Capricorn Metals Ltd · ASX:CMM
Capricorn Metals — Diggers & Dealers 2023
23 slides from Capricorn Metals's conference presentation, Aug 8, 2023
Slide 1: High margin gold business with compelling growth
Diggers & Dealers 2023 High margin gold business with compelling growth capmetals.com.au 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: Mt Gibson gives Capricorn high quality, deliverable growth
Mt Gibson gives Capricorn high quality, deliverable growth CMM Reserves up to 2.7Moz1 CMM Production to >270kozpa Lowest Quartile AISC 8th largest “Australia only” reserve Combined ops would rank CMM in Combined ops AISC forecast in base amongst ASX gold cos top 10 ASX gold producers lowest quartile
Slide 4: Karlawinda Gold Project
Karlawinda Gold Project Our template for successful development of Mt Gibson AND the cashflow to fund it.
Slide 5: Karlawinda Gold Project - snapshot
Karlawinda Gold Project - snapshot Mine type Open pit Plant type 3x crush + ball mill CIL processing Throughput 4.0 – 5.0 Mtpa Reserve grade 0.8g/t1 Recovery 93% Strip ratio (w:o) 3.9 Mine life 10 years Ore reserves 1.25Moz1 Mineral resources 2.25Moz2 FY24 guidance 115 – 125koz A$1,270 – 1,370/oz AI
Slide 6: Karlawinda performance – years of operations
Karlawinda performance – 2 years of operations First gold bar 30 June 2021 Validation of CMM approach • Built on time and budget during COVID FS parameters achievable • First quarter 24.3koz @ <A$1,200/oz AISC FS costings robust • Cash positive & self-sufficient from day 1 Successful construct
Slide 7: KGP Reserve – 10+ years and further growth potential
KGP Reserve – 10+ years and further growth potential Reserves 1.25 million ounces • Mine life ~10 years • Strip ratio 3.9 Resource 2.23 million ounces • Down dip extensions of Reserve Gold prices used • Reserve - A$1,900 • Resource - A$2,200 Ultimate depth of ORE/MRE pits • Reserve - 275m • Resource
Slide 8: Scale, Prospectivity & Access
Unlocking the endowment of the KGP region Scale, Prospectivity & Access • 2,445 square kms of tenure (>100km E-W) • Tenure covers margin of Sylvania Inlier & Pilbara Cratons • Geological setting formative of Bibra >2Moz gold deposit • Limited regional drilling - 97% of drilling within 4km (50km2) of
Slide 9: Near mine smoke… targeting satellites
Unlocking the endowment of the KGP region Near mine smoke… targeting satellites Refining geological model & exploration strategy - finding gold within 5km of Bibra. • Berwick • 8m @ 14.9g/t from 74m • Murfield • 12m @ 3.54g/t from 20m • Vedas • 13m @ 2.19g/t from 140m • Carnoustie • 5m @ 4.09g/t fro
Slide 10: Testing Regional Targets Underway
Unlocking the endowment of the KGP region Testing Regional Targets Underway Multiple programmes underway 15,000m AC drilling completed: • Jamie Well (50km NW Bibra) • Donomore (50km W Bibra) • Forfar (7km NW Bibra) Results pending 7,000m AC drilling underway: • Carrot Hill (7km NW Bibra) Results pen
Slide 11: Mt Gibson Gold Project
Mt Gibson Gold Project Robust & executable project of genuine scale Compelling growth for Capricorn
Slide 12: Mt Gibson Gold Project – the story so far
Mt Gibson Gold Project – the story so far Unique opportunity • 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 & “off the grid” for 30 years Compelling a
Slide 13: Maiden Ore Reserve Estimate (ORE) 1.45Moz
