CAPRICORN METALS LTD - Investor Presentation 2016

ASX Code: CMM

KARLAWINDA GOLD PROJECT Resources Rising Stars Conference 24-25[th] May 2016

ABN
841
21
700
105

www.capmetals.com.au

Disclaimer & Competent Person Statement

This presentation contains only a brief overview of Capricorn Metals Limited and its associated entities (“CAPRICORN or CML") and their respective activities and operations. The contents of this presentation, including matters relating to the geology of CML’ projects, may rely on various assumptions and subjective interpretations which it is not possible to detail in this presentation and which have not been subject to any independent verification.

This presentation contains a number of forward-looking statements. Known and unknown risks and uncertainties, and factors outside of CML’ control, may cause the actual results, performance and achievements of CML to differ materially from those expressed or implied in this presentation. To the maximum extent permitted by law, CML does not warrant the accuracy, currency or completeness of the information in this presentation, nor the future performance of CML, and will not be responsible for any loss or damage arising from the use of the information. The information contained in this presentation is not a substitute for detailed investigation or analysis of any particular issue. Current and potential investors and shareholders should seek independent advice before making any investment decision in regard to CML or its activities.

The information in this presentation that relates to Mineral Resources is extracted from the Mineral Resource and Ore Reserve Statement released to the Australian Securities Exchange (ASX) on 25 October 2013 by IGO (Independence Group) and for which Competent Person’s consents were obtained. The Competent Person’s consents remain in place for subsequent releases by the Company of the same information in the same form and context, until the consent is withdrawn or replaced by a subsequent report and accompanying consent.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original ASX announcement released on 25 October 2013 and, in the case of estimates or Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the original ASX announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original ASX announcement.

ASX announcements are available on the Company’s website at www.capmetals.com.au

Sole Focus on WA Gold

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COMPANY SNAPSHOT

Karlawinda Gold Project is the single focus 650,000oz JORC compliant inferred resource at Bibra Clear, accelerated route to 2018 production $12m spent on scoping study activities Potential for camp-scale exploration success Assets in Madagascar being divested Strong cornerstone support from Regis Resources (9%) Building a simple and highly profitable gold company

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Corporate Overview

	Corporate Informa3on				Board of Directors
ASX Code Shares on Issue Share Price as at	19 May 2016	CMM 487m 12..5c	Guy Le Clezio Peter Thompson		Non-Execu;ve Chairman (World Titanium Resources / Eyres Reed) Managing Director (St Barbara / Jubilee / Anaconda)
Market Capitalisa;on as at 19 May 2016 Cash as at 30 March 2016 Unlisted op;ons		$61m $13m 18.8m	Heath Hellewell Peter Langworthy		Non-Execu;ve Director (Doray / IGO / Resolute) Technical Director (Jubilee / WMC / Pacmin)
	6 Month Share Price		Shareholding Post $12.6m Placement
$0.000 $0.050 $0.100 $0.150 $0.200 Nov 2015 Dec 2015	Jan 2016 Feb 2016 Mar 2016	Apr 2016 May 2016	44%	9% 15% 20% Regis Resources 9% Escrowed - Centrepeak 15% Escrowed - Other Greenmount 20% Ins;tu;onal 12%
Source: IRESS			12%		Free Float 44%

Karlawinda Gold Project

Major Growth Project

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New gold province

Unexplored Archaean Greenstone Belt Gold first discovered in 2005 (WMC) Large “Camp-Scale” exploration potential

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Advanced resource status

Bibra Gold Deposit:

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Defined 650,000oz JORC inferred resource $12m spent by Independence Group (IGO) Resource and exploration drilling Metallurgy

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Mining and engineering studies Mining Lease pegged; application underway

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120°0'0"E 122°0'0"E
Telfer Group
NULLAGINE
3
AUSKI
3
NEWMAN JIGALONG MISSION
Sylvania Dome 3 3
Karlawinda Project
Plutonic Group 0 50
PEAK HILL Kilometers [¯]
3
120°0'0"E 122°0'0"E
22°0'0"S 22°0'0"S
24°0'0"S 24°0'0"S
----- End of picture text -----

Karlawinda Gold Project Major Growth Project

Resource growth

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9,642m RC drilling program (47 holes) by CMM Mineralisation in every hole Strong results first 37 holes reported Matching anticipated widths and grades New zones identified Major opportunity to increase resources Updated resource by June 2016 Reviewing and building on Scoping Study

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Karlawinda Gold Project

Major Growth Project

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Strategic Operational Advantages

60km from premier WA mining centre

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Major infrastructure

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Sealed roads, airport (daily flights), mining services

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Single Native Title Claimant Group

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Low CAPEX environment

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Commercial

Residual payment: $1.5m due August 2016 (IGO)

