Capricorn Metals (CMM) Q4 2025 TU earnings summary

Executive summary

• Q4 gold production reached 32,216 ounces, up from 30,599 ounces in Q3, with FY25 total production at 117,076 ounces, meeting the upper end of guidance.

• All-in sustaining cost (AISC) for Q4 was $1,381/oz, and FY25 AISC was $1,468/oz, both within guidance.

• Record quarterly operating cash flow of $85.7 million was generated in Q4.

• Final gold hedge closed and $50 million corporate debt repaid, leaving the company unhedged and debt free.

• Cash and gold on hand at Q4 end was $356.4 million.

Financial highlights

• Gold sales in Q4 totaled 35,821 ounces at an average price of $5,137/oz, generating $184.0 million in revenue.

• Net cash from operating activities for Q4 was $101.4 million; year-to-date $248.7 million.

• Payments for property, plant, and equipment in Q4 were $10.2 million; exploration and evaluation $20.4 million.

• Net cash and bullion position at Q4 end was $356.4 million.

Outlook and guidance

• FY26 gold production guidance is 115,000–125,000 ounces, a 4.3% increase at midpoint over FY25 guidance.

• FY26 AISC expected at A$1,530–$1,630/oz, with growth capital of $30–$40 million as mining transitions to the Karlawinda Expansion Project.

• Production is forecast to be consistent across FY26 quarters.