Capricorn Metals

What Capricorn Metals does

Capricorn Metals Ltd (ASX: CMM) is an Australian gold producer headquartered in Perth, Western Australia, with operations across two project areas: the operational Karlawinda Gold Project in the Pilbara region (producing since June 2021) and the development-stage Mt Gibson Gold Project in the Mid-West region (acquired July 2021, first gold targeted Q1 2028). Combined resources stand at 6.6 million ounces with 4.0 million ounces of reserves, and FY26 production guidance is 115,000-120,000 ounces at an All-in Sustaining Cost of A$1,530-1,630 per ounce.

Mining is conducted via conventional open-pit truck-and-shovel methods, with ore processed through a three-stage crushing circuit and single-ball-mill Carbon-in-Leach (CIL) plant at Karlawinda (4Mtpa current capacity, expanding to 6.5Mtpa). The Karlawinda site has trialled autonomous haulage technology, although core processing remains a conventional CIL flow sheet. Mt Gibson is designed for both open-pit and underground mining targeting 150,000 ounces per year over a projected 17-year mine life.

Capricorn generates revenue by selling gold doré bars directly to refiners and commodity traders at prevailing spot prices, with no hedging in place. The company is debt-free and has funded its A$120M Karlawinda expansion and A$343M Mt Gibson development through a A$200M equity raise in October 2024 plus operating cash flow. Contractor execution is anchored by MACA Ltd (mining services) and GR Engineering (EPC), and the broader growth pipeline has been reinforced by multiple 2025-2026 acquisitions including Warriedar Resources, the Yalgoo Project, and Extension Hill/Mungada.

Name

Capricorn Metals

Legal name

Capricorn Metals Ltd

Website

https://capmetals.com.au

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

51–100 employees

Short description

Capricorn Metals Ltd is an Australian gold producer operating the Karlawinda Gold Project (operational since June 2021) and developing the Mt Gibson Gold Project, with a combined 6.6Moz resource base and 4.0Moz reserves, selling gold doré to global refiners.

Ownership category

akta.pro rank

Product category

Gold Mining

NAICS

Gold Ore and Silver Ore Mining (212220)

SIC

Gold And Silver Ores (1040)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industry

Precious Metals Exploration & Project Development (IMAKAEAI)

Keywords

• Gold mining
• Gold production
• Open-pit mining
• Mineral processing
• Gold exploration

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Infrastructure, Personnel, Others

Revenue model

1. Gold Production and Sales: Capricorn Metals generates revenue primarily from the sale of gold produced at its Karlawinda Gold Project (operational since June 2021) and future production from the Mt Gibson Gold Project (development stage, first gold targeted Q1 2028). Gold is sold as doré bars to gold refiners and traders on the global commodity market. The company operates on a cost-per-ounce model with All-in Sustaining Costs (AISC) of A$1,530-$1,630 per ounce at Karlawinda.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Capricorn Metals is an Australian gold producer that operates two gold project areas in Western Australia. The Karlawinda Gold Project (operational since June 2021) uses conventional open-pit truck and shovel mining with a CIL processing plant producing gold doré bars for sale. The Mt Gibson Gold Project (acquired July 2021) is a development-stage mine targeting first gold pour in Q1 2028 with projected annual production of 150,000 ounces and a 17-year mine life. Combined total resource base is 6.6 million ounces with 4.0 million ounces in reserves.

Product overview

Capricorn Metals Ltd is an Australian gold producer operating two distinct project areas in Western Australia: the operational Karlawinda Gold Project (KGP) and the development-stage Mt Gibson Gold Project (MGGP). The KGP, operational since June 2021, uses conventional open-pit mining with CIL processing and is undergoing expansion to increase annual gold production to 150,000 ounces by Q1 FY27. The MGGP, acquired in July 2021, is positioned as the company's transformative second mine with projected annual production of 150,000 ounces and a 17-year mine life. Combined total resource base is 6.6 million ounces and reserves of 4.0 million ounces.

Differentiator

Problem solved

Functional benefit

Products and services

• Karlawinda Gold Project Operational open-pit gold mine located 65 kilometres south-east of Newman in the Pilbara region of Western Australia. The project comprises the Bibra open pit, Southern Corridor deposit, and Berwick satellite project, and uses conventional open-pit truck and shovel mining with ore processed through a three-stage crushing circuit and a CIL processing plant featuring a 4Mtpa single ball mill configuration. FY26 production guidance is 115,000-120,000 ounces at AISC of A$1,530-$1,630 per ounce, with expansion commissioning targeted for Q3 2026 to lift annual capacity to 150,000 ounces.
• Mt Gibson Gold Project Development-stage gold project located in the Mid-West region of Western Australia, approximately 280 kilometres north-east of Perth. Acquired in July 2021 with a current resource base of 4.5 million ounces and reserves of 2.6 million ounces. The project is planned to utilise both open-pit and underground mining methods with projected annual production of 150,000 ounces and a projected mine life of 17 years. Total development cost estimated at A$343 million (A$260 million plant plus A$83 million pre-production mining capital).

