ASX:CMM - Gold producer
Capricorn Metals (ASX:CMM)
Karlawinda, Mt Gibson - Pilbara and Mid West, WA
as of 13 Nov 2026, 4:10 pm
CMM share price - with every decoded announcement marked
About Capricorn Metals
A WA gold producer running the low-cost Karlawinda mine in the Pilbara while developing the Mt Gibson gold project in the Mid West.
- ASX code
- CMM
- Commodity
- Gold
- Stage
- Producer
- Projects
- Karlawinda, Mt Gibson
- Where
- Pilbara and Mid West, WA
Decoded
CMM announcements, analysed
Sept quarter: 31,218oz at A$2,005/oz AISC, KEP commissioned, A$508m cash, WA approvals pending
ASX: "Quarterly Activities/Appendix 5B Cash Flow Report"
Capricorn produced 31,218oz of gold in the September 2026 quarter at an all-in sustaining cost of A$2,005/oz, up from A$1,648/oz but inside FY27 guidance of A$1,900-2,100/oz. The Karlawinda Expansion Project was finished on...
Score
Lexington hits 6m at 57.38g/t and 7m at 40.01g/t; Orion South 21.83m at 9.54g/t
ASX: "Further High-Grade Results at Lexington"
Capricorn reports September quarter drilling at the Mt Gibson underground prospects: 88 holes (26,668 m) at Lexington and Hornet, and 45 holes (10,575 m) at Orion South. The best intervals are high grade, including 6.0m at 57.38...
Score
Capricorn KGP September quarter output 31,218oz; KEP construction finished on schedule
ASX: "September 2026 Quarterly Production Update"
Capricorn says Karlawinda produced 31,218 oz of gold in the September 2026 quarter, in line with its FY27 mine plan, and that the Karlawinda Expansion Project was finished on schedule and within budget. Cash and gold on hand rose...
Karlawinda Expansion completed on schedule; 6.5Mtpa throughput reached, about 150koz a year expected
ASX: "Karlawinda Expansion Project Completed on Schedule"
Capricorn says the Karlawinda Expansion Project is built and has started continuous ore processing, with the plant at its targeted steady state throughput of 6.5Mtpa. The plant is still treating low grade ore and product size is...
Capricorn posts record FY26: A$769.3m sales, A$504.8m net cash, 5c final dividend, FY27 guide 137-147koz
ASX: "Record FY Results and 5cps Fully Franked Final Dividend"
Capricorn Metals reported record FY26 results to 30 June 2026, with sales revenue of A$769.3m from 123,096 oz sold at an average A$6,241/oz and underlying profit before tax of A$467.5m. Net cash rose by A$149.1m to A$504.8m after...
Capricorn completes Big Springs sale to Sentinel: A$13.7M upfront, A$12.5M deferred
ASX: "Completion of Big Springs Divestment"
Capricorn Metals has completed the sale of its non-core Big Springs gold project to Sentinel Metals. It received A$13.7M upfront, made up of an A$8.5M cash payment and a 6.2% Sentinel stake valued at about A$5.2M. A further...
Latitude 66 sells non-core Piastri gold project to Capricorn for A$1.5m in CMM shares
ASX: "LAT: Piastri joins Ricciardo to unlock value for Latitude 66"
Latitude 66 (ASX:LAT) has agreed to sell its non-core Piastri Project in Western Australia to Capricorn Metals (ASX:CMM) for A$1.5 million, paid in CMM shares rather than cash. The announcement reports no new drilling, grades or...
Capricorn to buy Piastri tenure beside Ricciardo for $1.5m in shares; no new drilling yet
ASX: "Acquisition of Piastri Project"
Capricorn has agreed to buy the Piastri exploration licence, about 15.2 square km next to its Golden Range tenure, for $1.5 million paid in Capricorn shares. The release has no new drill results, assays or resource estimate. The...