Maiden Ore Reserve Estimate (ORE) 1.45Moz* Probable & Total Cut-off Tonnes Grade Ounces (g/t) (Mt) (g/t) (koz) Oxide 0.4 6.2 0.8 168 Transitional 0.4 7.0 0.9 192 Fresh 0.4 35.5 1.0 1,091 48.7 0.9 1,450 A$1,900/oz gold price used in reserve estimate • Conservative, c $1,000/oz below current spot Robu
Slide 14: Strong Resource Conversion to ORE & Potential for More
Strong Resource Conversion to ORE & Potential for More MGGP RESOURCE* Indicated Inferred Total (koz) (koz) (koz) 2,106 649 2,755 Strong conversion of Indicated MRE to ORE • 69% conversion to 1.45Moz ORE • Excellent data density - 25x25m drill spacing • Avg depth of Indicated MRE 150m / ORE 140m Dril
Slide 15: PFS Highlights – a mine in the making
PFS Highlights – a mine in the making Strong Long Low Cost Low Strong Low Production Mine Life High Margin Capital Cost Financials Technical (post capex/pretax) Profile @ GP A$2750/oz Risk 152kozpa for 10 years AISC 5mpta plant NPV5 $828m Open pit first 7.5 yrs 1.45Moz ORE A$1,420/oz A$260m FCF $1.2
Slide 16: Underground potential
Underground potential Underground potential emerging • 2023 drilling at Orion intersected broad high-grade mineralisation • Also intersected deeper +2m true thickness high and bonanza grade: • 14m @ 12.85g/t from 208m incl 5m @ 30.38g/t • 17m @ 9.16 g/t from 228m incl 4m @ 35.78g/t • 20m @ 5.11 g/t
Slide 17: Significant near mine targets
Significant near mine targets Wombat Mine Trend Extensions to Mt Gibson Mine Trend • Parrallel to main Mt Gibson mine trend • Southern extension of main mine trend • Includes strike extensions of Capricorn (MRE 30koz) • Along strike from Deep South (72koz) & Gunslinger (15koz) 30,000m AC programme u
Slide 18: MGGP the next step in the Capricorn journey
MGGP the next step in the Capricorn journey Rapid achievement of a high-quality maiden ORE • Maiden ORE of 1.45Moz – quality, scale and growth potential • Strong resource conversion and potential for more PFS confirms MGGP is a mine in the making • 5Mtpa plant producing 152,000 ounces pa • Low capex
Slide 19: Mineral Resources
Mineral Resources Notes: 1. Mineral Resources are estimated using a gold price of A$2200/ounce. 2. Mineral Resources are estimated using a cut-off grade between 0.3g/t and 0.4g/t Au. 3. The above data has been rounded to the nearest 100,000 tonnes, 0.1 g/t gold grade and 1,000 ounces. 4. Errors of s
Slide 20: Ore Reserves
Ore Reserves Notes: 1. Ore Reserves are a subset of Mineral Resources. 2. Ore Reserves are estimated using a gold price of A$1900/ounce. 3. Ore Reserves are estimated using cut-off grades between 0.3g/t and 0.4g/t Au. 4. The above data has been rounded to the nearest 100,000 tonnes, 0.1 g/t gold gra
Slide 21: APPENDIX: SOURCE DATA FOR PEER COMPARISONS
APPENDIX: SOURCE DATA FOR PEER COMPARISONS Company Source Date Release Date Company Source Date Release Date Aeris Resources Ltd https://www.asx.com.au/asxpdf/20221025/pdf/45 25/10/22 Genesis Minerals Ltd https://announcements.asx.com.au/asxpdf/20230 31/07/23 gpr0rmxhfz47.pdf 731/pdf/05s3rb5bs3c1x3.
Slide 22: APPENDIX: SOURCE DATA FOR PEER COMPARISONS
APPENDIX: SOURCE DATA FOR PEER COMPARISONS Company Source Date Release Date Red 5 Ltd https://announcements.asx.com.au/asxpdf/20 07/09/22 220907/pdf/45dtmtnv8rx91f.pdf https://announcements.asx.com.au/asxpdf/20 26/07/23 230726/pdf/05ryvq3n27cxm5.pdf Regis Resources Ltd 05qszdm9vwblg4.pdf (asx.com.au
Slide 23: Capricorn Metals Ltd (ASX: CMM)
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