# 23 Oct 2025 2025 Annual Report

Source Brief: https://evesgoldminers.com/research/source-briefs/capricorn-metals-ltd-2025-10-23-23-oct-2025-2025-annual-report-51347823
Original source: https://capmetals.com.au/wp-content/uploads/2025/10/2969909.pdf
Original published: 2025-10-23
EGM generated: 2026-09-04
Company: Capricorn Metals Ltd (CMM)

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# 23 Oct 2025 2025 Annual Report

Source: https://capmetals.com.au/wp-content/uploads/2025/10/2969909.pdf
Published: 2025-10-23T00:00:00+00:00
Fetched: 2026-05-12T13:20:27.381+00:00
Source artifact: 51347823-2632-4177-b5fb-50dd523e259c
Normalizer input: text

## Content

# 23 Oct 2025 2025 Annual Report
ANNUAL REPORT 2025 A
CAPRICORN METALS LTD | ABN 84 121 700 105
Financial Report for the year ended 30 June 2025
Corporate Directory
Directors Share Registry
Mark Clark Executive Chairman Automic Pty Ltd
Mark Okeby Non-Executive Director Level 2, 191 St Georges Terrace
Myles Ertzen Non-Executive Director PERTH WA 6000
Bernard De Araugo Non-Executive Director Telephone: +61 2 9698 5414 or 1300 288 664
Jill Irvin Non-Executive Director
Auditors
Company Secretary KPMG Perth
William Nguyen 235 St Georges Terrace
PERTH WA 6000
Registered Office &
Principal Place of Business
Securities Exchange Listing
Level 3, 40 Kings Park Road
Capricorn Metals Ltd shares are listed on the
WEST PERTH WA 6005
Australian Securities Exchange (ASX).
Telephone: +61 8 9212 4600
Email: enquiries@capmet.com.au
Website: capmetals.com.au Code
CMM
B
Contents
Chairman’s Report 2
Highlights 2025 4
Environmental, Social and Governance Report 12
Directors’ Report 34
Remuneration Report (Audited) 46
Consolidated Statement of Profit or Loss and Other Comprehensive Income 58
Consolidated Statement of Financial Position 59
Consolidated Statement of Changes in Equity 60
Consolidated Statement of Cash Flows 61
Notes to the Consolidated Financial Statements 62
Directors’ Declaration 99
Independent Auditor’s Report 100
ASX Additional Information 104
Chairman’s Report
Dear Shareholder
I am pleased to report on another successful year for Capricorn During the year, Capricorn also acquired a series of highly
Metals. We delivered strong operational results at the Karlawinda prospective regional projects contiguous to both KGP and MGGP.
Gold Project (‘KGP’) and have set the Company up to capitalise These low-cost acquisitions further consolidate the Company’s
financially on the current strong gold price environment. We strategic position along the prospective Pilbara–Yilgarn craton
have continued to rapidly grow and advance the Mt Gibson Gold margin at KGP and within the Yalgoo–Singleton Greenstone Belt
Project (‘MGGP’) towards development and have executed at MGGP, with several priority drill targets already identified for
strategic growth plans. I believe FY25 saw Capricorn consolidate FY26.
its position as a leading, low-cost Australian gold producer with
In March 2025, the Company closed out its remaining gold
an enviable growth outlook.
hedging commitments, repeating a strategy first implemented
Now in its fourth year of operations, our cornerstone KGP in FY23. During FY25, a total of 55,000 ounces of gold hedging
delivered record cash flow from operations and EBITDA. At the contracts and 16,700 ounces of call options were closed at a
MGGP our commitment to significant ongoing drilling saw the ore cost of $197 million. At the same time, the Company purchased
reserve grow to 2.74 million ounces of gold and the emergence 42,500 ounces of gold put options at strike prices of A$4,500
of an exciting underground mining resource which we believe and A$5,000 per ounce. This approach provides downside
will bolster the mine plan in due course. We also made significant protection while maintaining full exposure to any upside in the
progress with our applications for the regulatory permits required A$ gold price during FY26. In addition, the Company repaid its
to allow commencement of development of the project and to remaining $50 million corporate debt to Macquarie Bank, leaving
