Capricorn Metals (CMM) M&A Announcement Presentation summary

Deal rationale and strategic fit

• Strategic consolidation of Western Australian gold projects, expanding the resource base by 2.3Moz AuEq to a combined 9.1Moz AuEq and consolidating 788km² of tenure.

• Enhances scale, exploration potential, and long-term development options, unlocking synergies between assets.

• Enables leverage of operational expertise and financial strength to de-risk and optimise both MGGP and GRP projects.

• Warriedar shareholders gain exposure to a larger, diversified, low-cost, high-growth gold producer with a target production of 300,000 ounces per annum.

• Transaction structure preserves strong net cash and liquidity, supporting organic and inorganic growth.

Financial terms and conditions

• All-scrip transaction: 1 new share for every 62 Warriedar shares, implying an offer price of A$0.155 per Warriedar share and a 29% premium to last close.

• Warriedar shareholders will own approximately 4.36% of the merged entity.

• Listed options exchanged for new options at the same ratio and equivalent terms; unlisted options acquired via private treaty for cash.

• Performance rights to be vested or cancelled as a condition to the scheme.

Synergies and expected cost savings

• Identified opportunities to unlock cost savings and development synergies at the MGGP hub and Golden Range Project.

• Enhanced scale and infrastructure expected to improve operational efficiency and reduce future funding requirements.

• Existing infrastructure at Golden Range provides potential low-cost regional development options.

• Combined group can leverage ongoing cashflows and technical expertise to optimize project execution.