Capricorn Metals Ltd · ASX:CMM
Capricorn Metals — Merger or Acquisition (July 2025)
22 slides from Capricorn Metals's merger presentation, Jul 24, 2025
Slide 1: Acquisition of Warriedar Resources Limited
ACQUISITION OF WARRIEDAR RESOURCES LIMITED Strategic and logical consolidation of Western Australian gold projects 24 July 2025 ASX:CMM capmetals.com.au 1
Slide 2: Disclaimer and Qualification
Disclaimer and Qualification Important Information This joint presentation has been prepared by Capricorn Metals Limited (Capricorn) and Warriedar Resources Limited (Warriedar). This presentation has been prepared in relation to the proposed acquisition by Capricorn of Warriedar by way of a share sc
Slide 3: Disclaimer and Qualification
Disclaimer and Qualification Forward-looking statements This presentation contains references to forecasts, estimates, assumptions and other forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", “forecast”, "bel
Slide 4: Capricorn – Proven Mine Builders, Operators & Wealth Creators
Capricorn – Proven Mine Builders, Operators & Wealth Creators Capricorn’s all scrip consideration is highly compelling and provides the expertise to unlock the value of the Golden Range Project for the benefit of all stakeholders Low cost producer with +4Moz of gold reserves & fully funded developme
Slide 5: Capricorn to Acquire Warriedar Resources Limited
Capricorn to Acquire Warriedar Resources Limited Capricorn’s all scrip consideration is highly compelling and provides the expertise to unlock the value of the Golden Range Project for the benefit of all stakeholders • Capricorn to acquire Warriedar Resources Ltd (ASX:WA8), owner of the Golden Range
Slide 6: Scheme - Key Details
Scheme - Key Details • Capricorn and Warriedar have entered into a binding Scheme Implementation Deed (SID) under which Capricorn will acquire 100% of the securities in Warriedar for scrip by way of a Court-approved scheme of arrangement (Scheme). • Scheme unanimously recommended by Warriedar Board
Slide 7: Warriedar Shareholders to Receive Attractive Premiums
Warriedar Shareholders to Receive Attractive Premiums Attractive premium to historical trading prices and the recent placement / SPP 0.16 A$0.155 - Implied Offer Price1 0.14 29% 35% 55% 0.12 0.10 Share Price (A$/sh) 0.08 0.06 $0.120 $0.115 $0.100 Ardmore 0.04 Pit 0.02 Haul Road 0.00 Last Close - 30-
Slide 8: Benefits to Warriedar Shareholders
Benefits to Warriedar Shareholders Warriedar shareholders become shareholders in a low cost, high growth Australian gold producer with established operations, a proven team and track record of shareholder returns Key Benefits to Warriedar Shareholders • Attractive premium to historical trading price
Slide 9: Strategic Rationale for Capricorn
Strategic Rationale for Capricorn Strategic consolidation of the ~788km2 tenure package provides additional resources, scale, infrastructure and exploration potential to augment the long-term potential of MGGP, with the Ricciardo Gold Deposit on existing mining leases and the under explored Fields F
Slide 10: Golden Range Project: Ricciardo (Gold)
Golden Range Project: Ricciardo (Gold) Open at depth and along strike with excellent potential for further Mineral Resource growth A key development in the Ricciardo story: A potential,150m wide & up to 12m thick, a new style of high-grade free-milling gold high-grade ore zone open at depth Ricciard
Slide 11: Golden Range Project: Ricciardo (Antimony)
Golden Range Project: Ricciardo (Antimony) Antimony: Most of the antimony sits within the optimised pit Higher grade breccia pipe not yet domained (highest Sb comp 29%) Ricciardo Deposit – May 2025 MRE Update: Total Sb: 12.2 Mt @ 0.5% Sb for 60.3 kt contained Sb Initial metallurgical test work resul
Slide 12: Golden Range Project: Ricciardo (Gold) 2025 Drilling
Golden Range Project: Ricciardo (Gold) Depth extent of the gold and antimony remains open 2025 Drilling 2025 drilling (post MRE block model) 12
Slide 13: Golden Range Project: Established Infrastructure & Permitting
Golden Range Project: Established Infrastructure & Permitting Golden Range Project will enhance the current Mt Gibson Gold Project and facilitate Capricorn’s production growth in the future Mining • All Warriedar Mineral Resources on granted Mining Leases TSF ROM • All connected by owned haul roads
Slide 14: Fields Find Project: Murchison Province, WA
Fields Find Project: Murchison Province, WA Gold and base metal opportunities Tenure • Approx 340km² of prospective, contiguous tenure (11 EL’s & 2 ML’s) Historical Production (all pre-1960, pre JORC) • Reid’s Ridge (RR) Gold Mine: produced 2,604t of ore @ 19.8 g/t Au • Warriedar Copper Mine (WCM):
Slide 15: Big Springs Gold Project – Nevada, USA
Big Springs Gold Project – Nevada, USA High grade Carlin-style gold deposit on a permitted mining lease in Nevada Highlights • North-east Nevada is a Tier-1 gold producing region • 117km² of prime prospective Carlin-style gold tenure • Big Springs is a +1Moz Au Resource on a permitted mining lease -
Slide 16: Pro-forma Ownership
Pro-forma Ownership Proforma Capricorn Warriedar Merged Group Share Price (23 July 2025) A$/sh 9.60 0.155 9.60 Shares Outstanding m 431.1 1,176.3 450.8 Performance Rights m 1.6 41.01 1.6 Listed Options m - 95.5 @ $0.10 1.54 @ A$6.20 Market Capitalisation A$M 4,139.3 188.5 4,327.7 Cash & Bullion (30
Slide 17: Appendix 1 | Warriedar Mineral Resource Estimate
Appendix 1 | 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 18: Appendix 1 | Warriedar Mineral Resource Estimate
Appendix 1 | 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 Golden The information in this report related to Exploration Results is base
Slide 19: Appendix 2 | Warriedar Gold Equivalent Calculation Methodologies
Appendix 2 | 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 consider
Slide 20: Appendix 3 | Capricorn Group Mineral Resource and Reserves Estimate
Appendix 3 | Capricorn Group Mineral Resource and Reserves Estimate Mineral Resources Indicated Inferred Total Mineral Resources Tonnes Gold Grade Gold Metal Tonnes Gold Grade Gold Metal Tonnes Gold Grade Gold Metal Deposit Type Cut-Off (Mt) (g/t) (koz) (Mt) (g/t) (koz) (Mt) (g/t) (koz) KGP4 Open Pi
Slide 21: Appendix 3 | Capricorn Group Mineral Resource and Reserves Estimate
Appendix 3 | Capricorn Group Mineral Resource and Reserves Estimate Capricorn The information in this presentation that relates to Exploration Results is based on information compiled or reviewed by Mr. William Higgins who is a full-time employee of the Company. Mr. Higgins is a current Member of th
Slide 22: 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