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Gold

Capricorn Metals Limited Maintains Group Ore Reserve Estimate at 4.0 Million Ounces of Gold

Strategic Insights

— 1 min read

Capricorn Metals Limited (ASX: CMM) has announced the maintenance of its group Ore Reserve Estimate (ORE) at 4.0 million ounces of gold, as of 30 June 2025. This is after another strong year of production, with ongoing drilling at the Mt Gibson Gold Project (MGGP) contributing to the update of open-pit and underground ORE in Q3FY26. The MGGP ORE has increased by 144,000 ounces (5.6%) due to drilling at the Highway, Aries, and Comanche satellite pits.

Key Takeaways:

  • The Group Ore Reserve Estimate (ORE) remains unchanged at 4.0 million ounces of gold as of 30 June 2025.
  • The MGGP ORE has increased by 144,000 ounces (5.6%) due to drilling at the Highway, Aries, and Comanche satellite pits.
  • The updated Capricorn Group ORE is 148.6 million tonnes at 0.8 g/t Au for 4.03 million ounces of gold.
  • The MGGP ORE is 95 million tonnes at 0.9 g/t Au for 2.74 million ounces.
  • Karlawinda Gold Project (KGP) ORE has decreased due to mining depletion, with 53.6 million tonnes at 0.8 g/t Au for 1.30 million ounces.
  • The Group Mineral Resources Estimate (MRE) has increased to 243.6 million tonnes at 0.8 g/t for 6.62 million ounces.
  • Ongoing drilling at MGGP will be used to underpin an updated open-pit ORE in Q3FY26 and maiden underground ORE in H2FY26.
  • The updated MGGP MRE is 6.8 million tonnes at 3.1g/t Au for 684,000 ounces.

Statistics:

  • 4.0 million ounces of gold maintained in Group Ore Reserve Estimate (ORE) as of 30 June 2025.
  • 144,000 ounces (5.6%) increase in MGGP ORE due to drilling.
  • 148.6 million tonnes at 0.8 g/t Au for 4.03 million ounces of gold in updated Capricorn Group ORE.
  • 95 million tonnes at 0.9 g/t Au for 2.74 million ounces in MGGP ORE.
  • 53.6 million tonnes at 0.8 g/t Au for 1.30 million ounces in KGP ORE after mining depletion.
  • 243.6 million tonnes at 0.8 g/t for 6.62 million ounces in Group Mineral Resources Estimate (MRE).
  • 6.8 million tonnes at 3.1g/t Au for 684,000 ounces in updated MGGP Mineral Resource Estimate (MRE).

Sources:

  • Capricorn Metals Limited (ASX: CMM) news release.
  • JORC Table 1 (Appendix 1).
  • ASX announcements on 22 July 2025.

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