Earnings release
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30 July 2025 ASX:CMM ACTIVITIES REPORT JUNE 2025 QUARTER 1 KGP OPERATIONS • Karlawinda Gold Project (KGP) June 2025 quarter (Q4) gold production was 32,216 ounces (Q3: 30,599oz) at an all-in-sustaining cost (AISC) of $1,381 per ounce (Q3: $1,390 per ounce). • Year to date gold production of 117,076 ounces at AISC of $1,468 per ounce was within the FY25 guidance of 110,000 – 120,000 ounces at an AISC of $1,370 - $1,470 per ounce. • FY26 gold production guidance of 115,000 – 125,000 ounces (a 4.3% increase at midpoint on FY25 guidance) at AISC of A$1,530 - $1,630 per ounce with growth capital of $30 - $40 million as mining transitions to the Karlawinda Expansion Project (KEP). • Record quarterly cash flow from operations of $85.7 million generated in Q4 (Q3: $80.8m). • Total material movement increased by 18% from Q3, reflecting the ongoing mining productivity efforts that delivered the increase in mining volumes throughout FY25. The performance of the mining fleet enabled achievement of planned pit face positions and advance pre- stripping ahead of the expansion pro ject. Importantly, mining production rates met the requirement of the KEP ahead of schedule, reducin g risks associated with the transition to the expanded project. CORPORATE • Closure of final remaining gold hedging instrument, a 16,700-ounce call option, and repayment of its residual $50 million corporate debt to Macquarie Bank Limited leaving the Company unhedged and debt free. • Cash and gold on hand at the end of Q4 was $356.4 million (Q3: $404.6m). The cash build for the quarter was $62.5 million (Q3: $57.6m) before total capital expenditure of $10 .8 million at the MGGP ($1.7m) and the KEP ($9.1m), $50 million associated with the final hedge book closure and $50 million debt repayment. • Gold sales of 35,821 ounces at an average price of $5,137 per ounce generated $184.0 million in revenue with a further 121 ounces of gold on hand at the end of Q3 valued at $0.6 million (Q3: 3,913oz). MGGP DEVELOPMENT • Installation of the 400-room accommodation village for the operation was completed and handed over for the upcoming construction phase. Total spend to date of $36.2 million on construction works is an early spend of the MGGP capital budget and a strategic decision to compress the ultimate construction timeframe. • Evaluation work for the mining services agreement was completed with current KGP contractor MACA selected as preferred MGGP contractor. • Power supply contract evaluation continued and is nearing completion. • The process plant design scope was advanced to approximately 55% completion, with site layouts finalised and long lead items such as the ball mill, crushers and screens committed. • Capricorn submitted the final Public Environmental Report (PER) to the Department of Climate Change, Energy, the Environment and Water (DEECCW). This follows previous receipt of guidelines for the PER and ongoing feedback on the document from DCCEEW. This submission commences the public exposure and final assessment process. KEP DEVELOPMENT • As announced to ASX on 29 July 2025 , the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS) recently approved Capricorn’s Mining Proposal and Mine Closure Plan (MPMCP) covering changes to permit the development of the Karlawinda Expansion Project (KEP). This approv al allows full development of the KEP and accordingly full procurement and early site works will commence in Q2. • An optimised project schedule and updated construction and development capital cost estimate are expected to be completed early in Q2. • The mining services agreement with MACA was extended for a further five-year term, with a Capricorn option for further extension. For personal use only
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2 • Construction of the 164- room camp expansion (to accommodate construction personnel) continued with $4.1 million spent during the quarter. Construction was largely complete in Q4. • The process plant design scope progressed to approximately 60% complete and procurement works of critical path items continued. Construction equipment, conveyors and pump packages were committed, with a spend of $4.2 million incurred. Early clearing and bulk earthworks associated with the project commenced. EXPLORATION • Capricorn released the Quarterly Exploration Update on 29 July 2025, outlining encouraging results from exploration at both projects during Q4. Mt Gibson Gold Project (MGGP) • Ongoing drilling at the MGGP increased the MRE by 507 Koz (13%) to 4.5 Moz. • A total of 11,105 metres (35 holes) of diamond drilling at the Orion Deposit was completed as part of an expanded 40,000-metre deep drilling programme, targeting mineralisation below the reserve pit designs. This contributed to a maiden Orion South underground MRE of 6.84 mt at 3.1g/t Au for 684 Koz of gold. Importantly this represents only a portion of the confirmed mineralised envelope under the Orion open pit ORE. • Encouragingly, mineralisation continues to be extended over significant strike and depths, remaining open in all directions. The best results for the quarter included: • 13.5m @ 5.29g/t from 450.5 to 464m* • 20.64m @ 2.61 g/t from 334.4 to 355m* • 6m @ 8.37 g/t from 512 to 518m* • 12.5m @ 3.32 g/t from 554.5 to 567m* • 6.35m @ 6.48 g/t from 440 to 446.3m • 7.91m @ 4.61 g/t from 400.7 to 408.65m* • 2.29m @ 12.82 g/t from 357.7 to 360m • 6.1m @ 4.76 g/t from 469.4 to 475.5m* * Intercept is outside of current resource pit shell. ** Above intercepts for underground include a minimum of 1g/t Au value over a minimum length of 1m with a maximum 2m length of consecutive internal waste. No upper cuts have been applied • The Orion South underground programme continued with broad, high- grade gold intercepts demonstrating that mineralisation extends significantly at depth. The diamond drill programme will continue with a minimum of two diamond drill rigs in Q1 targeting the further increase and upgrade of classification of the Orion underground MRE, with updates expected Q2FY26. • A total of 2,348 metres (7 holes) of diamond drilling at the Lexington deposit was completed. Drilling targeted north plunging mineralisation of previous high grade intercepts. Encouragingly current results significantly extend strike lengths and depths of mineralisat ion, highlighting the potential for further underground mining operations outside of the Orion deposit. The best results for the quarter included: • 7.31m @ 15.66g/t from 374.19 to 381.50m* • 8.00m @ 5.65 g/t from 584 to 592m* • 2.36 metres @ 25.49g/t from 305.2 to 307.5m* • 8.80 metres @ 5.21g/t from 277 to 285m* • 7.93 metres @ 3.94g/t from 639.3 to 647.2m* • 7.52 metres @ 3.81g/t from 416.1 to 423.6m* • Further gold intercepts south of the Highway deposit confirmed widespread mineralisation underscoring the high prospectivity of the area. Mineralisation has been intersected in oxide zones, with new parallel lodes being identified extending into fresh rock. The maiden open pit MRE of 3.93 million tonnes at 0.9g/t Au for 110,000 ounces of gold remains open at both depth and along strike. Additional extensional and infill drilling is planned in Q1 and will form the basis of a maiden ORE. • Capricorn completed an agreement to acquire the prospective Ninghan Gold Project (refer ASX announcement dated 24 April 2025). The acquisition adds approximately 273 square kilometres of tenure located contiguous to the north of Capricorn’s MGGP tenure in the Murchison region of WA. Karlawinda Gold Project (KGP) • An extensive regional drilling programme, comprising 30,000 metres of AC and 18,000 metres of RC drilling continued. • 25,030m (451 holes) of broad spaced AC drilling was completed at Badlands, Mission Road, Carnoustie East and Central Zone Shear prospects, all less than 30km from the KGP, majority of assays pending. • 6,249 metres of AC assays were received by the end of the quarter with mineralisation and Au pathfinder elements returned throughout the drill areas that warrant follow-up drilling RC drilling For personal use only
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3 JUNE 2025 QUARTER ACTIVITIES SUMMARY Capricorn Metals Ltd (Capricorn) wholly owns the operating Karlawinda Gold Project (KGP) located 65 kilometres south-east of Newman in the Pilbara region of Western Australia and the Mt Gibson Gold Project (MGGP) located 65 kilometres north-east of Wubin in the Mid-West region of Western Australia. Karlawinda Gold Project The KGP delivered another strong quarter of operations, producing 32,216 ounces of gold. This result brings full year production to 117,076 ounces, achieving the upper end of the FY25 guidance range of 110,000 – 120,000 ounces. Production reflected the ongoing mining productivity improvements that delivered the increase in mining volumes throughout FY25. The performance of the mining fleet enabled achievement of planned pit face positions while advancing pre-stripping ahead of the expansion project. Importantly, mining production rates met the requirement of the Karlawinda Expansion Project (KEP) ahead of schedule, reducing risks associated with the transition to the expanded project AISC for FY25 was $1,468 per ounce which was within the FY25 cost guidance range. Cash costs before royalties for the quarter were $1,090 per ounce, with an AISC of $1,381 per ounce. Operating results for the KGP for Q4 were as follows: Unit Jun25Q Mar25Q Dec24Q Sep24Q Operations Ore mined BCM (‘000) 522 694 584 615 Waste mined BCM (‘000) 3,137 2,154 2,539 3,083 Pre-strip mined BCM (‘000) 840 974 11 15 Operating stripping ratio w:o 6.0 3.1 4.3 5.0 Total stripping ratio w:o 7.6 4.5 4.3 5.0 Ore mined t (‘000) 1,479 1,911 1,542 1,564 Ore milled t (‘000) 1,111 1,013 1,108 1,088 Head Grade g/t 0.99 1.02 0.88 0.80 Recovery % 91.4 91.7 92.0 91.9 Gold production Oz 32,216 30,599 28,702 25,559 Financial Net Cash cost A$/oz 1,090 1,126 1,272 1,459 All-in sustaining cost A$/oz 1,381 1,390 1,490 1,647 Net Cash costs and AISC calculated on a per ounce production basis. Mining Open pit material mined in Q4 was 4.5 million BCM, representing an 18% increase compared to the previous quarter (Q3: 3.8 million BCM). The sustained focus on total material movement from the Bibra open pit continued while also reaching the budgeted pit face positions. This out-performance in the main pit enabled the acceleration of pre-stripping activities ahead of schedule for the KEP in the Southern Corridor extension. Accordingly, the total stripping ratio for the quarter increased to 7.6 (w:o) compared to 4. 5 in Q3, while the operating stripping ratio increased to 6.0 (w:o) compared to 3.1 in Q3. A total of 1.5 million tonnes of ore was mined during the quarter, with ore stocks increasing to 7.1 million tonnes. For personal use only
