Capricorn Metals (CMM) H2 2024 earnings summary

Executive summary

• Achieved record FY24 revenue of $359.8 million from 112,853 ounces of gold sold at an average price of $3,185/oz.

• Profit after tax rose sharply to $87.1 million from $4.4 million in FY23, which was impacted by hedge closure costs.

• Underlying profit after tax was $87.1 million, consistent with FY23's $85.8 million.

• Record cashflow from operating activities at $158.2 million and EBITDA of $168.3 million.

Financial highlights

• Sales revenue increased by $39 million year-over-year to $359.7 million.

• EBITDA margin was 47%, down from 50% in FY23.

• Earnings per share rose to 23.13 cents from 1.18 cents year-over-year.

• Net cash position increased to $69.3 million after significant capital outflows.

Outlook and guidance

• FY25 gold production guidance set at 110,000–120,000 ounces at an AISC of $1,370–$1,470/oz.

• Growth capital for FY25 expected to be $10–$20 million.

• Company remains focused on developing the Mt Gibson project and maintaining strong operational performance.