Capricorn Metals Ltd

Notable vs. Peers

• All-in sustaining cost of $1,140/oz is 42% lower than the peer producer average of $1,965/oz.

Lifecycle Milestones

1. Permit granted

   Reached — date not disclosed · Karlawinda's mining lease and Native Title Access Agreement were granted/completed ahead of the December 2019 construction start (see CONSTRUCTION_START already on file). No single dated 'permit granted' press release was located distinct from the project's general pre-construction permitting reporting; recorded reached-but-undated, prior to Dec 2019. · Source
2. Construction decision (FID)

   Reached — date not disclosed · No discrete, separately-labelled board/FID release was located distinct from the already-on-file December 2019 CONSTRUCTION_START row; recorded reached-but-undated, immediately prior to that construction start (Capricorn's 2017 Feasibility Study and subsequent permitting had already established project economics). · Source
3. Construction start

   Reached — date not disclosed · Construction of the Karlawinda Gold Project commenced following the Capricorn Metals board's approval of the commencement of project construction in December 2019. Development proceeded through 2020 with commissioning guided to the March 2021 quarter; first gold was poured 30 June 2021 (see the FIRST_PRODUCTION row) and operations commenced June 2021, on time and on budget. Corroborating sources: Capricorn's FY2020 financial report (https://capmetals.com.au/wp-content/uploads/2020/09/2020.09.17-CMM-Financial-Report-2020-Final-signed.pdf) and https://im-mining.com/2020/11/19/capricorn-metals-moves-final-development-stretch-karlawinda-gold-project/. achievedDate left null: December 2019 is a month-level board-approval date and no source gives a distinct day on which site construction physically began. Task #610 (2026-08-25): this row was referenced in prose by CMM's existing PERMIT_GRANTED note ('see CONSTRUCTION_START already on file') but had never actually been created -- the note asserted a row that did not exist. · Source
4. First pour / production

   Jun 2021 · First gold pour at the Karlawinda Gold Project (65km south-east of Newman, Pilbara, Western Australia) on 30 June 2021: gold bars weighing 12kg (386 oz) were poured in the first smelt on site. Karlawinda was delivered on time and on budget, with operations commencing June 2021, following the board's December 2019 approval to commence construction. Day-level date corroborated by trade press reporting of the company's own announcement: https://www.globalminingreview.com/mining/05072021/capricorn-metals-pours-first-gold-at-karlawinda-gold-project/ and https://www.mining-technology.com/news/capricorn-metals-pours-first-gold-at-karlawinda-mine-in-australia/. Distinct from the already-on-file COMMERCIAL_PRODUCTION row (Q3 2021, Jul-Sep), which correctly post-dates this first pour. The Karlawinda Expansion Project (KEP) and the separate Mt Gibson project are NOT the basis for this row -- KEP first gold is guided to Q1 FY27 and Mt Gibson has not reached production. Task #610 (2026-08-25): row was missing entirely; stage=PRODUCTION was already correct. · Source
5. Commercial production

   Reached — date not disclosed · Genuinely reached: Capricorn Metals is currently a single-producing-asset company -- the Karlawinda Gold Project in Western Australia reached commercial production in Q3 2021 (calendar Jul-Sep 2021), but no source with an exact day-level date was found, so achievedDate is left null rather than invented. The company's second project, Mt Gibson, received federal environmental approval 2026-06-30 and is targeting construction start in the December 2026 quarter -- it has NOT yet reached production and is explicitly not part of this claim. FY26 delivered 123,589 oz gold from Karlawinda. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source

Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.

A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.