CAPRICORN METALS LTD — AGM Information 2018

Nov 14, 2018

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Karlawinda Gold Project Presented by: Peter Thompson, Chief Operating Officer AGM November 2018

Disclaimer & Competent Persons Statement

CAUTIONARY STATEMENT – 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.

The Company has concluded it has a reasonable basis for providing the forward looking statements that relate to the Bibra Feasibility Study that are included in this presentation, the details of this study are outlined in an ASX announcement dated 23 October 2017, which has bee prepared in accordance with the JORC code (2012) and ASX Listing Rules.

The Company confirms that all material assumptions underpinning the production target and forecast financial information contained in the Company’s ASX announcement released on 23 October 2017 continue to apply and have not materially changed

COMPETENT PERSON’S STATEMENT

The information in this report that relates to Exploration Results or Mineral Resources is based on information compiled or reviewed by Mr. Michael Martin who is Chief Geologist and a full time employee of the Company. Mr. Michael Martin is a current Member of the Australian Institute of Geoscientists and has sufficient experience, which is relevant to the style of mineralisation and types of deposit under consideration and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Martin consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

The information in this report that relates to Ore Reserves for Bibra is based on information compiled by Mr Daniel Donald. Mr Donald is an employee of Entech Pty Ltd and is a Member of the Australian Institute of Mining and Metallurgy (MAusIMM, #210032). Mr Donald has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity currently being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Donald consents to the inclusion in this report of the matters based on the information in the form and context in which it appears.

LISTING RULE 5.23 DISCLOSURE

Capricorn Metals confirms that it is not aware of any new information or data that materially affects the information included in the previous ASX announcement on Ore Reserves & Mineral Resources dated 29 May 2018 and Metallurgy dated 19 June 2017 and, in the case of estimates of Mineral Resources, Ore Reserves, Plant operating costs and Metallurgy, 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.

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Corporate

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Information	Information
ASX Code	CMM
Shares on issue	747.9m
Share price as at 14th November 2018	$0.059
Market cap as at 14th November 2018	$44.1m
Cash as at 30th September 2018	$2.7m
Total unlisted options	51.8m

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CMM Share Price (12 Months)
$0.10
$0.08
$0.06
$0.04
$0.02
$0.00
Volume
10,000,000
-
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Cor orate p

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Board of Directors
Debra Bakker	Non-Executive Chair	• Project financier with more than 25 years’ experience in the resources industry.
(MAppFin., BBus. (FinAcc), Grad		• Previously senior positions with Commonwealth Bank of Australia, Standard Bank London Group and Barclays Capital
Dip FINSIA, GAICD)		• Currently the Western Australian Representative for Auramet Trading and a non-executive director for Access Housing Australia, Non-executive
		Director of Independence Group
Peter Benjamin	Non-Executive Director	• Geologist with +40 years’ experience in senior exploration, operational and executive management roles in junior and mid-tier resources companies
(B.Sc. (Hons), Grad Dip		• Recently retired as Managing Director of Kalamazoo Resources Limited, with previous roles including General Manager for Geology at Iluka
(Exploration), Dip Bus Admin,		Resources Limited and Managing Director at Shaw River Manganese Ltd
GAICD, MAusIMM, FAIM)
Stuart Pether	Non-Executive Director	• Mining Engineer with +25 years’ experience, COO Sheffield Resources
(BEng)		• Formally Vice President, Project Development with Evolution Mining
		• Previous senior positions with Kula Gold, Catalpa Resources, CBH Resources, PacMin Mining, Dominion Mining and Western Mining Corporation
Geoff Rogers	Non-Executive Director	• Corporate and resources lawyer with +35 years’ experience within Australia and Internationally
(B Juris LLB)		• Previously in-house counsel for Panoramic Resources Limited
		• Formally Corporate and Resources partner at law firm Mallesons Stephen Jaques (now King & Wood Mallesons) for 27 years
Senior Management
Michael Martin	Chief Geologist	• 21 years’ experience as a Geologist in exploration, resource estimation and development and mine geology
(BSc (Hons))		• Senior positions with Pacmin Mining, Sons of Gwalia, Jubilee Mines, Xstrata and Talisman Mining
Brad Ellis	Owners Representative	• Extractive metallurgist with 35 years post graduate experience
(BAppSc (Ext Met), GradDip Applied		• Areas of expertise include representation of the asset Owner in plant design, construction & commissioning; feasibility study preparation &
Finance)		management; design management for mineral processing and hydrometallurgical plants
		• Project development positions with Newcrest, Keegan Resources, LGL Ltd, First Quantum Minerals, Minara Resources and Ivanhoe Mines
Jonathan Shellabear	Chief Financial Officer	• 30 years’ experience as a senior corporate executive and investment banker specialising in the mining sector
(BSc (Hons), MBA)		• Senior investment banking positions with NM Rothschild & Sons, Deutsche Bank and Resource Finance Corporation
		• Former Managing Director of Dominion Mining and Heron Resources
Peter Thompson	Chief Operating Officer	• Geologist with extensive experience in gold, nickel and copper
(BSc (Hons) MSc)		• Previous senior roles with WMC, Anaconda Nickel, Jubilee Mines, St Barbara, Beaconsfield Gold and Central Asia Resources
		• Significant experience in operating and start-up gold operations

