Corporate Member

Capricorn Metals Ltd is an Australian based gold exploration and development company headquartered in Perth, Western Australia.
The Company’s operates out of two distinct project areas in Western Australia.

The Karlawinda Gold Project (KGP) is located 65 kilometres south-east of Newman in the Pilbara region of Western Australia.
The KGP commenced operations in the June 2021 quarter on time and on budget.
Since that time, the project has consistently met production and cost guidance producing 468koz @ AISC A$1,311/oz for $622M cash build.
For FY2026 the KGP is guided to maintain its track record as one of Australia’s lowest cost gold projects, targeting 115,000 - 125,000 ounces of gold at AISC of A$1,530 - $1,630 per ounce.
Project expansion increasing annual milling capacity from 4.0mt to 6.0-6.5mt is underway with commissioning expected Q1. FY2027.

The Mount Gibson Gold Project, a rare undeveloped large-scale project of quality was acquired mid-2021.
MGGP is located in the enviable Murchison region of Western Australia, 280km north-east of Perth and located <10km from a major highway.
Historically the project produced >868,000 ounces of gold, from 14 shallow (60m average) pits over a continuous 13-year period ending in 1999, when the gold price of A$450 quelled expansion. It remained “off the grid” for until acquisition.
Capricorn has added 2.59Moz of Reserves through the 370km of definition drilling since acquisition. An updated PFS in Nov-2024 confirmed a high margin project, with 17-year mine life, peaking at 180,000 ounces per annum at an A$1,650 - $1,750 AISC.
Importantly, with strong intercepts including 17m @ 9.16 g/t from 228m incl 4m @ 35.78g/t and 14m @ 12.85g/t from 208m incl 5m @ 30.38g/t the project is confirming underground potential not yet considered in project inventory.

Capricorn - A growing, high margin, long mine life business in the hands of the right management.