Earlier
- 71StrongCapricorn June quarter: 30,437oz at A$1,648/oz AISC, FY27 guidance 137-147koz, Mt Gibson drillingQuarterly - 15m @ 14.61g/t Au from 181m (219.2 g-m)
- News
Drilling
CMM's best drill intercepts
Ranked by metal-metres, so a long modest hit and a short rich one can be compared fairly.
| # | Company | Intercept | Metal-metres | Rating | Top share | Released |
|---|---|---|---|---|---|---|
| 1 | CMM Capricorn Metals | 6m @ 57.4g/t Au from 616m CMRC2555D | Excellent | - | ||
| 2 | CMM Capricorn Metals | 7m @ 40.0g/t Au from 401m CMRC3143D | Excellent | - | ||
| 3 | CMM Capricorn Metals | 3m @ 89.9g/t Au from 120m CMRC2552D | Excellent | - | ||
| 4 | CMM Capricorn Metals | 3m @ 89.9g/t Au from 120m CMRC2552D | Excellent | - | ||
| 5 | CMM Capricorn Metals | 15m @ 14.6g/t Au from 181m CMRC2471 | Excellent | - | ||
| 6 | CMM Capricorn Metals | 21.8m @ 9.54g/t Au from 371m CMRC2635D | Excellent | - | ||
| 7 | CMM Capricorn Metals | 21.8m @ 9.54g/t Au from 371m CMRC2635D | Excellent | - | ||
| 8 | CMM Capricorn Metals | 29.5m @ 6.65g/t Au from 761m CMRC2612D | Really good | - | ||
| 9 | CMM Capricorn Metals | 3.4m @ 56.0g/t Au from 294m CMRC3145D | Really good | - | ||
| 10 | CMM Capricorn Metals | 13.1m @ 13.9g/t Au from 715m CMRC2302D | Really good | - | ||
| 11 | CMM Capricorn Metals | 9m @ 18.5g/t Au from 175m CMRC2648D | Really good | - | ||
| 12 | CMM Capricorn Metals | 4m @ 41.1g/t Au from 190m CMRC2302D | Really good | - | ||
| 13 | CMM Capricorn Metals | 24m @ 5.96g/t AuEq from 522m RDRC137 - metal equivalent | Really good | - | ||
| 14 | CMM Capricorn Metals | 6.8m @ 20.2g/t Au from 289m CMRC2539D | Really good | - | ||
| 15 | CMM Capricorn Metals | 24m @ 5.24g/t Au from 522m RDRC137 | Really good | - |
Money
Cash, burn and dilution
Latest: $508m cash at 30 Sep 2026.
Price reactions
How CMM moved after its news
Day-1 move after each decoded announcement, from the last close before the market could trade on it.
Average day-1 move by type
Historical pattern
What happened after news like CMM's latest
Based on Sept quarter: 31,218oz at A$2,005/oz AISC, KEP commissioned, A$508m cash, WA approvals... (29 Oct 2026): what share prices did after past results like it, from DrillScore's own records. It describes the past: it isn't a forecast for CMM and it isn't advice.
Only 2 other drill results rated 'Weak' have traded so far - too few to show a pattern.
After its earlier announcements, CMM moved +1.0% by day 1, +0.6% by day 5 and -1.9% by day 20 against the XGD on average.
- Day 1
- +1.0%
- Day 5
- +0.6%
- Day 20
- -1.9%
Over the last 20 trading days the XGD gold index moved +0.1% (steady). After 14 past gold announcements released into a steady gold index, stocks moved +1.0% by day 1, -1.2% by day 5 and +13.7% by day 20 on average - before taking the market's own move out.
- Day 1
- +1.0%
- Day 5
- -1.2%
- Day 20
- +13.7%
A strand leans up or down when its day-5 average is 1% or more either way. Each is shown on its own and never added up into a prediction: small samples swing, and every result is different. The full backtest - how it's worked out
Disclosure
Red flags and notes
The announcement does not give every hole's collar position, dip, azimuth, depth and result (including nil results), which the ASX expects for material exploration results.
CMM: Quarterly Activities/Appendix 5B Cash Flow Report - 29 Oct 2026JORC Table 1 sections 1 and 2 are missing - the ASX requires both with material exploration results.
CMM: Quarterly Activities/Appendix 5B Cash Flow Report - 29 Oct 2026Only best or significant intercepts are listed. No nil or low results, no hole-by-hole list, and no hole count for the reported results, against 133 holes drilled. The Orion South Western Lode has high-grade intersections with no grades given. Interval rules are stated only for Lexington and Orion South.
