Capricorn Metals (CMM) Q1 2025 TU earnings summary

Executive summary

• Q1 gold production at Karlawinda Gold Project (KGP) was 25,559oz, in line with FY25 mine plan; AISC was $1,647/oz, expected to decline as production increases and earthmoving volumes reduce.

• KGP is on track for FY25 guidance of 110,000–120,000oz at AISC of $1,370–$1,470/oz; strong cash flow from operations at $38.0m in Q1.

• Gold sales totaled 22,285oz at an average price of $3,729/oz, generating $83.1m in revenue; 4,656oz of gold on hand at quarter end valued at $18.0m.

• Underlying profit after tax for FY24 was $87.1m, in line with FY23's $85.8m; cash and gold on hand at Q1 end was $144.6m.

Financial highlights

• FY24 profit after tax was $89.1m; record revenue of $359.8m and EBITDA of $168.3m.

• Net cash position increased to $69.3m after closing out 52,000oz of hedge book and $32.0m in exploration/feasibility spend.

• Q1 operating cash flow was $38.0m; cash and gold on hand at 30 Sep 2024 was $144.5m, up from $125.0m in Jun 2024.

• Q1 net cash and bullion position was $94.6m.

• Q1 gold sales generated $83.1m revenue; realized $3.0m additional revenue from hedge book closure.

Outlook and guidance

• KGP expected to achieve FY25 production guidance of 110,000–120,000oz at AISC $1,370–$1,470/oz.

• AISC expected to decline in coming quarters as earthmoving volumes reduce and production increases.

• KGP expansion study to be finalized in Q2, targeting throughput increase by 2–2.5mtpa.

• MGGP construction on track for completion in CY24; partial occupation of accommodation village planned soon after.