Tuesday 29th November 2022 Font size:

Low costs and high production at Karlawind

Thursday, July 28th, 2022

Capricorn Metals has produced a record 32,018 ounces of gold from its Karlawinda mine for the June 2022 quarter.
Additional CIL tanks under construction at the Karlawinda gold project. Image: Capricorn Metals.

Capricorn Metals has produced a record 32,018 ounces of gold from its Karlawinda mine for the June 2022 quarter, completing a solid first full year of operations.

Annual gold production of 118,432oz was at the top end of FY22 guidance of 110,000—120,000oz, with an AISC of $1112/oz for the nine months ended June 30, but within guidance range of $1100–$1200/oz.

Strong cash flow generation from operations continues with $38.1m taking cashflow from operations for the full year to $141m.

The company said the AISC at Karlawinda in Western Australia continue to be amongst the lowest in the Australian gold industry despite industry-wide cost pressures, and Capricorn expects to continue its industry-leading cashflow generation per ounce of production in FY2023.

Mining continued in the Bibra open pit with total movement of 3.9 million BCM (bank cubic metres) during the quarter, as the third mining fleet was optimised.

Ore mining continued primarily as a blend of oxide from stage 2 and 3 of the pit with laterite zones in stage 3 mined. The strip ratio for the quarter increased to 6.1 as the fleet predominantly focussed on the mining of waste material to open up ore zones in stages 3 and 4.

Capricorn expects to continue its strong operational performance in FY2023 with gold production guidance of 115,000—125,000oz at an AISC range of $1160—$1260/oz.

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