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The Opportunity at Karlawinda

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1. 1,765km[2 ] of 100% owned tenure in premier “low risk” mining jurisdiction with proven geological endowment

2. Two large scale gold mineralised systems discovered at Karlawinda to date

3. Impressive Resource & Reserve growth from active exploration programs

5. 1.5Moz Total Mineral Resources[(1)(2)] 130% growth since project acquisition

6. 892,000oz Open Pit Ore Reserve[(3)(4)]

7. Positive Feasibility Study (Nov 2017) ~100,000oz/pa stand-alone gold project

8. Single large, low strip ratio open pit

9. 3Mtpa CIL Processing Plant

4. Project optimisation, key contracts and permitting

• 10% reduction in upfront capital with significant operational improvements

• 25% increase in Reserves since Feasibility Study

• Increased mine life 8.5yrs

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• LOIs for fixed price process plant and accommodation camp construction contracts

• Optimised project gas power solution, ~15% reduction in unit power costs

• All key permits now in place

• (1) Refer to Listing Rule 5.23 Disclosure on page 2. (2) Refer to slide 23 for full details of the Mineral Resources. (3) Refer to Listing Rule 5.23 Disclosure on page 2. (4) Refer to slide 24 for full details of the Ore Reserves.

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Karlawinda, First Class WA Location

Premier mining jurisdiction

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• 60km south east of Newman in Western Australia

• 1,765km[2 ] of 100% owned exploration and mining tenements

• Road access via the Great Northern Hwy

• • Multiple flights per day Perth to Newman

• Mining engineering, suppliers, services

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A Compelling Development Opportunity

De-risked by Feasibility & Optimisation Studies

Feasibility Optimisation Economics (as at June 2018)[(1)]

• 3.0Mtpa plant to produce ~100,000oz pa over an initial 8.5 year mine life

• Project revenue of A$1,408m, pre-tax operating surplus of A$556m

• AISC of A$1,038/oz over LOM (Owner-operator mining)

• NPV(8) (pre tax) of A$243m, IRR 36.4%, ~2.5 year payback

Updated Open Pit Ore Reserve (May 2018)[(2)]

Ore Reserve 27.5Mt @ 1.0 g/t Au for 892,000oz (Proved & Probable)[(3) ]

• Ore Reserve conversion rate 64% at A$1,600/oz

• 25% increase in LOM gold production to 823,000koz

Revised Capital Expenditure Estimate (as at June 2018)[(4)]

Total initial plant and infrastructure capex estimate of $A132m (incl contingency)

• 3.0Mtpa CIP processing plant and Infrastructure A$93.1M – LOI issued for fixed price contract

• • Other Infrastructure A$31.7M

• Indirect Costs A$7.2

Optimisation delivered significantly improved project economics

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(1) Refer to ASX Announcement dated 20 June 2018. (2) Refer to ASX Announcement dated 29 May 2018. (3) Refer to Listing Rule 5.23 Disclosure on page 2. (4) Refer to ASX Announcement dated 20 June 2018.

