Capricorn Metals Ltd · ASX:CMM
Capricorn Metals — Corporate Update (July 2026)
25 slides from Capricorn Metals's corporate update, Jul 27, 2026
Slide 1: Major Reserve Update to 5.2MOz & Compelling Mount Gibson PFS
Major Reserve Update to 5.2MOz & Compelling Mount Gibson PFS Lift CMM Production Outlook to 400 koz pa Capricorn launches Range 500 Aspiration to 500,000 oz pa 27 July 2026 | ASX: CMM
Slide 2: Disclaimer & Competent Persons Statement
IMPORTANT INFORMATION Disclaimer & Competent Persons Statement Disclaimer This presentation is general in nature and contains no new information. All information is extracted from the Company’s ASX announcements dated 27 July 2026 entitled “Capricorn Gold Reserves Increase to 5.2 Million Ounces”, “C
Slide 3: Updates to ASX Today – Executive Summary
27 JULY 2026 | ASX RELEASES Updates to ASX Today – Executive Summary SCALING NEW HEIGHTS IN QUALITY GOLD PRODUCTION Three significant ASX updates released today – a major inflection point for Capricorn. Group Reserves Update1 01 Ore Reserves increase 33% to 5.2 Moz Strong growth at both Karlawinda a
Slide 4: Group Reserves grow 33% to 5.24 Moz
QUALITY RESERVES & GROWING | A STRONG FOUNDATION Group Reserves grow 33% to 5.24 Moz GROUP INVENTORY 1,2 KGP1 +32% ORE 5.24 Moz ORE 1.57 Moz | MRE 2.99 Moz Ore Reserves (+33%) MGGP OP2 +21% ORE 8.66 Moz Karlawinda (KGP) ORE 3.31 Moz | MRE 4.78 Moz Mineral Resources (+29%) Conservative gold prices us
Slide 5: Bibra drilling converts down dip resources to Reserves
KGP RESERVE GROWTH | KEEPS ON KEEPING ON Bibra drilling converts down dip resources to Reserves KGP ORE1 1.57 Moz (GP:A$2,600 Oz) | Significant conversion immediately down-dip of 2024 pit design Karlawinda Gold Project4 Oz Depleted & Reserve Updates Oz Depleted Reserves 2,500koz Biennial updates 2,0
Slide 6: Orion South drilling and trade-off study paid dividends
MGGP RESERVE GROWTH | SETTING ITSELF APART Orion South drilling and trade-off study paid dividends MGGP2 – ORE 3.68 Moz (GP: A$2,200 - $2,600 Oz) | MRE 5.67 Moz (GP: A$2800 Oz) Mt Gibson Gold Project5 Reserve Updates MGGP MGGP UG 4,000koz 365 3,000koz Previous Reserve 2,000koz 3,305 2,590 1,000koz 1
Slide 7: Mt Gibson PFS Update | Steady-state production of 260koz pa
MT GIBSON PREFEASIBILITY STUDY2 | KEY OUTCOMES AT A$5,500 GOLD PRICE MT GIBSON PFS UPDATE | Steady-state production of 260koz pa 260.9 koz 19.25 yrs A$1,870 A$12.0 bn Annual production Steady-state Mine life AISC / oz LOM Free Cash Flow (Years 3–6) (pre-tax) 3.51 Moz 14 mths $474m A$6.1 bn LOM gold
Slide 8: Mt Gibson PFS | Physicals
MT GIBSON PREFEASIBILITY STUDY2 | PHYSICALS Long Life | Low Strip | Large Underground Production Uplift MGGP Annual Gold Production by Source Mining - Open Pit Waste (tonnes millions) 558 Open Pit Underground AISC Ore (tonnes millions) 112 300,000 $4,000 Exploration Focus Total (tonnes millions) 670
Slide 9: High Quality Mine | Industry Leading Costs
MT GIBSON PREFEASIBILITY STUDY2 | CAPITAL, COSTS & KEY METRICS High Quality Mine | Industry Leading Costs Total Project | Pre – Production Capital Underground $/Ounce* $/t Ore* Category Units Capex Opex Capex Opex Capex Opex Department A$m $/t Ore* $/ounce* General $M 8.2 46.3 17 95 1 7 Processing P
Slide 10: Orion South could be just the beginning
ROBUST UNDERGROUND RESOURCES EMERGING | OPPORTUNITY IN ITS INFANCY Orion South could be just the beginning MGGP2 - ORE 3.68 Moz (GP: A$2,200 - $2,600 Oz) | MRE 5.67 Moz (GP: A$2800 Oz) Pre UG MRE No Drilling Maiden underground Ore Reserve 365 koz | MRE 886 koz | 513 koz in PFS mine plan Further grow
Slide 11: Commissioning Underway – Targeting 150 Koz pa
KARLAWINDA EXPANSION | ON TRACK Commissioning Underway – Targeting 150 Koz pa KGP1 - ORE 1.57 Moz (GP: A$2,600 Oz) | MRE 2.99 Moz (GP: A$2,800 Oz) +32% RE Expansion to 6.5 Mtpa processing capacity | Commissioning Q1 FY27 | Mine life >10 years at 150 koz pa run rate CAPRICORN METALS | ASX: CMM Refer
Slide 12: Striving for 500,000 ounces per annum
