Image source: © 2025 Krish Capital Pty. Ltd.

Highlights:

  • Capricorn Metals reported FY25 gold production of 117,076 ounces, reaching the upper end of its annual guidance.

  • The Karlawinda Gold Project delivered 32,216 ounces in Q4, supported by increased mining productivity and progress on the expansion project.

  • The Company ended the June quarter with AUD 356.4 million in cash and gold, despite significant development and debt-related expenditures.

Capricorn Metals Limited (ASX:CMM) has reported a positive finish to FY25, producing 32,216 ounces of gold in the June quarter from its Karlawinda Gold Project (KGP), lifting total annual production to 117,076 ounces. This performance places the company at the top end of its guidance range of 110,000 to 120,000 ounces for the financial year. All-in sustaining costs (AISC) are also expected to align with the annual guidance range of AUD 1,370–1,470 per ounce.

Quarterly operational results showed sustained improvements in key metrics, with ore milled reaching 1.111 million tonnes and gold recovery maintained at 91.4%. The consistent increase in quarterly production through FY25 reflects Capricorn’s ongoing focus on mining efficiency, which supported pit advancement and pre-stripping activities required for the Karlawinda Expansion Project (KEP). Mining production rates met KEP requirements ahead of schedule, reducing project execution risks.

Capricorn closed the June quarter with AUD 356.4 million in cash and gold holdings (compared to AUD 404.6 million at the end of March). The quarter’s cash build was AUD 62.5 million before key capital and financing outflows, which included AUD 10.8 million in capital expenditure across the Mt Gibson Gold Project (MGGP) and the KEP, AUD 50 million for the final closure of the hedge book, and AUD 50 million in debt repayment.

At MGGP, the company continued to advance its development plans. Key achievements during the June quarter included the completion of the 400-room accommodation village for the construction phase, the appointment of MACA as preferred contractor following evaluation of the mining services agreement, and progress on the power supply contract evaluation. The process plant design reached 55% completion, with commitments made for major long lead items such as crushers, screens, and a ball mill. Capricorn also submitted the final Public Environment Report (PER) to the Department of Climate Change, Energy, the Environment and Water (DCCEEW), initiating the public assessment phase.

At KEP, Capricorn extended its mining contract with MACA for an additional five years, with an option for further extension. Construction on a 120-room camp expansion advanced, with AUD 4.1 million spent in the quarter. Process plant design work reached approximately 60% completion, and procurement of critical equipment progressed. Clearing and early earthworks also began, while engagement with the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS) continued regarding mining and closure approvals.

Capricorn Metals’ shares were trading 0.74% higher at AUD 9.51 on 4 July 2025. The company is expected to release a detailed operational and financial update in its upcoming Quarterly Report later in July.