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Upfront Capital Cost Summary

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Item	October 2017 Feasibility Estimates	May 2018 Optimised Estimates
	(A$)	(A$)
Processing Plant (EPC) (3.7Mtpa oxide/ 3.0Mtpa primary ore) & Infrastructure (Plant buildings and workshops, borefield)	$98.7 m	$88.1 m
Other Infrastructure (TSF, accommodation village, access road, communications)	$33.2 m	$36.7 m
Owners Costs (temporary construction facilities, capital spares, first fills, personnel costs, insurance, establishment costs)	$14.5 m	$7.2 m
Total Estimated Capital Costs (1) (Including Contingency)	$146.3 m	$132.0 m

• Formal tender process completed

• GR Engineering Services (ASX:GNG) appointed contractor under LOI

• Lump sum fixed turnkey price ($93.1m) includes communications, power supply.

• Processing Plant - 24% Reduction on comparable feasibility study cost estimates including A$9.6M in reduction in sustaining capital

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(1) Refer to ASX Announcement dated 20 June 2018.

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Open Pit Mining Bibra Deposit - Large tonnage, low strip ratio

Bibra May 2018 open pit design:

• Improved 4-staged design

• Life of Mine strip ratio 4.8:1

• Favourable geotechnical conditions, HW overall slope ~47[o] , FW ~25[o]

Mining contract tender process completed, LOI awarded to SMS Mining Services

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Bibra 2018 pit design (blue) compared to Feasibility Study pit design (grey)

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Open Pit Mining

Bibra Deposit - Large tonnage, low strip ratio

Optimised pit design and mining schedule significantly enhances project value

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• Additional mine life allows a 4-stage pit design

• Feasibility scheduled “front-end” waste movements to achieve conservative rates of vertical advance, now moved back, “smoothing” material movements

• Costs deferred – improved early cashflow/NPV

• Improved fleet scheduling and sizing – lower costs

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Optimisation Study Quarterly Material Movements

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Metallurgy & Processing

Conventional processing, high recoveries

• Conventional 3Mtpa CIL circuit – New optimised flowsheet

• 3.7Mtpa throughput during oxide/laterite processing

• Single stage crushing

• SAB milling - 4.8MW SAG, 4.8MW Ball

• Large gravity circuit

• 92.1% LOM recovery, with 45% gravity recoveries in primary ore

• Coarse grind size (P80 150μm oxide and 120μm primary)

• Low reagent consumptions

Optimised comminution circuit will reduce operating risk and increase flexibility

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Optimised Flowsheet

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Infrastructure

Conventional West Australian gold project

• Proposed long-term power purchase agreement (BOO).

• Preferred optimised solution

  • Onsite gas-fired power station

  • Fuelled by natural gas from a new lateral off the GGP

• Integrated Waste Landform (IWL) Tailings Storage facility (TSF)

• New 40km access road linking site to Great Northern Highway (along proposed new natural gas pipeline route)

• Borefield - water abundant and excellent quality. Pump testing complete

• Second-hand accommodation camp acquired from FMG (with potential Newman residential option)

• FIFO via Newman airport (60km by road)

Optimised project power solution to provide operating cost savings

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• (BOO) Build Own Operate * (GGP) Goldfields Gas Pipeline

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Optimised Operating Cost Estimates (as at June 2018)

Item	LOM Cost (A$M)	LOM Cost / Tonne (processed) (A$/t)	LOM Cost / Ounce (recovered) (A$/oz)
Mining (Owner Operator)	$389.6	$14.1	$473.1
Processing & Maintenance	$299.0	$10.8	$363.2
General & Admin.	$69.2	$2.5	$84.0
Realisation Costs	$3.2	$0.1	$3.9
Sustaining Capital (incl. closure costs)	$22.0	$0.8	$26.8
	$783.0	$28.3	$951.0
Royalties & Charges	$70.9	$2.6	$86.2
AISC(1)	$853.9	$30.9	$1,037.2

Operating cost improvements and sustaining capital reductions

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Karlawinda Forecast Quarterly AISC (A$) 1800 1600 1400 1200 1000 800 600 400 200 0 $A Gold Price Assumption A$ AISC

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(1) Refer to ASX Announcement dated 20 June 2018.

