Highlights

  • Capricorn completed the Karlawinda Expansion Project on time and on budget, lifting throughput capacity to 6.5Mtpa.
  • The September 2026 quarter produced 31,218 ounces of gold at 0.94 g/t grade and 91.7% metallurgical recovery.
  • Capricorn held A$535 million in cash and gold bullion at the end of the September 2026 quarter.
  • FY27 production guidance is set at 137,000 to 147,000 ounces at an AISC of A$1,900 to A$2,100 per ounce.

Capricorn Metals (ASX:CMM) just ticked off a major engineering milestone — the Karlawinda Expansion Project completed on time and within budget — putting the S&P/ASX 200 gold producer on track for 150,000 ounces a year from a single mine, while A$535 million in cash sits ready to fund the next chapter at Mt Gibson.

S&P/ASX 200 Status and Asset Portfolio

Capricorn Metals is an established Australian gold producer and constituent of the S&P/ASX 200 index, trading at A$14.40 per share on 2 October 2026 with a market capitalisation of A$6.58 billion. The 12-month return of 6.35% reflects disciplined operational delivery across its Western Australian assets.

The operational cornerstone is the 100%-owned Karlawinda Gold Project, situated approximately 65 kilometres southeast of Newman in the Pilbara. Capricorn also controls the multi-million-ounce Mount Gibson Gold Project located 280 kilometres northeast of Perth in the Mid-West region.

Karlawinda Expansion Project Completion

The Karlawinda Expansion Project integrated a tertiary crushing and secondary ball milling circuit into the existing carbon-in-leach plant, lifting nameplate throughput capacity from 4.0Mtpa to 6.5Mtpa. The plant was commissioned on low-grade ore before transitioning to full run-of-mine feed.

In the preliminary September 2026 quarterly update, Capricorn reported gold production of 31,218 ounces from 1.13 million tonnes milled at a head grade of 0.94 g/t and 91.7% metallurgical recovery. The expansion positions Karlawinda toward approximately 150,000 ounces per annum on a run-rate basis.

Production Guidance and Financial Position

The company is on track to meet full-year FY27 production guidance of 137,000 to 147,000 ounces at an industry-leading All-In Sustaining Cost between A$1,900 and A$2,100 per ounce. Capricorn closed the September quarter with A$535 million in cash and gold bullion — up from A$507 million in the June quarter.

Underlying operating cash generation reached A$62.2 million for the quarter before growth capital expenditures of A$42.7 million across KEP and Mt Gibson, demonstrating strong self-funding capability.

Mt Gibson Development Pathway

Capricorn is advancing engineering and early site works at the multi-million-ounce Mt Gibson Gold Project without external equity dilution. By combining Karlawinda's consistent cash generation with Mt Gibson's development potential, the company has established an organic growth trajectory toward becoming a 300,000-ounce-per-annum producer.

Key Risks

Construction and permitting timelines at Mt Gibson, including environmental approvals and EPC contracting, are key forward risks. At Karlawinda, open-pit geotechnical stability, strip ratio management, and inflationary pressure on consumables such as diesel and grinding media remain ongoing considerations. Gold price volatility and AUD/USD exchange rate movements also govern revenue realisations.