Capricorn Metals (CMM) H2 2024 earnings summary

Executive summary

• Achieved record revenue of $359.8m and net profit after tax of $87.1m for FY24, with strong operational performance at Karlawinda Gold Project (KGP) and significant progress at Mt Gibson Gold Project (MGGP).

• KGP produced 113,007 ounces of gold at an AISC of $1,421/oz, generating $158.2m in operating cash flow and $168.3m EBITDA.

• Group Ore Reserves increased by 565,000oz to 3.26Moz, and net cash position rose by $13.4m to $69.3m after hedge book closure and investments.

• Closed out 52,000oz of gold hedging contracts for $69.6m, providing full exposure to gold price upside in FY25.

Financial highlights

• Revenue increased 12% year-over-year to $359.8m; EBITDA up 4% to $168.3m; net profit after tax surged to $87.1m from $4.4m in FY23.

• Operating cash flow reached $158.2m, up 4% year-over-year.

• Net cash at year-end was $69.3m, after significant investments and hedge closure costs.

• Basic EPS was 23.13 cents, up from 1.18 cents in FY23.

Outlook and guidance

• FY25 guidance: KGP gold production of 110,000–120,000oz at AISC of $1,370–$1,470/oz, with $10–20m in growth capital.

• MGGP expected to produce over 150,000oz annually with a mine life exceeding 10 years, pending permitting and development.

• Focus on KGP expansion study, MGGP development, and continued strong shareholder returns.