Capricorn Metals (ASX: CMM) has posted another solid performance at its Karlawinda Gold Project (KGP), producing 30,599 ounces of gold in the March quarter. That’s up from 28,702oz in the December quarter and brings year-to-date output to 84,860oz—putting Capricorn well on track to hit the midpoint of its FY25 guidance range (110,000–120,000oz).
Gold production benefited from steady operational momentum at the Bibra open pit, where material movement continued to meet budgeted targets for the fourth straight quarter. That consistency has supported rising production levels quarter-on-quarter and set the company up for a stronger second half.
Capricorn also expects to remain within its FY25 all-in sustaining cost (AISC) guidance of $1,370–$1,470/oz, helped by improving head grades (1.02g/t vs 0.88g/t in the prior quarter) and stable recovery rates (91.7%).
Cash Keeps Climbing
The March quarter also saw a notable boost in Capricorn’s financial position. Cash and gold on hand grew to $404.6 million, up from $363.1 million in December. That’s a $57.6 million cash build, even after $16.1 million of capital spend related to expansion works and project development—most notably at Mt Gibson and Karlawinda.
Project Pipeline Moves Forward
Mt Gibson Gold Project (MGGP):
- Capricorn has now spent $34.5 million on early works.
- The 400-room accommodation village is complete and ready for the main construction phase.
- Mining services and power supply contracts are close to finalisation.
- The process plant design is around 30% complete, and key items like the Ball mill have been locked in.
- Updates to the Public Environmental Report are underway, with final submission targeted for early Q4.
Karlawinda Expansion Project (KEP):
- The 120-room camp expansion is progressing, with completion due in early FY26.
- Process plant design has reached 35%, and procurement of long-lead items like the Ball mill and crusher is already committed.
- Permitting milestones have also been hit, with the Mining Proposal and Mine Closure Plans submitted to DEMIRS.
A full operational and financial breakdown will land in Capricorn’s quarterly report later this month, but today’s update paints a clear picture: Capricorn is firing on all cylinders operationally, financially, and in terms of development momentum.
