Capricorn Metals Ltd · ASX:CMM
Capricorn Metals — Bell Potter Unearthed Natural Resources Conference 2025
34 slides from Capricorn Metals's conference presentation, Feb 10, 2025
Slide 1: High Margin, Long Mine Life Gold Business
HIGH MARGIN, LONG MINE LIFE GOLD BUSINESS WITH COMPELLING GROWTH IN A PREMIER JURISTICTION 10th February 2025 Bell Potter - Unearthed Natural Resources Conference 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: Who is Capricorn Metals? High Margin Production + Compelling Growth
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 4: Our People – Proven mine builders, operators & wealth creators
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 5: Capricorn Metals Corporate Summary
Capricorn Metals Corporate Summary Capital Structure Shareholders Institutional - 45% Shares on issue (ASX:CMM) 412.4 million Retail - 13% Board & Management - 10% Van Eck - 9% Performance rights 1.6 million Paradice Investment - 7% BlackRock - 6% Share price (5 Feb 2025) $7.98 First Sentier - 5% T.
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 $300m 200ko
Slide 8: KGP – Capricorn's cornerstone asset and strong cash generator
KGP – Capricorn’s cornerstone asset and strong cash generator FY25(1) FY24 Q1(1) Q2(1) Mine Plan delivers linear ounce profile build for FY2025 Gold production 110-120 113 26 29 Q1 (kozs) Primary ore source AISC (A$/oz) 1370-1470 1,421 1647 1490 High grade Low grade Ore mined (‘000 BCM) 2,023 615 58
Slide 9: 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 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: 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: 20 Months • Steady state annual production 150,000 oz pa Project Payback (A$3,300/oz gold price) • All from existing ORE Internal Rate of Return (A
Slide 12: 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 13: Expansion Project Status
Expansion Project Status Increasing Karlawinda from 4mtpa to 6.5mtpa (150kozpa) Works Underway Next Steps • 120-person • Detailed Major contracts Long lead Early Works: Accommodation Engineering advancing: procurement: • Plant Camp upgrade Design – 30% • Power purchase • Major earthworks • TSF Desig
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 Central Lode 43
Slide 15: Unlocking the Endowment of the KGP Region
Unlocking the Endowment of the KGP Region Regional focus • Targeting camp scale deposits on Pilbara / Yilgarn craton margin • Accelerate turnover of early-stage prospects • Focus on Bibra analogues – gravity, magnetics & soil signatures Sylvania project and Deadman Flat acquisition • Decision to acq
Slide 16: Mt Gibson Gold Project
Mt Gibson Gold Project Robust & executable project of genuine scale
Slide 17: 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 18: 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 19: 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 20: Project Status
Project Status Mt Gibson Gold Project Underway Next Steps • 400-person Major contracts • Detailed Long lead Early Works: Accommodation advancing: Engineering procurement: • Airstrip Camp nearing • Power purchase Design – 30% • Major • Laydowns completion equipment • Mining services • Plant • Permitt
Slide 21: Sustained Resource Growth & Underground Potential Emerging
Sustained Resource Growth & Underground Potential Emerging Highlights • MRE & ORE extension potential throughout 8km strike • Updated Project MRE & ORE (this quarter) • Underground model delivered in the medium term FY24 Resource Conversion Drilling • 19 metres @ 3.75g/t from 177 to 196m* • 18 metre
Slide 22: Underground Potential Emerging, Drill Targeting
Underground Potential Emerging, Drill Targeting Orion Lexington Highlights • Impressive 2024 results point to width and tenor • Commenced -12,000m underground program on Orion trend • Lexington an obvious target for future programme Underground target drilling results • 14m @ 12.85g/t • 17m @ 9.16 g
Slide 23: Unlocking the Endowment of the MGGP Region
Unlocking the Endowment of the MGGP Region Deflector A Regional focus • Systematic exploration of the Golden Grove targeting meaningful additional ore sources to the Mt Gibson operation • Region is well defined structurally with gold occurrences in well known contacts • Southern Yalgoo-Singleton Mt
Slide 24: 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 25: 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 3500 2.59Moz ORE & forecast to be a >150kozpa lowest 3.3Moz quartile AISC producer $3,026M 3.00 $2,775M 3000 The medium-term value creation opportunity of 2.5
Slide 26: 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 27: Investment Highlights – 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 • Two regionally significant projects AISC First Quartile represents ORE1 • Long life/low cost with organic expansion opportun
Slide 28: Mineral Resources
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. The above data has been rounded to the nearest 100,0
Slide 29: Ore Reserves
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-off grade between 0.3g/t and 0.4g/t Au. 4. The above d
Slide 30: Appendix A – Peer Comparison Data
Appendix A Peer Comparison Data
Slide 31: Appendix A – Peer Comparison Data (1/3)
Appendix A – Peer Comparison Data6 (1/3) Market Cap / Reserve Ordinary Fully Paid Date of Closing Price ASX Code Name Ore Reserve Estimate4 AISC AISC Data1 AISC Source Document1 Market Cap 2 Multiple5 Securities on Issue3 Appendix 2A3 5/02/2025 CMM Capricorn Metals $819 4,019,000 1,564 H1FY25A FY25
Slide 32: 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 33: 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) BGL Bellevue - - - 9,320 5 1,510 9,320 5 1,510 "5
Slide 34: Capricorn Metals Ltd (ASX: CMM) contact details
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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