Capricorn Metals finished 2025 strong, entering the new year on track to achieve the upper end of its 2026 financial year guidance of 115,000 – 125,000 ounces of gold.
This stems from a strong second quarter (Q2) through the company’s Karlawinda Gold Project (KGP), producing 30,476 ounces of gold, in line with the mine plan, but also putting the year-to-date gold production at 62,794 ounces.
Looking closer at the December quarter, a total of 4.366 million bank cubic metres (BCM) of material was mined, signifying a steady mining rate from the September and June quarters, which hit, respectively, 4.512 million and 4.499 million BCM.
December also saw 1.159 million tonnes milled by KGP, with head grade holding at 0.91 grams per tonne (g/t), at a recovery rate of 89.9 per cent; all leading to the overall gold production of 30,476 ounces of gold.
In comparison, the September period delivered 1.228 million tonnes milled, a head grade of 0.91g/t and at a recovery rate of 90.3 per cent, producing 32,318 ounces.
The company said that “continued achievement” of the post-expansion mining run rate allowed Capricorn to deliver both strong quarterly gold production and the development requirements of the Karlawinda expansion project.
“The mining fleet achieved the planned pit face positions to achieve budget gold production while also delivering the required pre-stripping and infrastructure materials for the expansion project,” the company said.
“Mining production rates have continued at the expanded project run rate for the KEP for the last three quarters.”
Capricorn also strengthened its balance sheet during the December quarter, with cash and gold on hand rising to $444.2 million, up from $394.4 million at the end of September.
The company delivered a cash build of $88.8 million before capital expenditure, which includes $36.1 million invested at KEP and a further $2.9 million directed towards early development activities at the Mt Gibson gold project.
Capricorn said that full operational and cost details, including all-in sustaining costs, will be provided with the release of its quarterly report later this month.
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