Capricorn Metals (CMM) Diggers & Dealers Mining Forum 2026 summary

Strategic Overview and Growth Plans

• Focus on building a high-margin, multi-decade gold business in Western Australia, with operations at Karlawinda and development at Mount Gibson, targeting production growth and operational scale.

• Group ore reserves increased 33% to 5.24 million ounces, using conservative gold price assumptions, and mineral resources rose 29% to 8.66 million ounces.

• Karlawinda has produced over AUD 1 billion in cash from 600,000 oz over five years, expanding to 150,000 oz per annum, with commissioning targeted for Q1 FY27.

• Mount Gibson has grown to 3.7 million ounces of reserves, targeting 260,000 oz per annum over a 19-year mine life, with steady-state production confirmed by PFS.

• Fully funded, debt-free position with over AUD 507 million in cash and equivalents as of June 2026, enabling internally funded growth and a Range 500 aspiration of 500,000 oz per annum within five years.

Financial Position and Operational Performance

• Strong balance sheet with over AUD 507 million in cash and gold, no debt, and consistent cash build.

• Karlawinda delivered a record 124,000 oz in FY 2026 and 30,000 oz in the June quarter, maintaining a 10-year mine life at expanded rates.

• Maiden dividend returned, and processing expansion to 6.5 million tonnes per annum is in commissioning.

• Mount Gibson's pre-production capital is AUD 474 million, with a pre-tax NPV of AUD 6.1 billion and AUD 12 billion in free cash flow at AUD 5,500 gold price.

• Market capitalization of $6.2 billion as of July 2026, with institutional shareholders holding 54% and board/management 9%.

Project Development, Exploration, and Resource Growth

• Mount Gibson's reserves have increased 2.5 times in three years, including maiden underground reserves and significant additions from Orion South.

• Aggressive drilling and trade-off studies at MGGP and Lexington are expanding underground resource potential, with over 100 km of drilling planned in FY27.

• Drilling at Orion South added significant open pit ounces; ore body remains open at depth and along strike.

• Project design emphasizes simplicity, low costs, and robust plant and mining methods, with both KGP and MGGP positioned in the lowest quartile for operating costs.

• High-grade underground feed is expected to grow, supporting future production increases and further growth potential at Lexington and other prospects.