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Seven partnerships are on record, tiered minor and core.

• Environmental Consulting PartnersminorImplementation/ SI/ Consulting Partner · 25 March 2026Capricorn Metals issued 34,170 shares to settle environmental consulting fees for Mt Gibson Gold Project services. The share-based fee represents the company's approach to settling specialist project-related costs through equity rather than cash, supporting ongoing environmental compliance and project development.
• Extension Hill and Mungada Projects AcquisitionminorStrategic or Co-development Partner · 22 February 2026Acquisition of Extension Hill and Mungada projects in Western Australia to expand gold operations and leverage existing infrastructure. The acquisition involves staged payments contingent on resource milestones and aims to enhance exploration and operational synergies within the Yalgoo-Singleton Greenstone Belt.
• Premier1 LithiumminorStrategic or Co-development Partner · 3 February 2026Premier1 Lithium's Mt Kersey gold prospect sits immediately east of the Waddingarra prospect, which is considered one of the most compelling untested targets in the district given its proximity to existing processing infrastructure operated by Ramelius Resources and Capricorn Metals. This proximity creates potential for infrastructure sharing or regional synergies.
• MACA LtdcoreChannel Partner/ Reseller/ DistributorMACA Ltd has been selected as the preferred mining contractor for Capricorn's operations. MACA provides mining services including drill and blast, and load and haul operations. MACA supports community initiatives including the MACA Cancer 200 Ride for The Perkins, with Capricorn's team 'Capricorn Cruisers' participating.
• Pacific EnergyminorChannel Partner/ Reseller/ DistributorPacific Energy supports the Karlawinda Gold Project's Containers for Change recycling program, donating refunds to the Perth Children's Hospital Foundation.
• McHaffie Transport AustraliaminorChannel Partner/ Reseller/ DistributorMcHaffie Transport Australia supports the Karlawinda Gold Project's Containers for Change recycling program, donating refunds to the Perth Children's Hospital Foundation.
• GR EngineeringcoreImplementation/ SI/ Consulting PartnerGR Engineering was appointed as the preferred contractor for the Karlawinda Gold Project, providing engineering and construction services for the processing plant and infrastructure.

Scale indicators8 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Silver Lake Resources: Mid-cap Australian gold producer with operations in Western Australia, comparable production scale, similar M&A-driven growth strategy, and overlapping regional footprint with Capricorn Metals.
• Genesis Minerals: Australian gold producer with growing production profile from Western Australian operations, similar growth trajectory from mid-tier single-asset to multi-mine producer, and comparable ASX-listed mid-cap structure.
• Ramelius Resources: Australian mid-cap gold producer operating multiple mines in Western Australia with similar production scale (~300k oz/year), comparable AISC profile, and exposure to the same regional operating conditions as Capricorn Metals.
• Westgold Resources: Australian gold producer with multiple operating mines in Western Australia including the Mt Gibson and surrounding regions, comparable production profile, and similar mid-cap ASX-listed structure to Capricorn Metals.
• Regis Resources: ASX-listed mid-cap gold producer operating in Western Australia with similar open-pit mining methodology and gold doré production model, directly comparable in scale and operating geography to Capricorn Metals.
• Pantoro: Australian gold producer with Norseman operations in Western Australia, comparable mid-cap ASX-listed structure, and similar gold doré production model with growth from single operational hub.
• Vault Minerals: Mid-cap Australian gold producer with operations in Western Australia, recently formed through merger consolidation, representing a comparable growth-stage gold producer in the same regional market.

Broad incumbents

• Northern Star Resources: Larger Australian gold producer operating across multiple regions including Western Australia, comparable open-pit mining methodology and doré production model, but operating at significantly larger scale and broader geographic footprint than Capricorn Metals.
• Evolution Mining: Major ASX-listed gold producer with multi-mine portfolio across Australia including Western Australia, comparable gold doré production model, but operating at significantly larger scale with broader asset diversification than Capricorn Metals.

Others

• Diggers & Dealers Conference: Annual Australian gold mining conference in Kalgoorlie where Capricorn Metals regularly presents alongside peers including Ramelius, Westgold, and Northern Star; not a competitor but a key industry touchpoint for comparable mid-cap Australian gold producers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/capricorn-metals-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Capricorn Metals