Capricorn Metals Ltd

Description

Capricorn Metals Ltd is an ASX-listed (CMM) gold producer with operations in Western Australia. Its Karlawinda mine in the Pilbara produced a record 123,589 oz in FY26 at an AISC of A$1,629/oz, and an expansion to 6.5 million tonnes a year is being commissioned to lift output toward about 150,000 oz per year. FY27 guidance is 137,000 to 147,000 oz at an AISC of A$1,900 to A$2,100/oz.

The company holds group reserves of 5.2 Moz of gold, cash and gold of A$507 million and no debt or hedging. Its Mt Gibson project has an updated PFS with a 19-year life, average output of about 190,000 oz per year, a 3.67 Moz reserve and about A$474 million of capital, with federal environmental approval received and site development targeted for the December 2026 quarter. Management describes a 500,000 oz per year aspiration, which is an objective rather than a forecast.

Weakness

List of projects

Project 1: Karlawinda Gold Project, Pilbara, Western Australia — operating mine, expansion commissioning; metals: Gold.
Project 2: Mt Gibson Gold Project, Murchison, Western Australia — pre-feasibility study complete, approvals in progress; metals: Gold.

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