CAPRICORN METALS LTD — AGM Information 2012

Nov 14, 2012

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GENERAL MEETING OF SHAREHOLDERS November 2012

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. Peter Langworthy Geological Consultant to Malagasy Minerals Limited, who is a Member of the Australasian Institute of Mining & Metallurgy and of the Australian Institute of Geoscientists. Mr. Langworthy 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. Langworthy 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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Malagasy Minerals – An Overview

ASX-listed minerals company focused on exploration for world-class ore bodies in Madagascar:

Madagascar has a high mineral endowment: but little systematic modern exploration Pro-mining environment

Number of major resource projects currently under development

Consolidated and focused exploration portfolio in southern Madagascar targeting:

Graphite (Vanadium) deposits: both on a 100% MGY basis and through joint venture with Canadian exploration company Energizer Resources Inc. (MGY 25%).

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Large, high-value nickel-copper-PGM deposits associated with mafic-ultramafic intrusive rocks High-grade Volcanic Hosted Massive Sulphide Deposits (Copper-Gold)

Strategic review of projects and management completed: Projects confirmed to have significant potential

Concerted programs of exploration planned for remainder of 2012 and 2013 Strategic infrastructure base in Madagascar considered critical to success

Appointment of Exploration Management Consultants, OMNI GeoX to manage projects.

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Listing ASX (July 2008) ASX Code MGY

Ordinary Shares

156,562,504

Unlisted Options 9,003,600 Market Capitalisation (@ 5c) $7,800,000 Cash @ 30 September 2012 $1.4 million Investments (Energizer Resources Inc.) $2.6 million

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Max Cozjin Gu LeClezio y Dr. Peter Woods Graeme Boden Natasha Forde Jean-Luc Mar uetoux q OMNI GeoX

Chairman Non-Executive Director Non-Executive Director CFO / Com an Secretar p y y Com an Secretar p y y Countr Mana er - Mada ascar y g g Ex loration Mana ement Consultants p g

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SOUTHERN MADAGASCAR PROJECT

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Large scale exploration opportunity

100 km strike of major crustal fault zone

Multi-commodity; Ni-Cu-PGM, Graphite, Cu-Au Exploration targeting high-grade, high-quality, low-cost style deposits

Leveraged to first mover graphite opportunity through discovery of Molo Deposit by Energizer Resources Inc.

Royalty stream from Labradorite quarrying operations

Head Office & support base in Antananarivo generates rental income from 3rd Parties

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MALAGASY GRAPHITE JOINT VENTURE PROJECT

Canadian exploration company Energizer Resource Inc. (“EGZ”) purchased a 75% interest for US$2.25m cash and 7.5m shares Interest applies to industrial minerals and vanadium Malagasy retains a 25% free carried interest until completion of a bankable feasibility study Malagasy retains 100% rights to all base & precious metals Major target – Molo Graphite Deposit

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MOLO GRAPHITE DEPOSIT

Molo Deposit confirmed as a large-scale, world-class graphite deposit:

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Outcropping with simple fold geometry 2km x up to 500m x drilled depth to 300m

High grade and internally consistent

Large flake size (+50um); crush/screen to 93%C

Diamond drilling (47 holes) and trenching (8) completed during 2012 field season. Results include: 101 metres @ 8.13%C 219 metres @ 7.02%C 246 metres @ 8.19%

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Energizer completing NI 43-101 resource evaluation report by December 2012

DRA Mineral Projects (S.A.) to fast track the Preliminary Economic Assessment (PEA) Report

Initiation of pilot plant testwork by Mintek, S.A.

MOLO GRAPHITE DEPOSIT

Molo Deposit confirmed as a large-scale, world-class graphite deposit:

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Outcropping with simple fold geometry 2km x up to 500m x drilled depth to 300m

High grade and internally consistent

Large flake size (+50um); crush/screen to 93%C

Diamond drilling (47 holes) and trenching (8) completed during 2012 field season. Results include: 101 metres @ 8.13%C 219 metres @ 7.02%C 246 metres @ 8.19%C

Energizer completing NI 43-101 resource evaluation report by December 2012

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DRA Mineral Projects (S.A.) to fast track the Preliminary Economic Assessment (PEA)Report

Initiation of pilot plant testwork by Mintek, S.A.

AMPANIHY GRAPHITE PROJECT (100% MGY)

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Major zones of graphite schist identified in 100%owned Malagasy tenements

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Ianapera Prospect
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Targeting high-grade (+10%C), thick (>50 metres), near-surface deposits jumbo flake graphite deposits

3 key target zones identified by rock chip sampling*:

Ianapera Prospect

44.5%C, 27.4%C, 23.9%C, 18.9%C

Fotadrevo Prospect

13.1%C, 12.1%C, 7.4%C

Maniry Prospect

50.8%C, 28.1%C, 24.9%C, 23%C

*Note:

Rock chip sample results reported in September 2012 Quarterly Report.

Samples are grab samples taken from obvious outcrops of graphite schist. No size parameters can be inferred from these results.

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Fotadrevo Prospect
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Maniry Prospect
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IANAPERA GRAPHITE PROSPECT (100% MGY) Major zones of graphite schist identified in 100%owned Malagasy tenements Spatial association with Anorthosite intrusions and potential for significant zones of thickening through folding

Prospect mapping and systematic sampling programs underway Close proximity to Molo Graphite Deposit

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AMPANIHY NICKEL-COPPER PROJECT (100% MGY)

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Key focus of Greenfields exploration in 2013

Recent review supports prospectivity for large-scale maficultramafic intrusive related Ni-Cu-PGM Deposits (“Voisey’s Bay Type”)

Key parameters include:

Large scale tectonic “suture zone” – MGY tenements cover 100km strike length.

Presence of a suite of Anorthosite intrusions infer that a large scale crustal to mantle scale magmatic event has taken place Mafic and ultramafic intrusive rocks containing in some cases low levels of nickel and copper sulphide mineralisation have been mapped

Significant amounts of low-tenor magmatic sulphides have been intersected in drilling by MGY

Immediate focus of exploration:

Evaluation and collection of 2[nd] Phase geochemical data Collection of additional geophysical data

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VOHIBORY COPPER-GOLD PROJECT (100% MGY)

12km strike of prospective felsic-mafic with strong levels of mineralisation identified:

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• 9.33% Cu, 8.33g/t Au; 23.5g/t Ag (grab sample from old workings)

Anomalous values in limited wide spaced drilling

Extensive geochemical anomalism along target zone 2013 exploration will include:

• 2[nd] stage geochemical sampling and evaluation

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Electromagnetic surveys

Mapping

Red Cat Option agreement extended with additional cash payments

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Red Cat Option
Ground
Targeted VMS
Horizon
Targeted VMS
Horizon
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Major exploration holdings in highly prospective area of Southern Madagascar. Targeting world-class mineral deposits in a pro-mining jurisdiction: Nickel-copper-PGM deposits (100%) VMS copper-gold deposits (100%) Graphite (100% and joint venture)

Graphite joint venture with Energizer Resources Inc. exposes Malagasy to a world-class project with potential to be fast tracked through a bankable feasibility study

Strategic infrastructure and key personnel (local Malagasy staff) well established “In-Country”. Local funding of majority of local costs.

2012 programs of exploration currently being concluded; mainly focused on graphite exploration. 2013 programs planned for 2013 field season.

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Thank You

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