Capricorn Metals (ASX:CMM) announced financial results for the quarter ended 30 September 2022.

Karlawinda Gold Project (KGP) September 2022 quarter (Q1) gold production of 31,005 ounces (Q4: 32,018 ounces). FY23 guidance of 115,000 ? 125,000 ounces.

Q1 All-in-sustaining-cost (?AISC?) of $1,166 per ounce is at the lower end of FY23 guidance of $1,160 - $1,260 per ounce.

Strong cashflow from operations continues with $38.5 million (Q4: $38.1 million) generated in Q1 reflecting industry leading cashflow generation per ounce metrics.

Maiden profit after tax of $89.5 million reported for FY22 after the completion of a successful first year of operations at the KGP.

Cash and gold on hand at quarter end of $69.1 million (Q4: $65.9m) after $15 million debt repayment reflecting cash build of $18.2 million (Q4: $20.9 million) after $11.6 million spent on over 77,000 metres of exploration drilling in Q1 (refer below).

Net cash of $19.1 million at end of Q1, up from net cash of $0.9m at end of Q4.

Gold sales of 26,304 ounces at average price of $2,586/oz generated $68.0 million in revenue with a further 5,329 ounces of gold on hand at the end of the quarter valued at $13.8 million (Q4: 1,664oz?s).

Early repayment reduced bank debt to $50 million and Capricorn converted its project loan with Macquarie Bank into a general-purpose corporate loan with a single bullet repayment in June 2025.

Following the announcement the company?s share price rose 4.268%.