Capricorn Metals (CMM) Q4 2024 TU earnings summary

Executive summary

• Q4 FY24 gold production reached 26,835oz (Q3: 26,017oz), with FY24 total at 113,007oz, within updated guidance of 112,000–115,000oz.

• Q4 AISC was $1,548/oz (Q3: $1,515/oz), with FY24 AISC at $1,421/oz, 4% above guidance due to weather impacts.

• FY24 operating cashflow totaled $159.6m, with Q4 at $40.4m.

• FY25 guidance: 110,000–120,000oz gold at AISC $1,370–$1,470/oz; growth capex $10–20m.

Financial highlights

• Q4 gold sales: 30,404oz at $3,528/oz, generating $107.3m revenue; 1,453oz gold on hand at Q4 end valued at $5.1m.

• Cash and gold on hand at Q4 end: $125.0m (Q3: $177.8m) after $69.6m hedge close-out payment.

• Q4 cash build: $24.6m before hedge close-out and $7.8m MGGP capex.

• FY24 net cash and bullion position at Q4 end: $75.0m.

Outlook and guidance

• FY25 production expected at 110,000–120,000oz, AISC $1,370–$1,470/oz.

• Production expected to be weighted to H2 FY25 as mining focuses on opening ore zones.

• Growth capital for FY25 forecast at $10–20m, including pre-stripping and camp extensions.