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Major Reserve Update to 5.2MOz & Compelling Mount Gibson PFS Lift CMM Production Outlook to 400 koz pa Capricorn launches Range 500 Aspiration to 500,000 oz pa 27 July 2026 | ASX: CMM
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I M P O R T A N T I N F O R M A T I O N Disclaimer & Competent Persons Statement C A P R I C O R N M E T A L S | A S X : C M M 02 / 25 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”, “Compelling Mt Gibson PFS Update” and “Range 500 Aspiration” (the Announcements). Outcomes and risks associated with the matters discussed are contained within those Announcements, which should be read in full. Forward-Looking Statements This presentation contains forward-looking statements based on the Company’s current expectations, including the expected group gold production run rate of >400 koz pa within 2.5 years of commencement of MGGP operations (derived from the production targets in the Compelling Mt Gibson PFS Update and the existing Karlawinda production target of 150 koz per annum first announced in the ASX release dated 29 October 2024 entitled “Karlawinda Gold Project Expansion Board Approved”). These statements involve risks and uncertainties that could cause actual results to differ materially. Readers should not place undue reliance on them. Full details and material assumptions are set out in the Announcements. The Company undertakes no obligation to update these statements except as required by law. Aspirational Statements Range 500 is an aspirational goal only and is not a production target or forecast. The Company does not yet have reasonable grounds to believe it can be achieved; further work is required to delineate sufficient Ore Reserves and Mineral Resources. Importantly, the statements are considered aspirational because, as disclosed in this announcement, further work is required by Capricorn to delineate sufficient Ore Reserves and Mineral Resources to achieve this aspiration. Competent Persons Statement Information relating to Ore Reserves and Mineral Resources for the Karlawinda Gold Project is extracted from the ASX announcement dated 27 July 2026 entitled “Capricorn Gold Reserves Increase to 5.2 Million Ounces”. Information relating to Ore Reserves, Mineral Resources and the production target for the Mt Gibson Gold Project (including the basis for the >400 koz pa group production run rate) is extracted from the ASX announcement dated 27 July 2026 entitled “Compelling Mt Gibson PFS Update”. Information relating to Mineral Resources for the Golden Range Project is extracted from Warriedar Resources Limited (ASX:WA8), a wholly owned subsidiary of the company, announcements dated 28 November 2022, “Major Gold Project Acquisition” and 5 May 2025,“Ricciardo Project MRE Update” which can be accessed via www.asx.com.au/markets/trade-our-cash-market/historical-announcements The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX announcements referred to in the paragraphs above and all material assumptions and technical parameters underpinning the estimates, production targets and other forward looking financial information 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 been materially modified from the previous market announcements.
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S C A L I N G N E W H E I G H T S I N Q U A L I T Y G O L D P R O D U C T I O N Updates to ASX Today – Executive Summary Three significant ASX updates released today – a major inflection point for Capricorn. 01 Group Reserves Update1 Ore Reserves increase 33% to 5.2 Moz Strong growth at both Karlawinda and Mt Gibson – underpinning long mine lives at both low-cost WA projects. 02 Mt Gibson PFS Update2 Low-cost mine producing 260 koz pa within 2.5 years of project start First inclusion of the underground mine confirms quality, scale & growth. Fully funded development of an operation that will be a stand-out in the Australian mid-tier space. 