Capricorn Metals Ltd
Capricorn Metals operates the 100%-owned Karlawinda open-pit gold mine in Western Australia (FY26 guidance 115,000-125,000oz, tracking toward the top of range) and is advancing the 100%-owned Mt Gibson Gold Project through final permitting (process plant design ~98% complete). The company reported record half-year results in February 2026 and paid its first-ever dividend (a fully franked 5 cents/share interim payment).
Notable vs. Peers
- All-in sustaining cost of $1,140/oz is 37% lower than the peer producer average of $1,814/oz.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Jun 2021 · Source
- Reached — date not disclosed · 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.
Not in place: grid power.
Combined view across 2 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
- 124%Mt Gibson Gold Project
- 19.25 yrsMt Gibson Gold Project
Jurisdiction (40%)9/10
Western Australia: Fraser PPI 2025 is 88.53 of 100 (rank 13 of 68), which maps to 9 on this site's scale. All operations in Western Australia -- Tier-1 mining jurisdiction.
Infrastructure (40%)7.1/10
A confirmed mill, confirmed road access, no confirmed grid power, and a confirmed tailings facility at Karlawinda Gold Project.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Abra (Endurance Mining Pty Ltd), 184 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
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 in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:0.5/10
Nearest producing mine: Abra (Endurance Mining Pty Ltd), 184 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:9/10
Australia: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Overseen the development and commissioning of the Karlawinda Gold Project and the acquisition and progress of the Mt Gibson Gold Project. 35+ years of experience in corporate advisory and public-company management, beginning his career in the 1980s as a corporate lawyer advising on resource project acquisitions, financing and development. CFO/Company Secretary then Managing Director of Equigold NL (1995-Jun 2008, through its A$1.2bn merger with Lihir Gold). Managing Director then Executive Chairman of Regis Resources Limited (May 2009-Oct 2018), overseeing development of the Duketon Gold Project's three operating mines.
Deputy Chief Executive Officer of Capricorn Metals Ltd. Qualified metallurgist with 20+ years of operating and development experience across Australian and Canadian-listed companies, developing projects in Africa, Australia and Canada. Joined Capricorn as COO in May 2024, was appointed CEO in Feb 2025, stepped down from that role in May 2025 to focus on personal priorities, and later returned to the company as Deputy CEO. Before Capricorn, COO of the TSX-listed Roxgold Inc. (2013-2020, through its acquisition by Fortuna Mining) and, before that, senior roles at Perseus Mining developing the Edikan and Sissingue Projects in West Africa.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
No producer or strategic investor holds a stake, and the register is dominated by index money -- VanEck's gold ETFs at 7.17%, plus Vanguard, Schwab and SPDR. Paradice Investment Management has crossed above 5% and back out three times in nine months, most recently ceasing in June 2026, which reads as trading rather than conviction. What is current and clean is a director purchase: Jillian Irvin bought 7,750 shares on-market at $12.86 on 6 May 2026, from a starting position of nil. It is a small sum, so read it as direction rather than as a large financial commitment. Management separately owns about 10%.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Capricorn Metals operates the 100%-owned Karlawinda open-pit gold mine in the Pilbara region of Western Australia, which poured first gold on 30 June 2021, and is taking the 100%-owned Mt Gibson Gold Project in the Murchison region through final permitting. Its group resource effective 31 March 2026 is 7,082,000 oz of indicated gold (Karlawinda 2,382,000 oz, Mt Gibson 4,700,000 oz), with no measured category, plus 1,577,000 oz inferred; in July 2026 the group ore reserve rose 33% to 5.24 Moz, including Mt Gibson's first underground reserve. Mt Gibson's updated pre-feasibility study (27 July 2026) shows a pre-tax NPV7.5% of US$4.40B (AUD 6.1B) and a 124% IRR at an A$5,500/oz gold price assumption, with a 19.25-year mine life and steady-state output of about 260,000 oz a year. Karlawinda's all-in sustaining cost for FY2026 (the year to 30 June 2026) was US$1,140/oz (AUD 1,629/oz).