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Capricorn Metals Ltd
(Sydney:CMM)
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Rating:78Outperform
Price Target:
AU$20.00
â–²(15.27% Upside)
Action:Reiterated
Date:08/28/26
The score is driven primarily by very strong financial performance across profitability, cash flow, and a low-leverage balance sheet. Technicals support the uptrend, but overbought signals temper the outlook. Valuation is the main headwind, with a relatively high P/E and a low dividend yield.
Positive Factors
Revenue and Profit Growth
The sharp expansion in revenue and net income indicates a meaningful operating step-change and stronger production economics. Sustaining this performance would improve internal funding capacity and provide a stronger base for mine development and resource growth.
Negative Factors
Gold Price Exposure
Capricorn remains fundamentally exposed to gold-market prices because bullion sales are its primary revenue source. A sustained commodity-price decline could reduce margins, earnings and project funding capacity even if production performance remains stable.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Profit Growth
The sharp expansion in revenue and net income indicates a meaningful operating step-change and stronger production economics. Sustaining this performance would improve internal funding capacity and provide a stronger base for mine development and resource growth.
Read all positive factors
Capricorn Metals Ltd (CMM) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$7.47B
Dividend Yield0.32%
Average Volume (3M)2.10M
Price to Earnings (P/E)25.8
Beta (1Y)1.82
Revenue Growth44.67%
EPS Growth70.20%
CountryAU
Employees12
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.63
Shares Outstanding456,889,950
10 Day Avg. Volume2,257,241
30 Day Avg. Volume2,096,302
Financial Highlights & Ratios
PEG Ratio0.29
Price to Book (P/B)3.94
Price to Sales (P/S)7.33
P/FCF Ratio21.31
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$19.17Price Target Upside10.50% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)0.84
Revenue Forecast (FY)AU$903.43M
Capricorn Metals Ltd Business Overview & Revenue Model
Company Description
Capricorn Metals Limited is involved in the exploration, assessment, and development of mineral assets across Australia and Madagascar. The company holds full ownership of the Karlawinda gold project, which is located in the Pilbara region of West...
How the Company Makes Money
Capricorn Metals primarily makes money by producing gold dore/bullion from its mining operations and selling that gold into the gold market at prevailing prices. Revenue is therefore mainly driven by (1) the volume of gold produced and sold (ounce...
Capricorn Metals Ltd Financial Statement Overview
Summary
Income Statement
88
Very Positive
Balance Sheet
90
Very Positive
Cash Flow
85
Very Positive
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 769.35M | 517.71M | 359.73M | 320.75M | 286.95M |
| Gross Profit | 456.01M | 283.47M | 156.91M | 136.14M | 123.29M |
| EBITDA | 483.40M | 238.76M | 171.43M | 43.84M | 149.53M |
| Net Income | 282.19M | 150.28M | 87.14M | 4.40M | 89.48M |
Balance Sheet | |||||
| Total Assets | 1.88B | 1.04B | 623.56M | 592.93M | 489.51M |
| Cash, Cash Equivalents and Short-Term Investments | 505.22M | 355.87M | 120.66M | 107.42M | 62.85M |
| Total Debt | 20.30M | 31.80M | 84.11M | 91.81M | 110.82M |
| Total Liabilities | 447.39M | 258.48M | 314.29M | 336.40M | 241.98M |
| Stockholders Equity | 1.43B | 781.21M | 309.26M | 256.54M | 247.53M |
Cash Flow | |||||
| Free Cash Flow | 264.48M | 161.56M | 92.54M | 105.26M | 57.47M |
| Operating Cash Flow | 470.17M | 259.31M | 158.18M | 152.56M | 134.97M |
| Investing Cash Flow | -289.27M | -97.82M | -65.64M | -47.30M | -77.32M |
| Financing Cash Flow | -31.84M | 74.34M | -79.10M | -60.29M | -6.47M |
Capricorn Metals Ltd Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | AU$8.81B | 15.74 | 18.86% | 2.08% | 12.65% | 11.08% | |
79 Outperform | AU$9.82B | 15.85 | 33.52% | ― | 89.36% | 165.30% | |
78 Outperform | AU$7.47B | 25.79 | 20.93% | 0.44% | 44.67% | 70.20% | |
78 Outperform | AU$6.40B | 8.93 | 35.03% | 3.29% | 42.59% | 180.54% | |
77 Outperform | AU$7.40B | 63.26 | 3.01% | 2.72% | -14.16% | -84.78% | |
73 Outperform | AU$5.96B | 13.79 | 19.72% | 0.65% | 79.44% | 1173.17% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
AU:CMM
Capricorn Metals Ltd
16.25
5.05
45.06%
AU:PRU
Perseus Mining
6.77
2.61
62.58%
AU:RRL
Regis Resources Limited
8.48
3.53
71.35%
AU:RMS
Ramelius Resources Limited
3.96
0.60
17.96%
AU:WGX
Westgold Resources
6.48
2.79
75.61%
AU:GMD
Genesis Minerals Limited
8.24
2.88
53.73%
Capricorn Metals Ltd Corporate Events
Capricorn Metals lodges 2026 corporate governance statement with ASX
Aug 26, 2026
Capricorn Metals has lodged its annual corporate governance statement for the year ended 30 June 2026, confirming it is available on the company’s website and that it complies with ASX Listing Rule requirements. The filing, approved by the b...