• ASIC would increase under a Contract Mining Model due to the capital recovery of mining equipment through operating costs.

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Project Financing

Conventional debt and equity Project Financing

• Combination of Debt (55-65%) and Equity (35-45%)

• Debt process to be finalised and completely de-risked prior to equity

• Formal process underway, debt solution imminent

• Preference is for traditional bank project financing

• Prudent gold hedging to underwrite debt facility

• Sensible approach to equity at the “right time”

• Underpinned by supportive long term shareholders

• Ongoing exploration and project optimisation to crystallise value

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Capricorn Orogen - Regional Geology

Karlawinda – A new gold discovery in a premier mining district

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First-mover opportunity in emerging Archaean greenstone belt

• • Analogous with Plutonic Dome (+10Moz)

• Long-lived structural domain, with key major structures

• Operationally and logistically simple exploration, development and production

• Geological understanding to crystallise into further discovery

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Karlawinda Gold Project - Geology Unlocking the potential of a new gold camp

• Proven camp-scale multi million ounce potential, partially obscured by thin 1-10m of sand cover

• New interpreted greenstone area identified from soils sampling & mapping, 2018[(1)]

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• Limited early stage exploration outside the immediate 1.5Moz Bibra Deposit

K3 Prospect, up-plunge projection of Francopan[(2)]

• 26m @ 1.03 g/t Au from 132m

• 27m @ 1.12 g/t Au from 234m

Francopan, wide-spaced drilling, high grade zones[(3)]

• 37m @ 1.9 g/t Au incl. 8m @ 5.1 g/t Au from 179m

• 81m @ 1.2 g/t Au incl. 15m @ 3.0 g/t Au from 400m

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• (1) Refer to ASX Announcement dated 2 November 2018. (2) Refer to ASX Announcement dated 25 July 2018. (3) Refer to ASX Announcement dated 25 July 2016.

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Bibra Mineral Resource and Ore Reserve Growth Successful exploration yielding high value results

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Bibra Southern Corridor 100m

Easky

Tramore

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• Refer to Listing Rule 5.23 Disclosure on page 2.

• Refer to slide 23 for full details of the Mineral Resource.

• Refer to slide 24 for full details of the Ore Reserve.

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Measured & Indicated Mineral Resources - 44.8Mt @ 1.0 g/t 1,375,000oz Inferred Mineral Resources – 6.2Mt @ 0.7g/t 150,000oz Total Mineral Resources – 51Mt @ 0.9g/t 1,525,000oz

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Proved Ore Reserves – 9.6Mt @ 1.1 g/t 337,000oz Probable Ore Reserves – 17.9Mt @ 1.0 g/t 555,000zz Open Pit Ore Reserve – 27.5Mt @ 1.0 g/t 892,000oz

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Resource Growth Target

• 34m @ 1.07 g/t from 41m

• 19m @ 1.63 g/t from 78m

Tramore

• 12m @ 2.54g/t from 129m

• 19m @ 1.51g/t from 119m

• 20m @ 1.20g/t Au from 155m

Potential significant new zone – Oxide potential

• 20m @ 1.00g/t Au from 49m

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•
17m @ 1.27 g/t from 59m
•
14m @ 1.63g/t Au from 184m
•
15m @ 1.37g/t Au from 88m
•
12m@ 1.48g/t Au from 316m
•
18m @ 1.1g/t from 159m
•
11m @ 1.65g/t Au from 220m
600m
Refer to ASX Announcements dated 25 January 2018 and 20 March 2018.
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Bibra Gold Deposit - 1.5Moz and Growing

Continuous, structurally controlled mineralised system

• Major Archaean mineralised system comprising multiple large scale ore zones

• Broad (up to 50m thick) “shoots” developed as low angle mineralised zones

• Multiple trends only partially drill tested

• Shoots are continuous down plunge

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Bibra Gold Deposit -1.5Moz and Growing

Predictable, structurally controlled mineralised system

• Bibra Deposit currently defined over a 2km strike length

• Drilled +800m down-dip and remains open

• Positive deep drilling results (April 2018)

• Mineralisation best developed in large dilational shoots within a shear/fold system

• Biotite, carbonate, magnetite alteration

• Silica, pyrite, gold mineralisation

• Amphibolite facies metamorphic overprint

• Large, high value laterite and oxide zone near surface

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Conceptual Upside

Karlawinda Gold Project - Exploration Target Geological understanding crystallising

• Litho-geochemical studies provide the catalyst for recent breakthroughs in geological interpretation

• Large scale geological concepts tested by government co-funded drilling

• Bibra & Francopan high grade concept

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• Refer to ASX Announcement dated 19 April 2018.