RANGE 5003 | THE ASPIRATION Striving for 500,000 ounces per annum SCALING NEW HEIGHTS IN QUALITY GOLD PRODUCTION CURRE NT OUTLOOK 6 ASPIRATION 3 MINE LIFE 2 >400 koz 500 koz 19+ yrs within 2.5 years of MGGP start within 5 years MGGP + growing UG inventory Range 500 is Capricorn’s 5-year aspiration u
Slide 13: Range 500 | The Aspiration
RANGE 5003 | THE ASPIRATION Striving for 500,000 ounces per annum SCALING NEW HEIGHTS IN QUALITY GOLD PRODUCTION From Reserves4,5 To Reality6 RANGE KGP KGP 5 MGGP 0.36 500 500 MGGP Open Pit + UG MGGP UG Range 500 Aspiration 4 400 3.31 3 300 Moz Koz 2.59 230 260 1.83 180 2 1.45 200 70 1 1.57 100 1.20
Slide 14: High Grade Heads North to Unlock Stranded Ounces
WARRIEDAR ACQUISITION IN FOCUS | BROADER TENURE, OPPORTUNITY TO GROW High Grade Heads North to Unlock Stranded Ounces Golden Range Ricciardo Fields Find Mount Gibson Orion 50km Rationale: treat highest grade MGGP underground & open pit GR tonnes at Golden Range Processing Hub 160 km contiguous green
Slide 15: Golden Range Second Processing Hub
STAGE 2 OPPORTUNITY3 Golden Range Second Processing Hub MGGP STAGE 2 STUDY 1.38 Moz Golden Range MRE7 Technical, permitting and financial assessment of a second processing hub at Golden Range (65–100 km north of MGGP). Existing plant site Fast-track opportunity Plant scale options: 1.5 – 2.5 Mtpa Pr
Slide 16: Clear Pathway To Quality Mid-tier Scale
SUMMARY Clear Pathway To Quality Mid-tier Scale KGP1 MGGP2 Stage 1 Stage 2 Upside3 • Expansion to 150 kozpa • 260 koz pa steady-state • Golden Range hub study • Commissioning Q1 FY27 • 19+ year mine life • Further UG growth • Mine life >10 years • Development targeted Q2 FY27 • PFS & FID targeted CY
Slide 17: Appendix A
Appendix A Capricorn Resources & Reserve Data CAPRICORN METALS | ASX: CMM 17 / 25
Slide 18: Mineral Resources
Mineral Resources Indicated Inferred Total Mineral Resources Deposit Type Cut-Off Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Mineral Resource Estimate Source Document (Mt) (g/tAu) (000's) (Mt) (g/tAu) (000's) (Mt) (g/tAu) (000's) Open Pit & MGGP 0.3< 150.9 1.0 4,700 38.1 0.8 969 188
Slide 19: Ore Reserves
Ore Reserves Proved Probable Total Deposit Type Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Ore Reserve Estimate Source Document (Mt) (g/t Au) (koz) (Mt) (g/t Au) (koz) (Mt) (g/t Au) (koz) MGGP Open Pit 114.3 0.9 3,305 114.3 0.9 3,305 “Compelling Mt Gibson PFS Update” 27/07/2026 Unde
Slide 20: Appendix B
Appendix B Warriedar Mineral Resource Estimate CAPRICORN METALS | ASX: CMM 20 / 25
Slide 21: Appendix B | Warriedar Mineral Resource Estimate
Appendix B | Warriedar Mineral Resource Estimate Mineral Resource Estimate for Golden Range is extracted Warriedar’s ASX announcement titled “Ricciardo Project MRE Update” released to ASX on 5 May 2025 which is available on the ASX website at www.asx.com.au/markets/trade-our-cash-market/historical-a
Slide 22: Appendix B | Warriedar Mineral Resource Estimate
Appendix B | Warriedar Mineral Resource Estimate Mineral Resource Estimate for Golden Range is extracted Warriedar’s ASX announcement titled “Ricciardo Project MRE Update” released to ASX on 5 May 2025 which is available on the ASX website at www.asx.com.au/markets/trade-our-cash-market/historical-a
Slide 23: Appendix B | Warriedar Mineral Resource Estimate
Appendix B | Warriedar Mineral Resource Estimate Mineral Resource Estimate for Golden Range is extracted Warriedar’s ASX announcement titled “Ricciardo Project MRE Update” released to ASX on 5 May 2025 which is available on the ASX website at www.asx.com.au/markets/trade-our-cash-market/historical-a
Slide 24: Appendix C
Appendix C References CAPRICORN METALS | ASX: CMM 24 / 25
Slide 25: Appendix C | Key References
Appendix C | Key References Notes, Sources & Assumptions This presentation is general in nature and contains no new information. All information is extracted from the following ASX announcements, which contain the full details, material assumptions, risks and outcomes. These announcements should be