Capricorn Metals (CMM) H2 2025 earnings summary

Executive summary

• Achieved record financial results in FY25, with strong operational performance at Karlawinda Gold Project (KGP) and significant progress at Mt Gibson Gold Project (MGGP).

• KGP produced 117,076 ounces of gold at an AISC of $1,468/oz, generating $259.3m in operating cash flow and $330.1m underlying EBITDA.

• Net cash increased to $355.7m, supporting $53.4m in exploration and project acquisitions.

• Closed out all gold hedging commitments and repaid $50m corporate debt, leaving the company debt free and unhedged.

• Announced intention to acquire Warriedar Resources Ltd, expanding resource base and exploration potential.

Financial highlights

• Record revenue of $505.9m from sale of 118,223 ounces at an average realised price of $4,463/oz.

• Statutory profit after tax of $150.3m, up 72% year-over-year.

• Underlying profit after tax (excluding hedge closure and adjustments) of $206.4m, up 107% year-over-year.

• EBITDA increased 62% to $273.4m; underlying EBITDA up 82% to $330.1m.

• Cash flow from operating activities up 64% to $259.3m.

• Net assets rose to $781.2m from $309.3m.

Outlook and guidance

• FY26 gold production guidance for KGP: 115,000–125,000 ounces at AISC of $1,530–$1,630/oz.

• Growth capital for KGP expansion projected at $30–40m.

• Continued focus on advancing MGGP permitting and development.