Mt Gibson Gold Resource Grows 13% to 4.5 Moz with New Underground and Open Pit Finds

Resource Growth at Mt Gibson

Capricorn Metals has delivered a significant boost to its Mt Gibson Gold Project (MGGP) with a 13% increase in its Mineral Resource Estimate (MRE), now totaling 4.5 million ounces of gold. This uplift is driven by the addition of a maiden underground resource at Orion South, comprising 684,000 ounces at a robust grade of 3.1 grams per tonne, and a maiden open pit resource of 110,000 ounces at the Highway deposit, located 12 kilometres north of the plant site.

The updated MRE reflects ongoing drilling success and reaffirms Capricorn’s strategy to evolve MGGP into a long-life operation combining both open pit and underground mining. The company’s combined group resources, including the Karlawinda Gold Project (KGP), have grown to 6.8 million ounces, underscoring Capricorn’s position in the Australian mid-tier gold sector.

Orion South Underground Resource – A New Chapter

The maiden underground resource at Orion South is particularly noteworthy. Reported at a 1.5 grams per tonne cut-off grade, it covers 6.84 million tonnes with an average grade that translates to an impressive 4,500 ounces per vertical metre over a 70-metre vertical extent. This resource lies immediately below the existing open pit reserve design and extends the known mineralisation envelope by approximately 140 metres deeper than previous estimates.

Capricorn has already commenced infill drilling aimed at upgrading the resource classification from Inferred to Indicated, a critical step toward establishing a maiden underground Ore Reserve. Conceptual underground mining studies have provided the confidence to accelerate these efforts, with further drilling planned to convert unclassified mineralisation at Orion South, as well as at Lexington and Hornet, into reported resources.

Highway Deposit – Expanding Open Pit Potential

The Highway deposit’s maiden open pit resource of 110,000 ounces at 0.9 grams per tonne adds a new satellite source of ore to MGGP. The deposit remains open at depth, and Capricorn plans further extensional drilling to grow this resource. A maiden ore reserve for Highway is expected in the first quarter of fiscal 2026, which will be incorporated into the broader MGGP mine plan.

Strategic Outlook and Next Steps

Capricorn’s Executive Chairman Mark Clark highlighted the importance of the maiden underground resource as validation of the project’s long-term potential. The company is committed to integrating these higher-grade underground zones into the mine plan, which is expected to drive production growth and extend mine life beyond the current open pit operations.

Ongoing technical work includes a trade-off study to optimize the interface between open pit and underground mining, with results anticipated in the second quarter of fiscal 2026. Additionally, updates to open pit Ore Reserves at MGGP’s smaller pits, including Aries, Commanche, and Highway, are underway following recent drilling successes.

Drilling remains active, with over 95,000 metres completed since the last resource update, reinforcing the continuity and grade of mineralisation. Capricorn is advancing regulatory permitting to ensure MGGP is development-ready, positioning the company for near-term growth in gold production.