Capricorn Metals Ltd (ASX: CMM), Part 1 of 3
Abstract
Capricorn Metals Ltd (ASX: CMM) owns two gold projects in Western Australia. The Karlawinda Gold Project in the Pilbara has produced gold since June 2021 and produced 123,589 ounces in the year to 30 June 2026.[R1] The Mt Gibson Gold Project is in the Yalgoo Mineral Field and has not produced gold since 1998. In the Samso Gold Regions Series the company carries the label Producer elsewhere. Mt Gibson is near-term, because it produces gold at Karlawinda and has a published study and a stated start date for Mt Gibson.
The study is an updated Pre-Feasibility Study released on 27 July 2026. A Pre-Feasibility Study is the stage of study before a final, or definitive, feasibility study. It plans open pit and underground mining and a new plant treating 5 million tonnes of ore a year. It forecasts 3.51 million ounces of gold over 19.25 years, a cost to build of A$474 million with no contingency, the allowance for cost overruns, and an all-in sustaining cost of A$1,870 an ounce.[R2] The all-in sustaining cost is what it costs to produce each ounce and keep the mine running. The plan rests on an Ore Reserve of 3.67 million ounces at 1.0 gram of gold per tonne, written g/t. An Ore Reserve is the part of the gold in the ground that a study shows can be mined at a profit.
