Capricorn Metals’ Karlawinda gold project has achieved a record annual gold production of 120,014 ounces for the 2023 financial year (FY23).
This record result is at the mid-point of the FY23 production guidance range of 115,000–125,000 ounces.
In line with the guidance range, the Karlawinda gold project (KGP) has completed another strong quarter by producing 28,859 ounces for the June 2023 quarter, a decrease from 30,841 ounces recorded in the March 2023 quarter.
The KGP is located in the Pilbara region of Western Australia, 65km southeast of Newman.
Capricorn Metals sold 30,036 ounces of gold during the June 2023 quarter, at an average price of $2894 per ounce. Its cash and gold on hand at the end of the June 2023 quarter was $110.3 million after the payment of $36.8 million to partially close out its hedge book as announced in June 2023.
This represents a cash build of $27.6 million from the March 2023 quarter before the cost of the hedge close out, which is in line with the March 2023 quarter and means that the company has no hedge commitments over the next 12 months.
“This strong cash build reflects the continued robust operating margins achieved by the KGP,” Capricorn Metals said.
The June 2023 quarter results build off the success Capricorn Metals found through exploration at the KGP carried out in late April at the KGP.
It is expected for the company’s full operational and cost details will be provided in its June quarterly report to be released later in July.