Capricorn Executive Chairman Mark Clark commented: 'The continued excellent results from drilling at Mt Gibson since the significant increase to the resource in November 2022 provide further encouragement about the prospects of the project. We look forward to unlocking the full potential of the project and continuing towards developing Mt Gibson as Capricorn's second gold mine. We are also excited to be underway with regional exploration across the underexplored Karlawinda tenement package.

Resource Infill and Extensional RC Drilling

In January 2022 two RC rigs commenced drilling a planned 81,000 metre drill programme across the 8 kilometres of strike of current resources at the Company's 100% owned Mt Gibson Gold Project (MGGP). Following encouraging results received from this initial planned drilling, the programme was extended in September 2022 to approximately 121,000 metres. The objectives of this programme included: * Infill drilling of the resource to broadly bring the drill density to 25 x 25 metres; * Test gaps between resource pit optimisation shells along the 8 kilometres of strike; and * Test for extensions of gold mineralisation below the current resource shells. In November 2022, the Company announced an updated Mineral Resource Estimate (MRE) based on the results of the drilling to date. The MRE increased by 32% from 2,083,000 ounces to 2,755,000 ounces. The RC drill programme over the majority of the mine trend was completed in the December 2022 quarter with 5,783 metres drilled since the last update, taking the total of RC drilling to date to 115,139 metres (727 holes). This drilling continued to return very encouraging results including

Regional Exploration

Multiple regional exploration projects were advanced during the period. Project areas are situated proximal to either the Nanjilgardy Fault or the Sylvania Inlier and Pilbara Craton margin (refer Figure 10). The Nanjilgardy Fault is a regional scale structure that is known to have controls on gold mineralisation in the Pilbara craton, including the Paulsens (ASX: BC8) and Ashburton (ASX: KZR) gold projects. Situated on the southern extents of CMM tenure, the Sylvania Inlier and Pilbara Craton margin is considered a high strain zone with high prospectivity for mineralising fluids with origins from igneous intrusions formed from partial melting of a mantle wedge or enriched fluid remobilisation through regional metamorphism. This Craton boundary is interpreted to play a significant role in the placement of ore forming fluids at the +2Moz Bibra gold deposit. Forfar During the period 98 Aircore holes (4,263 metres) of a regional first pass drilling programme were completed at the Forfar prospect, located 10km northeast of Bibra. Structurally the area sits on the same NW trending thrust zone as the +2Moz Bibra Deposit and consists of greenstone, mica schist, ultramafic rocks which are intruded by granite and pegmatites dykes, fringed in the west by BIF and Chert bands.


Mr Kim Massey

Chief Executive Officer


T: +61 8 9212 4600

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.

Competent Persons Statement

The information in this report that relates to Exploration Results is based on information compiled or reviewed by Mr. William Higgins who is a full-time employee of the Company. Mr. Higgins 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 13 Exploration Results, Mineral Resources and Ore Reserves'. Mr. Higgins consents to the inclusion in the report of the matters based on the information in the form and context in which it appears. The detailed information relating to the Ore Reserves and Mineral Resources reported in this announcement were announced in the Company's ASX announcements dated 27 October 2022 and 7 November 2022. The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX announcements dated 27 October 2022 and 7 November 2022 and 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. The reports are available to view on the ASX website and on the Company's website at . 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 subsequent report and accompanying consent

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