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

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

13 The Golden Range Project and the Stage 2 Study	18 The Gold Price and Interest Rates
14 Drilling Beyond the Mine Plan	19 The Main Risks
15 Peer Comparison	20 Samso Concluding Comments
16 The Share Price	21 References and Sources
17 The Technical Trader View	22 Disclaimer

13 The Golden Range Project and the Stage 2 Study

Golden Range is a second gold project 65 to 100 kilometres north of Mt Gibson. Capricorn Metals bought it in November 2025 by taking over Warriedar Resources for shares. It holds a Mineral Resource of 1.38 million ounces of gold, of which about 58 per cent is Inferred. Most of it is in one deposit, Ricciardo, where the deeper ore needs a more involved treatment route than Mt Gibson ore. Golden Range is in neither the Mt Gibson study nor Capricorn's group Mineral Resource. A study into a second processing plant there is due to report first results in the December quarter of 2026.[R35][R6]

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