Strong revenue and profit for Capricorn

Capricorn Metals has been able to brush off wet weather throughout its June quarter to record a series of strong results for the 2024 financial year.

Aided by an average realised gold price of $3,185 per ounce, Mark Clark-chaired Capricorn generated $359.72 million in revenue, up $38.98 million from the prior corresponding period.

The company posted an underlying net profit after tax of $87.1 million, which rose by $1.3 million from $85.8 million – while its statutory NPAT also hit $87.1 million.

Capricorn’s statutory NPAT, also $87.1 million, rose from $4.4 million, due to both hedge closer and accounting adjustments.

Its earnings before interest, tax, depreciation and amortisation also grew from $161.9 million to $168.3 million. 

In June, the gold producer paid $69.6 million in order to close 52,000oz of gold hedging bound for delivery within a 12-month period from September. It also purchased 52,000 oz of gold put options.

Earlier this year, Capricorn told the market that production during its June quarter would be impacted due to heavy rainfall.

Despite this, the company still yielded 26,835oz during the quarter, producing 113,007oz for the financial year, slightly down from 120,014 in the 2023 financial year.

Capricorn’s 2024 production haul ensured it met its annual guidance target of 112,000-115,000.

Last month, the gold miner also confirmed its 2025 financial year annual production guidance, 110,000-115,000oz, with an all-in sustaining cost of $1,370-1,470 per ounce.

“The 2025 financial year is expected to be another strong year for the Karlawinda gold project operations and will see Capricorn continue to push the exciting Mt Gibson project towards development,” Mr Clark said.

“Capricorn has a clear focus on its goal of becoming a quality, multi mine mid-tier Australian gold mining company.”

As of 10.47am WST, Capricorn shares were up 2 per cent to $5.58.