Capricorn Metals (ASX:CMM) hoped to reach a production level of 500,000 ounces of gold per year within five years, according to a Monday filing with the Australian bourse.

The company disclosed the "Range 500" aspiration after making "significant progress" at its Western Australia-based Karlawinda and Mt Gibson gold projects, per the filing.

A study is underway to evaluate the technical and financial viability of a second Mt Gibson processing hub at the Golden Range project, with preliminary results due in the second quarter of fiscal 2027, while Karlawinda's expansion to 150,000 ounces per annum is nearing completion, the company said.

Capricorn Metals said Range 500 is an "aspirational target," and it does not yet have reasonable grounds to believe the outcome can be achieved.