03 Range 5003 Aspiration to take production outlook beyond 500 koz pa Options study underway on a second processing hub at Golden Range Parallel with aggressive drill out of MGGP UG and Golden Range OP Rationale: Truck overflow high grade north rather than lower grade south. Study and drilling to culminate in PFS & FID in CY27 Important: Range 500 is an aspirational goal, not a production target or forecast. The Company does not yet have reasonable grounds to believe the aspiration can be achieved. 2 7 J U L Y 2 0 2 6 | A S X R E L E A S E S Capricorn medium term production outlook now >400kozpa C A P R I C O R N M E T A L S | A S X : C M M 03 / 25Refer 1“Capricorn Gold Reserves Increase to 5.2 Million Ounces” 2 “Compelling Mt Gibson PFS Update” 3 “Range 500 Aspiration” – ASX Release 27/07/2026
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Q U A L I T Y R E S E R V E S & G R O W I N G | A S T R O N G F O U N D A T I O N Group Reserves grow 33% to 5.24 Moz C A P R I C O R N M E T A L S | A S X : C M M 04 / 25 GROUP INVENTORY 1,2 5.24 Moz Ore Reserves (+33%) 8.66 Moz Mineral Resources (+29%) KGP1 +32% ORE ORE 1.57 Moz | MRE 2.99 Moz MGGP OP2 +21% ORE ORE 3.31 Moz | MRE 4.78 Moz MGGP UG2 Maiden UG ORE 0.36 Moz | MRE 0.89 Moz Mount Gibson (MGGP) Karlawinda (KGP) Conservative gold prices used: A$2,200 – A$2,600/oz for Reserves Refer 1“Capricorn Gold Reserves Increase to 5.2 Million Ounces” 2 “Compelling Mt Gibson PFS Update” – ASX Release 27/07/2026
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K G P R E S E R V E G R O W T H | K E E P S O N K E E P I N G O N Bibra drilling converts down dip resources to Reserves C A P R I C O R N M E T A L S | A S X : C M M 05 / 25 KGP Ore Reserve1 increases to 1.57 Moz gold | Another successfully targeted biennial update, maintaining a 10 year mine life Focus on the area immediately down-dip of the 2024 reserve pit design underpinned significant reserve conversion Ore body remains strong and consistent at depth | Multiple further targets at current gold price assumption KGP ORE1 1.57 Moz (GP:A$2,600 Oz) | Significant conversion immediately down-dip of 2024 pit design 127 257 382 512 615 892 1,201 1,344 1,247 1,428 1,295 1,572 0koz 500koz 1,000koz 1,500koz 2,000koz 2,500koz Karlawinda Gold Project4 Oz Depleted & Reserve Updates Oz Depleted Reserves Biennial updates maintaining 10 years ahead Refer 1“Capricorn Gold Reserves Increase to 5.2 Million Ounces – ASX Release 27/07/2026, 4 Slide 25 for full list of supporting ASX Releases
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M G G P R E S E R V E G R O W T H | S E T T I N G I T S E L F A P A R T Orion South drilling and trade-off study paid dividends C A P R I C O R N M E T A L S | A S X : C M M 06 / 25 Significant MGGP Ore Reserve2 increase to 3.68 Moz gold | Drilling & subsequent trade off study successfully added to Orion South Open Pit ORE at the same $A2,200 gold price assumption | Further underground targeted drilling underpinned Maiden UG ORE2 Ore body remains strong, consistent and open both at depth and along strike MGGP2 – ORE 3.68 Moz (GP: A$2,200 - $2,600 Oz) | MRE 5.67 Moz (GP: A$2800 Oz) 1,450 1,830 2,590 3,305 365 0koz 1,000koz 2,000koz 3,000koz 4,000koz Mt Gibson Gold Project5 Reserve Updates MGGP MGGP UG Previous Reserve Refer 2 “Compelling Mt Gibson PFS Update” – ASX Release 27/07/2026, 5 Slide 25 for full list of supporting ASX Releases
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MT GIBSON PFS UPDATE | Steady-state production of 260koz pa C A P R I C O R N M E T A L S | A S X : C M M 07 / 25 Annual production Steady-state (Years 3–6) 19.25 yrs Mine life A$1,870 AISC / oz 14 mths Payback (pre-tax) A$6.1 bn NPV7.5% (pre-tax) 3.51 Moz LOM gold production 260.9 koz Target Q2FY27 start to on site development Compressed 15mth construction targets Q3FY28 commissioning State permit documents submitted Designed & largely ready to contract M T G I B S O N P R E F E A S I B I L I T Y S T U D Y2 | K E Y O U T C O M E S A T A $ 5 , 5 0 0 G O L D P R I C E $474m Pre-Production Capital A$12.0 bn LOM Free Cash Flow (pre-tax) Refer 2 “Compelling Mt Gibson PFS Update” – ASX Release 27/07/2026
