Capricorn Metals and Regis Resources have released their preliminary December 2024 quarterly results, with the gold miners delivering production increases.
Capricorn Metals
During the December quarter, Capricorn produced 28,702 ounces (oz) of gold, a steady increase from the 25,559oz delivered in the previous quarter.
Capricorn’s December quarterly results bring the company’s total half-yearly production to 54,261oz, positioning it above budget for this point in the year and on track to achieve the mid-point of its 2024–25 financial year (FY25) guidance of 110,000–120,000oz.
Capricorn’s all-in sustaining cost (AISC) is expected to be within the FY25 cost guidance range of $1370–$1470/oz.
The December quarter also saw Capricorn mine 3123 bank cubic metres of material and process 1107 tonnes of ore.
“Gold production for the quarter was a product of a continued focus on total material movement from the Bibra open pit to maintain the budgeted pit face positions for end of quarter,” Capricorn said.
“The above budget mine production year to date, has resulted in the Bibra pit now being well established for what is a planned, higher production period in (the second half of) FY25.
“Encouragingly, gold recovery rates continued at the budgeted rate of 92 per cent in this quarter and pre-stripping works commenced at the Southern Corridor extension of Bibra.”
Other operational highlights included the expansion of the Karlawinda gold project being greenlit and supported by a $200 million funding package. Capricorn also continued works at the Mt Gibson gold project, with the installation of the 400-room accommodation village nearing completion.
Capricorn closed the December quarter with $363.1 million in cash and gold on hand, representing a $31.2 million cash build from operations before discretionary capital expenditure at Mt Gibson.
Regis Resources
Regis produced 101,300oz during the December quarter, a steady increase from the 94,500oz produced in the previous quarter.
A total of 58,300oz was produced from the Duketon gold operation in WA during the December quarter, and the balance came from the Tropicana joint venture in WA.
Where Regis really shined during the period was its financial performance. The gold miner concluded the December quarter with a record cash and bullion build of $149 million, leading to a record cash and bullion balance of $529 million.
“This solid operational performance across the business was in line with expectations and, paired with record unhedged gold spot prices, delivered a fourth consecutive quarter of strong cash generation,” Regis said.
Regis’ other operational highlights include setting an underground exploration target for its Ben Hur deposit at Duketon and conducting 81,674m of drilling, which highlighted growth potential across priority projects.
Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.
