Capricorn Metals (CMM) H1 2026 earnings summary

Executive summary

• Produced 62,794 ounces of gold at Karlawinda Gold Project (KGP) at an AISC of $1,627/oz, on track for upper end of FY26 guidance of 115,000–125,000 ounces.

• Acquired Warriedar Resources, adding significant tenement and resource base, including the Golden Range Project and Big Springs Project in Nevada.

• Group Mineral Resource Estimate increased to 8.1Moz gold; Ore Reserve Estimate maintained at 4.0Moz.

• Declared maiden fully franked interim dividend of 5 cents per share, totaling $22.8 million.

Financial highlights

• Statutory profit before tax rose to $179.4 million (HY2024: $63.1 million); underlying profit before tax $206.8 million (HY2024: $90.7 million).

• Revenue (excluding hedge adjustments) was $349.4 million from 59,816 ounces at $5,842/oz (HY2024: $213.4 million from 54,062 ounces at $3,943/oz).

• Net cash from operations was $204.7 million, supporting an $85.1 million increase in cash to $440.8 million.

• Basic EPS increased to 28.63 cents (HY2024: 11.13 cents).

Outlook and guidance

• KGP expected to meet FY26 production guidance of 115,000–125,000 ounces at AISC of $1,530–$1,630/oz.

• Karlawinda Expansion Project (KEP) to increase processing capacity to 6.5Mtpa, targeting 150,000 ounces annual production post-expansion.

• Growth capital for KGP set at $30–40 million as expansion progresses.