Capricorn Metals lifts output in March quarter

The news: Gold producer Capricorn Metals has lifted quarterly production at its Karlawinda gold project in Western Australia and says it is on track to hit full-year guidance.

The numbers: The company recorded gold production of 30,599 ounces in the three months to 31 March, up from 28,702 ounces in the December quarter. The year-to-date result puts it on track to achieve the mid-point of the FY25 guidance range of 110,000-120,000 ounces with all-in sustaining costs also expected to be within the guidance range of $1,370-$1,470 per ounce.

The context: Capricorn attributed the improved output to continued focus on total material movement from the Bibra open pit, which has helped deliver a steady increase in production. It continues to expect robust production in the second half of FY25.

The company also incurred $4.6 million in capital spend at its under-development Mt Gibson gold project to install a 400-room accommodation village for operations, taking the overall spend on early construction works to $34.5 million.