The board of Capricorn Metals Ltd is pleased to announce a maiden profit after tax of $89.5 million for the year ended 30 June 2022 after the completion of a successful first year of operations at the Karlawinda Gold Project.

Capricorn Executive Chairman Mark Clark commented: 'The successful first year of operations at Karlawinda have underpinned an excellent financial result for the Company. The robust cash operating margin achieved at Karlawinda has provided a strong operating cash flow in which to pay down debt and build cash on the balance sheet. An outstanding net profit after tax of $89.5 million for the year confirms Karlawinda's status as a low cost, high margin project with the potential to deliver robust operating cash flows over a long mine life.

Contact:

Mr Kim Massey

Chief Executive Officer

E: enquiries@capmet.com.au

T: +61 8 9212 4600

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. 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 resource 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 Company's Annual Reports, as well as the Company's other filings. 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.

(C) 2022 Electronic News Publishing, source ENP Newswire