Capricorn Metals Ltd (ASX: CMM) has entered a binding agreement with Latitude 66 Limited to acquire the Piastri Project tenement package. The ground sits directly next to the Company’s Golden Range tenure in the Mid-West region of Western Australia.
Figure 1: Capricorn Metals Ltd company logo [Courtesy: Capricorn Metals]
This CMM Piastri Project acquisition WA deal gives Capricorn a fresh runway beside its flagship Ricciardo deposit. The Company has already flagged several target zones across the newly acquired ground for gold and antimony exploration.
What Happened: CMM Piastri Project Acquisition WA
Capricorn will pay A$1.5 million for the Piastri Project, settled entirely through fully paid ordinary shares issued to Latitude 66. The share issue will be valued using the 20-day volume-weighted average price before completion occurs.
No cash changes hands under the CMM Piastri project acquisition WA structure. This keeps the deal off the Company balance sheet in terms of debt or cash outflow.
About Capricorn Metals
Capricorn Metals Ltd is an ASX-listed gold company operating in the Mid-West region of Western Australia. The Company holds tenure across the Golden Range Project area, adjacent to the Ricciardo and Fields Find deposits.
Warriedar Resources Limited (ASX: WA8), a wholly owned subsidiary of Capricorn, holds the Ricciardo Mineral Resource within its portfolio. Mr Mark Clark serves as Executive Chairman of Capricorn Metals.
Why the CMM Ricciardo Gold Deposit Expansion Matters
Piastri sits close, just 200 metres east of the mining infrastructure built around Ricciardo. That deposit already carries a solid number behind it: 24.5 million tonnes at 2.5 grams per tonne gold equivalent, or 1.96 million ounces.
It sits inside the Yalgoo-Singleton Greenstone Belt, a gold corridor Western Australia has relied on for years. Locking in ground this close to an existing high-grade deposit is the real driver behind this CMM Ricciardo gold deposit expansion.
Figure 2: Satellite view of the Piastri tenement (outlined in red) beside the Ricciardo deposit and Golden Dragon Plant [Courtesy: Capricorn Metals]
Piastri Project Overview
The Piastri Project is modest in scale, though its location carries the greater significance. Positioned directly against established mining infrastructure, the tenure benefits from proximity rather than size. Its value lies less in what has been proven so far and more in what remains untested. That distinction shapes how Capricorn intends to approach the ground.
Tenure and Geology
The Piastri Project covers a granted Exploration Licence of approximately 15.2 square kilometres. Key details from the announcement include:
- Location: contiguous to Capricorn’s existing Golden Range tenure
- Licence status: granted Exploration Licence, largely untested strike
- Target commodities: gold and antimony mineralisation
- Structural setting: shear-hosted mineralisation along the Mougooderra shear zone
- Regional geology: Yalgoo-Singleton Greenstone Belt
Figure 3: Capricorn Metals’ tenement holdings across the Golden Range, Fields Find and Mount Gibson Gold projects, with Latitude 66’s ground outlined in red [Courtesy: Capricorn Metals]
Exploration Plan
Limited historic work has touched this ground. Only shallow drilling has been completed across parts of the strike to date.
Capricorn plans a staged approach, starting with geological and regolith mapping. Geochemical sampling and targeted drilling will follow once the mapping phase wraps up.
How the CMM WA Gold Footprint Expansion Will Play Out
Capricorn is treating Piastri as an extension play rather than a standalone project. Sitting the tenure directly against Golden Range lets the Company run exploration off existing site knowledge and nearby infrastructure.
The CMM WA gold footprint expansion adds largely untested strike length to a belt the Company already understands well. Early-stage mapping typically takes months before drilling results start informing the market.
Industry Outlook
Western Australia’s Mid-West gold region continues to attract consolidation activity as companies infill ground around established deposits. The Yalgoo-Singleton Greenstone Belt has a long production history, which lowers some of the geological risk tied to new exploration ground nearby.
Antimony has also drawn renewed interest given its use in battery and defence applications globally. Tenure prospects for both gold and antimony, like Piastri, can appeal to a broader base of potential partners down the track.
Capricorn Metals Share Price (ASX: CMM)
- Last traded price: A$15.810 per share
- Market capitalisation: A$7.33 billion
- 52-week range: A$9.360 to A$16.550 per share
Figure 4: Capricorn Metals (ASX: CMM) share price movement over the past 12 months [Courtesy: ASX]
Future Direction and Impact on Capricorn’s Golden Range Growth Strategy
According to the ASX announcement, Capricorn will move straight into mapping once the acquisition completes. Impact on the Company’s Golden Range growth strategy centres on consolidating strike length around an already-proven resource base.
The CMM WA gold footprint expansion positions Capricorn to test fresh ground without stepping outside its known operating district. Results from the mapping and sampling phase will determine whether targeted drilling gets fast-tracked.
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FAQs
Q1. What did Capricorn Metals announce regarding the Piastri Project?
Ans. Capricorn agreed to acquire the Piastri Project tenement package from Latitude 66 for A$1.5 million in shares.
Q2. Where is the Piastri Project located?
Ans. It sits in the Mid-West region of Western Australia, contiguous to Capricorn’s Golden Range tenure.
Q3. What commodities is the Piastri Project prospective for?
Ans. The ground is considered prospective for gold and antimony mineralisation.
Q4. How will Capricorn pay for the acquisition?
Ans. Through fully paid ordinary shares valued at the 20-day VWAP prior to completion, with no cash involved.
Q5. What is the next step for the Project?
Ans. Geological and regolith mapping first, followed by geochemical sampling and targeted drilling.
Disclaimer
This article is intended for informational purposes only. All data referenced has been sourced from Capricorn Metals Ltd’s ASX announcement dated 14 Aug 2026. Readers should verify all financial and project information independently before making any investment decisions. Any investment carries risk and should be made at the investor’s own discretion. Colitco does not hold any position in the above-mentioned Company.
Source
- https://www.capmet.com.au
- https://www.asx.com.au/markets/company/CMM
- https://www.marketindex.com.au/data-api/api/v1/announcements/XASX:CMM:6A1338524/pdf/inline/acquisition-of-piastri-project
Elizabeth Jones is a finance and mining content specialist with over 10 years of experience creating clear, SEO-driven content across fintech, investing, banking, insurance, cryptocurrency, and resource markets. She transforms complex financial data and industry trends into engaging, reader-focused articles that improve understanding and audience engagement.
