Capricorn Metals Ltd (ASX:CMM) produced 30,476oz of gold from its Karlawinda Gold Project (KGP) during the December 2025 quarter (Q2 FY26), with the result in line with the FY26 mine plan.
The output compares with 32,318oz in the September 2025 quarter.
The market has reacted positively to the results, with the company currently enjoying a 2.3% jump to $14.91.
Full-year guidance tracking
Capricorn said KGP remains on track to meet the upper end of its FY26 guidance of 115,000oz–125,000oz at an all-in sustaining cost (AISC) of $1,530/oz–$1,630/oz.
Year-to-date production lifted to 62,794oz.
Operating metrics
During the quarter, KGP recorded:
- Ore milled: 1.159Mt
- Head grade: 0.91g/t
- Recovery: 89.9%
- Material mined: 4.366M bank cubic metres
Expansion project momentum
Capricorn said continued delivery of the post-expansion mining run rate supported both quarterly production and key development requirements for the Karlawinda Expansion Project (KEP), including pre-stripping and supply of infrastructure materials.
The company said mining rates have remained at the expanded run rate for KEP for the past three quarters.
Cash position and capital spend
Capricorn reported cash and gold on hand of $444.2 million at quarter-end, up from $394.4 million at the end of September 2025.
The company recorded a cash build of $88.8 million for the quarter before total capex of $39.0 million across KEP and the Mt Gibson Gold Project (MGGP).
- KEP capex: $36.1 million
- MGGP capex: $2.9 million
Construction progress at KEP
Capricorn reported the following progress during the quarter:
- Bulk earthworks at the plant site completed
- More than 70% of plant-site concrete poured
- 50% completion of CIL tank welding and erection
- Process plant design scope 95% complete
- Key equipment deliveries including the jaw crusher
The company expects the ball mill to arrive on site in early Q4 FY26, ahead of commissioning scheduled for Q1 FY27.
Full operational and cost details will be provided in its quarterly report later in January 2026.