Capricorn Metals Ltd · ASX:CMM
Capricorn Metals — Diggers & Dealers Mining Forum 2026
34 slides from Capricorn Metals's conference presentation, Aug 4, 2026
Slide 1: Capricorn Metals: High Margins. Higher Growth.
Capricorn Metals Building a high-margin, multi-decade gold business in Western Australia High Margins. Higher Growth. Diggers & Dealers Mining Forum SHANE CLARK AUGUST 2026 | ASX: CMM CHIEF DEVELOPMENT OFFICER
Slide 2: Disclaimer & Competent Persons Statement
IMPORTANT INFORMATION Disclaimer & Competent Persons Statement Disclaimer This presentation is general in nature and contains no new information. All information is extracted from the Company’s ASX announcements dated 27 July 2026 entitled “Capricorn Gold Reserves Increase to 5.2 Million Ounces”, “C
Slide 3: Who is Capricorn Metals? Quality Reserves with Compelling Growth
WHO IS CAPRICORN METALS? | QUALITY RESERVES WITH COMPELLING GROWTH High Margins. Higher Growth. 3 STRIVING FOR 500,000 OUNCES PER ANNUM GROUP INVENTORY 1,2 KGP ORE 1.57 Moz1 | 3,425km2 | 150kozpa Built on time & budget | 18 months | <$180M 5.24 Moz 5Yr Prod | 592koz | $1,377 AISC | $1,05B Cash Build
Slide 4: Capital Structure & Shareholders
WHO IS CAPRICORN METALS? | CAPITAL STRUCTURE & SHAREHOLDERS Capital Structure Shareholders Institutional 54% Key Metrics Retail 12% Shares on issue (ASX: CMM) 456.8 million BlackRock 9% Performance rights and options 2.4 million Institutional Board & Management 9% Share price (28 Jul 2026) $13.58 Va
Slide 5: Standalone Assets, Genuine Scale, Conservative Assumptions
WHO IS CAPRICORN METALS? | STANDALONE ASSETS | GENUINE SCALE | CONSERVATIVE ASSUMPTIONS Ore Reserves of ASX Listed Australian Gold Producers Projects > 1 Moz Ore Reserves 10 (Proved & Probable) | Producing Assets (Gold Only) & MGGP | Revenue Factor (Gold Price) Labels: Ticker | Project | Gold price
Slide 6: Karlawinda Gold Project
Karlawinda Gold Project Five years of delivery. Expanding for the decade ahead. CAPRICORN METALS | ASX: CMM 6 / 34
Slide 7: KGP – Capricorn's cornerstone asset and strong cash generator
KARLAWINDA GOLD PROJECT | KEEPS ON KEEPING ON KGP – Capricorn's cornerstone asset and strong cash generator Record gold production for the year, project delivery & maiden dividend Key Metrics8 FY27 FY25 FY26 FY26 Q4 Gold production (kozs) 137 – 147 117 124 30.4 AISC (A$/oz) 1,900 – 2,100 1,468 1,629
Slide 8: Bibra drilling converts down-dip resources to Reserves
KGP RESERVE GROWTH | KEEPS ON KEEPING ON Bibra drilling converts down-dip resources to Reserves KGP ORE1 1.57 Moz (GP:A$2,600 Oz) | Significant conversion immediately down-dip of 2024 pit design Karlawinda Gold Project4 Oz Depleted & Reserve Updates Oz Depleted Reserves 2,500koz Biennial updates 2,0
Slide 9: Commissioning Underway – Targeting 150 Koz pa
KARLAWINDA EXPANSION | ON TRACK Commissioning Underway – Targeting 150 Koz pa KGP - ORE1 1.57 Moz (GP: A$2,600 Oz) | MRE 2.99 Moz (GP: A$2,800 Oz) +32% RE Expansion to 6.5 Mtpa processing capacity | Commissioning Q1 FY27 | Mine life >10 years at 150 koz pa run rate CAPRICORN METALS | ASX: CMM Refer
Slide 10: Mt Gibson Gold Project
Mt Gibson Gold Project Robust & Ready to execute. Scale + Compelling growth. 10/30 CAPRICORN METALS | ASX: CMM 10 / 34
Slide 11: Mt Gibson PFS Update: Key Outcomes
MT GIBSON PREFEASIBILITY STUDY2 | KEY OUTCOMES AT A$5,500 GOLD PRICE Mt Gibson PFS update | Steady-state production of 260koz pa 260.9 koz 19.25 yrs A$1,870 A$12.0 bn Annual production AISC / oz LOM Free Cash Flow Steady-state Mine life (pre-tax) (Years 3–6) 3.51 Moz 14 mths $474m A$6.1 bn LOM gold
Slide 12: Orion South drilling and trade-off study paid dividends