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Royalty: 2% Net Smelter Royalty (South32)

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Claw-back right: >5Moz gold and/or 120kt nickel

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Buy back 70% interest at 3x costs (BHPB)

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120°0'0"E 122°0'0"E
Telfer Group
NULLAGINE
3
AUSKI
3
Geology
map
showing
Pilbara
Gold
deposits
and
plutonic
NEWMAN JIGALONG MISSION
Sylvania Dome 3 3
Karlawinda Project
Plutonic Group 0 50
PEAK HILL Kilometers [¯]
3
120°0'0"E 122°0'0"E
22°0'0"S 22°0'0"S
24°0'0"S 24°0'0"S
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Karlawinda Gold Project Major Growth Project

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Exploration

Near mine expansion opportunities Dedicated budget – targeting new deposits Large-scale, high-grade potential

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Funding Recent $12.6 million placement Cash $13m Ongoing sale of assets in Madagascar Funding to end of Feasibility Study

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Bibra Gold Deposit Quality, large-scale open pit opportunity

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JORC Compliant Inferred Resource:

18 million tonnes @ 1.1g/t Au for 650,880oz

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“Virgin” resource with no legacy issues Mineralisation starts near surface:

Laterite and oxide resource at surface

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Shallow dipping geometry

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Low stripping ratio (4:1)

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Thick, continuous, tabular gold mineralisation Development of hanging wall lode structures High ounces per vertical metre CIL processing:

Metallurgical testwork: free milling / good recoveries Opportunity for major resource growth!

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Bibra Gold Deposit Quality, large-scale open pit opportunity

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JORC Compliant Inferred Resource*

18mt @ 1.1g/t Au for 650,880oz gold to a depth of 230m 240,300oz of near surface laterite and saprolite resource (top 65 metres) Resource lies within much larger mineralised envelope Early drilling sets basis for a significantly expanded in-pit resource

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Mineralisa3on Type	Tonnes (Mt)	Au (g/t) Cut	Ounces	Resource Es3ma3on based on:
Laterite	2.1	1.2	82,900	43 diamond drill holes: 5,373 metres
Upper Saprolite	0.8	0.9	21,700	266 RC drill holes: 42,564 metres
Lower Saprolite	2.3	1.2	88,900	Drill spacing: Inferred boundary 50 x 50 metres
Transi;onal	1.3	1.1	46,800	Top cut: 10g/t laterite / 16g/t main ore body
Sub Total	6.5	1.1	240,300	Lower cut: 0.5g/t
Fresh	11.5	1.1	410,500	Pit Constraint: A$1600/oz op;mal pit shell
Total Inferred	18.0	1.1	650,800	Review and audit: Op;ro

See
ASX
announcement
dated
6[th] October
2015
for
JORC
Table
1
details
and
drilling
details**

Bibra Resource – New drilling

Recently
announced
drilling
results: (see
ASX
announcements:
13[th] and
22[nd] April
2016) KBRC
285: 9
metres
@
5.10g/t
Au from
169m 21
metres
@
1.33g/t
Au from
190m KBRC
284: 12
metres
@
1.00g/t
Au from
162m 13
metres
@
1.02g/t
Au from
176m KBRC
286: 15
metres
@
1.07g/t
Au from
203m KBRC
290: 19
metres
@
1.37g/t
Au from
200m 9
metres
@
3.32
g/t
Au from
126m KBRC
294: 23
metres
@
1.13g/t
Au from
160m KBRC
295: 6
metres
@
1.36g/t
Au from
111m 14
metres
@
0.66g/t
Au from
167m 17
metres
@
1.14g/t
Au from
183m KBRC
296: 5
metres
@
3.71g/t
Au from
89m 16
metres
@
0.87g/t
Au from
138m 19
metres
@
1.35g/t
Au from
160 KBRC
297: 10
metres
@
1.09g/t
Au from
160m 22
metres
@
1.58g/t
Au from
171m

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Bibra Resource – New drilling

**Recently

announced
drilling
results:**

KBRC
299: 18
metres
@
1.10g/t
Au from
129m 3
metres
@
1.33g/t
Au from
163m KBRC
300: 11
metres
@
1.12g/t
Au from
152m 2
metres
@
7.45g/t
Au from
177m KBRC
305: 18
metres
@
1.06g/t
Au from
133m KBRC
306: 15
metres
@
1.01g/t
Au from
146m KBRC
307: 16
metres
@
1.15g/t
Au from
157m KBRC
311: 24
metres
@
1.01g/t
Au from

52m KBRC
315: 11
metres
@
1.21g/t
Au from
212m KBRC
317: 23
metres
@
1.08g/t
Au from
213m KBRC
319: 12
metres
@
1.64g/t
Au from
206m KBRC
320: 18
metres
@
1.01g/t
Au from
183m*