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C A P R I C O R N M E T A L S | A S X : C M M 08 / 25 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 - 50,000 100,000 150,000 200,000 250,000 300,000 AISIC ($A/OZ) Ounces MGGP Annual Gold Production by Source Open Pit Underground AISC Exploration Focus Long Life | Low Strip | Large Underground Production Uplift M T G I B S O N P R E F E A S I B I L I T Y S T U D Y2 | P H Y S I C A L S Mining - Open Pit Waste (tonnes millions) 558 Ore (tonnes millions) 112 Total (tonnes millions) 670 W:O Strip Ratio 5 Ounces Mined (millions) 3.31 Mining - Underground Waste (tonnes millions) 1.3 Ore (tonnes millions) 6.7 Total (tonnes millions) 8 Ounces Mined (millions) 0.51 Processing Ore Milled (tonnes millions) 120.9 Milled Grade (g/t) 1 Recovery 92% Ounces Recovered (millions) 3.51 Mine Life (years) 19.3 Simple operation executed at a scale & philosophy to drive industry leading costs Refer 2 “Compelling Mt Gibson PFS Update” – ASX Release 27/07/2026
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C A P R I C O R N M E T A L S | A S X : C M M 09/ 25 High Quality Mine | Industry Leading Costs M T G I B S O N P R E F E A S I B I L I T Y S T U D Y2 | C A P I T A L , C O S T S & K E Y M E T R I C S Maximum Lateral Development Rates Unit Rate Decline (prior to initial production levels) m/mo 200 Decline (post initial production levels) m/mo 120 Air Decline (prior to initial production levels) m/mo 120 Other lateral development m/mo 60 Scheduled Resources Units Rate Jumbo m/mo 280 Loader t/d 1,700 Production Drill m/d 230 Other lateral development m/mo 60 Underground $/Ounce* $/t Ore* Category Units Capex Opex Capex Opex Capex Opex General $M 8.2 46.3 17 95 1 7 Infrastructure & Services $M 42.9 41.1 88 85 6 6 Mining $M 62.7 676.8 129 1394 9 101 Total $M 113.9 764.2 235 1575 17 114 Total Project | Operating Costs | Excludes Capital & Royalties Department A$m $/t Ore1 $/ounce1 Underground 764 114 1,575 Open Pit 3,189 28 1,053 Mining 3,953 33 1,125 Processing and Laboratory 1,853 15 527 Administration 243 2 69 Total 6,050 50 1,721 Total Project | Pre – Production Capital Department A$m $/t Ore* $/ounce* Processing Plant 260 2.2 74 General & Infrastructure 85 0.7 24 Mining 129 1.1 37 Total 474 3.9 135 Underground Key Rates at 1.5mtpa Ore Delivery: Simple operation executed at a scale & philosophy to drive industry leading costs *- $/t Ore = $/Processed Ore Tonnes | $/Ounce = $/Recovered Ounces Refer 2 “Compelling Mt Gibson PFS Update” – ASX Release 27/07/2026
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R O B U S T U N D E R G R O U N D R E S O U R C E S E M E R G I N G | O P P O R T U N I T Y I N I T S I N F A N C Y Orion South could be just the beginning C A P R I C O R N M E T A L S | A S X : C M M 10 / 25 Maiden underground Ore Reserve 365 koz | MRE 886 koz | 513 koz in PFS mine plan Further growth expected at Orion South, Lexington & Beyond MGGP2 - ORE 3.68 Moz (GP: A$2,200 - $2,600 Oz) | MRE 5.67 Moz (GP: A$2800 Oz) Pre UG MRE No Drilling Refer 2 “Compelling Mt Gibson PFS Update” – ASX Release 27/07/2026
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K A R L A W I N D A E X P A N S I O N | O N T R A C K Commissioning Underway – Targeting 150 Koz pa C A P R I C O R N M E T A L S | A S X : C M M 13/ 25 Expansion to 6.5 Mtpa processing capacity | Commissioning Q1 FY27 | Mine life >10 years at 150 koz pa run rate +32% RE KGP1 - ORE 1.57 Moz (GP: A$2,600 Oz) | MRE 2.99 Moz (GP: A$2,800 Oz) Refer 1“Capricorn Gold Reserves Increase to 5.2 Million Ounces” – ASX Release 27/07/2026
