Capricorn Metals (CMM) Q4 2026 TU earnings summary

Executive summary

• Q4 gold production reached 30,437 ounces at an AISC of $1,648/oz, with annual output at 123,589 ounces at $1,629/oz, achieving the upper end of FY26 guidance.

• FY27 guidance targets 137,000–147,000 ounces (18.3% increase at midpoint) at AISC of $1,900–$2,100/oz, reflecting post-expansion run rate of 150,000 ounces per annum after KEP commissioning.

• Operating cash flow for Q4 was $115.8 million, with cash and gold on hand at $507.0 million at quarter end.

• Major expansion and development activities at Karlawinda and Mt Gibson projects are progressing on schedule.

Financial highlights

• Q4 revenue from gold sales was $214.8 million from 34,271 ounces at an average price of $6,267/oz.

• Q4 operating cash flow was $115.8 million (down from $143.1 million in Q3).

• Underlying cash build for the quarter was $68.2 million before $46.0 million in capital expenditure and a $22.8 million maiden dividend.

• Year-end cash and gold on hand totaled $507.0 million.

Outlook and guidance

• FY27 gold production guidance is 137,000–147,000 ounces, with AISC of $1,900–$2,100/oz and growth capital of $70–$85 million.

• KGP expected to operate at 150,000 ounces per annum run rate for last three quarters of FY27 post-expansion.

• MGGP development activities targeted to commence in December 2026, pending permitting.