Capricorn Metals has released its 2023–24 financial year (FY24) report, delivering strong financial metrics across the board.
The gold miner delivered a record $359.8 million in revenue from selling over 112,000 ounces (oz) of gold at average realised price of $3185/oz, and $87.1 million in profit after tax, a $4.4 million increase from the previous financial year. The company also increased its net cash position to $69.3 million from the $55.9 million recorded in FY23.
The Karlawinda gold project in Western Australia was the standout operation for Capricorn, achieving multiple records.
Karlawinda produced 113,007oz during FY24, achieving its revised annual production guidance range of 112,000–115,000oz. The operation also produced gold at an all-in sustaining cost of $1421/oz, a figure one of the lowest in the Australian gold sector.
“Capricorn completed a strong third year of operations at Karlawinda despite the impact of a number of rainfall events in the second half of the financial year,” Capricorn executive chairman Mark Clark said.
“The project generated record cashflow from operations of $158.2 million and record EBITDA (earnings before interest, taxes, depreciation, and amortisation) of $168.3 million in FY24. This cashflow underpinned an extensive $32 million exploration effort at Karlawinda and Mt Gibson resulting in significant upgrades to reserves which now stand at 3.3 million ounces.”
During FY24, Capricorn commenced the installation of 400-room accommodation units and associated infrastructure buildings that were required at Mt Gibson. Tenders were also issued for mining services, power supply and process plant design contracts, with several site visits conducted.
The company spent $19 million on early construction works at Mt Gibson to pave the way for expedited development once environmental approvals are received, while continuing resource extension and near mine exploration drilling at the site. Exploration activities at Mt Gibson will continue in FY25.
“FY25 is expected to be another strong year for the (Karlawinda) operations and will see Capricorn continue to push the exciting Mt Gibson project towards development,” Clark said.
“Capricorn has a clear focus on its goal of becoming a quality, multi mine mid-tier Australian gold mining company.”
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