Name of the Project
Karlawinda gold project (KGP) expansion.

Location
Pilbara region of Western Australia.

Project Owner/s
Australia-based gold producer Capricorn Metals.

Project Description
The expansion will incorporate the installation of a new three-stage crushing and ball mill circuit to increase processing capacity to 6.5-million tonnes a year. 

The average gold production from the expanded KGP is expected to be about 150 000 oz/y over a ten-year mine life.

The expansion will also include the construction of additional accommodation capacity, which will maximise productivity during the plant construction phase and facilitate the additional personnel requirements of long-term operations. 

The installation of a new tailings storage facility (TSF), using displaced waste material from the adjacent Berwick deposit, will meet the increased project deposition requirements.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an internal rate of return of 49%.

Capital Expenditure
$120-million, with a 20-month payback.

Planned Start/End Date
Construction of the expanded plant is scheduled for the fourth quarter of 2026.

Latest Developments
Capricorn Metals has delivered a strong quarter of operations for the quarter ended December 31, 2025.

The mine produced 30 476 oz of gold, in line with the 2026 financial year mine plan, compared with the 32 318 oz produced in the prior quarter.

In the year to date, Karlawinda produced 62 794 oz of gold, which sets it on track to achieve the upper end of guidance for the full-year of  between 115 000 oz and 125 000 oz.

Capricorn achieved a recovery rate of 89.9% in the quarter under review, compared with a recovery rate of 90.3% in the quarter ended September 30, 2025.

The continued achievement of the post-expansion mining run rate has enabled Karlawinda to deliver strong quarterly gold production and meet the development requirements of the KEP.

Following the approval of Karlawinda’s mining proposal and mine closure plan by the Department of Energy, Mines, Industry Regulation and Safety in July 2025, development activities have advanced materially on site, with progress including completed bulk earthworks and 95% completion of the process plant design scope.

The jaw crusher and several other equipment packages were delivered to site in the reporting quarter ended December 31, 2025. The site’s ball mill delivery is scheduled to arrive early in the quarter ending June 30, 2026, ahead of commissioning starting in the quarter thereafter.  

Key Contracts, Suppliers and Consultants
Not disclosed.

Contact Details for Project Information
Capricorn Metals, tel +61 8 9212 4600 or email enquiries@capmet.com.au.