Capricorn Metals (CMM) Q1 2026 TU earnings summary

Executive summary

• Record gold production of 32,318 ounces at Karlawinda Gold Project (KGP) in Q1 FY26, with strong mill throughput and operational consistency supporting expansion plans.

• Underlying profit after tax for FY25 reached $206.4 million, more than doubling the prior year, driven by robust revenue and cost management.

• Cash and gold on hand at quarter-end totaled $394.4 million, with a quarterly cash build of $71.8 million before $33.7 million in capital expenditure.

• Acquisition of Warriedar Resources progressing, with scheme meetings scheduled and revised share scheme consideration offering a significant premium.

Financial highlights

• Q1 gold sales of 28,164 ounces at an average price of $5,290/oz generated $149.0 million in revenue.

• All-in sustaining cost (AISC) for Q1 was $1,625/oz, up from $1,381/oz in Q4, reflecting higher earthmoving volumes.

• Record quarterly operating cash flow of $91.2 million (Q4: $85.7 million).

• FY25 underlying EBITDA reached $330.1 million (FY24: $180.7 million), with record underlying revenue of $528.2 million.

Outlook and guidance

• FY26 production guidance maintained at 115,000–125,000 ounces at an AISC of $1,530–$1,630/oz, with lower strip ratios expected as expansion progresses.

• KGP throughput and mining volumes expected to remain consistent, supporting expansion and infrastructure development.