Capricorn Metals Ltd · ASX:CMM
Capricorn Metals — Shareholder Meeting (November 2023)
24 slides from Capricorn Metals's shareholder meeting presentation, Nov 29, 2023
Slide 1: Annual General Meeting
High margin, long mine life gold business with compelling growth Annual General Meeting 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: 2023 Highlights
2023 Highlights Capricorn is a high margin, long mine life gold business with compelling growth • Karlawinda Gold Project (KGP) has established Capricorn as one of Australia’s lowest cost gold producers • Consistent operational performance and industry leading cashflow per ounce of production • Mt G
Slide 4: Karlawinda Gold Project
Karlawinda Gold Project Capricorn’s cornerstone asset & template for development of Mt Gibson
Slide 5: 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 & costings robust • First quarter 24.3koz @ <A$1,200/oz AISC ✓ Successful construction • Cash positive & self-sufficient from day 1 ✓ Rapid co
Slide 6: KGP – Capricorn’s cornerstone asset and strong cash generator
KGP – Capricorn’s cornerstone asset and strong cash generator Q1FY24 FY23 Ore mined (‘000 BCM) 667 2,443 Waste mined (‘000 BCM) 2,946 10,129 Stripping ratio (w:o) 4.4 4.15 Ore mined (‘000 t) 1,719 5,807 Ore milled (‘000 t) 997 4,219 Head Grade (g/t) 1.03 0.96 Recovery (%) 90.1 93.0 1QFY24 continues
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 2.25 million ounces • Down dip extensions of Reserve Gold prices used • Reserve - A$1,900 (US$1,235) • Resource - A$2,200 (US$1,430) Ultimate depth of ORE/MRE pits • Res
Slide 8: Unlocking the endowment of the KGP region
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: Unlocking the endowment of the KGP region
Unlocking the endowment of the KGP region Near mine focus Refining geological model & exploration strategy - finding gold within 5km of Bibra. • Berwick 8m @ 14.9g/t from 74m • Muirfield 12m @ 3.54g/t from 20m • Vedas 13m @ 2.19g/t from 140m • Carnoustie 5m @ 4.09g/t from 149m Regional focus Heritag
Slide 10: Mt Gibson Gold Project
Mt Gibson Gold Project Robust & executable project of genuine scale Compelling growth for Capricorn
Slide 11: 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 Capricorn de
Slide 12: Maiden Ore Reserve Estimate (ORE) 1.45Moz
Maiden Ore Reserve Estimate (ORE) 1.45Moz1 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 (US$1,235) gold price used in Reserve estimate • Conservative, c $1,000/oz below curren
Slide 13: 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 Profile (post capex/pretax) @ GP A$2750/oz Risk 152kozpa for 10 years AISC 5mpta plant NPV5 Open pit first 7.5 yrs 1.45Moz ORE A$1,420/oz A$260m A$828m Strip r
Slide 14: Mt Gibson – Karlawinda Repeated
Mt Gibson – Karlawinda Repeated Karlawinda Mt Gibson The sequel is just as good as the original… Mine type Open pit Open pit Jurisdiction Western Australia Western Australia Larger Mineral Resources & Ore Reserves Mineral Resource 2.25Moz1 2.75Moz1 Ore Reserve 1.25Moz1 1.45Moz1 Avg. Annual productio
Slide 15: Strong Resource Conversion to ORE & Potential for More
Strong Resource Conversion to ORE & Potential for More MGGP RESOURCE1 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 Typi
Slide 16: Drilling to upgrade & extend resources
Drilling to upgrade & extend resources Drilling continues to deliver • > 200,000 metres drilled since Jan22 • Adding ounces and significant value • Jan22-Oct22 focus was on MRE infill for maiden ORE • Focus since turned to extensional drilling • 12,386m drilled Q1 across multiple MRE/ORE extension t
Slide 17: Drilling to upgrade & extend resources
Drilling to upgrade & extend resources Drilling continues to deliver • > 200,000 metres drilled since Jan22 • Adding ounces and significant value • Jan22-Oct22 focus was on MRE infill for maiden ORE • Focus since turned to extensional drilling • 12,386m drilled Q1 across multiple MRE/ORE extension t
Slide 18: Drilling to upgrade & extend resources
Drilling to upgrade & extend resources Drilling continues to deliver • > 200,000 metres drilled since Jan22 • Adding ounces and significant value • Jan22-Oct22 focus was on MRE infill for maiden ORE • Focus since turned to extensional drilling • 12,386m drilled Q1 across multiple MRE/ORE extension t
Slide 19: Drilling to upgrade & extend resources
Drilling to upgrade & extend resources Drilling continues to deliver • > 200,000 metres drilled since Jan22 • Adding ounces and significant value • Jan22-Oct22 focus was on MRE infill for maiden ORE • Focus since turned to extensional drilling • 12,386m drilled Q1 across multiple MRE/ORE extension t
Slide 20: Underground potential emerging
Underground potential emerging 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 @
Slide 21: MGGP the next step in the Capricorn journey
MGGP the next step in the Capricorn journey Karlawinda the Cornerstone asset underpinning growth • Best in class development and transition to operations • Industry leading cashflow per ounce • Template and funding for development of Mt Gibson Mt Gibson PFS confirms it is a mine in the making • Maid
Slide 22: 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 23: 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 24: Capricorn Metals Ltd
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
Capricorn Metals — Shareholder Meeting (November 2023) on 6ix