Highlights

  • Capricorn Metals’ FY25 revenue and profit growth was driven by higher gold production at Karlawinda.
  • Net cash increased sharply, supported by record cash flows and balance sheet strengthening initiatives.
  • December quarter production remained in line with FY26 guidance, alongside progress on the Karlawinda Expansion Project.
  • The Yalgoo Project expands the company’s gold exploration portfolio ahead of FY26.

Capricorn Metals Limited (ASX:CMM), an Australian gold exploration and production company, reported positive financial performance for the full year ended 30 June 2025 (FY25), driven by output from its Karlawinda Gold Project in Western Australia. Sales revenue for FY25 rose to AUD 505.9 million, marking a 41% increase compared with AUD 359.7 million in FY24. Profit after tax increased significantly to AUD 150.3 million in FY25, up 72% year-on-year.

Gold production at Karlawinda reached 117,076 ounces in FY25, achieved at an all-in sustaining cost (AISC) of AUD 1,468 per ounce. The company also recorded higher EBITDA, which rose 62% year-on-year.

Cash Position Strengthens Sharply

CMM reported a substantial improvement in its balance sheet, with net cash increasing to AUD 355.7 million in FY25 from AUD 69.3 million in the prior year, representing a 414% year-on-year increase. The cash position was supported by record operating cash flows, debt reduction initiatives, and the closure of gold hedges.

December Quarter Update Shows Operational Progress

In its December 2025 quarter update, the company reported gold production of 30,476 ounces from Karlawinda, consistent with its FY26 mine plan. Year-to-date output totalled 62,794 ounces as of 7 January 2026, leaving the company well positioned to achieve the upper end of its FY26 production guidance range of 115,000 to 125,000 ounces.

Progress continued at the Karlawinda Expansion Project, with 70% of plant site concrete poured and 50% of carbon-in-leach (CIL) tank installation completed. Cash and gold on hand at the end of December 2025 totalled AUD 444.2 million.

Portfolio Expansion Through Yalgoo Acquisition

In December 2025, the company announced that it has entered into an agreement to acquire the Yalgoo Project from ASX-listed company - Tempest Minerals for AUD 4.5 million. Located near the Mt Gibson Gold Project, the Yalgoo Project is expected to add further gold exploration potential to the company’s portfolio. The acquisition is expected to be concluded in this month.

FY26 Outlook and Development Pipeline

For FY26, the company expects gold production to be between 115,000 and 125,000 ounces, with AISC forecast in the range of AUD 1,530 to AUD 1,630 per ounce. The Karlawinda Expansion Project, which received regulatory approval in July 2025, is expected to lift production capacity to 150,000 ounces per annum. More than AUD 29 million has already been invested, with development progressing as planned.

The company is also advancing early development activities at the Mt Gibson Gold Project, including design and procurement work, as part of its broader multi-mine growth strategy.

Share Performance of CMM

CMM shares rose 4.13% to close at AUD 15.37 per share on 19 January 2025. The stock has delivered positive momentum across multiple timeframes, gaining 9.47% over the past week and rising 7.48% over the past month. Over the last three months, shares are up 9.16%, while the six-month return stands at a robust 67.25%. On a longer horizon, CMM has surged 114.37% over the past year.

The 52-week high for CMM is AUD 15.160, recorded on 1 December 2025 and the 52-week low stands at AUD 6.710, reached on 13 January 2025.

Support and Resistance Summary

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 19 January 2026. The reference data in this report has been partly sourced from EODHD/Others.

 

Technical Indicators Defined:

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.