• Range 500 is Capricorn's 5-year goal to produce 500,000 ounces of gold annually.
• The goal is based on progress at Karlawinda and Mt Gibson Gold Projects.
• Studies are underway to assess a second processing hub at Golden Range.
• Preliminary results of the technical study expected in Q2FY27.
• The company does not yet have reasonable grounds to believe the aspiration can be achieved.

Capricorn Metals Limited (ASX: CMM) announced its Range 500 aspiration, aiming to produce 500,000 ounces of gold per annum within 5 years. This goal is underpinned by significant progress at the Karlawinda Gold Project (KGP) and the Mt Gibson Gold Project (MGGP). KGP's expansion is nearing completion, with post-expansion gold production expected to be around 150,000 ounces per annum. MGGP's Prefeasibility Study (PFS) shows steady-state gold production of 260,000 ounces per annum from concurrent underground and open-pit mining. The acquisition of Warriedar's 1.38 million ounces of gold Mineral Resource Estimate (MRE) at Golden Range, located north of MGGP, provides potential for production and mine life optimization opportunities. Capricorn has commenced a study into MGGP Stage 2, which will consider the technical, permitting, and financial aspects of a second processing hub at Golden Range. Preliminary results are expected in Q2FY27. The company emphasizes that Range 500 is an aspirational target, and it does not yet have reasonable grounds to believe this aspiration can be achieved.

Capricorn Metals is pursuing an aspirational target of 500,000 ounces of gold production annually within 5 years, driven by growth at its Karlawinda and Mt Gibson Gold Projects. Studies on a second processing hub at Golden Range are underway, with preliminary results expected in Q2FY27.