MGGP RESERVE GROWTH | SETTING ITSELF APART Orion South drilling and trade-off study paid dividends MGGP2 – ORE 3.68 Moz (GP: A$2,200 - $2,600 Oz) | MRE 5.67 Moz (GP: A$2800 Oz) Mt Gibson Gold Project5 Reserve Updates MGGP MGGP UG 4,000koz 365 3,000koz Previous Reserve 2,000koz 3,305 2,590 1,000koz 1
Slide 13: Long Life, Low Strip, Large Underground Production Uplift
MT GIBSON PREFEASIBILITY STUDY2 | PHYSICALS Long Life | Low Strip | Large Underground Production Uplift MGGP Annual Gold Production by Source Mining - Open Pit Waste (tonnes millions) 558 Open Pit Underground AISC Ore (tonnes millions) 112 300,000 $4,000 Exploration Focus Total (tonnes millions) 670
Slide 14: High Quality Mine | Industry Leading Costs
MT GIBSON PREFEASIBILITY STUDY2 | CAPITAL, COSTS & KEY METRICS High Quality Mine | Industry Leading Costs Total Project | Pre – Production Capital Underground $/Ounce* $/t Ore* Department A$m $/t Ore* $/ounce* Department Units Capex Opex Capex Opex Capex Opex Processing Plant 260 2.2 74 General $M 8
Slide 15: Orion South could be just the beginning
ROBUST UNDERGROUND RESOURCES EMERGING | OPPORTUNITY IN ITS INFANCY Orion South could be just the beginning MGGP2 - ORE 3.68 Moz (GP: A$2,200 - $2,600 Oz) | MRE 5.67 Moz (GP: A$2800 Oz) Lexington Pre-MRE No Drilling Maiden underground Ore Reserve 365 koz | MRE 886 koz | 513 koz in PFS mine plan Furth
Slide 16: Lexington – Emerging High-Grade Target
ROBUST UNDERGROUND RESOURCES EMERGING | LEXINGTON DRILLING Lexington – Emerging High-Grade Target HIGHLIGHTS Impressive intercepts | width & grade Intrusion related system at ~80° dip Only 600 m north of Orion South UG MRE Open in all directions – strong growth potential +900 m of prospect
Slide 17: 5 Year Outlook: Range 500
5 Year Outlook RANGE 500 Building a high-margin, multi-decade gold business in Western Australia 17/30 CAPRICORN METALS | ASX: CMM 17 / 34
Slide 18: Striving for 500,000 ounces per annum
RANGE 500 | THE ASPIRATION Striving for 500,000 ounces3 per annum SCALING NEW HEIGHTS IN QUALITY GOLD PRODUCTION 6 3 2 CURRE N T OUTLOOK ASPIRATION MIN E LIFE >400 koz 500 koz 19+ yrs within 2.5 years of MGGP start within 5 years MGGP + growing UG inventory Range 500 is Capricorn’s 5-year aspiration
Slide 19: Range 500: From Reserves to Reality
RANGE 5003 | THE ASPIRATION Striving for 500,000 ounces per annum SCALING NEW HEIGHTS IN QUALITY GOLD PRODUCTION From Reserves4,5 To Reality6 KGP KGP RANGE 5 MGGP 0.36 500 MGGP Open Pit + UG 500 MGGP UG Range 500 Aspiration 4 400 3.31 3 300 Moz Koz 2.59 230 260 1.83 180 2 1.45 200 70 1 1.57 100 1.20
Slide 20: High Grade Heads North to Bring Forward Golden Range Ounces
WARRIEDAR ACQUISITION IN FOCUS | BROADER TENURE, OPPORTUNITY TO GROW High Grade Heads North to Bring Forward Golden Range Ounces CREATING A PATHWAY FOR REGIONAL DEPOSITS WITHOUT A GRADE DIFFERENTIAL TO MGGP Golden Range Ricciardo Fields Find Mount Gibson Orion 50km Rationale: treat highest grade MGG
Slide 21: Golden Range Second Processing Hub
STAGE 2 OPPORTUNITY3 Golden Range Second Processing Hub MGGP STAGE 2 STUDY 1.38 Moz Golden Range MRE7 Technical, permitting and financial assessment of a second processing hub at Golden Range (65–100 km north of MGGP). Existing plant site Fast-track opportunity Plant scale options: 1.5 – 2.5 Mtpa Pr
Slide 22: Clear Pathway To Quality Mid-tier Scale
SUMMARY Clear Pathway To Quality Mid-tier Scale 1 2 KGP MGGP Stage 1 Stage 2 Upside ORE 1.57 Moz ORE 3.68 Moz • Expansion to 150 kozpa • 260 koz pa steady-state • Golden Range hub study • Commissioning Q1 FY27 • 19+ year mine life • Further UG growth • Mine life >10 years • Development targeted Q2 F
Slide 23: Why Capricorn?
