Karlawinda Delivers 117,000 Ounces Gold in FY25, Costs Within Guidance

Strong Finish to FY25 at Karlawinda

Capricorn Metals Limited has reported a robust final quarter for its Karlawinda Gold Project (KGP), producing 32,216 ounces of gold and bringing the full fiscal year total to 117,076 ounces. This output sits comfortably at the top end of the company’s FY25 guidance range of 110,000 to 120,000 ounces, underscoring operational consistency and effective mining productivity efforts throughout the year.

The quarter’s performance was supported by a well-managed mining fleet that met planned pit face positions and advanced pre-stripping activities ahead of schedule. This early progress is particularly significant as it reduces risks associated with the upcoming Karlawinda Expansion Project (KEP), positioning Capricorn well for a smooth transition to increased production capacity.

Cost Control and Financial Position

All-in sustaining costs (AISC) are expected to remain within the company’s guidance range of $1,370 to $1,470 per ounce, reflecting disciplined cost management amid steady production. Capricorn’s cash and gold on hand decreased to $356.4 million by the end of June 2025, down from $404.6 million in March. This reduction follows capital expenditures totaling $10.8 million across the Mt Gibson Gold Project (MGGP) and KEP, a $50 million debt repayment, and the closure of the company’s final hedge book for $50 million.

Advancing Development at Mt Gibson and Karlawinda

Development activities at MGGP have accelerated, with early construction works now totaling $36.2 million. Notable milestones include the completion of a 400-room accommodation village and awarding MACA the preferred contractor status for mining services. The process plant design is approximately 55% complete, with key equipment procurement underway. Meanwhile, Capricorn has submitted the final Public Environment Report to the Department of Climate Change, Energy, the Environment and Water, marking a critical step in regulatory approvals.

At the Karlawinda Expansion Project, Capricorn extended its mining contract with MACA for an additional five years, with an option for further extension. Construction of a 120-room camp expansion nears completion, and process plant design has reached about 60% completion. Early clearing and bulk earthworks have commenced, alongside ongoing engagement with regulatory authorities regarding mining proposals and mine closure plans.

Looking Ahead

Capricorn Metals plans to release a detailed Quarterly Report later in July 2025, which will provide further operational and cost insights. The company’s strategic early capital deployment and steady operational execution suggest a confident outlook as it prepares for the next phase of growth at both Karlawinda and Mt Gibson.