The Capricorn Metals Ltd (ASX: CMM) share price is on investors' watchlists today after delivering strong Q2 FY26 gold production from its Karlawinda Gold Project, with 30,476 ounces produced and cash and gold on hand rising to $444.2 million at quarter's end.
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What did Capricorn Metals report?
- Gold production: 30,476 ounces in Q2 FY26 (YTD: 62,794 ounces)
- On track for upper end of FY26 production guidance of 115,000–125,000 ounces
- All-in sustaining cost (AISC) guidance: $1,530–$1,630 per ounce
- Cash and gold on hand: $444.2 million at 31 December 2025 (up from $394.4m in September)
- Quarterly cash build: $88.8 million before $39.0 million in capex
- Capital spend: $36.1 million at KEP; $2.9 million at Mt Gibson Gold Project
What else do investors need to know?
The Karlawinda Expansion Project remains on schedule, with key construction milestones met, including major concrete works and over 70% of the plant site concrete poured. Structural, mechanical and piping contractors are now on-site, and several major equipment deliveries have been made, with the ball mill still to arrive early in the next quarter.
At the Mt Gibson Gold Project, Capricorn has advanced process plant design to 98% completion and begun early works with preferred mining contractor MACA. The company also submitted the final Public Environment Report for regulatory review and is progressing through state and federal approval processes.
What's next for Capricorn Metals?
Capricorn Metals is aiming to hit the upper end of its FY26 production guidance as Karlawinda delivers steady operational results and expansion works progress. Management expects commissioning of new processing facilities to begin in Q1 FY27, supported by steady cash generation and continued project advancement at both Karlawinda and Mt Gibson.
Detailed operational and cost results, as well as further updates on project milestones, are due in the company's full quarterly report later in January.
Capricorn Metals share price snapshot
Over the past 12 months, Capricorn Metals shares have risen 124%, significantly outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 5% over the same period.
