Image source: © 2025 Krish Capital Pty. Ltd.

Highlights:

  • CMM acquires Claw Gold Project for AUD 1.5 million in cash and shares, plus contingent payments
  • Capricorn Metals identifies seven priority targets near Mt Gibson tenement boundary
  • CMM shares close 4.04% lower at AUD 9.26 following acquisition news on 9 July 2025

Capricorn Metals Ltd (ASX:CMM) has entered into a binding agreement to acquire the Claw Gold Project from BPM Minerals Ltd for a total consideration of AUD 1.5 million, comprising both cash and Capricorn shares, along with additional contingent payments. The acquisition expands Capricorn’s exploration footprint in the Murchison region of Western Australia, directly south of its existing Mt Gibson Gold Project.

The Claw Gold Project covers approximately 398 square kilometres of tenure, including 33 kilometres of largely untested strike within the Yalgoo-Singleton Greenstone Belt. This geological belt hosts several notable gold and base metal deposits, including Mt Gibson, Deflector, and Golden Grove. The Claw tenement is contiguous with Capricorn’s Mt Gibson Gold Project and lies between the regional townships of Wubin and Paynes Find.

Capricorn will make an initial cash payment of AUD 100,000, followed by an additional AUD 500,000 in cash upon completion. The balance of AUD 900,000 will be satisfied via the issue of Capricorn shares, priced based on the volume-weighted average price (VWAP) over the 20 trading days prior to completion.

Two contingent deferred payments of AUD 750,000 each in cash may also be triggered based on future milestones. These include the declaration of a JORC-compliant Mineral Resource Estimate exceeding 75,000 ounces of gold, and a future decision by the Capricorn board to initiate a commercial mining operation at the project site.

Capricorn has already delineated seven exploration target zones within the Claw Gold Project area. The highest-priority target lies immediately adjacent to the Sundance prospect, where previous drilling has recorded shallow supergene mineralisation with results including:

  • 16 metres at 17.16g/t gold from 32 metres
  • 12 metres at 2.74g/t gold from 40 metres
  • 12 metres at 3.86g/t gold from 48 metres

These target areas are considered geologically analogous to the Mt Gibson deposit, with structures featuring altered mafic volcanics and shear zones. Capricorn plans to undertake broad-scale geological and regolith mapping, along with geochemical sampling in the second quarter of FY26 to refine drill targets. Drilling is anticipated to begin in the second half of FY26.

Capricorn Executive Chairman Mark Clark said the Claw acquisition complements the company's Mt Gibson exploration strategy by extending its access to prospective zones that are spatially and geologically aligned with its existing assets.

Capricorn Metals is an ASX-listed gold producer and explorer, with its primary operations centred on the Karlawinda Gold Project in Western Australia. The company has also been progressing its Mt Gibson Gold Project, which lies approximately 300 kilometres north-northeast of Perth. The acquisition of the Claw Gold Project forms part of Capricorn’s broader regional consolidation efforts around Mt Gibson.

Following the announcement, Capricorn Metals shares closed 4.04% lower at AUD 9.26 on 9 July 2025.