Capricorn Metals Ltd · ASX:CMM
Capricorn Metals — Diggers & Dealers 2024
30 slides from Capricorn Metals's conference presentation, August 2024
Slide 1: High margin, long mine life gold business with compelling growth
High margin, long mine life gold business with compelling growth August 2024 capmetals.com.au Diggers & Dealers 1
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 – 1.4Moz(1) reserve Built on time & budget, in <18 months & $185m First gold June 21, first production qtr. 24koz 3yrs production: 351koz @ AISC A$1,250/oz for $396M cash build Mt Gibson – 1.8Moz(1) reserve Acquired July
Slide 4: Our People – Proven mine builders, operators & wealth creators
Our People – Proven mine builders, operators & wealth creators Long & successful record of Mr Mark Clark Mr Mark Okeby Mr Myles Ertzen Mr Bernard De Ms Jill Irvin Board of Directors Executive Chairman Non- Executive Director Non- Executive Director Araugo Non- Executive Director developing & operati
Slide 5: Capricorn Metals Corporate Summary
Capricorn Metals Corporate Summary Capital Structure Shareholders Shares on issue (ASX:CMM) 377.5 million Board & Management 10% Paradice Investment 7% Performance rights 1.7 million Van Eck 9% Institutional 61% Share price $5.44 Retail 13% Market Cap $2,054 million Broker Coverage Debt (30 Jun 2024
Slide 6: Karlawinda Gold Project
Karlawinda Gold Project Capricorn’s cornerstone asset & template for development of Mt Gibson
Slide 7: 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 $300m 200ko
Slide 8: KGP – Capricorn’s cornerstone asset and strong cash generator
KGP – Capricorn’s cornerstone asset and strong cash generator FY25(1) FY24 110- Gold production (ozs) 113koz 120koz 1370- AISC (A$/oz) 1,421 1470 Ore mined (‘000 BCM) 2,023 Waste mined (‘000 BCM) 10,545 Stripping ratio (w:o) 5.2 FY24 Continued strong real cash build: • Recovery from two significant
Slide 9: KGP Reserve – Maintaining +13 years and still growing
KGP Reserve – Maintaining +13 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 13 years • Strip ratio
Slide 10: 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 11: KGP Plant Expansion – Study to maximise return
KGP Plant Expansion – Study to maximise return Study targets: • 2 - 2.5mtpa increase in plant throughput • Optimise mining rate, stockpile build & rehandle Study focus areas: • Plant configuration & installation logistics • Plant and infrastructure capital costs • Mining schedule & fleet optimistati
Slide 12: Unlocking the KGP Region – Right address, right rocks
Unlocking the KGP Region – Right address, right rocks Scale, Prospectivity & Access Warrawoona Telfer Dome • 2,445 square kms of tenure +30moz (>100km E-W) covering most of the Nullagine southern margin of Sylvania Dome • Archaean-aged greenstone rocks that were only discovered in 2005 Paulsens • CM
Slide 13: 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 14: Mt Gibson Gold Project
Mt Gibson Gold Project Robust & executable project of genuine scale Compelling growth for Capricorn
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 1.83Moz
Updated Ore Reserve Estimate 1.83Moz1 Probable & Total Cut-off Tonnes Grade Ounces (g/t) (Mt) (g/t) (koz) Laterite 0.4 0.9 0.5 16 Oxide 0.4 6.7 0.9 185 Transitional 0.4 7.5 0.9 209 Fresh 0.4 42.9 1.0 1,373 Heap Leach Pad 0.3 3.6 0.4 51 61.6 0.9 1,834 A$1,900/oz gold price used in Reserve estimate •
Slide 17: PFS Highlights
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$2750/oz >11 years 5mpta plant Open pit 155kozpa for 1.83Moz ORE AISC A$260m NPV(1) Strip ratio 4
Slide 18: Mt Gibson – Karlawinda…Enhanced
Mt Gibson – Karlawinda…Enhanced Karlawinda Mt Gibson The sequel is just as good as the original, Mine type Open pit Open pit only bigger… Jurisdiction Western Australia Western Australia Larger Mineral Resources, Ore Reserves & Mineral Resource 2.25Moz(1) 3.30Moz(1) higher production profile Ore Res
Slide 19: Strong Resource Conversion to ORE & Potential for More
Strong Resource Conversion to ORE & Potential for More MGGP RESOURCE(1) Indicated Inferred Total (koz) (koz) (koz) 2,712 592 3,304 Mineral Resource Growth (MRE (1)) FY22 FY23 FY24 2,083 koz 2,755 koz 3,304 koz FY24 Resource Conversion Drilling • 19 metres @ 3.75g/t from 177 to 196m* • 41 metres @ 3.