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4 Karlawinda Gold Project – Bibra open pit (June 2025) Processing Consistent performance at the KGP processing plant continued in the quarter, with a total of 1.1 million tonnes of ore processed at a consistent head grade of 0.99g/t (Q3: 1.02g/t). Gold recovery continued to be stable at 91.4% following the successful installation and commissioning of the liquid oxygen and lead nitrate facilities. FY26 Guidance Gold production guidance for FY26 is 115,000 – 125,000 ounces, a 4.3% increase at the midpoint to FY25 production guidance. Production is forecast to be reasonably consistent across the four quarters of FY26. AISC is expected to be in an industry leading guidance range of A$1,530 - $1,630 per ounce with growth capital of $30 - $40 million as mining transitions to the Karlawinda Expansion Project. Growth capital reflects the strategy to accelerate Karlawinda Expansion Project pre-stripping operations ahead of schedule at the Southern Corridor and Berwick extensions. For personal use only
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5 Corporate Hedge Closure As announced to the ASX on 11 June 2025, Capricorn closed its final remaining gold hedging instrument, a 16,700-ounce call option maturing on 30 June 2025 with a strike price of $2,260 per ounce, resulting in the Company being fully unhedged. In conjunction with the closure and to mitigate the downside risk, Capricorn also purchased gold put opt ions as follows: Gold Put Options Purchased Maturity Structure Volume (Ounces) Price (A$/oz) 30-Sep-2025 Put 5,000 5,000 31-Dec-2026 Put 5,000 5,000 31-Mar-2026 Put 5,000 5,000 15,000 5,000 The purchased put options give Capricorn the right (but not the obligation) to sell gold at a price of A$5,000 per ounce. This allows Capricorn full participation if the gold price is higher than the strike price on the date of maturity of each put option. The cost of the closure and purchase of put options (at a spot price of $5,072 per ounce) was $50.0 million, paid out of Capricorn’s cash and bullion holdings. The closure of the final hedging obligation follows the previous closure of gold forward contracts of 158,000 ounces over the last two years. To date, this proactive strategy has delivered approximately $52 million in revenue enhancements (after closure costs), as Capricorn increased its exposure to the prevailing gold price. Debt Repayment As announced to the ASX on 27 June 2025, Capricorn repaid its residual $50 million corporate debt to Macquarie Bank Limited prior to its 30 June 2025 maturity. In deciding to repay rather than roll forward the residual debt, the Capricorn board assessed the Compan y’s funding needs for development of the KEP and the MGGP. Given the cash and bullion holdings of $356 million at 30 June 2025 and the current strong cash generation of the KGP, the Company is in a strong position to fund these exciting growth projects. After the closure of the Company’s final gold hedging instruments and repayment of debt, Capricorn is completely unhedged and debt free. Cash and Bullion The KGP generated a record operating cash flow of $ 85.7 million for the quarter (Q3: $ 80.8 million). The Company’s cash and gold on hand at 30 June 2025 was $356.4 million (Mar25: $404.6m). The cash build for the quarter was $62.5 million (Mar25: $57.6m) before total capital expenditure of $10.8 million at the MGGP ($1.7m) and the KEP ($9.1 m), $50.0 million associated with the final hedge book closure and a $50.0 million debt repayment. The Company’s net cash and bullion position at the end of Q4 is $356.4 million (Q3: $354.6 million). For personal use only
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6 Gold Sales During the quarter, Capricorn sold a total of 35,821 ounces achieving an average gold price of $5,137 per ounce generating revenue of $184.0 million. At the end of the quarter, the Company had 121 ounces (Q3: 3,913oz) of gold on hand valued at $0.6 million. Payments to Related Parties During the quarter, payments to related parties of Capricorn and their associates (being the Company’s directors) totalled $398,119. The payments were remuneration for their roles including superannuation. For personal use only
