ASX 200 Gold Stock Still Exhibiting Strength
Capricorn Metals has seen its share price double in 2025 but the big question now is whether this impressive run can extend as the company expands its resource base and development pipeline.
Capricorn Metals Limited (ASX: CMM)
is showing consistent progress with the Mt Gibson Gold Project (MGGP) and the Karlawinda Gold Project (KGP) which puts them in a good spot for long-term growth.
The company recently updated the Orion South underground Mineral Resource to 9.5Mt at 2.9g/t for 895koz of gold which marks roughly a 31% increase from the earlier estimate and strengthens the long-term potential of MGGP.
The Study was undertaken to aid assessment of increasing the gold production profile at MGGP which is currently forecast at an average of 150,000 ounces per annum for 15 years from ore reserves of 2.74 million.
A fresh underground conceptual mining study confirmed that both underground and open-pit mining pathways are possible which gives Capricorn the flexibility to lift production by accessing higher-grade zones beneath the existing pit design.
Capricorn is also progressing the Karlawinda Expansion Project, with the final Public Environmental Report already submitted and major construction works underway.
The company took a major strategic step with a binding Scheme Implementation Deed to acquire Warriedar Resources which would add the Golden Range Project and expand the total resource base further if approved.
These developments solidify Capricorn’s plan of building a staged, long-life gold production profile supported by increasing resources, growing reserves and a broader pipeline of project options.
Capricorn delivered an impressive underlying FY25 profit after tax of $206.4 million driven by cost control and operational efficiency.
The September 2025 quarter generated $60.9 million of operating cashflow backed by steady production at Karlawinda, record quarterly cashflow from operations and stable margins.
CMM finished the quarter with $370.9 million in cash reflecting a balance sheet that comfortably supports ongoing exploration, expansion and development spending across both MGGP and KGP.
(Source: Company Reports)
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