this end continue to strategically advance our development Capricorn debt free and unhedged. With the gold price currently
preparations. trading at around $6,000 per ounce, the value of early closure
The KGP produced 117,076 ounces of gold, at the top end of the entirety of the Company’s gold hedging obligations has
of guidance, at an all-in sustaining cost of $1,468 per ounce, clearly been a successful strategy.
maintaining its position among the industry’s lowest cost projects.
In July 2025, Capricorn announced its intention to acquire
Record gold sales generated more than $259 million in operating
Warriedar Resources Ltd (ASX:WA8) through a binding Scheme
cash flow, driving a record underlying EBITDA of $330.1 million.
Implementation Deed. This proposed acquisition aligns with our
Since operations commenced, KGP has produced over 467,000
growth strategy, expanding Capricorn’s footprint at Mt Gibson,
ounces of gold and delivered $704 million in operating cash flow.
adding resource ounces, prospective exploration targets and
In July 2025, the Company secured regulatory approval for the
infrastructure. We believe this transaction presents a compelling
Karlawinda expansion. Early site works, including clearing and
opportunity to create value for shareholders of both companies.
bulk earthworks, are underway, with the process plant design
scope approximately 60% complete. Once commissioned, the Looking ahead to 2026 and beyond, our focus continues to
expanded KGP is expected to produce around 150,000 ounces be maintaining consistent production and cash flow at KGP,
annually. delivering the Karlawinda expansion and advancing the high-
quality MGGP through permitting and into development. We will
Strong and consistent cash flow generation from Karlawinda
strive to continue delivering strong shareholder returns through
lifted Capricorn’s net cash position to $355.7 million, supporting
disciplined financial management and pursuit of strategic growth
a $53.4 million investment in exploration and project acquisitions.
opportunities.
Across the KGP and MGGP tenement packages, 194,401 metres
were drilled, including more than 135,000 metres at Mt Gibson, I would like to extend my sincere thanks to the Board, our
which underpinned the substantial ore reserve upgrade. Our management team, and all employees for their dedication
investment in early permitted development activities at MGGP and hard work throughout the year. I also wish to thank our
also continued. Construction of the 400-room accommodation shareholders for your continued support as Capricorn strives
village was completed, the process plant design scope advanced to build a high-quality, multi-mine Australian gold business that
to 55% complete, site layouts were finalised, and long-lead items delivers long-term value for all stakeholders.
secured. Early expenditure of $33.6 million is expected to deliver Mark Clark
a significant advantage to the overall development schedule. Executive Chairman
2
Net cash increased by
$286.4m to
$355.7m Gold production of
Record underlying
117,076oz
at an AISC of
revenue of
$528.2m $1,468/oz
Underlying profit
after tax of
$206.4m Group Ore Reserves
increased by
Record operating
740,000oz
cashflow from to
Karlawinda of
4.0moz
$259.3m
Record underlying
EBITDA of
Debt free and
$330.1m up from unhedged.
$180.7m in FY24.
ANNUAL REPORT 2025 3
Highlights 2025
CORPORATE
+ Record revenue of $505.9m from the sale of 118,223 ounces + Net cash position increased by $286.4m to $355.7m (FY24:
of gold at an average realised price of $4,463 per ounce1. net cash $69.3m) with key cash flows including:
+ Statutory profit after tax was $150.3m, up from $87.1 million in + Capital raising proceeds of $193.4 million received in
FY24 driven by strong revenue and a sustained focus on cost November 2024;
management.
+ $50 million payment to close the Company’s gold hedge
+ Underlying profit after tax (before gold hedge closure cost book (and purchase of gold put options) in June 2025;
and hedge accounting adjustments) of $206.4m was a
+ $53.4 million in exploration and feasibility studies at
significant increase from the FY24 result of $99.5m.
MGGP and KGP;
