• Updated MGGP Mineral Resource: 188.9 Mt at 0.9 g/t Au for 5.67 Moz (up 20% from 2025)
• Gold production ramping up to 260,000 ounces per annum by year three
• Compelling economics with a 19-year mine life and low operating costs
• Rapid pre-tax payback of 14 months and life-of-mine forecasts of A$19.3 billion revenue
• Updated development capital of A$345 million for plant and infrastructure

Capricorn Metals Limited (ASX: CMM) has announced the results of its updated Mount Gibson Gold Project (MGGP) Pre-Feasibility Study (PFS), highlighting significant growth in ore reserves and resources. The study includes underground production for the first time, with gold production expected to ramp up to 260,000 ounces per annum by year three. The updated PFS confirms a transformative and fully funded mine development, delivering a 19-year mine life with industry-leading low operating costs. Key highlights include a steady-state gold production average of 260,000 ounces per annum from concurrent underground and open-pit mining activities, a rapid pre-tax payback of 14 months, and life-of-mine forecasts of A$19.3 billion revenue and A$12.0 billion pre-tax free cash flow. The updated development capital is estimated at A$345 million for the processing plant and infrastructure, with an additional A$129 million for pre-production mining.

AISC of A$1,870/oz, revenue of A$19.3 billion, pre-tax free cash flow of A$12.0 billion, NPV7.5 of A$6.1 billion

Capricorn Metals is targeting commencement of site development activities in Q2FY27. The company has commenced technical studies into MGGP Stage 2, aiming to maximize the return from the broader Mt Gibson project.