How did Capricorn Metals (ASX:CMM) perform in the March 2026 quarter?

Capricorn Metals reported a strong operational quarter, producing 30,358 ounces of gold at its Karlawinda Gold Project (KGP). This result brings year-to-date production to 93,152 ounces, keeping the company on track to hit the upper end of its full-year guidance.

What is the updated FY26 production and cost guidance for Capricorn Metals (ASX:CMM)?

The company has maintained its FY26 guidance of 115,000 to 125,000 ounces of gold. Costs remain stable with an All-In Sustaining Cost (AISC) forecast of $1,530 – $1,630 per ounce, suggesting the company is managing inflationary pressures effectively compared to some industry peers.

How healthy is the Capricorn Metals (ASX:CMM) balance sheet following the March update?

Capricorn is in a strong liquidity position with $507.6 million in cash and gold on hand, an increase from $457.4 million in the December 2025 quarter. This "cash build" of over $50 million occurred even after accounting for significant capital investment in expansion projects.

What is the status of the Karlawinda Expansion Project?

The Karlawinda Expansion Project is currently at peak construction levels, with $47.3 million invested this quarter into civil works, structural steel, and piping. This project is a key medium-term catalyst as it is designed to increase the mine's overall run rate and production capacity.

What progress has been made at the Mt Gibson Gold Project?

While Karlawinda is the primary producer, Capricorn spent $2.7 million on the Mt Gibson Gold Project this quarter. This expenditure was focused on essential pre-development tasks, including detailed design, early procurement, and contract preparations for future mining activities.

Are diesel fuel supply issues affecting Capricorn Metals' operations?

Despite a broader industry-wide risk regarding diesel shortages in Australia, Capricorn confirmed that its operations are currently unaffected. However, management has flagged this as a material risk that they continue to monitor closely, as any future disruption could impact logistics and power generation.

What were the key operational metrics for the Karlawinda Gold Project this quarter?

The project milled 1,092,000 tonnes of ore with a head grade of 0.95 g/t. Efficiency remained high with a gold recovery rate of 91%, which is a slight improvement over the previous quarter's 89.9%, indicating optimized processing performance.

What are the main bull and bear points for Capricorn Metals (ASX:CMM) investors?

The bull case rests on the company's ability to hit the high end of guidance while maintaining a massive cash pile for growth. The bear case involves industry-wide risks like diesel supply chain disruptions and the heavy capex requirements (currently $50 million per quarter) for its expansion projects.

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Capricorn Metals eyes upper guidance after strong quarter

Written by Brie CarterPublished Apr 6, 2026, 11:15 PMLast Updated Jul 6, 2026, 10:30 AM

Capricorn Metals (ASX:CMM) announced it is on track to meet the upper tier of its FY26 production guidance following a robust March 2026 quarter at the Karlawinda Gold Project.

The Western Australian-based miner produced 30,358 ounces of gold during the period, bringing its year-to-date total to 93,152 ounces.

The performance reinforces the company's confidence in achieving its full-year forecast of 115,000 to 125,000 ounces, maintained at an all-in sustaining cost of $1,530 – $1,630 per ounce.

Operational efficiency remained steady, with 1,092,000 tonnes of ore milled at a head grade of 0.95 g/t and an improved recovery rate of 91%.

Beyond steady-state production, Capricorn made significant strides on the Karlawinda Expansion Project, where on-site construction has reached peak levels.

Capital expenditure for the quarter totalled $50 million, with $47.3 million specifically allocated to KEP for civil works, structural steel, and piping.

Concurrently, development at the Mt Gibson Gold Project progressed with $2.7 million spent on detailed design and contract preparations.

The company remains in a commanding position, reporting $507.6 million in cash and gold on hand, up from $457.4 million in the previous quarter.

Despite a looming industry-wide risk regarding diesel fuel supply, Capricorn confirmed that its operations are currently unaffected.

Capricorn Metals eyes upper guidance after strong quarter

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