# 29 Oct 2025 FY26 First Quarter Activities and Cashflow Report Source Brief: https://evesgoldminers.com/research/source-briefs/capricorn-metals-ltd-2025-10-29-29-oct-2025-fy26-first-quarter-activities-and-cas-fe45a6a5 Original source: https://capmetals.com.au/wp-content/uploads/2025/10/2973591.pdf Original published: 2025-10-29 EGM generated: 2026-09-04 Company: Capricorn Metals Ltd (CMM) ## Use Note This is the Eve's Gold Miners normalized Markdown copy of an official or regulatory public source. It is provided for readability, search discovery, and research resilience. The original source remains authoritative for legal, regulatory, and investment decisions. ## Extracted Document Text # 29 Oct 2025 FY26 First Quarter Activities and Cashflow Report Source: https://capmetals.com.au/wp-content/uploads/2025/10/2973591.pdf Published: 2025-10-29T00:00:00+00:00 Fetched: 2026-05-12T13:20:12.858+00:00 Source artifact: fe45a6a5-666e-43cc-b591-8ed6403e782e Normalizer input: text ## Content # 29 Oct 2025 FY26 First Quarter Activities and Cashflow Report 29 October 2025 ASX:CMM ACTIVITIES REPORT SEPTEMBER 2025 QUARTER KGP OPERATIONS • Karlawinda Gold Project (KGP) September 2025 quarter (Q1) record gold production of 32,318 ounces (Q4: 32,216oz) at an all-in-sustaining cost (AISC) of $1,625 per ounce (Q4: $1,381 per ounce). • Q1 results put KGP on track to achieve FY26 guidance of 115,000 – 125,000 ounces at an AISC of $1,530 - $1,630 per ounce with lower operating strip ratios in coming quarters (post KEP ROM establishment). • Record quarterly cash flow from operations of $91.2 million generated in Q1 (Q4: $85.7m). • Total material movement remained consistent with Q4 FY25, consistent with the required production level for the Karlawinda Expansion Project (KEP). • Strong mill performance continued with throughput of 1.23mt (annualised rate 4.87mtpa). CORPORATE • Following execution of a binding Scheme Implementation Deed for the proposed acquisition of Warriedar Resources Limited (ASX: WA8) by a Court-approved scheme of arrangement, the Supreme Court has directed Warriedar to convene securityholders meetings to vote on the scheme of arrangement. The scheme meetings are to be held on 6 November 2025. • Underlying profit after tax of $206.4 million (FY24: $99.5m) reported for FY25, driven by strong revenue and a sustained focus on cost management. • Cash and gold on hand at the end of Q1 was $394.4 million (Q4: $356.4m). The cash build for the quarter was $71.8 million (Q4: $62.5m) before total capital expenditure of $33.7 million at the KEP ($30.4m) and MGGP ($3.3m). • Gold sales of 28,164 ounces at an average price of $5,290 per ounce generated $149.0 million in revenue with a further 4,048 ounces of gold on hand at the end of Q1 valued at $23.5 million (Q4: $0.6m). KEP DEVELOPMENT • Department of Energy, Mines, Industry Regulation and Safety (DEMIRS) approved Capricorn’s Mining Proposal and Mine Closure Plan (MPMCP) covering changes to permit the development of the Karlawinda Expansion Project (KEP). This approval allows full development of the KEP and accordingly full procurement and early site works have commenced. • Construction of the 164-room camp expansion (to accommodate construction personnel) was completed and is now fully operational. • Clearing of the plant site and TSF 2 site was completed and earthworks well underway. • Civils, concrete, structural, mechanical and piping contractors have been mobilised to site and major structure concrete pours have commenced. • Mining activities commenced in Berwick pit, providing materials for civil works. • The process plant design scope was largely completed, with shop detailing underway and procurement of all equipment packages complete. • Ball mill ordered, with delivery scheduled for early Q4 FY26, ahead of commissioning in Q1 FY27. MGGP DEVELOPMENT • Following MACA being awarded the preferred contractor status for the mining services agreement, early works mine design and planning activities have commenced. • Power supply contract evaluation continued. • The process plant design scope was advanced to approximately 80% complete, with plant layouts finalised and initial procurement of long lead items including ball mill, crushers and screens well advanced. • Capricorn submitted the final Public Environmental Report (PER) to the Department of Climate Change, Energy, the Environment and Water (DCCEEW) with the public exposure period commencing in October 2025 and final assessment to follow. 