Capricorn Metals (CMM) investor relations material

Executive summary

• KGP produced 31,218 oz in Q1 at AISC of $2,005/oz; completed KEP commissioning on schedule and within budget, with FY27 production and cost guidance unchanged.

• Q1 operating cash flow was $113.1m; cash and gold on hand closed at $535.0m.

• MGGP permitting, engineering and contracts advanced, while updated resource and reserve estimates and high-grade drilling results support longer-term growth.

Financial highlights

• Gold sales of 27,516 oz at an average realised price of $6,115/oz generated $168.3m revenue; 4,442 oz of gold on hand was valued at $26.8m at quarter end.

• Underlying cash build was $62.2m before $42.7m of capital expenditure and $8.5m cash proceeds from the Big Springs divestment.

• FY26 record underlying profit before tax was $467.5m, up 71% YoY; record revenue of $769.3m and underlying EBITDA of $483.6m supported operating cash flow of $470.2m.

Outlook and guidance

• FY27 KGP production guidance remains 137,000–147,000 oz and AISC guidance $1,900–$2,100/oz; KGP is expected to operate at ~150,000 oz annualised production after expansion.

• KEP reached steady-state throughput of 6.5Mtpa; new circuits initially processed low-grade ore before transition to run-of-mine grade in Q2.

• Updated MGGP PFS outlines a 19.25-year mine life, 3.51Moz LOM production, 260,900 oz annual production in four steady-state years and A$1,870/oz LOM AISC.

• Range 500 targets a 500,000 oz annual production run rate within five years; a Golden Range second-hub study is underway, with preliminary results expected in Q2 and PFS/FID targeted for CY27.