+ Strong cash flow generation continued at the Karlawinda
+ $16.0 million in early spend at MGGP primarily for the 400-
Gold Project (‘KGP’) with record cash flow from operating
room accommodation village to service development
activities of $259.3 million and record underlying EBITDA of
and operations; and
$295.6 million2.
+ $13.8 million spent to advance design, procurement and
development work on the KEP.
+ Closure of the hedge book and repayment of the residual
corporate debt leaves Capricorn debt free and unhedged.
FY25 FY24 Change Change
Financial results $’000 $’000 $’000 %
Sales Revenue 1 505,892 359,834 146,058 +41
EBITDA 273,374 168,330 105,044 +62
Underlying EBITDA 2 330,109 180,652 149,457 +82
Gross Profit 271,655 157,014 114,641 +73
Profit before tax 217,837 125,687 92,150 +73
Profit after tax 150,277 87,138 63,139 +72
Underlying profit after tax 2 206,389 99,460 106,929 +107
Earnings per share (cents) 37.08 23.13 13.96 +60
EBITDA margin 54.0% 46.8% 7.2% +15
Cash flow from operating activities 259,314 158,184 101,130 +64
Net cash 355,748 69,260 286,489 +414
1. FY25 sales revenue includes a non-cash deduction of $22.3 million from hedge accounting revenue adjustments following the adoption of hedge
accounting in July 2023.
2. Underlying EBITDA and profit exclude non-cash transactions relating to hedge revenue adjustments and the fair value movements of financial
instruments.
4
Karlawinda Gold Project – Bibra open pit (June 2025)
KARLAWINDA GOLD PROJECT (KGP)
Operations
Operating results FY25 FY24
+ Gold sales for the financial year were $527.6 million
Ore mined BCM (000’s) 2,414 2,023
from the sale of 118,223 ounces at an average realised
Waste mined BCM (000’s) 10,887 9,000
price of $4,463 per ounce (2024: $359.4 million from
Prestrip mined BCM (000’s) 1,841 1,546
112,853 ounces at $3,185 per ounce)
Stripping ratio w:o 5.27 5.21
+ Gold production of 117,076 ounces for the year (FY24:
Operating stripping ratio w:o 4.51 4.45
113,007oz), a result at the top end of production
guidance. Ore mined tonnes (000’s) 6,496 5,276
Ore milled tonnes (000’s) 4,320 4,063
+ The all-in-sustaining-cost (‘AISC’) of gold production
for FY25 at Karlawinda of $1,468/oz (FY24: $1,421/ Head grade g/t 0.92 0.97
oz) was within cost guidance and continues to be Recovery % 92 90
amongst the lowest in the Australian gold industry. Gold production ounces 117,076 113,007
+ Cash flow from operating activities of $259.3m, up All-in-sustaining-cost $/oz 1,468 1,421
(‘AISC’)
64% from FY24 reflects the strong operational and
financial performance of the KGP.
Capricorn expects to continue its strong operational performance
in FY26 with gold production guidance of 115,000 – 125,000 ounces
at an AISC range of $1,530 - $1,630 per ounce and growth capital of
$30-40 million.
ANNUAL REPORT 2025 5
Highlights 2025
Exploration
+ During the year a total of 943 holes for 58,761 metres were Details of the drilling programmes undertaken during the year are
drilled across the KGP tenement package. set out below.
+ Multiple near mine and regional exploration projects were Near mine
advanced during the year focussing on areas situated
Exploration - Drilling programmes
proximal to either the Nanjilgardy Fault or the Sylvania Inlier
36,945 metres (686 holes) of broad spaced AC drilling was
and Pilbara Craton margin.
completed at the Badlands, Mission Road, Carnoustie East and
+ Drilling programmes completed at the Bibra deposit Central Zone Shear prospects, all located less than 30 kilometres
(including Southern Corridor and Berwick pits), have allowed from the Karlawinda Gold Project.
the conversion of Inferred Resources to Indicated category
The current programmes also include infill drilling, following up
which resulted in a significant update to the KGP Ore Reserve
on Q2 and Q3 results where encouraging zones of anomalous
Estimate in October 2025 to 1,300,000 ounces.
Au and pathfinders were intersected. Final assays to be received
+ Regional exploration programmes consisting of drilling, soil and assessed in Q1 FY26.
surveys rock chipping, heritage surveys were undertaken
Resource

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