Capricorn Metals Ltd (ASX:CMM) has reported a strong finish to the 2026 financial year, with its Karlawinda Gold Project producing 30,437 ounces of gold during the June quarter. This result brings the company’s total annual production to 123,589 ounces, comfortably hitting the upper end of its full-year guidance range of 115,000 to 125,000 ounces. All-in sustaining costs for the year are also expected to land within the company’s forecast range of $1,530 to $1,630 per ounce.

The June quarterly result marks a marginal increase in production volume compared to the 30,358 ounces reported in the March quarter. This steady output was achieved while the company simultaneously managed heavy development requirements for the Karlawinda Expansion Project. By increasing mine production rates, the company maintained its gold delivery targets while ensuring ore was stockpiled on the ROM 2 pad in preparation for upcoming commissioning activities.

Construction progress at the expansion site is now nearing its conclusion. Concrete work for the plant is finished, and all essential structural steel and platework have arrived on-site. Installation of structural, mechanical, and piping components is well advanced across the crushing, milling, and carbon-in-leach circuits, with commissioning of the latter already underway.

Beyond the expansion at Karlawinda, the company has continued development efforts at its Mt Gibson Gold Project. Recent highlights include the execution of a mining services agreement and the award of main plant construction contracts. Having secured necessary federal environmental approvals, the company is now finalising documentation for the Western Australian government assessment process. Despite significant capital expenditure across both project development sites, the company ended the quarter with a robust cash and gold balance of $507 million, following a $68.2 million underlying cash build and its recent maiden dividend payment.

Read the full announcement: Top End of FY26 Guidance Delivered at KGP