1 MGGP RESOURCE UPDATE • MGGP Mineral Resource Estimation (MRE) increased by 507,000 ounces (13%) to 4,498,000 ounces (2024: 3,991,000 ounces). • Maiden underground MRE at Orion South of 6.84 million tonnes at 3.1g/t Au for 684,000 ounces of gold. • Capricorn group MRE now stands at 6,750,000 ounces, ORE at 4,000,000 ounces. SEPTEMBER 2025 QUARTER ACTIVITIES SUMMARY Capricorn Metals Ltd (Capricorn) wholly owns the operating Karlawinda Gold Project (KGP) located 65 kilometres south-east of Newman in the Pilbara region of Western Australia and the Mt Gibson Gold Project (MGGP) located 65 kilometres north-east of Wubin in the Mid-West region of Western Australia. Karlawinda Gold Project The KGP delivered another strong quarter of operations, producing a record 32,318 ounces of gold. Gold production reflected consistent mine production at the required level for the Karlawinda Expansion Project (KEP), on top of significant development progress. Also contributing was strong mill performance with throughput of 1,228kt of predominantly fresh ore. Cash costs before royalties for the quarter were $1,353 per ounce, with an AISC of $1,625 per ounce, reflecting the increased earthmoving volumes. The FY26 AISC cost guidance of $1,530 - $1,630 per ounce remains unchanged. Operating results for the KGP for Q1 were as follows: Unit Sep25Q Jun25Q Mar25Q Dec24Q Operations Ore mined BCM (‘000) 430 522 694 584 Waste mined BCM (‘000) 2,866 3,137 2,154 2,539 Pre-strip mined BCM (‘000) 1,216 840 974 11 Operating stripping ratio w:o 6.7 6.0 3.1 4.3 Total stripping ratio w:o 9.5 7.6 4.5 4.3 Ore mined t (‘000) 1,214 1,479 1,911 1,542 Ore milled t (‘000) 1,228 1,111 1,013 1,108 Head Grade g/t 0.91 0.99 1.02 0.88 Recovery % 90.3 91.4 91.7 92.0 Gold production Oz 32,318 32,216 30,599 28,702 Financial Net Cash cost A$/oz 1,353 1,090 1,126 1,272 All-in sustaining cost A$/oz 1,625 1,381 1,390 1,490 Net Cash costs and AISC calculated on a per ounce production basis. Mining Open pit material mined in Q1 was consistent with the previous quarter at 4.5 million BCM, reflecting the required mining productions levels for the KEP. The ongoing performance of mine plan compliance remained strong, achieving beyond the budgeted face positions and providing the necessary materials for the development activities that are now fully escalated. The material needs for infrastructure development advanced the pre- stripping activities ahead of schedule for the KEP in the Southern Corridor extension and the Berwick open pit. Accordingly, the total stripping ratio for the quarter increased to 9.5 (w:o) compared to 7.6 in Q4, while the operating stripping ratio increased to 6.7 (w:o) compared to 6.0 in Q4 as mining of ore tonnes was deferred until the KEP ROM is established, expected in H2 FY26. A total of 1.2 million tonnes of ore was mined during the quarter, with ore stocks unchanged at 7.1 million tonnes. 2 Karlawinda Gold Project – Bibra (foreground), Southern Corridor open pits (September 2025). Processing The KGP processing plant achieved record throughput for the quarter, with 1.23 million tonnes of ore processed at a head grade of 0.91g/t (Q4: 0.99g/t) driven by high availability and power utilisation. Gold recovery was 90.3%. Operational Outlook Mining volumes are anticipated to stay consistent with the production rates required for the KEP. As more working areas become accessible for future ore feed, the emphasis will continue to be on accelerating pre-stripping activities for the KEP in the Southern Corridor and Berwick extensions, meeting material requirements for site infrastructure delivery. Additionally, throughput at the KGP processing plant is expected to maintain similar rates to those achieved in Q1, whilst the circuit is optimised at the current fresh ore blend. 