Capricorn Metals (ASX: CMM)
Advised that the Karlawinda Gold Project achieved 26,017 ounces of gold production for the March 2024 quarter.
Gold production for the quarter was in line with the update provided to ASX on 11 March 2024 as a result of in excess of 280mm of rain in the quarter impacting open pit mining activities at KGP.
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Capricorn Metals Karlawinda Mine
Capricon Metal’s KGP Delivers Strong Q3 Cashflow Despite Rainfall Impact on Production
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Capricorn Metals Limited (ASX: CMM) (Capricorn or the Company) advises that the Karlawinda Gold Project (KGP) achieved 26,017 ounces of gold production for the March 2024 quarter.
Gold production for the quarter was in line with the update provided to ASX on 11 March 2024 as a result of in excess of 280mm of rain in the quarter impacting open pit mining activities at KGP.
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Highlights
Gold production for the nine months to the end of March 2024 was 86,116 ounces.
The Company’s cash and gold on hand at 31 March 2024 was $177.8 million (Dec23: $160.1m) after the payment of $9.9 million (Dec23: $1.7m) for the supply and installation of the accommodation village at the Mt Gibson Gold Project.
This represents a strong cash build of $27.6 million for the quarter before the discretionary MGGP capital expenditure, compared with $28.2m for the December 2023 quarter.
Capricorn continues to work with mining contractor MACA to achieve delivery of the open pit material movements budgeted in the mining schedule for the June 2024 quarter.
However, post rainfall ramp up to required volumes is still in progress and residual effects are expected in the June 2024 quarter. Gold production for the June 2024 quarter is expected to be in the range of 26,000 – 29,000 ounces resulting in FY24 annual production of 112,000 – 115,000 ounces (FY24 guidance 115,000 – 125,000 ounces).
It is expected that earthmoving will be back in line with the mining schedule by the end of the quarter to set the project up for a strong operational performance in FY25.
Full operational and cost details will be provided in the Quarterly Report later in April 2024.
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Capricorn Executive Chairman Mark Clark commented:
“It was a challenging quarter at the KGP with significant rainfall impacting mining operations and gold production.
“However, it was pleasing that despite these impacts the operation delivered a cash and gold build of $27.6 million for the quarter before the discretionary capital spend at Mt Gibson.
“The residual effects on mining productivity are still being felt and will be
our key operational focus in the June quarter to set the project up for a strong operational performance in FY25.”
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To read the full news release, please click HERE
The live gold price can be found HERE
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Disclosure
At the time of writing the author holds shares in Capricorn Metals.
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