INVESTMENT CASE | GROWING INVENTORY, PRODUCTION & RETURNS Why Capricorn? 5.24 Moz +19 Years +400 koz/pa Ore Reserves Mine Life Production Outlook Growing inventory of rare quality Long-life assets Fully funded growth Key Attributes Growth Drivers ▸ Proven team with history of responsible capital man
Slide 24: Appendix A: Resources, Reserves, Peer Data
Appendix A Resources, Reserves, Peer Data CAPRICORN METALS | ASX: CMM 24 / 34
Slide 25: Capricorn Mineral Resource Estimate
Appendix A | Capricorn Mineral Resource Estimate Mineral Resource Estimate is extracted Capricorns ASX announcements per the Source Documents listed below and are available on the company website https://capmetals.com.au/investors/asx- announcements/ and https://www.asx.com.au/markets/trade-our-cash
Slide 26: Capricorn Ore Reserve Estimate
Appendix A | Capricorn Ore Reserve Estimate Ore Reserve Estimate is extracted Capricorns ASX announcements per the Source Documents listed below and are available on the company website https://capmetals.com.au/investors/asx- announcements/ and https://www.asx.com.au/markets/trade-our-cash-market/an
Slide 27: Peer Comparison Data
Appendix A | Peer Comparison Data Ore Reserve Estimate is extracted from ASX announcements per the Source Documents listed below and are available on the corresponding company website and https://www.asx.com.au/markets/trade-our-cash-market/announcements Best endeavors have been used to ensure data
Slide 28: Appendix B: Warriedar Mineral Resource Estimate
Appendix B Warriedar Mineral Resource Estimate CAPRICORN METALS | ASX: CMM 28 / 34
Slide 29: Warriedar Mineral Resource Estimate
Appendix B | Warriedar Mineral Resource Estimate Mineral Resource Estimate for Golden Range is extracted Warriedar’s ASX announcement titled “Ricciardo Project MRE Update” released to ASX on 5 May 2025 which is available on the ASX website at www.asx.com.au/markets/trade-our-cash-market/historical-a
Slide 30: Warriedar Mineral Resource Estimate: Competent Person Statements
Appendix B | Warriedar Mineral Resource Estimate Mineral Resource Estimate for Golden Range is extracted Warriedar’s ASX announcement titled “Ricciardo Project MRE Update” released to ASX on 5 May 2025 which is available on the ASX website at www.asx.com.au/markets/trade-our-cash-market/historical-a
Slide 31: Warriedar Mineral Resource Estimate: Ricciardo Antimony
Appendix B | Warriedar Mineral Resource Estimate Mineral Resource Estimate for Golden Range is extracted Warriedar’s ASX announcement titled “Ricciardo Project MRE Update” released to ASX on 5 May 2025 which is available on the ASX website at www.asx.com.au/markets/trade-our-cash-market/historical-a
Slide 32: Appendix C: References
Appendix C References CAPRICORN METALS | ASX: CMM 32 / 34
Slide 33: Key References: Notes, Sources & Assumptions
Appendix C | Key References Notes, Sources & Assumptions This presentation is general in nature and contains no new information. All information is extracted from the following ASX announcements, which contain the full details, material assumptions, risks and outcomes. These announcements should be
Slide 34: Diggers & Dealers Mining Forum
Diggers & Dealers Mining Forum AUGUST 2026 | ASX: CMM
Capricorn Metals — Diggers & Dealers Mining Forum 2026 on 6ix