Capricorn Metals (CMM) H2 2025 earnings summary

Executive summary

• Achieved record net profit after tax of $150.3 million for FY25, up 72% year-over-year, driven by higher gold prices and increased production volumes.

• Gold sales reached $527.6 million from 118,223 ounces at an average price of $4,463/oz, a 47% increase in revenue year-over-year.

• Closed all gold hedging instruments, becoming fully unhedged and repaid all outstanding debt, ending the year debt-free.

• Advanced major growth projects, including the Karlawinda Expansion Project and Mt Gibson Gold Project, with significant resource and reserve upgrades.

Financial highlights

• Sales revenue increased 41% to $505.9 million compared to FY24.

• EBITDA rose 62% to $273.4 million; operating cash flow up 64% to $259.3 million.

• Net cash position at year-end was $355.7 million, up from $69.3 million in FY24.

• Basic EPS increased 60% to 37.08 cents; net assets rose to $781.2 million.

Outlook and guidance

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

• Growth capital for FY26 expected to be $30–$40 million.

• Karlawinda Expansion Project to increase processing capacity to 6.5Mtpa and annual gold output to ~150,000 ounces.