CMM: Quarterly Activities/Appendix 5B Cash Flow Report - 29 Oct 2026The JORC Code requires a Competent Person to take responsibility for exploration results, resources and reserves.
CMM: Quarterly Activities/Appendix 5B Cash Flow Report - 29 Oct 2026The Competent Persons statement cites only the 26 October 2026 Lexington release for all exploration results. The Orion South and Hornet intercepts are not identified as previously released, and no Competent Person is named in the statement, so they may be new results without a drill-hole table, JORC Table 1 or a valid CP reference.
CMM: Quarterly Activities/Appendix 5B Cash Flow Report - 29 Oct 2026The Range 500 aspiration of 500,000oz a year within 5 years, and the claim of more than 400,000oz a year within 2.5 years of MGGP start, are forward-looking targets with no stated JORC basis. The 260,900oz a year figure rests on the 27 July PFS, which is cross-referenced rather than restated here.
CMM: Quarterly Activities/Appendix 5B Cash Flow Report - 29 Oct 2026The narrative gives operating cash flow of A$113.1m, but Appendix 5B item 1.9 shows A$84.5m. The report does not bridge the A$28.6m difference.
CMM: Quarterly Activities/Appendix 5B Cash Flow Report - 29 Oct 2026The 12-month column matches the quarter exactly (for example receipts 168,276 and operating cash flow 84,479), while the narrative gives FY26 sales revenue of A$769.3m and exploration of A$74.0m. The year-to-date column does not appear to be a 12-month total.
CMM: Quarterly Activities/Appendix 5B Cash Flow Report - 29 Oct 2026Down-hole widths only. No true widths or true width estimates are given.
CMM: Quarterly Activities/Appendix 5B Cash Flow Report - 29 Oct 2026The text quotes 6 Lexington, 3 Hornet and 4 Orion South highlights. The tables list only holes with significant intercepts, with no nil holes and no hole depths. The release does not say which holes are new, so the 88 holes drilled this quarter (plus 45 at Orion South) cannot be matched to the roughly 170 holes in the tables. Low-grade and nil results are not summarised.
CMM: Further High-Grade Results at Lexington - 26 Oct 2026Some holes, collar details or nil results are missing from the drill-hole table.
CMM: Further High-Grade Results at Lexington - 26 Oct 2026Only down-hole widths are reported. Table 1 says drilling is at about 60 degrees to the west into a steep east-dipping lode, so intercepts are described as roughly perpendicular in most cases, but no true widths or conversion factors are stated.
CMM: Further High-Grade Results at Lexington - 26 Oct 2026Investors
Experiences with CMM
Questions
CMM in brief
What does Capricorn Metals mine?
A WA gold producer running the low-cost Karlawinda mine in the Pilbara while developing the Mt Gibson gold project in the Mid West.
What was CMM's latest price-sensitive announcement?
On 29 Oct 2026 CMM released "Quarterly Activities/Appendix 5B Cash Flow Report". In plain English: Sept quarter: 31,218oz at A$2,005/oz AISC, KEP commissioned, A$508m cash, WA approvals pending. DrillScore rated it 47/100 (Weak). Read the full analysis.
What is CMM's best drill result?
The best intercept DrillScore has decoded is 6m @ 57.4g/t Au from 616m in hole CMRC2555D - 344.3 g-m, rated excellent, reported 26 Oct 2026.
How much cash does CMM have?
CMM reported $508m in cash at 30 September 2026, and its operations are cash-flow positive.
How does CMM's share price react to announcements?
Across 10 decoded price-sensitive announcements, CMM's average day-1 move was +1.4%, rising 4 times and falling 6 times. Past reactions don't predict future ones.
Is CMM a gold or a copper stock?
Capricorn Metals is a gold producer with operations in Pilbara and Mid West, WA. See all ASX gold stocks.
Where can I read CMM's announcements?
Every price-sensitive CMM announcement is decoded on this page within minutes of release, with a link to the original document. DrillScore's analysis is general information, not advice.
General information only - not financial advice. DrillScore's analyses are produced automatically by an AI model (Claude, by Anthropic) from the company's own ASX announcement and public market data, and scored by a fixed formula (how it works). They can be wrong or incomplete, don't consider your objectives or circumstances, and are not a recommendation to buy, sell or hold anything. Always read the original announcement and consider advice from a licensed adviser.
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