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, 3,500koz 350km 3500 339 km parallel trends, at depth & along strike 3,000koz 589koz 300km 3000 • High val
Slide 21: Underground Potential Emerging
Underground Potential Emerging Results drive our enthusiasm for UG opportunity - grade, width & continuing at depth Strategy • Follow up drilling to extend significant high-grade mineralisation zones beyond current resource shells • Drilling methodically from known to unknown, understand structure,
Slide 22: Near Mine Exploration Unlocking the Potential of the Project
Near Mine Exploration Unlocking the Potential of the Project 1 Spoilt for choice • Mt Gibson Gold Project, a volcanogenic hosted massive sulphide (VHMS) deposit that has been overprinted by a later hydrothermal gold mineralising event • First pass drilling highlighting significant potential for sate
Slide 23: What’s the prize for developing MGGP?
Mt Gibson – Delivering a giant, that’s still growing What's the prize for developing MGGP?(1) What is the prize for developing MGGP? 3000 1.83Moz ORE & forecast to be a >155kozpa lowest 2.00 1.95Moz quartile AISC producer 1.83Moz 1.83Moz 2500 The medium-term value creation opportunity of MGGP for CM
Slide 24: 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 3.3Moz ORE(1) • Two regionally significant projects +10 Years Life • Long life/low cost with organic expansion Growth to opportunities +27
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 Bubble size Two regionally significant projects AISC First Quartile represents ORE1 • • Long life/low cost with organic expansion opportun
Slide 26: 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) KGP Open Pit 0.3 < 85.0 0.7 1,965 13.6
Slide 27: Ore Reserves
Ore Reserves TABLE 2: GROUP OPEN PIT ORE RESERVE STATEMENT Probable Total Ore Reserve Gold Gold Gold Gold Tonnes Tonnes Deposit Type Cut-Off Grade Metal Grade Metal (Mt) (Mt) (g/t) (koz) (g/t) (koz) KGP Open Pit 0.3 < 57.7 0.8 1,428 57.7 0.8 1,428 5 Open Pit 0.3 < 61.6 0.9 1,834 61.6 0.9 1,834 MGGP
Slide 28: Appendix A – Peer Comparison Data
Appendix A – Peer Comparison Data6 (1/2) Ordinary Fully Date of Closing Market Cap / Reserve Ore Reserve AISC Ore Reserve Estimate4 ASX Code Name AISC AISC Source Document1 Market Cap 2 Paid Securities on Appendix Price Multiple5 Estimate4 Data1 Source Document Issue3 2A3 30/7/2024 CMM Capricorn Met
Slide 29: Appendix A – Peer Comparison Data
Appendix A – Peer Comparison Data6 (1/2) ASX Code Name Project Ore Reserve Estimate1 Status Ore Reserve Estimate1 Source Document Source Date CMM Capricorn Metals KGP 1,428,000 Production "KGP Ore Reserve Increases to 1.43Moz’s” 1/08/2024 CMM Capricorn Metals MGGP 1,834,000 Development "MGGP Ore Res
Slide 30: Capricorn Metals Ltd
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