Capricorn Metals Limited (ASX:CMM) Reports Strong Q2 Production
Capricorn Metals Limited (ASX:CMM) has reported strong performance at the Karlawinda Gold Project (KGP), producing 28,702 ounces of gold in the second quarter. This achievement brings total production for the half-year to 54,261 ounces, well above budget and on track to meet the FY25 guidance of 110,000 to 120,000 ounces.
Operational Highlights
The company’s All-In Sustaining Costs (AISC) for FY25 are expected to remain within the guidance range of $1,370 to $1,470 per ounce. Material movement from the Bibra open pit has been prioritized to maintain production levels. Recovery rates have continued to meet expectations, with a consistent 92.0% achieved in the quarter.
Capricorn is gearing up for a stronger second half of FY25, with pre-stripping works currently underway at the Southern Corridor extension of Bibra. Further operational and financial details will be disclosed in the upcoming Quarterly Report later this month.
Financial Position
As of December 2024, the company’s cash and gold on hand amounted to $363.1 million, representing a $31.2 million increase from operations in the quarter. This includes net capital raising proceeds of $193.4 million. The company has invested $6.0 million in the Mt Gibson Gold Project (MGGP) focused on its accommodation village development.
Development Updates
Significant advancements in development activities at the MGGP include nearing completion of the 400-room accommodation village, while evaluation processes for Mining Services and Power Supply contracts continue. Capricorn has also submitted the Public Environmental Report (PER) to relevant authorities as part of the regulatory requirements.
Further insights regarding operational and project developments will be elaborated in the January Quarterly Report.
This announcement has been authorized for release by the Capricorn Metals board.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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