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7 Development Mt Gibson Gold Project Significant progress continues to be made on development and permitting for MGGP in parallel with continued exploration and resource extension drilling. In December 2023 Capricorn referred the development of the MGGP to the Commonwealth Department of Climate Change, Energy, the Environment and Water (DCCEEW) under the Environmenta l Protection and Biodiversity Conservation Act 1999 (EPBC Act), based on comprehensive environmental assessment work over the last two and a half years. In June 2024, Capricorn received advice from DCCEEW relating to the assessment of the MGGP referral. As expected, the project referral is being assessed as a Controlled Action via a Public Environmental Report (PER). In Q4, Capricorn submitted the final MGGP PER to the DCCEEW. This follows previous receipt of guidelines for the PER and ongoing feedback on t he document from DCCEEW. This submission commences the public exposure and final assessment process. In May 2024 Capricorn lodged the referral of the MGGP to the Environmental Protection Authority (EPA) under Part IV of the Western Australian EP Act to commence the WA assessment process, which will run in parallel with the Commonwealth assessment. In July 2024, the referral was validated by the EPA and released for 7 days public comment. Capricorn and its consultants are updating the final document to take into account public comments and final project scope and are on track for submission in Q1 FY26. Installation of the 400-room accommodation village for operations was completed during the quarter and handed over for the upcoming construction phase. To date Capricorn has spent $36.2 million on these early construction works (budgeted in the $260 million infrastructure cost component of the MGGP development capital). Mt Gibson Gold Project – accommodation village installation Evaluation work for the mining services agreement was completed in the quarter with current KGP contractor MACA selected as preferred MGGP contractor. The preferred contractor selection locks in the tender pricing subject to usual rise and fall variation but does not place any obligation (financial or otherwise) on Capricorn until such time as regulatory permitting of the project is finalised. The contract will have an initial 5- year term with a further 5- year extension at Capricorn’s option. The early selection of MACA as preferred contractor will enable it to achieve rapid mobilisation when Capricorn is in a position to proceed with project development, derisking equipment lead times and service delivery. Power supply option assessments continued in the quarter and are nearing completion. The process plant design scope was advanced to approximately 55% complete, with site layouts finalised and long lead items such as the ball mill, crushers and screens committed. Capricorn’s strategy is t o continue to expedite the project design and long lead purchasing in parallel with progressive receipt of development and environmental permits where it is expected to be advantageous to the ultimate development schedule and cost to do so. For personal use only
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8 Karlawinda Expansion Project Significant development activities commenced on the expansion of the Karlawinda Gold Project. As announced to the ASX in Q2, the expansion will incorporate the installation of a new parallel three- stage crushing and ball mill circuit (replicating current) to increase total processing capac ity to 6.5Mtpa. The average annual gold production from the expanded KGP is expected to be in the order of 150,000 ounces. The parallel processing stream offers the flexibility of an independent run- of-mine (ROM) arrangement while maximising the use of exi sting infrastructure downstream of the CIL tanks. The selected flow sheet replication provides synergies in maintenance, training and spares. Existing gas infrastructure is capable to deliver the required increase in power generation with possible cost reductions through renewable energy to be considered in future studies. Simplified Karlawinda Processing Plant Flow Sheet. As announced to ASX on 29 July 2025, the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS) recently approved Capricorn’s Mining Proposal and Mine Closure Plan (MPMCP) covering changes to permit the development of the Karlawinda Expansion Project (KEP). This approval allows full development of the KEP, including: • All expanded mining activities at Bibra, Southern Corridor and Berwick open pits; • Construction and development of Tailing Storage Facility 2 (TSF2), additional ROM pad and extensions to the southern waste dump; • Construction works of the expanded processing plant; and • Other infrastructure development required for KEP. Approval for operational phase of the expanded process plant and TSF2, along with other ancillary approvals, are expected to be received as a matter of course as construction of those facilities is completed. Development activities at the KEP advanced during the quarter included: • Extension of mining contract with MACA at existing unit rate pricing for a further 5- year term, with a Capricorn option for further extension. Importantly, the award includes the larger mining fleet required to deliver the increased mining volumes to service the 6.5mtpa ore feed to the KEP; • Construction of the 164-room camp expansion (to accommodate construction personnel) continued with $4.1 million spent during the quarter. Construction was largely complete in Q4; • The process plant design scope progressed to approximately 60% complete and procurement works of critical path items continued. Construction equipment, conveyors and pump packages were committed, with a spend of $4.2 million; and • Early clearing and bulk earthworks associated with the project commenced. As noted, Capricorn has been advancing design, procurement and development work on the KEP to the extent possible prior to approval of the MPMCP. This leaves the Company in a str ong position to successfully execute the circa 12 month development and construction project. An optimised project schedule and updated construction and development capital cost estimate are expected to be completed early in Q2. Full procurement and early site works will commence in the meantime. For personal use only
