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Gold

Capricorn Metals Limited Reports Strong Gold Production for FY24

Strategic Insights

— 2 min read

Capricorn Metals Limited is pleased to report a strong gold production performance for FY24, with the Karlawinda Gold Project achieving 113,007 ounces. This result is within the updated FY24 production guidance range of 112,000 - 115,000 ounces. The company's focus on increasing material movement out of the Bibra open pit has contributed to this success, with gold production for the June 2024 quarter of 26,835 ounces in line with updated guidance.

Key Takeaways:

  • Capricorn Metals Limited achieved an annual gold production of 113,007 ounces for FY24, within the updated guidance range of 112,000 - 115,000 ounces.
  • The company's quarterly gold production for June 2024 was 26,835 ounces, in line with updated guidance.
  • The focus on increasing material movement out of the Bibra open pit is expected to taper by the end of the September 2024 quarter.
  • Another strong year of operations is expected for FY25, with gold production guidance ranging from 110,000 - 120,000 ounces.
  • The company's cash and gold on hand at the end of the June 2024 quarter decreased to $125.0 million, following the payment of $69.6 million to partially close out the hedge book.
  • The capital spend on development activities at the Mount Gibson Gold Project (MGGP) for the quarter was $7.8 million, with a focus on installing the 400-room accommodation village for operations.
  • To date, Capricorn has spent $19.4 million on these early construction works, with a total capital budget of $260 million.
  • The company has no gold forward sale commitments until 31 December 2025, following the partial close out of the hedge book in June 2024.
  • The MGGP Ore Reserve Estimate was updated to 61.6 million tonnes at 0.90 g/t gold for 1.83 million ounces (refer ASX announcement 9 April 2024).
  • Tenders were issued during the quarter for Mining Services, Power Supply, and Process Plant Design contracts.
  • The DCCEEW has advised that the MGGP referral will be assessed as a Controlled Action via a Public Environmental Report.

Statistics:

  • 113,007 ounces: Annual gold production for FY24.
  • 112,000 - 115,000 ounces: Updated FY24 production guidance range.
  • 26,835 ounces: Quarterly gold production for June 2024.
  • $125.0 million: Company cash and gold on hand at the end of the June 2024 quarter.
  • $69.6 million: Payment made to partially close out the hedge book.
  • $7.8 million: Capital spend on development activities at the MGGP for the quarter.
  • $19.4 million: Total spend on early construction works at the MGGP.
  • $260 million: Total capital budget for the MGGP.
  • 61.6 million tonnes: Updated MGGP Ore Reserve Estimate.
  • 0.90 g/t gold: Updated MGGP Ore Reserve Estimate gold grade.
  • 1.83 million ounces: Updated MGGP Ore Reserve Estimate ounces.

Sources:

  • Capricorn Metals Limited news release, 21 July 2024
  • ASX announcement, 9 April 2024
  • Commonwealth Department of Climate Change, Energy, the Environment and Water (DCCEEW) advice, June 2024
  • Environmental Protection Authority (EPA) lodge of referral, 8 May 2024

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