The Capricorn Metals Ltd (ASX: CCM) share price is in focus today after the company posted record first-half results, including a maiden 5 cents per share fully franked interim dividend.
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What did Capricorn Metals report?
- Sales revenue up 64% to $350.1 million from the sale of 59,816 ounces of gold at an average price of $5,842 per ounce
- Underlying net profit after tax up 130% to $144.8 million
- Underlying EBITDA rose 101% to $215.3 million with a 62% margin
- Cash flow from operating activities up 141% to $204.5 million
- Net cash position increased to $440.8 million
- Maiden fully franked interim dividend of 5 cents per share ($22.8 million) declared
What else do investors need to know?
Capricorn Metals delivered a strong operational result at its Karlawinda Gold Project (KGP), producing 62,794 ounces at an all-in sustaining cost (AISC) of $1,627 per ounce. The company is on track to achieve the upper end of its full-year guidance of 115,000 to 125,000 ounces at an AISC of $1,530–$1,630 per ounce.
During the half, Capricorn advanced growth at the Karlawinda Expansion Project, investing $44.5 million, and progressed exploration and feasibility work at the Mt Gibson Gold Project. The group also completed the acquisition of Warriedar Resources, adding potential new resources in the Golden Range and Fields Find regions.
What did Capricorn Metals management say?
Capricorn Executive Chairman Mark Clark said:
Capricorn delivered another strong half year of operations at Karlawinda, generating record cash flow from operations of $204.5 million and record underlying EBITDA of $215.3 million. This performance continued to bolster the balance sheet, with the net cash position increasing to $440.8 million. Underpinned by this financial strength and the consistently strong operating cashflow of the KGP, the board has declared a maiden fully franked dividend. This dividend is a milestone for Capricorn and reflects the Company's focus on delivering shareholder returns whilst we pursue our industry leading growth projects.
What's next for Capricorn Metals?
Looking ahead, Capricorn is fully funded to advance both the Karlawinda Expansion and Mt Gibson developments while maintaining a strong net cash position. The Karlawinda expansion is expected to enter commissioning in the first quarter of FY27, which could lift gold production to around 150,000 ounces per year.
At Mt Gibson, the company is finalising permitting and continuing resource definition drilling, which could unlock further underground mining opportunities. Capricorn says it remains committed to building on its multi-mine, mid-tier Australian gold producer ambitions.
Capricorn Metals share price snapshot
Over the past 12 months, Capricorn Metals shares have risen 80%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 11% over the same period.
