. 2. Mineral Resources are estimated using a cut-off grade between 0.3g/t and 0.4g/t Au. 3.
Slide 25: Ore Reserves
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES Ore Reserves TABLE 2: GROUP OPEN PIT ORE RESERVE STATEMENT 6 7 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-o
Slide 26: Appendix A – Peer Data
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES Appendix A Peer Data
Slide 27: Appendix A – Peer Comparison Data (1/3)
Appendix A – Peer Comparison Data6 (1/3) Date of Closing Market Cap / Reserve Ore Reserve Ordinary Fully Paid ASX Code Name AISC AISC Data1 AISC Source Document1 Market Cap 2 3 Appendix Price Multiple5 Estimate4 Securities on Issue 2A3 15/11/2024 CMM Capricorn Metals $639 4,019,000 1,421 FY24A "Quar
Slide 28: 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 29: Appendix A – Peer Comparison Data (3/3)
Appendix A – Peer Comparison Data1 (3/3) Proved Probable Total ASX Code Project Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Ore Reserve Estimate1 Source Document (000's) (g/tAu) (000's) (000's) (g/tAu) (000's) (000's) (g/tAu) (000's) "5 Year Growth Plan and Equity Raising Technical D
Slide 30: 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
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