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R A N G E 5 0 03 | T H E A S P I R A T I O N Striving for 500,000 ounces per annum C A P R I C O R N M E T A L S | A S X : C M M 11/ 25 CURRENT OUTLOOK 6 >400 koz within 2.5 years of MGGP start ASPIRATION 3 500 koz within 5 years MINE LIFE 2 19+ yrs MGGP + growing UG inventory Range 500 is Capricorn’s 5-year aspiration underpinned by KGP expansion to 150 kozpa, MGGP steady-state production of 260 kozpa, and the Stage 2 Golden Range options study. Statements are aspirational goals, not production targets or forecasts. The Company does not yet have reasonable grounds to believe the aspiration can be achieved. S C A L I N G N E W H E I G H T S I N Q U A L I T Y G O L D P R O D U C T I O N Refer 2 “Compelling Mt Gibson PFS Update” 3 “Range 500 Aspiration” – ASX Release 27/07/2026,6 Slide 25 for full list of supporting ASX Releases, composition of >400koz outlook
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R A N G E 5 0 03 | T H E A S P I R A T I O N Striving for 500,000 ounces per annum C A P R I C O R N M E T A L S | A S X : C M M 12 / 25 145 150 150 150 150 70 180 230 260 0 100 200 300 400 500 FY27 FY28 FY29 FY30 FY31 Koz KGP MGGP Open Pit + UG Range 500 Aspiration Range 500 is an aspirational target. The production profile is illustrative only and does not constitute a production target or forecast. Capricorn does not yet have reasonable grounds to believe the aspiration can be achieved. MGGP numbers based on PFS steady-state of 260 koz pa (UG + OP) and production profile of the PFS outcomes aligned to anticipated commencement of operations. RANGE 500 1.20 1.34 1.25 1.43 1.29 1.57 1.45 1.83 2.59 3.31 0.36 0 1 2 3 4 5 2021 2022 2023 2024 2025 2026 Moz KGP MGGP MGGP UG S C A L I N G N E W H E I G H T S I N Q U A L I T Y G O L D P R O D U C T I O N From Reserves4,5 To Reality6 Refer 4,5 Slide 25 for full list of supporting ASX Releases, 6 Slide 25 for full list of supporting ASX Releases, composition of >400koz outlook
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W A R R I E D A R A C Q U I S I T I O N I N F O C U S | B R O A D E R T E N U R E , O P P O R T U N I T Y T O G R O W High Grade Heads North to Unlock Stranded Ounces C A P R I C O R N M E T A L S | A S X : C M M 14 / 25 Rationale: treat highest grade MGGP underground & open pit GR tonnes at Golden Range Processing Hub 160 km contiguous greenstone belt | 4,519 km² tenure | Golden Range 1.38 Moz MRE 7 | Linked by haul road to MGGP Fields Find Mount Gibson Golden Range Ricciardo Orion 50km Refer 7 Slide 25 for full list of supporting ASX Releases
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S T A G E 2 O P P O R T U N I T Y3 Golden Range Second Processing Hub C A P R I C O R N M E T A L S | A S X : C M M 15 / 25 MGGP STAGE 2 STUDY Technical, permitting and financial assessment of a second processing hub at Golden Range (65–100 km north of MGGP). Plant scale options: 1.5 – 2.5 Mtpa Preliminary results expected Q2 FY27 Parallel aggressive drilling at Golden Range open pits & MGGP underground Target PFS + FID in CY27 1.38 Moz Golden Range MRE7 Existing plant site Fast-track opportunity No identified Fed EPBC Disturbed site Haul road linked 65–100 km north of MGGP Refer” 3 “Range 500 Aspiration” – ASX Release 27/07/2026, 7 Slide 25 for full list of supporting ASX Releases
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S U M M A R Y Clear Pathway To Quality Mid-tier Scale C A P R I C O R N M E T A L S | A S X : C M M 16 / 25 KGP1 • Expansion to 150 kozpa • Commissioning Q1 FY27 • Mine life >10 years MGGP2 Stage 1 • 260 koz pa steady-state • 19+ year mine life • Development targeted Q2 FY27 Stage 2 Upside3 • Golden Range hub study • Further UG growth • PFS & FID targeted CY27 INTERNALLY FUNDED GROWTH • Strong Balance Sheet $507 m cash & bullion • Debt free Refer 1“Capricorn Gold Reserves Increase to 5.2 Million Ounces” 2 “Compelling Mt Gibson PFS Update” 3 “Range 500 Aspiration” – ASX Release 27/07/2026
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Appendix A Capricorn Resources & Reserve Data C A P R I C O R N M E T A L S | A S X : C M M 17 / 25