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Appendices:

• Mineral Resource

• Ore Reserve

• Metallurgy & Processing

Mineral Resource – Karlawinda Gold Project

May 2018 upgrade

	BIBRA GOLD DEPOSIT MINERAL RESOURCE ESTIMATE (as of May 2018)	BIBRA GOLD DEPOSIT MINERAL RESOURCE ESTIMATE (as of May 2018)	BIBRA GOLD DEPOSIT MINERAL RESOURCE ESTIMATE (as of May 2018)	BIBRA GOLD DEPOSIT MINERAL RESOURCE ESTIMATE (as of May 2018)	BIBRA GOLD DEPOSIT MINERAL RESOURCE ESTIMATE (as of May 2018)	BIBRA GOLD DEPOSIT MINERAL RESOURCE ESTIMATE (as of May 2018)	BIBRA GOLD DEPOSIT MINERAL RESOURCE ESTIMATE (as of May 2018)	BIBRA GOLD DEPOSIT MINERAL RESOURCE ESTIMATE (as of May 2018)	BIBRA GOLD DEPOSIT MINERAL RESOURCE ESTIMATE (as of May 2018)	BIBRA GOLD DEPOSIT MINERAL RESOURCE ESTIMATE (as of May 2018)	BIBRA GOLD DEPOSIT MINERAL RESOURCE ESTIMATE (as of May 2018)	BIBRA GOLD DEPOSIT MINERAL RESOURCE ESTIMATE (as of May 2018)	BIBRA GOLD DEPOSIT MINERAL RESOURCE ESTIMATE (as of May 2018)
Date		MEASURED			INDICATED			INFERRED			TOTAL
		Tonnes (Mt)	Grade (g/t)	Ounces (koz)	Tonnes (Mt)	Grade (g/t)	Ounces (koz)	Tonnes (Mt)	Grade (g/t)	Ounces (koz)	Tonne s (Mt)	Grade (g/t)	Ounces (Moz)
May 2018		10.64	1.1	365	34.16	0.9	1,010	6.16	0.7	150	50.96	0.9	1.525

BIBRA GOLD DEPOSIT MINERAL RESOURCE ESTIMATE BY DOMAIN (as of May 2018)	BIBRA GOLD DEPOSIT MINERAL RESOURCE ESTIMATE BY DOMAIN (as of May 2018)	BIBRA GOLD DEPOSIT MINERAL RESOURCE ESTIMATE BY DOMAIN (as of May 2018)	BIBRA GOLD DEPOSIT MINERAL RESOURCE ESTIMATE BY DOMAIN (as of May 2018)
DOMAIN	Tonnes(Mt)	Grade(g/t Au)	Ounces(koz)
Laterite	3.1	0.9	88
Oxide – upper saprolite	3.9	0.8	99
Oxide - lower saprolite	4.9	0.8	134
Transitional	5.5	0.8	142
Fresh	33.4	1.0	1,059
TOTAL	50.96	0.9	1,525

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Capricorn Metals Ltd has updated the Mineral Resource Estimate at its 100%owned Karlawinda Gold Project in WA. The new resource has been updated to include a further 14,000m of drilling at Southern Corridor, moving the dominant JORC 2012 resource classification in this area from Inferred to Indicated status. The new May 2018 Resource is now reported using the reserve variable cut off grades of 0.29g/t for Laterite, 0.27g/t for Oxide, 0.31g/t for transitional and 0.36g/t for fresh material. The new cut off grades have been used to ensure the new Reserve sits wholly inside the reported Resource. Previously the resource was reported at a 0.5g/t cut off. Key points from the resource update are listed below:

• 90% of the Resource is now classified in the high confidence Measured and Indicated categories

• A Measured Resource and Indicated Resource totalling 45 million tonnes @ 1.0g/t Au for 1.4 million ounces

• The classification of Southern Corridor resource has been elevated from Inferred to the Indicated classification

• Ounces per vertical metre peak at over 10,000 between 60 and 80m from surface

• For full details of Karlawinda Mineral Resource Estimate refer to ASX Announcement dated 29 May 2018.

