Capricorn June quarter: 30,437oz at A$1,648/oz AISC, FY27 guidance 137-147koz, Mt Gibson drilling

What investors must know

1. Karlawinda produced 30,437 oz in the June quarter at an AISC of A$1,648/oz, against A$1,617/oz in the March quarter. FY26 was a record 123,589 oz at A$1,629/oz, at the upper end of guidance.
2. FY27 guidance is 137,000-147,000 oz at AISC of A$1,900-2,100/oz, with growth capital of A$70-85m. The midpoint is 18.3% above FY26 and assumes the expanded plant runs near 150,000 oz a year after commissioning in Q1 FY27.
3. Cash and gold on hand were A$507.0m (A$504.8m cash plus A$2.2m gold). The company has no debt and no undrawn facilities, and the quarter included a A$22.8m maiden dividend.
4. Gold sales were 34,271 oz at an average A$6,267/oz for A$214.8m of revenue. Sales exceeded production because gold on hand fell from 4,112 oz to 374 oz.
5. Mt Gibson has federal EPBC approval and the WA Environmental Review Document has been lodged. Development is targeted for the December 2026 quarter, subject to permitting.
6. Exploration highlights include 13.1m at 13.93 g/t Au at Lexington-Hornet and 15m at 14.61 g/t Au on the Mt Gibson open pit trend. Ricciardo reports 24.0m at 5.24 g/t Au and 0.34% Sb (5.96 g/t AuEq), with the AuEq based on an assumed 90% recovery.

The drill intercepts, normalised

Every interval, in numbers

Every interval as metal-metres: width x grade (gram-metres for gold, %-metres for copper). Gold bands are Stockhead's rule of thumb: over 50 good, 100-200 really good, 200-500 excellent, beyond that stellar (and under 10, low). Top share is how much of an interval comes from its richest sub-interval - the smearing check.

Checked against the PDF. Every interval above is printed in the announcement itself - each width and grade was found, together, in the PDF's own text.

Holes reported

? of 156 drilled

Metres drilled

51,303

Drilling

RC and diamond core (RC pre-collar with NQ2 or HQ core); 1m RC samples and half-core sampling

Cut-off grade

0.5 g/t Au for open pit and regional (Mt Gibson, Karlawinda); 1 g/t Au for Orion and Lexington underground; 0.5 g/t AuEq for Ricciardo

Max internal dilution

2m for open pit, Orion, regional and Ricciardo; 5.5m for Lexington-Hornet underground

True widths

Not stated - intervals are down-hole

Hole spacing

Mostly infill and extension drilling. Resource-area RC spacing is 50m x 50m to 25m x 25m (JORC Table 1). Lexington, Hornet and Ricciardo are described as open. Karlawinda regional drilling is first-pass, with 4m composites that warrant follow-up.

Depth

Intercepts run from near surface to about 931m down-hole (CMRC2488D). Vertical depths are not stated.

Against the project's earlier holes

DrillScore has no earlier CMM intercepts on record, so no like-for-like comparison is possible. The announcement says Lexington results confirm depth and strike extension beyond reserve pit designs. Orion South results will feed the next MRE update.

Against similar explorers

Several Mt Gibson intervals are above 50 gram-metres (for example 15m at 14.61 g/t, about 219 gram-metres, and 13.1m at 13.93 g/t, about 182). Those are in the excellent range for gold drilling. Lower-grade long Ricciardo intervals are closer to typical explorer results.

Gram-metre calculator - gram-metres explained - the leaderboard

Disclosure checks - the ASX's own focus areas

• Drill-hole table (collars, dip, azimuth, depth, every intercept)
  caution
• JORC Table 1, Section 1 - sampling techniques and data
  pass
• JORC Table 1, Section 2 - reporting of exploration results
  pass
• Competent person statement
  pass
• Metal equivalents with NO recovery figure

  The ASX's position: equivalents aren't appropriate without metallurgical recovery information, and with none given it assumes 100% recovery.

  fail
• Balanced reporting - low and high grades both shown

  Main-text highlights are the best intervals. The appendix tables carry many lower-grade and wide intervals, which helps balance. The announcement does not state how many holes were reported against the 297 holes drilled across programmes, and does not list nil results. Holes with prior reporting are not flagged.

  caution
• No visual estimates - assays only
  pass
• Down-hole widths only

  Down-hole intervals can overstate how thick the mineralisation really is.

  caution

Red flags and notes

Why these matter: JORC Table 1 - metal equivalents - balanced reporting - visual estimates

Money: can they follow it up?

