Capricorn Metals Ltd · ASX:CMM
Capricorn Metals — Shareholder Meeting (November 2025)
29 slides from Capricorn Metals's shareholder meeting presentation, Nov 25, 2025
Slide 1: High Margin, Long Mine Life Gold Business with Compelling Growth
HIGH MARGIN, LONG MINE LIFE GOLD BUSINESS WITH COMPELLING GROWTH 25th November 2025 Mark Clark Annual General Meeting Executive Chairman capmetals.com.au
Slide 2: Disclaimer & Competent Persons Statement
Such risks include, but are not limited to resource risk, metals price volatility, currency fluctuations, increased production costs Disclaimer & Competent Persons Statement and variances in ore grade or recovery rates from those assumed in mining plans, as well as governmental regulation and judici
Slide 3: Gold Price – Some Context
Gold Price – Some Context https://dominicfrisby.com capmetals.com.au 3
Slide 4: Gold Price – Some Context
Gold Price – Some Context 15 August 1971 President Nixon takes USD off gold standard Source: Dominic Frisby 2025, The Secret History of Gold. Myth, Money, Politics & Power capmetals.com.au 4
Slide 5: Gold Price – Some Context
Gold Price – Some Context Source: Dominic Frisby 2025, The Secret History of Gold. Myth, Money, Politics & Power capmetals.com.au 5
Slide 6: Gold Price – Some Context
Gold Price – Some Context Source: Dominic Frisby 2025, The Secret History of Gold. Myth, Money, Politics & Power capmetals.com.au 6
Slide 7: Gold Price – Some Context
Gold Price – Some Context Source: https://geopoliticaleconomy.com/2024/05/17/china-yuan-half-bilateral-trade-dollar/ capmetals.com.au 7
Slide 8: Gold Price – Some Context
Gold Price – Some Context Source: Dominic Frisby 2025, The Secret History of Gold. Myth, Money, Politics & Power capmetals.com.au 8
Slide 9: KGP – Engineered to Maximise Margin
KGP – Engineered to Maximise Margin AUD Spot Gold Price1 6000 (Monthly Average) 5000 4000 Δ$4,210 3000 AUD Gold Price 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-25 Jun-25 Sep-25 AISC AUD Re
Slide 10: Who is Capricorn Metals?
Who is Capricorn Metals? High Margin Production + Compelling Growth Karlawinda – 1.3Moz1 reserve Built on time & budget, in <18 months for A$180m 4yrs production: 468koz @ AISC A$1,311/oz for $622M cash build Expansion underway to 150,000 ounces/pa production2 1.3Moz Reserve Mt Gibson – 2.7Moz1 rese
Slide 11: Karlawinda Gold Project
Karlawinda Gold Project Capricorn’s cornerstone asset & template for development of Mt Gibson
Slide 12: KGP – Capricorn's cornerstone asset and strong cash generator
KGP – Capricorn’s cornerstone asset and strong cash generator Key Metrics(1) FY26 FY25 FY24 Q1 Record gold production and strong project delivery Gold production 115-125 117 113 32,3 (kozs) AISC (A$/oz) 1530-1630 1,468 1,421 1,625 Ore mined (‘000 BCM) 2,415 2,023 430 Waste mined2 (‘000 BCM) 12,753 1
Slide 13: Karlawinda Mine Expansion Project Status
Karlawinda Mine Expansion Project Status From 4mtpa to 6.5mtpa (150kozpa) Key Highlights 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 production (S
Slide 14: Karlawinda Expansion Project - Progress
2.) CIL Tank Construction KEP Processing Plant Site 1 2 Karlawinda Expansion Project - Progress capmetals.com.au Berwick and TSF-2 1.) Mill Slab and Construction Feed Trunnion 14
Slide 15: Mt Gibson Gold Project
Mt Gibson Gold Project Robust & executable project of genuine scale
Slide 16: Ore Reserve Estimate 2.73Moz - Orion update
Ore Reserve Estimate 2.73Moz1- Orion update H2 Probable & Total Cut-off Tonnes Grade Ounces 4 metres @ 11.97g/t from 126m (g/t) (Mt) (g/t) (koz) Laterite 0.4 0.9 0.5 15 Aries Oxide 0.4 10.3 0.9 84 13 metres @ 5.69g/t from 99m Transitional 0.4 11.6 0.8 311 9 metres @ 4.74g/t from 229m Fresh 0.4 68.9
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: Underground Potential Emerging, Orion Maiden Resource
Underground Potential Emerging, Orion Maiden Resource1 Orion South Underground Highlights • Impressive results point to width and tenor at ~70-degree dip • Just 1.2km of 8km strike • 4 diamond drill rigs on site Conceptual Mine Study – Key Highlights2 Cut Off 1.75g/t ($2500 GP) MSO + Development 6.1
Slide 19: 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 - Grow, Optimise, Mine Exploration Opportunity - Potential MGGP Scale Up • Warriedar’s Go
Slide 20: 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 • Two regionally significant projects 4.0Moz ORE1 • Long life/low cost with organic expansion +10 Years Life opportunities Growth to • ASX
Slide 21: Appendix A
Appendix A Resource, Reserve & Peer Comparison Data
Slide 22: Mineral Resources
Mineral Resources TABLE 1: GROUP OPEN PIT 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) (000's) “MGGP Maide
Slide 23: Ore Reserves
Ore Reserves 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 95,000 0.9 2,736 95,00
Slide 24: 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 (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 11,503 363,973 1.
Slide 25: Appendix B
Appendix B Warriedar Mineral Resource Estimate
Slide 26: 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 Austin - - - 222 1.3 9.1 212 1.5 10.1 434 1.4 19.2 Rothschild - - - -
Slide 27: Warriedar Mineral Resource Estimate – Competent Person Statements
Appendix B | Warriedar Mineral Resource Estimate • Competent Person Statements | Golden Range • Competent Person Statements | Big Springs • The information in this report that relates to estimation, depletion and reporting of the • The information in this report related to Exploration Results is bas
Slide 28: Warriedar Gold Equivalent Calculation Methodologies
Appendix B | Warriedar Gold Equivalent Calculation Methodologies • RICCIARDO Sb MRE – Resource (refer ASX Release 5 May 2025) • RICCIARDO Sb Exploration results (refer ASX Release 21 June 2025) • Warriedar considers that both gold and antimony included in the gold equivalent calculation • Warriedar
Slide 29: 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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