Capricorn Metals Ltd · ASX:CMM
Capricorn Metals — Macquarie Australia Conference 2025
36 slides from Capricorn Metals's conference presentation, May 6, 2025
Slide 1: High Margin, Long Mine Life Gold Business with Compelling Growth
HIGH MARGIN, LONG MINE LIFE GOLD BUSINESS WITH COMPELLING GROWTH IN A PREMIER JURISTICTION 2025 Macquarie Presenters Mark Clark – Executive Chairman Australia Conference Shane Clark – Chief Development Officer 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?
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: Senior Management
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: DNA of quiet delivery & exceptional returns
DNA of quiet delivery & exceptional returns 1995-2008 Equigold NL • Projects in WA, Queensland and Ivory Coast • 4 processing plants built and operated • Numerous open pit mines developed & operated • +1.6 Moz gold produced • Workforce approx 300 2009-2018 Regis Resources Ltd • Projects in WA • 3 pr
Slide 6: DNA of quiet delivery & exceptional returns
DNA of quiet delivery & exceptional returns Deep & sustained value delivered. How? • Stick to what we know - gold, open pit, CIL, Australia • Robust & achievable resource/reserve estimates crucial • In house development and operating where possible • Repeat designs that have worked - fit for purpose
Slide 7: KGP – Engineered to Maximise Margin
KGP – Engineered to Maximise Margin $5,000 AUD Spot Gold Price (Monthly) $4,000 $3,000 $3,624/Oz AUD Gold Price for ORE $2,000 $1,492/Oz $1,000 Quarterly AISC $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 AISC AUD Reserves AUD Spot
Slide 8: Capricorn Metals Corporate Summary
Capricorn Metals Corporate Summary Capital Structure Shareholders Institutional - 45% Shares on issue (ASX:CMM) 430.9 million Retail - 13% Board & Management - 10% Van Eck - 9% Performance rights 1.6 million Paradice Investment - 7% BlackRock - 7% Share price (30 Apr 2025) $9.25 First Sentier - 5% V
Slide 9: Hedge Closure – reaping the reward of higher gold price
Hedge Closure – reaping the reward of higher gold price Jun-24 Hedge Closure 2 @ $3,482/oz spot $5,000 • 52koz closed ($69.6m) • Paid out of cash flow • $51m potential cash flow benefit 1 (above considered cost) $4,000 $3,000 Mar-25 Hedge Closure 3 @ $4,721/oz spot Jun-23 • 55koz closed ($146.7m) $2
Slide 10: Karlawinda Gold Project
Karlawinda Gold Project Capricorn’s cornerstone asset & template for development of Mt Gibson
Slide 11: 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 $300m 200ko
Slide 12: KGP – Capricorn's cornerstone asset and strong cash generator
KGP – Capricorn’s cornerstone asset and strong cash generator FY25(1) FY24 H1(1) Q3(1) Mine Plan delivers linear ounce profile build for FY2025 Gold Q1 Stripping focus production 110-120 113 54 31 Primary ore source (kozs) C AISC (A$/oz) 1370-1470 1,421 1,564 1,390 High grade Low grade H2 / H1FY26 O
Slide 13: KGP – Capricorn's cornerstone asset and strong cash generator (March 2025)
KGP – Capricorn’s cornerstone asset and strong cash generator March 2025 Bibra ROM Southern Corridor Camp Expansion capmetals.com.au 13
Slide 14: 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 15: Expansion Project Status
Expansion Project Status 1 Increasing Karlawinda from 4mtpa to 6.5mtpa (150kozpa) A$120 Expansion 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 (Stea
Slide 16: 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 17: 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 18: Mt Gibson Gold Project
Mt Gibson Gold Project Robust & executable project of genuine scale
Slide 19: 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 20: Updated Ore Reserve Estimate 2.59Moz
Updated Ore Reserve Estimate 2.59Moz1 Probable & Total 4 metres @ 11.97g/t Cut-off Tonnes Grade Ounces from 126m* (g/t) (Mt) (g/t) (koz) Laterite 0.4 1.0 0.5 17 Aries (Q3) Oxide 0.4 9.4 0.9 257 13 metres @ 5.69g/t from 99 to 112m* Transitional 0.4 10.8 0.8 290 9 metres @ 4.74g/t from 229 to 238m* Fr
Slide 21: 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 22: 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 - completed • Power purchase Design – 30% • Mill • Laydowns • Permitting • Mining services • Crushers • Plant • S
Slide 23: Sustained Resource Growth & Underground Potential Emerging
Sustained Resource Growth & Underground Potential Emerging Highlights • MRE & ORE extension potential throughout 8km strike • Updated Project MRE & ORE delivered in Q2 • Underground MRE in Q1 next year FY24 Resource Conversion Drilling • 19 metres @ 3.75g/t from 177 to 196m* • 18 metres @ 3.04g/t fr
Slide 24: Underground Potential Emerging, Drill Targeting
Underground Potential Emerging, Drill Targeting Orion Lexington Highlights • Impressive results point to width and tenor at ~70-degree dip • +18,000m underground program completed to date focused on main Orion trend. • +70% of holes +25g.m Au • Lexington an obvious target for future programme Underg
Slide 25: Unlocking the Endowment of the MGGP Region
Unlocking the Endowment of the MGGP Region Regional focus Kings Find A Golden Grove • Systematic exploration of the targeting meaningful additional FY26Q1 ore sources to the Mt Gibson Drilling operation • Region is well defined structurally with gold occurrences in well Ninghan / known contacts Mumm
Slide 26: Why Capricorn?
Why Capricorn? High Margin Production + Compelling Growth
Slide 27: Strong Resource Conversion to ORE & Potential for More
Strong Resource Conversion to ORE & Potential for More Karlawinda Gold Project Mount Gibson Gold Project Oz Produced(1) & Reserve Updates(2) Resource / Reserve Updates(1) 2,000koz 4,500koz 350km 321km 1,800koz 4,000koz 796koz 300km 1,600koz 3,500koz 81% 1,400koz 250km 589koz 3,194koz 3,000koz 232 km
Slide 28: 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 29: 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 represents ORE1 • Two regionally significant projects • Long life/low cost with organic expansion AISC First Quartile 1 opport
Slide 30: Appendix A: Resource, Reserve & Peer Comparison Data
Appendix A Resource, Reserve & Peer Comparison Data
Slide 31: 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 32: 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 33: Appendix A – Peer Comparison Data (1/3)
Appendix A – Peer Comparison Data6 (1/3) Date of ASX Market Cap / Ore Reserve Ordinary Fully Paid Closing Price ASX Code Name AISC AISC Data1 AISC Source Document1 Market Cap 2 Securities Quantity Reserve Multiple5 Estimate4 Securities on Issue3 30/04/2025 Release3 First Quartile7 CMM Capricorn Meta
Slide 34: 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 35: 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) "5 Year Growth Plan and Equity Raising Technical D
Slide 36: 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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