CAPRICORN METALS LTD — AGM Information 2011

Nov 20, 2011

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ASX Code: MGY

Annual General Meeting November 2011

Disclaimer and Competent Person’s statement

Disclaimer

• This presentation is provided to you for the sole purpose of providing preliminary back ground technical, financial and other information to enable you to review the business activities of Malagasy Minerals Limited (“Malagasy”). The material provided to you does not constitute an invitation, solicitation, recommendation or an offer to purchase or subscribe for securities. The information in this presentation will be subject to completion, verification and amendment, and should not be relied upon as a complete and accurate representation of any matters that a potential investor should consider in evaluating Malagasy. This presentation may contain “forward looking statements”, which are made in good faith and are believed to have reasonable basis. However, such forward looking statements are subject to risks, uncertainties and other factors, which could cause the actual results to differ materially from future results expressed, projected or implied by those statements.

Competent Person’s Statement

• The information in this presentation that relates to MGY Exploration Results is based on information compiled, reviewed or prepared by Mr. Fergus Jockel , Exploration Manager for Malagasy Minerals Limited, who is a Member of the Australasian Institute of Mining & Metallurgy and of the Australian Institute of Geoscientists. Mr. Jockel has sufficient experience, which is relevant to the style of mineralization and type of deposits under consideration and to the activities undertaken, to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (the JORC Code). Mr. Jockel consents to the inclusion in this presentation of the matters based on this information, in the form and context in which they appear.

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Introduction

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ASX-listed minerals company with high-potential portfolio in Madagascar: Pro-mining environment currently attracting investment from several majors Drilling and exploring at three key 100%-owned projects in 2011:

Indications of a world-class Vanadium project and a potential significant JV partner (Energizer Resources Inc – TSX-V:EGZ). JV HOA executed for US$2.25M cash plus 7.5M EGZ shares Copper-gold-silver mineralisation

Magmatic sulphide Nickel-Copper-PGM

Industrial minerals potential, e.g., graphite being investigated

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Exploration has continued throughout 2011 from start of field season (May) Well placed to secure new mineral opportunities in Madagascar

Income stream from royalties on Labradorite quarrying and rental income on logistics base:

Covers all in-country overheads

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Listing: Issued capital (Current) 156,562,504 shares Current Market Cap (@ 3.6c) $5.6 million Board and Management Max Cozijn Chairman Guy LeClezio Non-Executive Director Dr Peter Woods Non-Executive Director Fergus Jockel Exploration Manager

ASX (July 2008) – Ticker: MGY 156,562,504 shares $5.6 million

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Nickel:

• $US3.0B Ambatovy Nickel-Cobalt project (Sherritt) – starting production 2012 – 60,000tpa Ni & 5,600tpa Co

Mineral Sands:

• US$1.5B Fort Dauphin HM Project - Rio Tinto – in production since 2009

Coal:

Sakoa Coal Project (PTT-Asia & ATM) – 60,000m drilling completed – up to 1.0Bt resource

Petroleum:

• US$4.0B Bemolanga Tar Sands (Total)

• Vanadium:

Energizer’s Green Giant Project – NI43-101 (Jan 2011) Resource: 59.2 Mt @ 0.683% V2O5 (Indicated & Inferred )

Infrastructure:

• Soalara Port Facility - plus planned rail link south of Toliara 10,000km of roads and rail repaired, telephony and fibre optic network upgrades underway

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9 Hours
BemolangaBemolanga
AmbatovyAmbatovy
SakoaSakoa
Green Green Fort Fort
SoalaraSoalara GiantGiant DauphinDauphin
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Mineral Assets:

Fotadrevo

Vanadium (Oxide) Vohibory Copper-Gold-Silver (Oxide & Sulphide) Ampanihy Nickel-Copper-PGM (Sulphide) Industrial Minerals, e.g. Graphite Strategic Assets: (A$600Kpa revenue) Royalty stream from Labradorite quarrying operations Head Office & support base in Antananarivo generates rental income from 3[rd] Parties

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Fotadrevo:

• Potential large-scale vanadium project

• Adjacent/contiguous along strike from (NI43-101) resource: 59.2 MT @ 0.683% V2O5 (Indicated & Inferred ) – metallurgical testing: 82% metal recovery (Energizer Resources Inc)

• 2011: Soil sampling indicates 10km vanadium anomalous zone confirmed within MGY tenements.

