Capricorn Metals Ltd. Board announced that recent drilling at both Bibra and the contiguous Southern Corridor deposits at the KGP has contributed to a significant increase in Ore Reserves to 1,344,000 ounces. The drilling successfully targeted conversion of Inferred resources to Indicated in the area of the resource immediately down dip of the 2020 reserve pit design, underpinning conversion of significant economic ounces to reserves. The KGP JORC compliant Ore Reserves estimate (ORE) has been updated to 53.0 million tonnes at 0.8g/t gold for 1,344,000 ounces compared with the March 2020 estimate of 43.5 million tonnes at 0.9g/t gold for 1,201,000 ounces.

Highlights of the reserve update include: Contained gold increases 143,000 ounces from the 2020 estimate to 1,344,000 ounces, an increase of 283,000 ounces (24%) after mining depletion of 141,000 ounces. Stripping ratio materially unchanged (2020: 3.6 v 2022: 3.9). Expected project life in excess of 12 years.

Estimate uses lower cut-off grades of 0.3g/t (laterite & oxide ore) and 0.4g/t (transition & fresh ore) and a gold price of AUD 1,900 per ounce (circa AUD 700/oz lower than current spot price) was used for the ORE pit shells. Mine scheduling will continue to deliver the >0.5g/t mined ore to the mill and the 0.3 ­ 0.5g/t mine ore to a stockpile for processing in later years of the project. The >0.5g/t ore within the ORE is 36.7 million tonnes at 1.0g/t for 1,124,000 ounces.

The updated estimate has been refined to reflect knowledge gained through the first 12 months of production and grade control data, further adding to the robustness of the ORE. Maximum vertical depth of ORE open pit design is 275 metres (2020: 250m).