Capricorn Metals : 2022 Bell Potter Unearthed Conference Presentation

Bell Potter Unearthed

onlyuse ersonal9 February 2022

Disclaimer & Competent Persons Statement

GENERAL		FORWARD LOOKING STATEMENTS
The purpose of this presentation is to provide general information about Capricorn Metals Limited ("Capricorn" or the	This announcement may contain certain "forward-looking statements" and comments about future events. Forward-looking
"Company"). This presentation is current as at 7 February 2022 (unless otherwise stated herein). The information in this	statements may include words such as "anticipate", "believe", "expect", "project", "forecast", "estimate", "outlook", "upside",
presentation may change over time and Capricorn has no obligation to update or correct the historical content.		"likely", "intend", "should", "could", "may", "target", "plan", and other similar expressions. Indications	of, and guidance on,
only		production, future earnings and financial position and performance are also forward-looking statements. These statement are
Distribution of this presentation may be restricted or prohibited by law. In particular, this presentation must not be	provided as a general guide only and should not be relied upon as an indication, prediction or guarantee of future performance.
further distributed in the United States.		Actual results may differ materially from those expressed
This presentation does not involve or imply a recommendation or a statement of opinion in respect of whether to buy,	or implied in such statements and these differences may be material. They involve known and unknown risks and other factors,
sell or hold securities in the Company. Any investor should make their own independent assessment and determination	many of which are beyond the control of, or unknown to, Capricorn and may involve significant elements of subjective judgement
as to the Company's prospects prior to making any investment decision, and should not rely on the information in this	and assumptions as to future events which may or may not be correct.
presentation for that purpose.		Recipients are cautioned not to place undue reliance on forward looking statements and except as required by law or regulation,
Further, this presentation is not, and does not constitute, an offer to buy or sell any securities in the Company. It is not	Capricorn assumes no liability to update these forward looking statements. Such statements speak only as of the date hereof,
use		and Capricorn has no obligation to update or revise any such statements to reflect any change in events, conditions or
int	nded to be, and is not, a prospectus, product disclosure statement, offering memorandum or private placement
m	morandum for the purpose of Chapter 6D of the Corporations Act 2001.		circumstances on which any such statement is based.
The information in this presentation is, or is based upon, information that has been released to the Australian Securities	COMPETENT PERSON'S STATEMENT
Exchange (ASX). Its content should therefore be read in conjunction with Capricorn's other periodic and continuous	The information in this presentation that relates to Exploration Results is extracted from the ASX announcements released 19
disclosure announcements lodged with ASX, which are available at www.asx.com.au.		January 2022 entitled "Quarterly Report and Cashflow Report" and 28 July 2021 entitled "Capricorn Acquires 2.1 Million
				Ounce Mt Gibson Gold Project" and for which Competent Person's consents were obtained. The Competent Person's consents
Except for statutory liability which cannot be excluded, the Company, its officers, employees and advisers expressly	remain in place for subsequent releases by the Company of the same information in the same form and context, until the consent
disclaim any responsibility for the accuracy or completeness of the material contained in this presentation and exclude	is withdrawn or replaced by a subsequent report and accompanying consent. The information in this presentation that relates to
ersonal		Mineral Resources or Ore Reserves is extracted from the Mineral Resource and Ore Reserve Statements released to the
a iability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a
consequence of any information in this presentation or any error or omission there from. The Company accepts no	Australian Securities Exchange on 17 April 2020 and 28 July 2021 and for which Competent Person's consents were obtained.
responsibility to update any person regarding any inaccuracy, omission or change in information in this presentation or	The Competent Person's consents remain in place for subsequent releases by the Company of the same information in the same
any other information made available to a person nor any obligation to furnish the person with any further information.	form and context, until the consent is withdrawn or replaced by a subsequent report and accompanying consent.
				LISTING RULE 5.23 DISCLOSURE
				The detailed information relating to the Ore Reserves and Mineral Resources reported in this presentation were announced in the
				Company's ASX announcements dated 17 April 2020 and 28 July 2021 . 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 17 April 2020 and 28 July
				2021 and all material assumptions and technical parameters underpinning 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.
			capmetals.com.au	2

Corporate Summary - CMM

	Capital Structure		Directors and Management
only	Shares on issue	371.6 million	Mark Clark - Executive Chairman	Kim Massey - CEO
Performance rights	4.1 million	Mark Okeby - Non Exec Dir	Paul Thomas - COO
Myles Ertzen - Non Exec Dir	Stephen Evans - GM Karlawinda
Share price	$3.34
Bernie De Araugo- Non Exec Dir	Tony Hinkley - Project Manager
Market Cap	$1,241 million
	Broker Coverage
use	Debt (31 Dec 2021)	$75.0 million
Cash & GOH (30 Dec 2021)	$30.0 million
	CMM Closing 12 Month Share Price
			6,000,000
ersonal	3.6
		5,000,000
3.1
			4,000,000
	2.6		3,000,000
	2.1		2,000,000
	1.6		1,000,000
	1.1		0
	Vol ume	Share Price ($)
			capmetals.com.au	3

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Capricorn Metals - A Purely Western Australian Gold Producer

Compelling combination of cashflow and growth

Karlawinda Gold Project (KGP)

• Ore reserves 1.2Moz1 & mine life to 12 years
• Throughput capacity 4.5 - 5mtpa (oxide/fresh blend)
• LOM production run rate 110,000 - 125,000 ounces pa

KGP Progress

• Constructed on time and on budget
• Processing plant commissioned & first gold poured in June21Q
• Steady state production achieved in first quarter (Sept21) of operations
• First Q generated 24.3koz production & $27.6m operating cash flow
• Second Q generated 30.3koz & $40.1m operating cash flow

Mt Gibson Gold Project

• 2.1Moz project acquired July 21
• Acquisition cost of < $20 per resource ounce - deep value
• Exploration potential within, below & along strike of current resources
• All key tenure granted Dec21Q and 81,000m drill programme underway
• Opportunity for Capricorn to grow into multi mine gold company

capmetals.com.au	(1)	Refer to slide 19 for full details of the Ore Reserves.	4

Karlawinda Gold Project

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