Quarterly Activities/Appendix 5B Cash Flow Report

• FY26 Q4 gold production: 30,437 ounces, AISC: $1,648/oz
• Record annual gold production: 123,589 ounces at AISC of $1,629/oz
• FY27 gold production guidance: 137,000 - 147,000 ounces
• Quarterly cash flow from operations: $115.8 million
• KGP expansion on track for Q1 FY27 commissioning

Capricorn Metals Ltd reported a successful June 2026 quarter with gold production of 30,437 ounces, bringing the annual total to 123,589 ounces. The company achieved the upper end of its FY26 guidance range of 115,000 - 125,000 ounces. The Karlawinda Gold Project (KGP) delivered an AISC of $1,648 per ounce. The company is on track for the expansion project's commissioning in Q1 FY27, with production guidance set at 137,000 - 147,000 ounces. The Mt Gibson Gold Project (MGGP) received federal approval, and development activities are planned to commence in the December 2026 quarter.

FY27 gold production: 137,000 - 147,000 ounces, AISC: $1,900 - $2,100 per ounce

Capricorn Metals Ltd expects to achieve the post-expansion long-term run rate of 150,000 ounces per annum for the last three quarters of FY27. The company anticipates strong operational performance following the KGP expansion commissioning in Q1 FY27.