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Capricorn Metals Ltd (ASX: CMM), Part 2 of 3

Writer: Noel Ong
Noel Ong
5 hours ago
40 min read
Capricorn Metals Ltd (ASX: CMM), Part 2 of 3. Samso Research, company workup. Capricorn Metals Ltd (ASX: CMM) | Mt Gibson Gold Project and Karlawinda Gold Project, Western Australia. Market data as at 8 October 2026. Company data as at 5 October 2026. Samso Call: WATCH & DYOR, the middle of three levels (Time to look at taking a position, Watch & DYOR, Watch). The call describes attention, not action. Samso publishes no price targets and no valuations. Part 2 of three. This part covers the Mt Gibson study released in July 2026. It takes the geology, the Mineral Resource, the Ore Reserve, the mine plan, processing and metallurgy, the capital and operating costs and the study economics, and the funding, approvals and timetable. This workup is not a valuation.

All prices in this piece are as at the close of ASX trading on 8 October 2026. Global prices for gold are taken at the same time.

Contents

6 The Geology of Mt Gibson

Mt Gibson is a long, steep, low-grade gold system in old volcanic rock. The gold sits in a set of parallel sheets that run north to south for about 8 kilometres. Drilling has followed them 950 metres down the slope of the sheets and they are still mineralised at that depth.[R2] Most of the tonnes are wide and low in grade, which suits a large open pit. Inside the sheets are narrower, richer shoots, and the underground plan is built on those.

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