(see
ASX
announcement:
13[th] May
2016)

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Bibra Resource – Hanging Wall Lodes

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Bibra Resource Three main resource domains

Current Inferred Resource

18,000,000 @ 1.1g/t Au for 650,800oz

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Defined by RC and diamond drilling – typically 50 x 50m Optimised pit utilises non-classified mineral envelope ONLY inferred resource within the pit reported Resource size within the pit limited by drilling Infill drilling required to classify as Measured & Indicated Down-dip resource expansion opportunity

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Inferred
resource
Op3mised
open
pit
outline
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Bibra Resource Three main resource domains

Domain (1): Laterite and saprolite (oxide): 6,500,000 @ 1.1g/t Au for 240,300oz

Over 1000m long and up to 500m wide From surface to a depth of approximately 65m Well defined by aircore and RC drilling Infill drilling required to classify as Measured and Indicated

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Bibra Resource

Three main resource domains

Domains (2 & 3): Main & Hanging Wall Lodes (fresh)

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11,500,000 @ 1.1g/t Au for 410,000oz

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MAIN LODES

Resource currently defined over 700m of strike length and approximately 400m down dip

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Completed 47 hole (9,642m) RC drilling program aimed at extending resource up to 300m further down dip and with potential to extend to the south Mineralisation remains open with higher grade targets defined

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Potential to expand open pit to the west

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New
drilling
(CMM)

Bibra Resource

Three main resource domains

Domains (2 & 3): Main & Hanging Wall Lodes (fresh)

11,500,000 @ 1.1g/t Au for 410,500oz

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MAIN LODES

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Resource currently defined over 700m of strike length and approximately 400m down dip

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Completed 47 hole (9,642m) RC drilling program aimed at extending resource up to 300m further down dip and with potential to extend to the south

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Mineralisation remains open with higher grade targets defined

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Potential to expand open pit to the west

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Bibra Resource

Three main resource domains

Domains (2 & 3): Main & Hanging Wall Lodes (fresh) 11,500,000 @ 1.1g/t Au for 410,000oz

HANGING WALL LODES

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Resource currently defined over 500m of strike length and approximately 400m down dip

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Current RC drilling program has intersected the Hanging Wall zone at least 150 metres north of the resource boundary:

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KBRC 285: 9 metres @ 5.10g/t Au KBRC 296: 5 metres @ 3.71g/t Au Mineralisation remains open with higher grade targets defined Potential to expand open pit to the west

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Bibra Resource

Three main resource domains

Domains (2 & 3): Main & Hanging Wall Lodes (fresh) 11,500,000 @ 1.1g/t Au for 410,000oz

HANGING WALL LODES

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Resource currently defined over 500m of strike length and approximately 400m down dip

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Current RC drilling program has intersected the Hanging Wall zone at least 150 metres north of the resource boundary:

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9 metres @ 5.10g/t Au

KBRC 285:

KBRC 296: 5 metres @ 3.71g/t Au

Mineralisation remains open with higher grade targets defined

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Potential to expand open pit to the west

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Scoping Study to Feasibility Study

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Quality Scoping Study activities well advanced

Results reported end-July 2016

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Approximately $12m spent historically Current work updates and expands Industry recognised consultants

Resource estimation and audit

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Mining studies

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Metallurgy

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Geotechnical

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Process plant design

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Hydrology

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Archaeological and ethnographic

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Environment

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Transition into Feasibility Study Funding in place for both scoping and feasibility study

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Exploration Near Pit and Regional

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NEAR TERM UPSIDE! IS THIS A NEW GOLD PROVINCE ?

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Exploration Near Pit and Regional

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Simple, consolidated, low-cost tenement package
Large areas of Archaean greenstone under cover:
Shallow recent transported sediments

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Bangemall Basin

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Comprehensive database for drill targeting: 36,000m aircore drilling
Numerous high priority prospects: Bibra extensions
Francopan Prospect

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K3 Prospect

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NEWMAN JIGALONG MISSION
Sylvania Dome 3 3
Karlawinda Project
24°0'0"S 24°0'0"S
----- End of picture text -----

Exploration Near Pit and Regional

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Large-scale exploration potential within 8km of Bibra

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At least 13km of prospective geology

Demonstrated endowment across the project area
Excellent, but still limited database
Wide spaced aircore drilling

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Area largely under transported cover

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Understanding the data
Old saying: “There is a mine hidden in your data”

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Systematic, effective exploration to run in parallel to the ongoing resource work at Bibra

Exploration Near Pit and Regional

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Bibra Satellite Targets

Current focus on the immediate west of Bibra Early drilling targets

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“T2” Target Potential next “stacked lode” KBRC377: 8 metres @ 1.15g/t Au KBRC150: 17 metres @ 1.00g/t Au KBRC160: 12 metres @ 1.02g/t Au

