Capricorn Metals jumps 15.1% after lifting ore reserves to 5.24 million ounces and outlining Mt Gibson growth plan
AI Market Summary
Capricorn Metals reported a 33% lift in group ore reserves to 5.24Moz and an updated Mt Gibson PFS implying a long-life, higher-output profile, with mid-term production guidance raised to 400koz/year and a 500koz/year aspiration. The stock surged ~15%, materially outperforming the ASX 200. While company-specific, the news is supportive for the Australian gold-equity complex and reinforces positive optionality to gold price strength.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT+0.64%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▲ Bullish
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Capricorn Metals (ASX: CMM) said its group gold ore reserves rose 33% to 5.24 million ounces and released an updated prefeasibility study for the Mt Gibson project. The study outlined a 19-year production profile averaging 190,000 ounces a year, with output of 260,000 ounces a year over the first four full years, and projected pretax free cash flow of $12 billion. The company also lifted its medium-term production guidance to 400,000 ounces per year and set a longer-term target of 500,000 ounces per year. The update pushed CMM shares up 15.1% on Monday, outperforming the ASX 200.
