Capricorn Metals (ASX: $CMM) announces significant increase in KGP ore reserve and expansion study initiation

Capricorn Metals (ASX: $CMM) has reported a 15% increase in the Karlawinda Gold Project (KGP) Ore Reserve Estimate (ORE) to 1,428,000 ounces of gold. The company has initiated a study to consider a 2-2.5 million tonne per annum expansion of the current 4.5mtpa KGP operation, targeted for completion in Q2FY25. The KGP Mineral Resource Estimate (MRE) has also increased by 1% to 2,252,000 ounces of gold.

Executive Chairman Mark Clark comments on the KGP ore reserve increase and expansion study

The increase in Karlawinda gold reserves to 1.43 million ounces is a remarkable testament to both the quality of the orebody and Capricorn's operating team who have turned the deposit into a very successful, low-cost gold mining operation. To still have a 13-year mine life after operating the mine for 3 years puts Capricorn in a very strong position relative to the mid-tier gold industry. The robust economics and long mine life of the project have underpinned Capricorn's enthusiasm to complete a study for a material expansion of the project to grow the production rate and further enhance the returns from the operation.

Outlook for Capricorn Metals and the KGP project

Capricorn Metals' increase in KGP ore reserve and initiation of an expansion study demonstrate the company's commitment to maximizing the potential of the Karlawinda Gold Project. With a 13-year mine life and strong economics, the company is well-positioned for future growth. The expansion study, targeted for completion in Q2FY25, reflects Capricorn's ambition to enhance production rates and optimize returns from the operation. The increase in the KGP Mineral Resource Estimate further solidifies the project's potential. Capricorn Metals continues to focus on the robustness and value of the KGP operation, aiming for sustainable and profitable growth.