Capricorn Metals Hits 6.5Mtpa at Karlawinda Targeting 150,000oz Gold Annually
Key Takeaways
- The Karlawinda Expansion Project has reached 6.5Mtpa steady-state throughput, delivered on schedule in 12 months by Capricorn's construction team and key contractors including Interquip, CPC Engineering, and ECG Engineering.
- With the expansion fully operational, Karlawinda is now targeting ~150,000 ounces of gold per annum — a materially larger production profile than the pre-expansion operation.
- Existing reserves underpin a mine life of more than 10 years, removing near-term reserve replacement pressure and providing long-duration revenue visibility.
- Construction risk is now fully behind the company; market focus shifts to production ramp-up performance and cost outcomes as the next material catalysts for CMM shareholders.
- The Mongers Lake acquisition adds an exploration-stage asset to Capricorn's Western Australian portfolio, broadening the growth pipeline beyond Karlawinda's existing reserve base.
Karlawinda Expansion Project reaches full throughput
Capricorn Metals has completed construction of the Karlawinda Expansion Project (KEP) and commenced continuous ore processing through the new parallel crushing, milling and CIL circuits, delivering the project on schedule. The expanded operation has achieved the targeted steady-state throughput of 6.5 million tonnes per annum (Mtpa), a headline milestone that repositions Karlawinda as a materially larger gold producer.
Construction and installation works were completed on schedule, with commissioning finalised over the final two weeks. The Capricorn construction team delivered the project in 12 months, supported by key contractor partners including Interquip, CPC Engineering, ECG Engineering, Jagcor and HMR.
The plant is currently processing low-grade ore and is expected to transition to run-of-mine grade ore within the coming week as it moves to steady state. All components of the new plant are now operational.
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What the expansion means for Karlawinda’s production profile
With the KEP now fully incorporated into the broader Karlawinda Gold Project, the expanded operation is expected to produce in the order of ~150,000 ounces of gold per annum, underpinned by a mine life of more than 10 years on existing reserves.
Commissioning of the CIL areas and TSF 2 pipework is complete, and run-of-mine (ROM) ore stocks continue to build on ROM Pad 2. Further optimisation of the product size from the KEP crushing circuit remains ongoing as a near-term operational focus.
The table below summarises the post-expansion Karlawinda profile. The pre-expansion throughput figure is not stated in the announcement and has been omitted to avoid unverifiable claims.
| Metric | Post-Expansion |
|---|---|
| Throughput capacity | 6.5Mtpa (steady-state) |
| Target annual gold production | ~150,000oz per annum |
| Mine life (existing reserves) | More than 10 years |
Mark Clark on the milestone
Mark Clark, Executive Chairman, Capricorn Metals
“The commencement of continuous ore processing at the Karlawinda Expansion Project on schedule is a significant milestone for Capricorn. It is the culmination of a huge effort from our construction and operations teams, supported by key contractors. We now look forward to the transition of Karlawinda into a long life operation producing around 150,000 ounces of gold per annum.”
Understanding gold plant expansions and why throughput matters
A CIL (carbon-in-leach) circuit is a standard gold processing method where crushed and milled ore is mixed with water and cyanide solution, then passed through tanks containing activated carbon that absorbs dissolved gold. It is the final stage that converts processed rock into recoverable gold.
Throughput, measured in Mtpa (millions of tonnes per annum), simply refers to how many tonnes of ore the plant can process each year. More throughput means more ore processed, which directly drives more gold output, assuming consistent ore grades.
Completing an expansion on schedule matters for three reasons: it delivers cost certainty, accelerates the revenue ramp-up, and reduces the period of financing exposure. For Karlawinda specifically, achieving 6.5Mtpa steady-state throughput is the direct mechanism that unlocks the ~150,000oz annual production target.
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What comes next for Capricorn Metals
The plant is now in its transition phase, moving from low-grade ore toward run-of-mine grade as it builds toward full steady-state throughput. Karlawinda is now positioned as a long-life, high-output gold operation, with construction risk fully behind it.
Near-term operational priorities include:
- Transition to run-of-mine grade ore (expected within the coming week as at the announcement date)
- Ongoing optimisation of the KEP crushing circuit product size
- Ramp-up to steady-state 6.5Mtpa throughput
- Continued build-out of ROM ore stocks on ROM Pad 2
With construction execution now de-risked, market attention is expected to shift to production ramp-up performance and cost outcomes. These represent the next set of material catalysts for CMM shareholders to watch.
The Karlawinda expansion is not the only growth lever Capricorn has been pulling; the Mongers Lake acquisition adds a further exploration-stage asset to the company’s Western Australian portfolio, broadening the resource base beyond Karlawinda’s existing reserves.
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