Commodities, Finance, Gold, News

Karlawinda goes big for Capricorn

Capricorn

Capricorn Metals continues to solidify itself as a prominent gold player after its Karlawinda gold project in Western Australia achieved record quarterly production.

Karlawinda produced 31,769 ounces of gold in the three months to March 31, up from the 30,316 ounces produced in the December quarter of 2021 – the project’s first full quarter of steady state operations.

Having produced 86,414 ounces of gold for the 2022 financial year so far, Capricorn is strongly positioned to achieve the upper end of its annual production guidance range of between 110,000 and 120,000 ounces.

Capricorn’s pre-royalty cash cost was $942 per ounce and its all-in sustaining cost (ASIC) was $1086 per ounce for the quarter. This was slightly higher than the prior quarter due to a third mining fleet operating at full steam and increased mining volumes as a result.

Despite this, the gold miner built $25 million of cash across the three months and ended the quarter with $45 million of cash and gold in hand, up from $30 million at the end of the December quarter.

This came as Capricorn sold 29,547 ounces of gold at an average price of $2468 per ounce, which generated $72.9 million in revenue. The company had a further 2567 ounces of gold on hand at the end of the quarter valued at $6.8 million, an increase from 1020 ounces the quarter before.

After acquiring the Mt Gibson gold project in WA in July 2021, Capricorn has been working hard to define the emerging project.

In January 2022, two reverse circulation (RC) rigs commenced an 81,000m drill program across eight kilometres of strike of current resources.

Capricorn will release the results of the drill program in an updated mineral resource estimate and maiden ore reserve estimate set for completion in the September quarter.

Previous ArticleNext Article

JOIN OUR NEWSLETTER

JOIN OUR NEWSLETTER
Close
Send this to a friend