Highlights

  • FY26 Karlawinda gold output reached 123,589 ounces at an All-In Sustaining Cost of AUD 1,629 per ounce.
  • Gold sales of 123,096 ounces generated AUD 769.3 million in revenue, an increase of 46% YoY.
  • Underlying net profit after tax rose 59% YoY to AUD 327.2 million.
  • Operating cash flow increased 81% YoY to AUD 470.2 million; year-end net cash was AUD 504.8 million.
  • FY27 Karlawinda production guidance is 137,000–147,000 ounces at AISC of AUD 1,900–2,100 per ounce.

Capricorn Metals (ASX:CMM) operates the Karlawinda Gold Project in Western Australia and is advancing the Mt Gibson Gold Project as a potential second production centre. Its FY26 performance combined higher realised gold prices with record output at Karlawinda. The company produced 123,589 ounces in the year ended 30 June 2026, while Revenue rose 46% YoY to AUD 769.3 million. Attention now turns to the processing expansion at Karlawinda and the development timetable for Mt Gibson.

Production, costs and cash generation

Capricorn Metals (ASX:CMM) sold 123,096 ounces during FY26 at an average realised price of AUD 6,241 per ounce. Its all-in sustaining cost was AUD 1,629 per ounce, although future cost outcomes will depend on operating conditions, Capital activity and input prices. Underlying net profit after tax increased 59% YoY to AUD 327.2 million, compared with AUD 206.4 million in FY25. Underlying EBITDA was approximately AUD 483 million. These underlying measures should be distinguished from statutory accounting results.

Operating cash flow increased 81% YoY to AUD 470.2 million. Capricorn ended FY26 with AUD 504.8 million of net cash and reported no Debt or gold hedging. It also declared a maiden fully Franked Dividend of AUD 0.10 per share. The combination of cash generation and an unhedged gold position provides flexibility, but also leaves Earnings exposed to changes in realised gold prices.

Karlawinda expansion and FY27 guidance

At Karlawinda, Capricorn Metals (ASX:CMM) is expanding processing capacity from approximately four million tonnes to 6.5 million tonnes annually. The Investment is intended to increase the Volume of ore that can be treated, rather than relying solely on grades or gold prices for production growth. Execution will depend on commissioning, plant reliability and the mine schedule.

For FY27, management guided to 137,000–147,000 ounces of gold production with AISC of AUD 1,900–2,100 per ounce. The higher guided cost range relative to FY26 highlights the importance of evaluating both production volumes and expenditure. Guidance represents management's expectations, not a completed outcome.

Mt Gibson and the longer development pipeline

The Mt Gibson preliminary feasibility work outlines a potential annual production rate of 260,000 ounces by the third year of operation. Commissioning is targeted for the third quarter of FY28, subject to required approvals and project execution. These are development assumptions rather than current production figures.

Across its portfolio, Capricorn Metals (ASX:CMM) reports gold reserves of 5.24 million ounces and resources of 8.66 million ounces. Resources are not equivalent to economically recoverable reserves, and project Economics may change with costs, grades and gold prices. The immediate milestones are the Karlawinda expansion, Mt Gibson approvals and the extent to which cash flow can fund both investment and Shareholder distributions.

Key Insights

Capricorn Metals (ASX:CMM) enters FY27 with a substantial cash balance, rising production guidance and two different execution priorities. Karlawinda's processing expansion is nearer-term, while Mt Gibson remains dependent on approvals and development. Actual production, AISC and capital spending will determine how the company's FY26 cash performance translates into future results.