• 2011 : Highly anomalous Ni-in-soil values up to 2,000ppm. 2011 : Energizer Resources Inc seek JV with Malagasy due to its vanadium potential.

Vohibory:

• Pegmatite-hosted copper-silver-gold prospects(s).

• Oxide Cu-Ag mineralisation in Karoo sediments

• 2009-2011 : Strong surface copper-silver-gold, with surface samples up to 28% Cu, 206g/t Ag & 8.3g/t Au.

• 2010/11: New 1.2km Au-Ag-Cu zone identified: up to 8.3g/t Au; 23.5g/t Ag & 9.3% Cu

• 2011 : Drill testing of new zones of mineralisation in progress.

Ampanihy:

2010 Drilling : Massive sulphides intersected in drilling at Ianapera Sector

• 2011: Other areas now under evaluation.

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New Cu-Ag-Au
Zone - 1.2 kms Massive Sulphides
Intersected Ni-Cu-
PGM potential
New Au-in soils anomaly
Graphite
Occurrence
Vanadium Potential
Anomalous Ni-in-soils
New Applications for
Ni-Cu-PGM potential
Potential Ni-Cu-PGM
mineralisation
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Targeting large-scale Vanadium Oxide (V2O5) Mineralisation

• Along strike from Energizer’s advanced ‘Green Giant’ vanadium project.

• 2011 : ( EGZ ) NI43-101 Resource 59.2MT @ 0.683% V2O5 – 82% metallurgical recovery

2011: Soil geochemical sampling covering 10 kms of strike with assays up to:

6244ppm (~0.62%) Vanadium 2096ppm Nickel

Immediate trenching targets

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Energizer’s
Ground
Vanadium-in-soil
anomalism in
excess of 10 kms
of strike
Area of Nickel-in-
soil anomalism
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JV HOA executed with EGZ for US$2.25m cash plus 7.5m EGZ shares for Industrial minerals and vanadium over 40% of our ground. MGY retains rights to all other minerals & free carried to 25% BFS

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- - Copper Silver Gold Potential

New 1.2km Au-Ag-Cu zone in felsic-mafic contact zone adjacent to pegmatite:

• 8.33g/t Au; 23.5g/t Ag; 9.33% Cu

• in Historical Workings

New Au-in-soil anomalous zone with nearby minor artisanal activity in underlying schists

Cu-Ag anomalism in Karoo-aged sediments Drilling: started May 2011 & continuing to the end of field season (Dec)

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New Cu-Ag-Au Zone
- 1.2 kms strike with
assays up to 8.33g/t
Au, 23.5g/t Ag &
9.33% Cu
Cu-Ag
anomalism in old
workings in
Karoo rocks
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Au-in-soil
anomalism
and minor
artisanal
workings
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- - Ni Cu PGM Potential

Large system with potential for Nickel-Copper-PGM deposits

• Multiple anorthosite bodies associated with maficultramafic (‘U-M’) greenstone sequences

• 50km major regional suture zone – exploration underway

2010: Ianapera massive sulphide gossans

• Massive and Disseminated sulphides (pyrrhotite & lesser pyrite) intersected in drilling

• Additional areas identified at Maniry to the south.

• New ground applied for (Manambahy & Volovolo)

2011: Testing other U-M targets for Ni-Cu

• Knowledge gained from 2010 drilling

• Surface geochemistry (Soil/Stream Sediment)

• Re-evaluating all remote sensing data has led to potential new Ni zones at Ianapera.

• Industrial minerals potential

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A B
C
D
A – Nickel gossan
B – Massive pyrrhotite
(sulphide) in drill core
C – Core tray from IPC007
with >20% pyrrhotite.
D – Potential chalcedonic
nickel gossan located in
2011 field season
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100%-ownership of 3 exciting mineral projects Pipeline of targets generated during 2010 field season Active 2011 field season underway – commenced May 2011 Major Vanadium targets identified along strike from defined V2O5 resources at Fotadrevo JV HOA with Energizer highlights value of Fotadrevo Vanadium project New 1.2km Au-Ag-Cu zone identified at Vohibory Testing additional ultramafic zones after drilling massive sulphides in 2010 at Ampanihy (Ianapera)

Continuing 3[rd] -party Rental and Labradorite royalty income – local operational overheads covered

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Thank You
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