BPM MINERALS LIMITED — Capital/Financing Update 2025

Jul 8, 2025

9 July 2025 ASX: CMM

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ACQUISITION OF CLAW GOLD PROJECT CAPRICORN EXPANDS MT GIBSON PROJECT TENURE

The board of Capricorn Metals Ltd (“Capricorn” or “the Company”) is pleased to advise that it has entered into a binding agreement with BPM Minerals Limited (“BPM”) to acquire the prospective Claw Gold Project tenement package (“Claw Gold Project”). The Claw Gold Project covers approximately 398 square kilometres of tenure located contiguous to the south of Capricorn’s Mt Gibson Gold Project (“MGGP”) in the Murchison region of Western Australia.

The Claw Gold Project is considered highly prospective for gold mineralisation, featuring multiple settings conducive to hosting economic gold deposits. Capricorn has already identified seven target zones for exploration within the project tenure. The highest priority target is immediately adjacent to the Sundance prospect, which has been shown to host shallow supergene gold mineralisation, including intercepts[1] of 16m@17.16g/t from 32m, 12m@2.74g/t from 40m and 12m@3.86g/t from 48m.

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Sundance
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Figure 1 – Claw Gold Project (orange), MGGP tenure (blue) showing initial exploration targets.

1 Refer the company's ASX announcement titled "QUARTERLY EXPLORATION UPDATE," released on April 26, 2024.

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The transaction consideration is $1.5 million, of which Capricorn has paid an initial cash deposit of $100,000 with a further $500,000 cash consideration on completion. The $900,000 balance is to be paid by the issue of Capricorn shares.

The share issue consideration will be valued at the 20-day VWAP prior to completion occurring. Completion of the acquisition is expected in July 2025, being subject only to procedural due diligence and conditions precedent.

In addition, the Company has agreed to make contingent deferred payments as follows:

• $750,000 in cash upon the announcement by Capricorn of a JORC compliant Mineral Resource Estimate in excess of 75,000 ounces of gold on the Claw Gold Project; and

• • $750,000 in cash upon the announcement by Capricorn of a board decision to commence a commercial mining operation on the Claw Gold Project.

Background on Claw Gold Project

The Claw Gold Project, located approximately 300 kilometres north-northeast of Perth, lies between the townships of Wubin and Paynes Find within the Yalgoo-Singleton Greenstone Belt of the Murchison Province in Western Australia. This region is well-regarded for its significant mineral discoveries. The Yalgoo-Singleton Greenstone Belt spans 190 kilometres and extends in a northnorthwest direction from Mt Gibson to north of Yalgoo town. It hosts notable Volcanogenic Massive Sulphide (VMS) deposits, including the Cu-Pb-Zn-Ag-Au Golden Grove mine, and is also host to significant gold deposits such as Mt Gibson, Deflector, and Karara.

The project covers approximately 398 square kilometres of tenure, covering 33km of largely untested strike that is located contiguous to the south of Capricorn’s MGGP tenure. The project is highly prospective for gold mineralisation, featuring multiple settings conducive to hosting economic gold deposits.

Capricorn has identified seven drill ready target zones for exploration within the Claw Gold Project. This zone is geologically analogous to the main mineralisation of the Mt Gibson deposit, featuring shear zones along a contact of metamorphosed and chlorite-biotite-muscovite altered mafic volcanics.

Capricorn will use a focused approach to fully understand and capitalise on the resource potential of the area. In Q2 Capricorn will commence broad scale geological and regolith mapping, and geochemical sampling to build on the understanding of the currently defined target areas. This work is designed to confirm targets for drilling in the second half of FY26.

Capricorn Executive Chairman Mark Clark commented:

“The acquisition of the Claw Gold Project continues the expansion of Capricorn’s Mt Gibson exploration footprint and adds highly prospective targets very close to the Company’s current Mt Gibson resources. This provides Capricorn with an outstanding exploration opportunity with a view to adding meaningful additional ore sources to the Mt Gibson operation. We look forward to commencing active exploration on the project in 2025.”

This announcement has been authorised for release by the Capricorn Metals board.

For further information, please contact:

Mr Mark Clark Executive Chairman E: enquiries@capmet.com.au

T: +61 8 9212 4600

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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.

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