The Capricorn Metals Ltd (ASX: CCM) share price is in focus after the company delivered strong gold production for Q3 FY26, producing 30,358 ounces and maintaining its run rate for the Karlawinda Gold Project.
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What did Capricorn Metals report?
- Gold production at Karlawinda reached 30,358 ounces for the March 2026 quarter, bringing year-to-date production to 93,152 ounces.
- On track to hit the upper end of FY26 guidance of 115,000–125,000 ounces at an AISC of $1,530–$1,630 per ounce.
- Recovery rates for the quarter were 91.0%, slightly up on previous quarters.
- Cash and gold on hand increased to $507.6 million, compared to $457.4 million at the end of December 2025.
- Quarterly capital expenditure totalled $50.0 million, with $47.3 million at Karlawinda Expansion Project and $2.7 million at Mt Gibson Gold Project.
What else do investors need to know?
Development at the Karlawinda Expansion Project (KEP) is progressing well, with over 90% of plant site concrete works finished and key infrastructure pieces like the ball mill delivered ahead of schedule. Mining activities are meeting both gold production targets and requirements for expansion, with first ore delivered to ROM 2 during the quarter.
Capricorn's strategy includes early capital spend at Mt Gibson Gold Project (MGGP), positioning the company for an accelerated construction start once permits are in place. The company is actively managing industry-wide risks, such as diesel supply, though it is not currently affected.
What's next for Capricorn Metals?
Capricorn expects to reach the upper end of its gold production guidance for FY26 as sustained run rates continue. Full operational and cost figures will be released in the Quarterly Report later in April 2026.
Both the Karlawinda and Mt Gibson projects remain a key focus, with further construction and development milestones expected over the coming quarters. Studies, permitting, and tendering processes are underway to ready these projects for future production growth.
Capricorn Metals share price snapshot
Over the past 12 months, Capricorn Metals shares have risen 35%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 19% over the same period.
