Capricorn Metals (ASX:CMM) has expanded its ore reserve estimate (ORE) at the Mt. Gibson gold project in Western Australia to 2.59 million ounces (Moz), an increase of 758,000 ounces since April 2024, according to a filing with the Australian bourse.

The new estimate includes 89.8 million tonnes at 0.9 grams per tonne (g/t) gold, totaling 2.59 Moz, and increases the company's gold reserves to over 4 Moz, the filing said.

Capricorn Metals raised its life of mine (LOM) revenue to AU$7.76 billion, up from its previous forecast of AU$4.5 billion for the project.

The project is now expected to generate an annual production of 150,000 ounces for the first 15 years of production, with targeted all-in-sustaining costs projected to average at AU$1,650 per ounce to AU$1,750 per ounce over the LOM.

The company's shares rose over 3% in recent Friday trade.