Capricorn Metals (CMM) Investor update summary

Reserve and Resource Growth

• Group ore reserves increased by 33% to 5.24 million ounces, with mineral resources rising 29% to 8.66 million ounces, using conservative gold price assumptions of A$2,200–A$2,600/oz for reserves.

• Karlawinda Gold Project ore reserves grew to 1.57 Moz, maintaining a 10-year mine life at a 150 koz pa run rate, with expansion commissioning underway.

• Mt Gibson Gold Project ore reserves rose to 3.68 Moz, including a maiden underground reserve of 365 koz, with further growth expected from ongoing drilling.

• Mineral Resource increased to 188.9 Mt at 0.9 g/t Au for 5.67 Moz, up 20% from 2025, including 9.6 Mt at 2.9 g/t for 886 koz underground.

• Ongoing drilling at Orion South and Lexington is expected to further grow resources in the short term.

Production and Project Outlook

• Medium-term group production outlook is above 400 koz per annum, driven by Karlawinda expansion and Mt Gibson PFS outcomes.

• Mt Gibson PFS outlines steady-state production of 260 koz pa over a 19.3-year mine life, with AISC of A$1,870/oz and pre-tax NPV of A$6.1 billion.

• Karlawinda expansion to 6.5 Mtpa processing capacity is on track, targeting commissioning in Q1 FY27.

• Life of mine for Mt Gibson is 19.25 years, averaging 190,400 ounces per annum for the first 18 years.

• 96% of production is sourced from Ore Reserves.

Project Development and Optimization

• Mount Gibson underground and open pit operations will commence together, ramping up production within 2.5 years of project start.

• A second processing hub at Golden Range is being evaluated to process surplus high-grade underground ore from Mount Gibson and open pit ore from Golden Range.

• Study work for the second hub targets a PFS and FID in 2027, with capital estimates guided by recent Karlawinda expansion costs (AUD 140 million for 2.5Mtpa).

• Detailed design of the processing plant is complete, with procurement to commence in Q1FY27.

• Federal environmental permit received; state permitting progressing, with site development targeted for Q2FY27.