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Exploration Near Pit and Regional

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Bibra Satellite Targets Current focus on the immediate west of Bibra Early drilling targets “T2” Target Potential next “stacked lode” KBRC377: 8 metres @ 1.15g/t Au KBRC150: 17 metres @ 1.00g/t Au KBRC160: 12 metres @ 1.02g/t Au

Exploration Near Pit and Regional

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Bibra Satellite Targets

Current focus on the immediate west of Bibra Early drilling targets

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“T1” Target KBRC019: 12 metres @ 1.5g/t Au Untested near surface along strike

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Exploration Near Pit and Regional

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Bibra Satellite Targets

Current focus on the immediate west of Bibra

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Early drilling targets

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“T1” Target

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KBRC019: 12 metres @ 1.5g/t Au Untested near surface along strike

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Exploration Near Pit and Regional

Bibra Satellite Targets

Southern Extension ~1.5km of Bibra stratigraphy south of the resource

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Limited drilling has intersected gold in most holes

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KBRC056: 11 metres @ 1.0g/t Au KBRC040: 6 metres @ 3.5g/t Au KBRC280D: 5 metres @ 3.5g/t Au

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Exploration Near Pit and Regional

Regional Targets

B1 Trend 8km extension of the Bibra stratigraphy Wide spaced, shallow aircore drilling

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Area largely under transported cover Numerous significant results in fresh rock and regolith

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Results include:

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KBAC1135 2 metres @ 2.75g/t Au KBAC1036 6 metres @ 2.40g/t Au KBAC0958 5 metres @ 3.55g/t Au KBD035 5 metres @ 2.34g/t Au KBAC0199 4 metres @ 2.32g/t Au

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Exploration Near Pit and Regional

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Regional Targets

Francopan-K3 Prospects Confirmation: large-scale Archaean gold system! Gold mineralisation intersected over 5km! Major fault zone Limited drilling Bangemall cover sequence Results include:

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KBD025: 81m @ 1.2g/t Au. Includes: 7m @ 3.5g/t Au (1m @ 20.3g/t Au) 15m @ 3.0g/t Au 6m @ 3.1g/t Au

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KBD009: 33m @ 1.0g/t Au. Includes: 6m @ 4.5g/t Au (1m @ 18.3g/t Au) KBD001: 37m @ 1.9g/t Au 8m @ 5.1g/t Au (1m @ 21.8g/t Au)

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Summary – 8 reasons to invest in CMM

Rapid pathway to gold production Ore body is simple and predictable Pipeline of positive news flow Resource upgrade – June 2016 Rapid completion of Scoping Study then moving into Feasibility Study

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Excellent leverage to Australian gold price Massive potential for new discoveries in 2016-17 Follow the money (look at our share register)

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AI assistant

CAPRICORN METALS LTD — Investor Presentation 2016

64670_rns_2016-05-23_ed94b622-b2a0-4829-b56f-dd017cdaa06b.pdf

Disclaimer & Competent Person Statement

Sole Focus on WA Gold

COMPANY SNAPSHOT

Corporate Overview

Karlawinda Gold Project

Major Growth Project

New gold province

Advanced resource status

Karlawinda Gold Project Major Growth Project

Resource growth

Karlawinda Gold Project

Major Growth Project

Strategic Operational Advantages

Commercial

Karlawinda Gold Project Major Growth Project

Exploration

Bibra Gold Deposit Quality, large-scale open pit opportunity

Bibra Gold Deposit Quality, large-scale open pit opportunity

JORC Compliant Inferred Resource*

Bibra Resource – New drilling

Bibra Resource – New drilling

**Recently

Bibra Resource – Hanging Wall Lodes

Bibra Resource Three main resource domains

Current Inferred Resource

Bibra Resource Three main resource domains

Bibra Resource

Three main resource domains

Domains (2 & 3): Main & Hanging Wall Lodes (fresh)

MAIN LODES

Bibra Resource

Three main resource domains

Bibra Resource

Three main resource domains

Bibra Resource

Three main resource domains

Scoping Study to Feasibility Study

Exploration Near Pit and Regional

Exploration Near Pit and Regional

Exploration Near Pit and Regional

Exploration Near Pit and Regional

Bibra Satellite Targets

Exploration Near Pit and Regional

Exploration Near Pit and Regional

Bibra Satellite Targets

Exploration Near Pit and Regional

Bibra Satellite Targets

Exploration Near Pit and Regional

Bibra Satellite Targets

Exploration Near Pit and Regional

Regional Targets

Exploration Near Pit and Regional

Regional Targets

Summary – 8 reasons to invest in CMM

More from CAPRICORN METALS LTD

CAPRICORN METALS LTD Investor Presentation 2016