Capricorn Metals Ltd (ASX: CMM) shares are ending the week on a positive note.
In morning trade, the ASX 200 gold stock is up over 4% to $9.85.
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Why is this ASX 200 gold stock charging higher today?
Investors have been buying the gold miner's shares this morning following the release of another strong quarterly update.
According to the release, the ASX 200 gold stock's Karlawinda Gold Project (KGP) produced 32,216 ounces of gold in the fourth quarter of the financial year. This took its annual gold production to 117,076 ounces for FY 2025.
The good news is that this result is at the upper end of the company's FY 2025 production guidance range. Management had provided production guidance of 110,000 ounces to 120,000 ounces for the year.
More good news is that its all-in sustaining cost (AISC) is expected to be within the FY 2025 cost guidance range of $1,370 per ounce to $1,470 per ounce. Though, management hasn't indicated whether this will be at the low end or high end of this range.
What happened during the quarter?
As mentioned above, KGP delivered a solid fourth quarter performance, producing 32,216 ounces of gold for the three months.
Management notes that production was in line "with budget expectations and reflected the ongoing mining productivity efforts that supported the consistent quarterly increases in output throughout FY25."
It also stated:
The performance of the mining fleet enabled achievement of planned pit face positions and advance pre-stripping ahead of the expansion project. Importantly, mining production rates met the requirement of the Karlawinda Expansion Project (KEP) ahead of schedule, reducing risks associated with the transition to the expanded project.
Speaking of KEP, management revealed that its full operational and cost details will be provided in its quarterly report which will be released later this month.
But it appears well-placed to fund this expansion project. At the end of the quarter, the ASX 200 gold stock had cash and gold on hand of $356.4 million.
This reflects a cash build for the quarter of $62.5 million before total capital expenditure of $10.8 million at the Mt Gibson Gold Project (MGGP) and the KEP, as well as $50 million associated with the final hedge book closure and a $50 million debt repayment.
Following today's move, this ASX 200 gold stock is now up a massive 96% over the past 12 months.
