Capricorn Metals completes Karlawinda expansion on schedule
- Capricorn Metals completed construction of its Karlawinda Gold Project expansion on schedule and within budget, delivering 31,218 ounces of gold in the September quarter.
- Cash and gold reserves grew to $535 million, supported by a quarter underlying cash build of $62.2 million.
- The company stated that the completed expansion increases processing capacity to 6.5 million tonnes per annum and targets production of 150,000 ounces per year.
Capricorn Metals (ASX:CMM) completed construction of its Karlawinda Gold Project expansion on schedule and within budget while delivering 31,218 ounces of gold during the September quarter.
The gold output represents a steady increase from the 30,437 ounces produced in the previous quarter, keeping operations on track to hit full-year guidance of 137,000 to 147,000 ounces.
The company stated that the expansion increases total processing capacity to 6.5 million tonnes per annum, which is expected to lift future output to 150,000 ounces per year.
Capital expenditure for the quarter reached $42.7 million across the Karlawinda and Mt Gibson sites, alongside an $8.5 million cash inflow from the Big Springs asset sale.
Following the announcement, the Capricorn Metals share price was unchanged at $14.40.
Federal authorities approved the expansion of the Mt Gibson site under environmental law, with state-level Western Australian regulatory assessments entering final review phases.
To accelerate future construction timelines, the business invested $2.1 million during the quarter into early procurement activities and contract preparations at Mt Gibson.
