Capricorn Metals has posted record first-half results amid strong gold sales and declared its first dividend.
The company’s underlying net profit rose 130 per cent to AU$144.8 million for the six months ending December 31, 2025, from AU$63.1 million.
Revenue came in at AU$350.1 million from the sale of 59,816 ounces at an average price of AU$5,842 per ounce. Record cash flow from operating activities at the Karlawinda gold project added to revenue, as cash flow came in at AU$204.5 million.
Capricorn Executive Chairman Mark Clark said: “Capricorn delivered another strong half year of operations at Karlawinda, generating record cash flow from operations of AU$204.5 million and record underlying EBITDA of AU$215.3 million.
“This performance continued to bolster the balance sheet, with the net cash position increasing to AU$440.8 million.”
Capricorn delivered a strong operational result at Karlawinda, producing 62,794 ounces at an all-in sustaining cost (AISC) of AU$1,627 per ounce.
The company is on track to achieve the upper end of its full-year guidance of 115,000 to 125,000 ounces at an AISC of AU$1,530 to AU$1,630 per ounce.
The company’s strong operating performance and high gold price allowed the board to declare a maiden interim dividend of five cents per share.
“This dividend is a milestone for Capricorn and reflects the company’s focus on delivering shareholder returns whilst we pursue our industry leading growth projects,” Clark said.
Capricorn is fully funded to complete its Karlawinda expansion and Mt Gibson developments.
It invested AU$44.5 million for the expansion project, which is expected to progress to the commissioning phase in the first quarter of fiscal 2027. The expansion could lift gold production to around 150,000 ounces per year.
At Mt Gibson, the company is finalising permitting and continuing resource definition drilling, which could unlock further underground mining opportunities.
Capricorn says it remains committed to its goal of becoming a multi-mine mid-tier Australian gold producer.