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C A P R I C O R N M E T A L S | A S X : C M M 18 / 25 Deposit Type Cut-Off Indicated Inferred Total Mineral Resources Mineral Resource Estimate Source DocumentTonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces (Mt) (g/tAu) (000's) (Mt) (g/tAu) (000's) (Mt) (g/tAu) (000's) MGGP Open Pit & UG 0.3< 150.9 1.0 4,700 38.1 0.8 969 188.9 0.9 5,669 “Compelling Mt Gibson PFS Update” 27/07/2026 KGP Open Pit 0.3< 124.9 0.6 2,382 35.1 0.5 608 160.0 0.6 2,990 "Capricorn gold reserves increase to 5.2 million ounces" 27/07/2026 Total 275.8 0.8 7,082 73.2 0.7 1,577 348.9 0.8 8,659 Mineral Resources Notes: 1. Mineral Resources are estimated using a gold price of A$2,800/ounce 2. Mineral Resources are estimated using a cut-off grade between 0.3g/t and 0.4g/t Au and 1.5g/t for underground. 3. The above data has been rounded to the nearest 100,000 tonnes, 0.1 g/t gold grade and 1,000 ounces. Errors of summation may occur due to rounding. 4. For full details of Ore Mineral Resource Estimate refer to ASX Announcement Source Documents listed in table
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C A P R I C O R N M E T A L S | A S X : C M M 19 / 25 Ore Reserves Deposit Type Proved Probable Total Ore Reserve Estimate Source DocumentTonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces (Mt) (g/t Au) (koz) (Mt) (g/t Au) (koz) (Mt) (g/t Au) (koz) MGGP Open Pit 114.3 0.9 3,305 114.3 0.9 3,305 “Compelling Mt Gibson PFS Update” 27/07/2026 MGGP Underground (HG) 3.2 2.7 275 3.2 2.7 275 “Compelling Mt Gibson PFS Update” 27/07/2026 MGGP Underground (LG) 1.8 1.6 89 1.8 1.6 89 “Compelling Mt Gibson PFS Update” 27/07/2026 KGP Open Pit 76.4 0.6 1,572 76.4 0.6 1,572 "Capricorn Gold Reserves Increase To 5.2 Million Ounces" 27/07/2026 195.7 0.8 5,241 195.7 0.8 5,241 Notes: 1. Ore Reserves are a subset of Mineral Resources. 2. KGP Ore Reserves are estimated using a gold price of A$2,600/ounce and using a cut-off grade over 0.3g/t Au.Ore Reserves are estimated using a cut-off grade between 0.3g/t and 0.5g/t Au. 3. MGGP OP Reserves are estimated using a gold price of A$2,200/ounce for following pits: Enterprise, Hornet, Orion North and Orion South. 4. MGGP OP Ore Reserves are estimated using a gold price of A$2,600/ounce for following pits: S2, Sheldon, Taurus, Tobias, Deep South, Comanche, Aries, Drifter and Highway. 5. MGGP OP Ore Reserves are estimated using a cut-off grade over 0.4g/t Au, except Heap Leach Pad material using a cut-off grade over 0.3g/t. 6. MGGP UG Ore Reserves are estimated using a cut-off grade over 1.5g/t Au. 7. MGGP UG Ore Reserves are estimated using a gold price of A$2,600/ounce 8. The above data has been rounded to the nearest 100,000 tonnes, 0.1 g/t gold grade and 1,000 ounces. Errors of summation may occur due to rounding. 9. For full details of Ore Reserve Estimate refer to ASX Announcement Source Document listed in table
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Appendix B Warriedar Mineral Resource Estimate C A P R I C O R N M E T A L S | A S X : C M M 20 / 25
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C A P R I C O R N M E T A L S | A S X : C M M 21 / 25 Appendix B | Warriedar Mineral Resource Estimate Golden Range Mineral Resources (JORC 2012) - May 2025 Measured Indicated Inferred Total Resources Deposit kt g/t Au kOz Au kt g/t Au kOz Au kt g/t Au kOz Au kt g/t Au kOzAu / AuEq Austin - - - 222 1.3 9.1 212 1.5 10.1 434 1.4 19.2 Rothschild - - - - - - 693 1.4 31.3 693 1.4 31.3 M1 55 1.8 3.3 131 2.5 10.4 107 4 13.7 294 2.9 27.4 Riley - - - 32 3.1 3.2 81 2.4 6.3 113 2.6 9.5 Windinne Well 16 2.33 1.2 636 3.5 71 322 1.9 19.8 975 2.9 91.7 Bugeye 14 1.56 0.7 658 1.2 24.5 646 1.1 22.8 1,319 1.1 48.1 Monaco- Sprite 52 1.44 2.4 1,481 1.2 57.2 419 1.1 14.2 1,954 1.2 74 Mugs Luck- Keronima 68 2.29 5 295 1.6 15 350 1.6 18.5 713 1.7 38.6 Ricciardo Au Resources 2692 1.72 149 4793 1.5 227 12,301 1.7 660 19,786 1.6 1036 Ricciardo Sb Resources - - - 4252 2.4 AuEq (0.5% Sb) 324 AuEq 21,085t Sb) 7,273 2.4 AuEq (0.5% Sb) 601 AuEq (39,169tSb) 12,197 2.4 AuEq (0.5% Sb) 925 AuEq (60,254t Sb) Grand Total 30,990 2.31 2,300.8 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-announcements
