What Capricorn Metals (ASX:CMM), an ASX 200 Gold Miner, Reported for FY26 and How Its Expansion Is Progressing

Sonal Goyal

11 November 2026 06:45 PM AEDT

What Capricorn Metals (ASX:CMM), an ASX 200 Gold Miner, Reported for FY26 and How Its Expansion Is Progressing

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Key Highlights

Sales Revenue rose 46% to A$769.3 million for the year to 30 June 2026.
Statutory net profit after tax was A$282.2 million, compared with A$150.3 million in FY25.
Net cash was A$504.8 million, and the company reports it is Debt free and unhedged.
The maiden Dividend was 10 cents per share, fully franked, totalling A$45.7 million.

What did Capricorn Metals Ltd (ASX:CMM) report for the year to 30 June 2026, and why does the next phase matter more than the last? The more important question for readers is whether the company can lift output from its Karlawinda expansion and then build a second mine at Mt Gibson without compromising that balance sheet.

The central development: FY26 results

According to the company's FY26 results announcement of 27 August 2026:

Sales revenue: A$769.3 million, up 46% from A$528.2 million in FY25.

Gold sold: 123,096 ounces at an average realised price of A$6,241 per ounce.

Statutory net profit after tax: A$282.2 million (FY25: A$150.3 million). Underlying net profit after tax was A$327.2 million (A$206.4 million).

Net cash: A$504.8 million, up A$149.1 million. The company reports it is debt free and unhedged.

Maiden dividend: 10 cents per share fully franked, totalling A$45.7 million.

The step-up in revenue was driven largely by the gold price: the average realised price, rather than a large Volume increase, explains much of the growth, as production of 123,589 ounces was at the top of guidance.

Business and revenue drivers

Capricorn's Cash Flow comes from the Karlawinda Gold Project in the Pilbara. FY26 production was 123,589 ounces at an All-In Sustaining Cost (AISC) of A$1,629 per ounce, compared with A$1,468 in FY25. Because the company is unhedged, revenue moves directly with the gold price, and the Margin between the realised price and AISC is large by industry standards.

FY27 guidance points to higher volume and higher unit cost: production of 137,000 to 147,000 ounces at an AISC of A$1,900 to A$2,100 per ounce, with growth Capital of A$70 to A$85 million. Karlawinda's Ore Reserve is 1.572 million ounces within a Mineral Resource of 2.99 million ounces, supporting an expected mine life of more than ten years.

The September 2026 quarter

An announcement on 5 October 2026 reported production of 31,218 ounces, described as in line with the FY27 mine plan. It also said construction of the Karlawinda Expansion Project (KEP) had been completed on schedule and within budget. The results document stated that commissioning began in the first quarter of FY27. Annualising 31,218 ounces gives about 125,000 ounces, below the FY27 guidance range; but the company expects production to build as the expanded plant ramps up, so a single quarter should not be extrapolated.

Growth projects

Karlawinda Expansion Project. KEP lifts processing capacity from about 4 million tonnes a year to 6.5 million, supporting roughly 150,000 ounces a year according to the company.

Mt Gibson. This is the larger prospect. The Mt Gibson Gold Project received federal EPBC approval in June 2026, and the Environmental Review Document was submitted in July 2026. The company is targeting development in the December 2026 quarter, subject to remaining permits. An updated pre-feasibility study shows a 19-year mine life and production ramping to 260,000 ounces a year by year three. Studies are not the same as production, and permits and capital are still required.

Warriedar. The Group Ore Reserve is 5.2 million ounces, up 1.2 million ounces. Management's stated aspiration is 500,000 ounces a year within five years. This is an ambition, not guidance.

The company spent A$95.0 million on exploration and feasibility work in FY26, and A$133.4 million on KEP development and early Mt Gibson works.

Sector and competitive position

Rivals with several operations can spread operational risk across sites; Capricorn is trying to address this through Mt Gibson. Its Australian location removes the country risk faced by producers in Africa, though Western Australian producers compete for labour, equipment and power.

Risks and upcoming developments

Gold price: Without hedging, Earnings are fully exposed to price changes.

Rising costs: FY27 AISC guidance of A$1,900 to A$2,100 per ounce is above FY26's A$1,629.

Expansion ramp-up: KEP commissioning must deliver the expected throughput.

Approvals and capital at Mt Gibson: Remaining permits, a final Investment decision and construction costs are outstanding.

Acquisition integration: Exploration spending on new ground carries no certainty of results.

Items to watch include the December 2026 quarterly report, any Mt Gibson approvals and development decision, the annual general meeting, and further dividend decisions.

FAQs

Q: How did Capricorn Metals (ASX:CMM) perform in FY26?

A: Gold sold was 123,096 ounces at an average realised price of A$6,241 per ounce, and operating cash flow was A$470.2 million.

Q: What drove the revenue increase?

A: The company says the higher gold price explains much of the growth, since production of 123,589 ounces was at the top of guidance.

Q: What is the next phase for the business?

A: The focus is on lifting output from the Karlawinda expansion and building a second mine at Mt Gibson without weakening the balance sheet.

Q: What was the cost of production?

A: All-in sustaining cost was A$1,629 per ounce in FY26, compared with A$1,468 in FY25.

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