Capricorn Metals (CMM) Investor presentation summary

Business overview and strategy

• Operates two major gold projects: Karlawinda (KGP) and Mt Gibson (MGGP), both with significant reserves and long mine lives.

• Fully funded for growth, targeting annual gold production of over 300,000 ounces.

• Maintains a high-margin, low-cost production profile with ongoing expansion and exploration.

• Recently acquired Warriedar assets, adding strategic options and scale to MGGP.

• Strong institutional ownership and no debt, with $507.6 million in cash and gold on hand as of March 2026.

Karlawinda Gold Project (KGP)

• 1.3Moz reserve, 2.1Moz resource; mine life of 9 years at 6.5Mtpa, with expansion underway to 150koz/year.

• Delivered 468koz over four years at AISC A$1,311/oz, generating $622M in cash.

• FY26 guidance: 115-125koz gold at AISC A$1,530-1,630/oz; strong cash generation continues.

• Expansion project advancing, targeting late Q1 commissioning.

• Consistently maintains reserves for over 10 years of production.

Mt Gibson Gold Project (MGGP)

• 2.7Moz reserve, 4.7Moz resource; 150koz/year production targeted for first 15 years at AISC A$1,650-1,750/oz.

• PFS highlights: A$260M plant cost, A$86M pre-production mining, 2.3-year payback at A$3,300/oz gold price.

• Free cash flow of A$3.2bn and NPV5 of A$1.95bn at A$3,300/oz gold price.

• Underground potential emerging at Orion and Lexington, with high-grade intercepts and resource growth.

• Permitting and early works progressing, with major contracts advancing.