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9 Karlawinda Expansion Project – Early Clearing Works This announcement has been authorised for release by the Capricorn Metals Ltd board. For further information, please contact: Mr Mark Clark Executive Chairman E: enquiries@capmet.com.au T: +61 8 9212 4600 For personal use only
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10 Forward Looking Statements This announcement may contain certain “forward-looking statements” which may not have been based solely on historical facts, but rather may be based on the Company’s current expectations about future events and results. Such statements include, but are not limited to, statements with regard to capacity, future production and grades, estimated costs, revenues and reserves, the construction costs of new projects and projected capital expenditures, the outlook for minerals and metals prices and the outlook for economic conditions and may be (but are not necessarily) identified by the use of phrases such as “will”, “expect”, “anticipate”, “believe” and “envisage”. Where the Company expresses or implies an expectation of belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. The detailed reasons for that conclusion are outlined throughout this announcement and all material assumptions are disclosed. However, forward looking statements are subject to risks, uncertainties, assumptions and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward- looking statements. Such risks include, but are not limited to res ource risk, metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, as well as governmental regulation and judicial outcomes. For a more detailed discussion of such risks and other factors, see the Risks section of the Company’s Annual Reports, as well as the Company’s other announcements. Readers should not place undue reliance on forward looking information. The Company does not undertake any obligation to release publicly any revisions to any “forward looking statement” to reflect events or circumstances after the date of this announcement, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Competent Persons Statement The information in this report that relates to Exploration Results is extracted from ASX Announcement released on 29 July 2025 entitled “Quarterly Exploration Update” and for which Competent Person consents were obtained. The Competent Person consents remain in place for subsequent releases by the Company of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report and accompanying consent. The Company confirms that it is not aware of any new information or data that materially affects the information in the relevant ASX releases, and the form and context of the announcement has not materially changed. The detailed information relating to the Ore Reserves and Mineral Resources for the Karlawinda Gold Project was contained in the Company’s ASX announcement dated 1 August 2024 entitled “KGP Ore Reserve Increases to 1.43Moz’s”. The information relating to the Ore Reserves and Mineral Resources for the Mt Gibson Gold Project Gold Project were contained in the Company’s ASX announcements dated 15 November 2024 entitled “MGGP Ore Reserve Grows to 2.59 Million Ounces” and 22 July 2025 entitled “MGGP Maiden Underground Resource 684Koz at 3.1g/t Au”, respectively. The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX announcements dated 1 August 2024, 15 November 2024, 22 July 2025 and all material assumptions and technical parameters und erpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not materially changed from previous market announcements. The reports are available to view on the ASX website and on the Company’s website at www.capmetals.com.au. For personal use only