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Ore Reserve – Bibra Deposit

May 2018

Deposit		PROVED RESERVES	PROVED RESERVES	PROVED RESERVES	PROBABLE RESERVES	PROBABLE RESERVES	PROBABLE RESERVES	TOTAL RESERVES	TOTAL RESERVES	TOTAL RESERVES
		Tonnes	Grade	Ounces	Tonnes	Grade	Ounces	Tonnes	Grade	Ounces
		('000 t)	(g/t Au)	('000 oz)	('000 t)	(g/t Au)	('000 oz)	('000 t)	(g/t Au)	('000 oz)
Bibrapit		9,603	1.1	337	16,915	1.0	529	26,518	1.0	866
Sth Corridor pit		7.9	0.6	0.2	1,027	0.8	26	1,035	0.8	26
Total		9,611	1.1	337	17,942	1.0	555	27,553	1.0	892

KARLAWINDA ORE RESERVE STATEMENT (A$1600/ounce assumption)

Notes:

• Ore Reserves are a subset of Mineral Resources.

• Ore Reserves reported in conformance with the JORC 2012 Code definitions.

• Ore Reserves are calculated using a gold price of A$1600/ounce.

• Ore Reserves are calculated using a cut-off grade between 0.27g/t and 0.35g/t Au.

• Mining dilution and recovery, estimated by modelling to a Selective Mining Unit (SMU) with dimensions of 5m x 5m x 2.5m, are 5% and 94% respectively.

• All figures are rounded to reflect appropriate levels of confidence which may result in apparent errors of summation.

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• For full details of Karlawinda Ore Reserve Estimate refer to ASX Announcement dated 29 May 2018.

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Metallurgy & Processing

Conventional Processing, High Recoveries

Test	Ore Type	Units	Grade (g/t)	Recovery Testwork	Recovery Testwork
				Scoping Study Recovery (%) (P80 grind size)	FS (June 2017) Recovery (%) (P80 grind size)
Gravity	Laterite Oxide Transition Fresh	% % % %	1.4 1.0 1.0 1.1	- - - 24	< 10 25 45 45
Overall	Laterite Oxide Transition Fresh	% % % %	1.4 1.0 1.0 1.1	92.1 (125 μ) 89.0 (125 μ) 90.0 (125 μ) 91.4 (106 μ)	94.1 (150 μ) 92.8 (150 μ) 91.8 (150 μ) 92.5 (106 μ)*
Average		%	1.09	90.4	92.6

*primary ore subsequently optimised to 120μ with no recovery impact

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Feasibility Comminution Testwork	Feasibility Comminution Testwork	Feasibility Comminution Testwork	Feasibility Comminution Testwork
Test	Ore	Units	Result
SMC (A*b)	Oxide Fresh		89 30
BBWI	Oxide Fresh	kWh/t kWh/t	13.0 14.5
UCS	Fresh	Mpa	54
Abrasion Index	Oxide Fresh	g g	0.07 0.23

Reagent Use	Units	Rate
Cyanide Oxide	kg/t	0.40 - 0.46
Cyanide Primary	kg/t	0.25 – 0.35
Lime Oxide	kg/t	1.60
Lime Primary	kg/t	0.30
Grind Media Oxide	kg/t	0.30 - 0.45
Grind Media Primary	kg/t	1.05
Oxygen	Kg/t	0.10

• For full details of Metallurgy & Processing refer to ASX Announcement dated 19 June 2017.

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“To create superior shareholder value through the discovery, acquisition and development of mineral deposits using industry leading practice.”

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Capricorn Metals Ltd (ASX: CMM ) Level 1, 28 Ord Street West Perth, WA enquiries@capmet.com.au +61 8 9212 4600 www.capmetals.com.au ABN: 84 121 700 105

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