Capricorn Metals shares gain after strong December quarter
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More news: Shares in Capricorn Metals are up 1.6% to $6.47 after the gold producer posted an improved December quarter production at its Karlawindi gold project in Western Australia, and said it is on track to hit full-year guidance.
The company said its Bibra open pit at Karlawindi is now well established and expects higher production for the second half of FY25.
Capricorn Metals lifts production in December quarter
The news: Gold producer Capricorn Metals has posted higher quarterly production at its Karlawindi gold project in Western Australia, and says it is on track to hit full-year guidance.
The numbers: The company recorded gold production of 28,702 ounces in the three months to December, up from the 25,559 ounces in the September quarter.
With half-year output ahead of budget, it is on track to achieve the annual guidance range of 110,000 to 120,000 ounces at an all-in sustaining cost range of $1,370 to $1,470 per ounce.
The context: Capricorn attributed the improved output to continued focus on total material movement from the Bibra open pit, where gold recovery rates were high at 92% and pre-stripping works commenced at the Southern Corridor extension. It said the Bibra pit is now well established for what is a planned, higher production period in the second half of FY25.
The company also incurred $6 million in capital spend at its under-development Mount Gibson gold project to install a 400 room accommodation village for operations, taking the overall spend on early construction works to $29.9 million.
Capricorn raised $200 million via an institutional placement in November to help fully fund the expansion of its Karlawinda mine and the development of the Mount Gibson project.
The source: ASX announcement