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11 APPENDIX 1 – TENEMENT SCHEDULE Lease Project Company Location Status Percentage Held M52/1070 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% E52/1711 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% E52/2247 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% E52/2398 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% E52/2409 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% E52/3323 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% E52/3363 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% E52/3364 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% E52/3365 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% E52/3366 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% E52/3368 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% E52/3450 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% E52/3474 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% E52/3531 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% E52/3533 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% E52/3541 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% E52/3543 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% E52/3571 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% E52/3656 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% E52/3671 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% E52/3677 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% E52/3729 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% E52/3780 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% E52/3784 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% E52/3797 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% E52/3808 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% E52/3841 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% E52/3884 Karlawinda Greenmount Resources Pty Ltd Western Australia Application 100% E52/3887 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% E52/3888 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% E52/3889 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% E52/3890 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% E52/3932 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% E52/3980 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% E52/3995 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% E52/3996 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% E52/3997 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% E52/4242 Karlawinda Greenmount Resources Pty Ltd Western Australia Application 100% E52/4243 Karlawinda Greenmount Resources Pty Ltd Western Australia Application 100% E52/4286 Karlawinda Greenmount Resources Pty Ltd Western Australia Application 100% E52/4445 Karlawinda Greenmount Resources Pty Ltd Western Australia Application 100% L52/174 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% L52/177 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% L52/178 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% L52/179 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% L52/181 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% For personal use only
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12 L52/183 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% L52/189 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% L52/192 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% L52/197 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% L52/223 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% L52/224 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% L52/248 Karlawinda Greenmount Resources Pty Ltd Western Australia Granted 100% M59/328 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% M59/402 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% M59/403 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% M59/404 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% M59/744 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% M59/747 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% M59/772 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% M59/787 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% E59/2079 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% E59/2110 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% E59/2270 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% E59/2402 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% E59/2439 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% E59/2450 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% E59/2594 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% E59/2606 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% E59/2655 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% E59/2670 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% E59/2672 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% E59/2673 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% E59/2751 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% E59/2752 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% E59/2754 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% E59/2755 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% E59/2826 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% E59/2848 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% E59/2880 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% E59/2923 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% E59/2924 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% E59/2958 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% E59/2959 Mt Gibson Crimson Metals Pty Ltd Western Australia Application 100% E59/2960 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% E59/2961 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% P59/2286 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% P59/2287 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% P59/2290 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% P59/2291 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% P59/2306 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% P59/2309 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% P59/2310 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% P59/2416 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% L59/45 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% L59/46 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% For personal use only