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C A P R I C O R N M E T A L S | A S X : C M M 22 / 25 Appendix B | Warriedar Mineral Resource Estimate Competent Person Statements | Golden Range • The information in this report that relates to estimation, depletion and reporting of the Golden Range and Fields Find Mineral Resources for is based on and fairly represents information and supporting documentation compiled by Dr Bielin Shi who is a Fellow (CP) of The Australasian Institute of Mining and Metallurgy. Dr Bielin Shi is an independent consultant geologist and has sufficient experience relevant to the style of mineralisation and type of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. • Dr. Shi consents to the inclusion in the report of the matters based on the information in the form and context in which it appears. • The information in this report (Ricciardo Project) that relates to Exploration Results and Mineral Resources is based on information compiled by Chris Grove who is a Competent Person and Member of the Australian Institute Geoscientists. Mr Grove is a full- time employee of Measured Group Pty Ltd. Mr Grove has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. • Mr Grove consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. ASX chapter 5 compliance The information in this presentation relating to the Mineral Resource Estimate for Warriedar is extracted from Warriedar’s ASX announcement titled “Ricciardo Delivers Australia's Largest Open-Pit Sb Resource” released to ASX on 5 May 2025 which is available on the ASX website. Warriedar confirms that it is not aware of any new information or data that materially affects the information included in the original announcement, and that all material assumptions and technical parameters underpinning the estimates in the original announcement continue to apply and have not materially changed. Warriedar confirms that the form and context in which the competent person’s findings are presented have not been materially modified from the original announcement. 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-announcements
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C A P R I C O R N M E T A L S | A S X : C M M 23 / 25 Appendix B | Warriedar Mineral Resource Estimate RICCIARDO Sb MRE – Resource (refer ASX:WA8 Release 5 May 2025) • Warriedar considers that both gold and antimony included in the gold equivalent calculation (AuEq) have reasonable potential to be recovered at Ricciardo, given current geochemical understanding, geologically analogous mining operations and historical resource estimation. • For the purposes of its AuEq calculation methodology, Warriedar considers it appropriate to adopt the gold and antimony prices US$2,500/oz gold and US$45,000/t antimony, while current spot prices for gold and antimony are ~US$3,270/oz and US$ 55,457/t (antimony Ingot 99.65% min-Warehouse Rotterdam-21 April 2025). • Gold processing recovery of 95% has been applied in the formula, based on previously release metallurgy work “Initial Metallurgical Test Work Delivers High Gold Recoveries – ASX release 28 Oct 2024”. Antimony processing recovery of 81% has been applied in the formula, based on previously release metallurgy work “Higher Grade Antimony Concentrate Delivered at Ricciardo – ASX release 16 Jan 2024”. • These assumptions result in a chosen AuEq calculation formula for Ricciardo of: • 𝐴𝑢𝐸𝑞 (g/t) = 𝐴𝑢 (𝑔/𝑡) + 4.77× 𝑆𝑏 (%) • This formula is deemed appropriate for use in the antimony MRE at Ricciardo. In Warriedar’s opinion all the elements included in the metal equivalents calculation have reasonable potential to be recovered and sold. RICCIARDO Sb Exploration results (refer ASX:WA8 Release 21 June 2025) • Warriedar considers that both gold and antimony included in the gold equivalent calculation (AuEq) have reasonable potential to be recovered at Ricciardo, given current geochemical understanding, geologically analogous mining operations and historical resource estimation. • For the