The Capricorn Metals Ltd (ASX: CMM) share price is in focus today after the company reported a strong March quarter, with $143.1 million in operating cash flow—a new quarterly record—and a maiden interim dividend of 5 cents per share.
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What did Capricorn Metals report?
- Gold production for Q3 FY26: 30,358 ounces (Q2: 30,476oz)
- All-in-sustaining cost (AISC) for Q3: $1,617 per ounce (Q2: $1,627/oz)
- Revenue from gold sales: $204 million on 29,009 ounces sold at $7,034/oz
- Record quarterly cash flow from operations: $143.1 million (Q2: $122.4m)
- Cash and gold on hand at 31 March: $507.6 million
- Maiden fully franked interim dividend: 5 cents per share, totalling $22.8 million
What else do investors need to know?
The company says it remains on track for the upper end of its FY26 production guidance—115,000 to 125,000 ounces at an AISC of $1,530 to $1,630 per ounce. Year-to-date gold production totals 93,152 ounces at an AISC of $1,623 per ounce.
Development of the Karlawinda Expansion Project (KEP) progressed well, with key infrastructure largely complete and commissioning targeted for Q1 FY27. Capricorn also continues to advance environmental permitting and planning at the Mt Gibson Gold Project (MGGP), alongside an active exploration program.
Gold exploration at MGGP and KGP delivered high-grade results, expanding the potential for long-term underground operations. The company highlighted strong drill intercepts and continued investment in both brownfields and greenfields exploration across its tenements.
What's next for Capricorn Metals?
Capricorn expects to maintain current mining and development momentum, with the KEP on track for completion and ramp up in the coming financial year. The expanded plant is expected to lift sustainable production to around 150,000 ounces per year once commissioned, with detailed FY27 guidance to follow completion.
The board's maiden dividend reflects Capricorn's strong balance sheet and confidence in self-funding growth from internal cash flows, even as investment continues across development and exploration.
Capricorn Metals share price snapshot
Over the past 12 months, Capricorn Metals shares have risen 23%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 8% over the same period.