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13 L59/53 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% L59/132 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% L59/138 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% L59/140 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% L59/146 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% L59/147 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% L59/149 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% L59/150 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% L59/177 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% L59/181 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% L59/198 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% G59/48 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% G59/72 Mt Gibson Crimson Metals Pty Ltd Western Australia Granted 100% Mining tenements acquired during the Quarter E59/2402 E59/2673 E59/2670 E59/2826 E59/2672 E59/2880 Mining tenements disposed during the Quarter For personal use only
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Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity Capricorn Metals Ltd ABN Quarter ended (“current quarter”) 84 121 700 105 30 June 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 1. Cash flows from operating activities 184,366 528,209 1.1 Receipts from customers 1.2 Payments for - - (a) exploration & evaluation (b) development - - (c) production (79,943) (266,844) (d) staff costs (2,313) (9,017) (e) administration and corporate costs (1,698) (6,150) 1.3 Dividends received (see note 3) - - 1.4 Interest received 4,083 10,910 1.5 Interest and other costs of finance paid (2,398) (6,178) 1.6 Income taxes paid (745) (2,205) 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities 101,352 248,725 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment (10,175) (44,035) (d) exploration & evaluation (20,403) (53,723) (e) investments - - (f) other non-current assets - - 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment 2 2 (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities (30,576) (97,756) For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 3. Cash flows from financing activities - 200,000 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities (175) (8,434) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings (50,000) (50,000) 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material)* (50,043) (56,693) 3.10 Net cash from / (used in) financing activities (100,218) 84,873 *Other relates to the cash associated with the hedge closure completed in Q4 (refer ASX announcement dated 11 June 2025). 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 385,202 119,918 4.2 Net cash from / (used in) operating activities (item 1.9 above) 101,352 248,725 4.3 Net cash from / (used in) investing activities (item 2.6 above) (30,576) (97,756) 4.4 Net cash from / (used in) financing activities (item 3.10 above) (100,218) 84,873 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 355,760 355,760 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 355,760 385,202 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 355,760 385,202 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 398 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (Bank Guarantee) 2,000 2,000 7.4 Total financing facilities 2,000 2,000 7.5 Unused financing facilities available at quarter end Nil 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. The Bank Guarantee Facility with Macquarie Bank Ltd represents certain obligations under the APA Gas Lateral Agreement. The Bank Guarantee Facility accrues interest at 2% per annum and matures on 30 September 2025. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) 101,352 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (20,403) 8.3 Total relevant outgoings (item 8.1 + item 8.2) 80,949 8.4 Cash and cash equivalents at quarter end (item 4.6) 355,760 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 355,760 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) N/A Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: N/A 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: N/A 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: N/A Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 30 July 2025 Authorised by: By the Board (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report h as been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee] ”. If it has been authorised for release to the market by a disclosure committee, you can in sert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity , and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. For personal use only