purposes of its AuEq calculation methodology, Warriedar considers it appropriate to adopt the gold and antimony prices utilised for Larvotto Resources’ (ASX: LRV) Hillgrove Gold-Antimony Project Pre-Feasibility Study (being US$2,200/oz gold and US$15,000/t antimony) (refer LRV ASX release dated 5 August 2024). • An assumed mineral recovery of 90% has been applied in the formula after reviewing the recoveries of typical antimony projects in Australia including Hillgrove and Costerfield. Expected recoveries will be updated once sufficient data has been obtained from future metallurgical study. • These assumptions result in a chosen AuEq calculation formula for Ricciardo of: • 𝐴𝑢𝐸𝑞 (g/t) = 𝐴𝑢 (𝑔/𝑡) + 2.12 × 𝑆𝑏 (%) • This formula is deemed appropriate for exploration results at Ricciardo and other deposits within the Golden Range Project (to facilitate easy comparison), prior to updating the equation for Mineral Resource reporting (as was the case for the Ricciardo Sb MRE); and is the same as that used for initial reporting of results at Ricciardo, refer ASX Release 1 October 2024. In Warriedar’s opinion all the elements included in the metal equivalents calculation have reasonable potential to be recovered and sold. 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-announcements
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Appendix C References C A P R I C O R N M E T A L S | A S X : C M M 24 / 25
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C A P R I C O R N M E T A L S | A S X : C M M 25 / 25 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 read in full: Primary Source Announcements (27 July 2026) and corresponding Footnote reference • 1 “Capricorn Gold Reserves Increase to 5.2 Million Ounces”Group Ore Reserves of 5.24 Moz and Mineral Resources of 8.66 Moz; Karlawinda ORE and MRE update; production outlook basis for Karlawinda. • 2 “Compelling Mt Gibson PFS Update”Updated Mt Gibson PFS including maiden underground reserve, production targets (including 260 koz pa steady-state), LOM physicals, economics, and the basis for the group >400 koz pa run-rate. • 3 “Range 500 Aspiration” Statement of the Company’s aspirational target to reach 500 koz pa production and associated cautionary language. Supporting Announcements • 4 KGP Reserve Updates, ASX Releases (3 August 2017, Karlawinda Maiden Ore Reserve Statement | 17 April 2020, Karlawinda Ore Reserve Update | 27 October 2022, Karlawinda Reserve and Resource Update | 1 August 2024, KGP Ore Reserve Increases to 1.43Moz’s| 6 October 2025, 4.0Moz Gold Reserves| 27 July 2026 Capricorn Gold Reserves Increase to 5.2 Million Ounces) Supporting information related to the ORE inventory changes over time • 5 MGGP Reserve Updates, ASX Releases (19 April 2023, Mt Gibson Maiden Ore Reserve | 19 April 2024, MGGP Ore Reserve Grows to 1.83M Ounces | 15 November 2024, MGGP Ore Reserve Grows to 2.59 Million Ounces | 6 October 2025, 4.0Moz Gold Reserves | 27 July 2026, Compelling Mt Gibson PFS Update / Capricorn Gold Reserves Increase to 5.2 Million Ounces) Supporting information related to the ORE inventory changes over time 6 Group Production Outlook (>400 koz pa) Derived from the production targets in the Compelling Mt Gibson PFS Update, including targeted commencement date and the existing Karlawinda 150 koz production target first expressed on 29 October 2024 entitled “Karlawinda Gold Project Expansion Board Approved”. • 7 Warriedar Resources Limited (ASX:WA8) wholly owned subsidiary of the company, ASX Releases – 28 November 2022 (“Major Gold Project Acquisition”) and 5 May 2025 (“Ricciardo Project MRE Update”) Source of the Golden Range Mineral Resource estimate of 1.38 Moz, which can be accessed via www.asx.com.au/markets/trade-our-cash-market/historical-announcements Forward-Looking Statements Reminder, this presentation contains forward-looking statements that involve risks and uncertainties. Readers should not place undue reliance on them. Full details are set out in the announcements listed above.