Capricorn executive chairman Heath Hellewell was due to speak at the Precious Metals Summit in Beaver Creek, Colorado, but was a late withdrawal.

The company had already lodged its presentation on the ASX late Thursday, Australian time, but is said to have pulled out due to corporate action.

MNN understands Capricorn received a A12c per share scrip takeover several weeks ago, but major shareholder Hawke's Point Holdings was opposed.

But judging by Hellewell's late withdrawal, a deal may have been reached.

While the suitor is unclear, it is rumoured to be former 10% shareholder Regis Resources.

Regis sold its stake in Capricorn in early 2017, with outgoing executive chairman Mark Clark saying it had become clear Capricorn's Karlawinda gold project, while in Regis' style of a low-grade open pit, was a little small for the company.

"They're the sort of stories where you want to get into some of these at a fairly early level, you back the management to add value," he said in August 2017.

"If you own 10% of something, it doesn't give you a right to end up owning it, but at least it gives you a seat at the table as the story evolves.

"The shareholders still have to be paid if you want to take the company over, but at least you've got some say on how the thing unfolds moving forward."

Former Mount Gibson CEO Jim Beyer was appointed as Clark's successor last week.

Capricorn's Karlawinda gold project is construction-ready and at the financing stage.

The $132 million project is set to produce 823,000 ounces of gold over 8.5 years.

The project has a post-tax net present value, using an 8% discount rate, of $166 million, while the internal rate of return is 36.4%.

Capricorn shares last traded at 5.9c.