Period ending

2026-06-30

Cash

$505m

Debt

$0

Undrawn facilities

$0

Operating cash flow (quarter)

$135m

Exploration spend (quarter)

$29.5m

Total outgoings (quarter)

$106m

Gold produced

30,437 oz

AISC

A$1,648/oz (margin about A$4,244/oz at the day's gold price)

Revenue

$215m

Guidance

FY27 gold guidance 137,000-147,000 oz, an 18.3% midpoint increase on FY26 (FY26 guidance 115,000-125,000 oz). AISC guided at A$1,900-2,100/oz and growth capital at A$70-85m. FY26 actual was 123,589 oz at A$1,629/oz, at the upper end of guidance.

Production is gold produced in the June quarter (30,437 oz). Revenue is from 34,271 oz sold at an average A$6,267/oz (includes A$0.4m silver). The text gives operating cash flow of A$115.8m, but Appendix 5B shows A$135.1m. Cash is 504.8m per 5B, plus gold on hand of 374 oz (A$2.2m), giving the A$507.0m headline. Gold on hand fell from 4,112 oz, so sales exceeded production. Investing outflows were mainly KEP and MGGP capex (5B PP&E 43.9m, exploration 29.5m, other 14.3m). The maiden dividend of 22.8m drove financing outflows. The company has no debt and no undrawn facilities, and no raising, so it is funding growth from operating cash flow. Shares and options are not stated in this report. Related-party payments were A$0.489m. Figures are in A$, with no currency conversion needed.

Appendix 5B explained - why runway predicts raisings - every company's runway

How the price reacted

From the last close before the market could trade on it ($12.78 on 30 Jul 2026), with day-1 volume 1.7x the 20-day average.

CMM's past price-sensitive news

After 9 earlier announcements, CMM rose on day 1 4 times and fell 5 times - an average move of +1.6%.

• 28 Oct 26-0.2%
• 23 Oct 26+3.6%
• 2 Oct 26-0.4%
• 22 Sep 26+1.0%
• 26 Aug 26-2.4%
• 25 Aug 26+0.2%
• 13 Aug 26-1.5%
• 13 Aug 26-1.5%
• 24 Jul 26+15.1%

DrillScore has no recorded share price reactions for CMM, so there is no baseline for how this news type has been received. The shares moved from A$12.78 (30 July close) to A$13.63 now, about +6.7%. Over the same period the ASX gold index XGD rose about 21%, while gold in A$ fell about 2.6%. That gap points to sector and index moves rather than this report alone. This is a description of the record only and does not predict the share price.

Past reactions describe what happened, not what will. How prices react to results

The historical pattern

What share prices did after past results like this one, from DrillScore's own records. It describes the past: it isn't a forecast for CMM and it isn't advice.

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

The market it landed in

Gold was US$4,100/oz (COMEX) and A$5,892/oz at release. It is now US$3,886 and A$5,737, down 5.2% and 2.6% since release. The June quarter realised A$6,267/oz, well above both. Against FY27 guided AISC of A$1,900-2,100/oz, spot in A$ leaves a wide margin. The reserve optimisation uses a gold price of 2,600 (currency not stated, presumably A$), which is well under current spot, so the reserve price deck looks conservative against today. Royalties rose about A$100/oz above guidance because of the higher gold price. Copper (down 5.5% since release) and COPX (down 12.9%) matter less for gold producers. Silver fell 16.5%. Sector context: GDX is up 6.3% since release and GDXJ is flat. The US 10-year yield rose to about 5.15% and the US dollar index rose 3.4%, both headwinds for gold. This is context only and not a forecast.

Against CMM's own history

DrillScore has no earlier CMM intercepts or raisings on record. The cash balance of A$507m reported on 27 July 2026 matches this report's A$507.0m cash and gold. The 27 July study update (scored 66) cited reserves of 5.24Moz and a Mt Gibson PFS at 260koz a year, which this report refers back to. The FY27 guidance step-up is consistent with that update's expansion case.

Questions worth asking

• Why does the text give quarterly operating cash flow of A$115.8m while Appendix 5B item 1.9 shows A$135.1m?
• Has KEP commissioning started and is the ramp to about 150,000 oz a year on track, given the Q1 FY27 target?
• What metallurgical test work will replace the assumed 90% recovery used for Ricciardo AuEq, and when?
• Which holes are the 27.5m at 3.24 g/t Lexington-Hornet interval and the Karlawinda regional 4m composites, and were any of the reported holes previously announced?
• When will the state Part IV approval for Mt Gibson and the Orion South MRE update be expected, and what does that mean for the December 2026 quarter development start?