Capricorn Metals (CMM) Diggers & Dealers Mining Forum 2025 summary

Strategic positioning and financial strength

• Holds two high-quality gold assets in Western Australia with a combined reserve base exceeding 4 million ounces and a strong balance sheet with over AUD 356 million in cash and gold, no debt, and consistent cash generation.

• Board and management have a proven track record in gold mining, focusing on disciplined project selection and long-life assets to ensure expanding margins and operational resilience.

Karlawinda project performance and expansion

• Karlawinda consistently delivers high-margin, stable production, recently achieving a record 32,000 ounces in a quarter at AUD 1,381 all-in sustaining cost, and generating AUD 260 million in annual operating cash flow.

• Production guidance is lifted to 120,000 ounces for FY 2026, with a fully approved expansion to 150,000 ounces per annum and a reserve inventory increase to 1.43 million ounces.

• Expansion project is permitted, targeting a 25% production increase, 10-year mine life, 50% IRR, and 20-month payback at AUD 3,300 gold price assumption.

• Regional exploration footprint expanded to over 4,000 sq km, with new targets and ongoing drilling to support future growth.

Mount Gibson project growth and development

• Mount Gibson's open pit reserve base has grown to 2.6 million ounces, with a resource of 4.5 million ounces and significant high-grade underground potential.

• Pre-feasibility study outlines 150,000 ounces per annum for 15 years at AUD 1,700 per ounce, with over AUD 3 billion free cash flow and just over 2-year payback at AUD 3,300 gold price.

• Maiden underground resource of 684,000 ounces at 3.1 g/t, with further resource updates expected at Lexington and Hornet.

• Regional consolidation strategy includes acquisitions and the proposed Warrawoona scheme, enhancing the Mount Gibson hub and future development pipeline.