Capricorn delivers record production ahead of Karlawinda expansion
Capricorn Metals has delivered record annual gold production at its Karlawinda Gold Project in Western Australia, with the operation now transitioning towards an expansion.
Karlawinda produced 123,589 ounces of gold during 2025-26 financial year, reaching the upper end of the company’s 115,000–125,000 ounce guidance range. The project produced 30,437 ounces during the June 2026 quarter at an all-in sustaining cost (AISC) of $1,648 per ounce, bringing full-year AISC to $1,629 per ounce.
These results were achieved while Capricorn continued development of the Karlawinda Expansion Project (KEP), with mining rates stabilising at the expanded project run rate and ore delivered to the KEP ROM 2 facility ahead of commissioning activities commencing.
The KEP is progressing towards commissioning in the current quarter, with concrete works at the plant site complete, all structural steel and platework delivered, and structural, mechanical and piping installation significantly advanced across the crushing, milling and carbon-in-leach (CIL) areas.
Commissioning of the CIL areas is underway, while all electrical and instrumentation packages and mechanical equipment packages have been delivered to site. Ore is also accumulating on ROM 2 ahead of commissioning of the mill and crusher.
The expansion includes the installation of a new parallel three-stage crushing and ball milling circuit, which is expected to increase processing capacity at Karlawinda to 6.5 million tonnes per annum. Capricorn expects the expanded operation to increase average annual gold production from around 120,000 ounces per annum to approximately 150,000 ounces per annum.
Capricorn finished the June quarter with $507 million in cash and gold on hand, after generating $115.8 million in operating cash flow during the period. The company sold 34,271 ounces of gold at an average price of $6,267 per ounce, generating $214.8 million in revenue.
The company has forecast gold production of 137,000-147,000 ounces for the 2026-27 financial year, with Karlawinda expected to operate broadly at its post-expansion long-term production rate of 150,000 ounces per annum following commissioning in the first quarter of FY27.
Alongside Karlawinda, Capricorn continued development and permitting activities at its Mt Gibson Gold Project, with federal approval received for the project’s expansion and operation during the quarter. The company has also submitted its Environmental Review Document for the Western Australian approvals process.