Capricorn Metals announces record half-year profit 

Capricorn Metals Ltd (ASX: CMM) announced its half-year profit before tax increased by 35% to $78.8 million over the previous corresponding period (pcp), a record half–year result for the gold miner.  

The miner’s profit increase was buoyed by a rise in sales of 7%, to 60,341 ounces, on the back of a strong six months of operations at the Karlawinda Gold Project.  

The Karlawinda Gold Project (KGP), located 65 kilometres south-east of Newman in the Pilbara region of Western Australia, commenced operations in June 2021, and has a 10-year mine life on current reserves.  

“The KGP had a strong first half of operations producing 60,099 ounces at an all in sustaining cost (“AISC”) of $1,324 per ounce, consolidating its reputation as one of Australia’s lowest cost gold mines,” Capricorn stated. 

The Company’s second project, the Mt Gibson Gold Project, is located approximately 334 kilometres northeast of Perth in the Mid-West region of WA.  

Capricorn says it expects to meet gold production guidance of 115,000 – 125,000 ounces at an AISC range of $1,270 – $1,370 per ounce and growth capital of $10-20 million.  

Capricorn also remains bullish on its exploration prospects in Western Australia’s north. 

“The Pilbara region of Western Australia has not had a significant historical exploration focus on gold and as a result very little modern and meaningful gold exploration has been completed outside of the immediate Bibra deposit, the focus of current mining operations.  

“During the half-year a total of 183 holes for 22,073 metres were drilled across the KGP tenement package.”