Summary

Mine Type	Open Pit
Study Completed	Prefeasibility
Stage	Permitting
Commodities	Gold
Mining Method	Truck & Shovel / Loader
Mine Life	...
Snapshot	The updated pre-feasibility study, completed in November 2024, reaffirmed Mt Gibson Gold Project (MGGP) as a large-scale project. In November 2025, an updated Mineral Resource Estimate included a maiden underground resource, reinforcing the Company’s view that MGGP will evolve into a long-life operation combining open pit and underground mining. The Orion South Underground Mining Conceptual Study presents an early assessment of the potential for underground mining below the Orion South ore reserve open pit design at the MGGP. The positive results of the Study have led Capricorn to initiate a Pre-Feasibility Study to assess concurrent underground and open-pit development at Mt Gibson, with a view to expediting this organic growth opportunity. At the end 2025, progress continues to be made on development and permitting for MGGP in parallel with continued exploration and resource extension drilling.
Latest News	Capricorn Metals: Resource increase at Mt Gibson     November 11, 2025

Deposit type

• VMS
• Laterite

Summary:

The Mt Gibson Gold Project (MGGP) tenements are located at the southern extremity of the Retaliation Greenstone Belt, in the SW portion of the Yalgoo-Singleton Greenstone Belt in the Murchison Province of the Yilgarn Craton. The tenements are mostly covered by a veneer of alluvial quartz sands and laterite gravels, with sporadic greenstone subcrop and outcrop, increasingly exposed in the north of the project area. The mineralised laterite gravels are situated slightly down-slope from the lode deposits on the Gibson trend. Regionally, the greenstone belt has been metamorphosed to middle amphibolite facies and hosts a number of Au-Cu deposits and prospects, including Golden Grove, 90km to the northwest of Mt. Gibson.

The lode style mineralisation at Mt. Gibson is predominantly hosted by three main trends:
The Gibson Trend
The majority of the known and mined mineralisation is hosted by this trend. It is hypothesised to have originally been a gold-copper-zinc rich Volcanogenic Hosted Massive Sulphide (VHMS) deposit that has been overprinted by a later hydrothermal gold mineralising event. This mineralised shear zone has an arcuate north-south to northeasterly strike (trending more north-easterly in the north) and extends for more than seven kilometres from the southern granite contact to beyond the Hornet ore body.

The so-called "Mine Sequence" is around 400 metres wide and consists of a parcel of sheared, metamorphosed and chlorite-biotite-muscovite altered mafic volcanics. Numerous felsic porphyries intrude the Mine Sequence. Mineralisation is hosted within multiple sets of elongate lodes with strong strike continuity, which anastomose and pinch-swell along strike and to depth. The main lode systems include Hornet, Enterprise, Orion and S2.

The Taurus Trend
The north-westerly trending Taurus Trend lies west of and diagonal to the Gibson Trend. Mineralisation is intimately associated with an apparently continuous felsic unit emplaced into the northwest trending shear and was discovered late in the life of the mining operation. It is characterised by discontinuous ore bodies, and strongly mineralised quartz-sulphide veining. The ore bodies on this trend include Sheldon and Wombat which, although not as continuous in strike as the ore bodies on the Gibson Trend, show a higher gold tenor.

The Highway Trend
The Highway Trend is a northeast trending shear zone, hosted by a mafic sequence in the western terrain, 11km northwest of the main mining area. This trend hosts the Highway ore body, and the Phoenix and Aquarius Prospects. It shares many of the characteristics of the Gibson trend, but it appears to lack the VHMS mineralising event and has generally been regarded as a predominantly low-grade system, although work from previous explores suggest it may have greater persistence and significance than previously thought and hence justifies further attention. The project area also hosts a number of BIF and quartz hosted small mineral occurrences including Paynes-Crusoe and MacDonald’s Find.

Dimensions
The MGGP mineralisation wireframes have been projected down-dip based on wider spaced drilling intercepts. The underground resource estimation wireframes have also been projected down-dip based on wider spaced drilling intercepts, with the reported MRE limited to the better drilled and understood areas by classification polygons. The upper limit of the underground MRE is a 20m crown pillar underneath the ORE pit design. The main laterite zone extends 3000m along strike and 500m across. It ranges from 2m to 8m in vertical thickness, although a large portion of the laterite Resource is depleted by historical mining and backfilled with waste.

The known primary mineralisation extends below the laterite zone for a further vertical depth of 950m and is open at that depth.

The transition/fresh rock boundary is about 40 to 60m below surface. The primary mineralisation has 3 main sub-parallel zones and several smaller zones. Overall, these zones extend for 8000m along strike (N-S) and up to 1000m across.

Mining Methods

- subscription is required.

Comminution

Crushers and Mills

- subscription is required.

Processing

- subscription is required.

Commodity Production

Operational metrics

Metrics
Hourly processing rate	....
Annual ore mining rate	....
Annual processing capacity	....
Stripping ratio	....
Waste tonnes, LOM	....
Ore tonnes mined, LOM	....
Total tonnes mined, LOM	....
Tonnes processed, LOM	....

Personnel

Job Title	Name	Profile	Ref. Date
.......................	.......................		Nov 20, 2025
.......................	.......................		Nov 20, 2025
.......................	.......................		Nov 20, 2025
.......................	.......................		Nov 20, 2025