3 Corporate Proposed Warriedar Resources Limited Acquisition In July 2025, Capricorn announced that it had entered into a binding Scheme Implementation Deed under which it is proposed that Capricorn will acquire 100% of the securities in Warriedar Resources Limited (ASX: WA8) (Warriedar) by way of a Court-approved scheme of arrangement under Part 5.1 of the Corporations Act 2001 (Cth). The proposed acquisition will allow the Company to secure Warriedar’s flagship Golden Range Project (GRP), including the Ricciardo gold-antimony deposit and the Fields Find Gold Project, all located 90 kilometres north of the existing MGGP. The GRP has a Mineral Resource Estimate of 2.3Moz AuEq (31Mt at 2.3g/t), while Capricorn’s existing Western Australian Mineral Resource base is 6.8Moz (247.8Mt at 0.85g/t Au). The consolidation of the approximately 788km2 tenure package provides additional resources, exploration potential and infrastructure to the MGGP. In September 2025, the Supreme Court directed Warriedar to convene securityholders meetings to vote on the scheme of arrangement and authorised the dispatching of the scheme booklet. The scheme meetings are to be held on 6 November 2025. On 7 October 2025, Capricorn announced an increase in the consideration payable under the share scheme from 1 Capricorn share for every 62 Warriedar shares to 1 Capricorn share for every 52.75 Warriedar shares (Revised Share Scheme Consideration). Based on Capricorn’s closing share price of $13.70 on 6 October 2025, the implied value of the Revised Share Scheme Consideration as at 7 October 2025 (being the date of announcing the increased consideration) was $0.26 per Warriedar share which represented a: • 24% premium to the closing price of Warriedar shares on ASX on 6 October 2025 (being the last day on which Warriedar shares traded before announcement of the Revised Share Scheme Consideration) of $0.21 per share; and • 116% premium on the closing price of Warriedar shares on 23 July 2025 (being the last day on which Warriedar shares traded before announcement of the original share scheme) of $0.12 per share. Financial Results FY25 Capricorn reported an underlying profit after tax of $206.4 million for FY25, driven by strong revenue and a sustained focus on cost management. The Company achieved record underlying revenue of $528.2 million, underpinning strong cash flow generation at the KGP, with record cash flow from operating activities of $259.3 million (FY24: $158.2m) and a record underlying EBITDA of $330.1 million (FY24: $180.7m). The Company’s net cash position at 30 June 2025 increased by $286.4 million to $355.7 million (FY24: net cash $69.3m) with key cash flows including: • Capital raising proceeds of $193.4 million received in November 2024; • $50 million payment to close the gold hedge book (and purchase of gold put options) in June 2025; • $50 million repayment of corporate debt in June 2025; • $53.4 million in exploration and feasibility studies at MGGP and KGP; • $16.0 million in early spend at MGGP primarily for the 400-room accommodation village to service development and operations; and • $13.8 million spent to advance design, procurement and development work on the KEP. The closure of the hedge book and repayment of the residual corporate debt leaves Capricorn debt free and unhedged. Cash and Bullion The KGP generated a record operating cash flow of $91.2 million for the quarter (Q4: $85.7 million). The Company’s cash and gold on hand at 30 September 2025 was $394.4 million (Jun25: $356.4m). The cash build for the quarter was $71.8 million (Jun25: $62.5m) before total capital expenditure of $33.7 million at the KEP ($30.4m) and MGGP ($3.3m). The Company’s net cash and bullion position at the end of Q1 is $394.4 million (Q4: $356.4 million). 4 Movement in Cash and Gold on Hand Q1 600.0 22.9 149.0 500.0 2.8 (80.7) (10.1) 400.0 (24.8) 394.4 356.4 (20.9) $ Millions 300.0 200.0 100.0 0.0 Cash & GOH Gold revenue Movement in GOH Operating Corporate Financing Capex Exploration & Cash & GOH 30 Jun 25 Feasibility 30 Sep 25 Gold Sales During the quarter, Capricorn sold a total of 28,164 ounces achieving an average gold price of $5,290 per ounce generating revenue of $149.0 million. At the end of the quarter, the Company had 4,048 ounces (Q4: 121oz) of gold on hand valued at $23.5 million. Payments to Related Parties During [Excerpt trimmed for readability. Open the original source for the complete filing or document.]