Capricorn Metals Outlines FY2026 Compliance with ASX Governance Standards
Aug 26, 2026
Capricorn Metals Ltd has released its FY2026 Corporate Governance Statement, confirming broad compliance with the ASX Corporate Governance Council’s fourth-edition principles and recommendations. The company outlines a detailed Board Charter...
Capricorn Metals Declares Interim Dividend for June 2026 Period
Aug 26, 2026
Capricorn Metals Ltd has declared a dividend of A$0.05 per ordinary fully paid share, relating to the six‑month period ended 30 June 2026. The company has set an ex‑dividend date of 16 September 2026, a record date of 17 September 2026...
Capricorn Metals Details Governance and Listing in 2026 Financial Report
Aug 26, 2026
Capricorn Metals Ltd has released its financial report for the year ended 30 June 2026, accompanied by an updated corporate directory. The report confirms the company’s governance structure, including its board composition led by Executive C...
Capricorn Metals completes sale of Big Springs project to Sentinel
Aug 26, 2026
Capricorn Metals has completed the divestment of its non-core Big Springs Gold Project to Sentinel Metals, receiving A$13.7 million upfront through cash and a 6.2% equity stake in Sentinel. The deal also includes up to A$12.5 million in deferred c...
Sentinel Metals seals Big Springs deal, doubling U.S. gold resource base
Aug 26, 2026
Sentinel Metals has completed the acquisition of 100% of the Big Springs Gold Project in Nevada from Capricorn Metals, paying A$8.5 million in cash and issuing A$5 million in shares, with up to A$12.5 million in contingent consideration tied to fu...
Capricorn Metals Issues Shares to Acquire Piastri Project
Aug 21, 2026
Capricorn Metals has issued 102,172 fully paid ordinary shares as consideration for the acquisition of the Piastri Project, expanding its asset base through an all-share transaction. The company stated that the issuance was conducted without a dis...
Capricorn Metals Seeks ASX Quotation for Additional Shares
Aug 21, 2026
Capricorn Metals Ltd is an Australian-listed mining company operating in the metals sector. Its ordinary fully paid shares trade on the ASX under the ticker CMM, giving investors exposure to the company’s resource development and production ...
Capricorn Metals Plans Targeted Share Placement on ASX
Aug 14, 2026
Capricorn Metals Ltd has notified the ASX of a proposed issue of 108,652 ordinary fully paid shares. The new securities are to be issued via a placement or similar mechanism, with the issue date scheduled for 21 August 2026, expanding the company&...
Latitude 66 Sells Piastri Project to Capricorn Metals for A$1.5m in Shares
Aug 13, 2026
Latitude 66 Limited has agreed to sell its non-core Piastri Project in Western Australia to Capricorn Metals for A$1.5 million, to be paid in Capricorn shares priced at the buyer’s 20-day volume-weighted average price. Located in the Yalgoo-...
Capricorn Metals Reaffirms Long-Term Growth Strategy in Western Australian Gold Portfolio
Aug 3, 2026
Capricorn Metals has reiterated its strategy to develop a high-margin, multi-decade gold business in Western Australia, supported by increased gold reserves of 5.2 million ounces and updated studies on its key projects. The company highlights its ...
Capricorn Metals Delivers Record Gold Output as Expansion and Mt Gibson Progress
Jul 30, 2026
Capricorn Metals reported record annual production of 123,589 ounces from its Karlawinda Gold Project, with the June quarter delivering 30,437 ounces at an all-in sustaining cost of $1,648 per ounce. The company has guided to a sharp increase in F...
Capricorn Metals Lifts Gold Reserves to 5.2Moz and Sets Higher Production Ambitions
Jul 26, 2026
Capricorn Metals has reported a major increase in its gold reserves to 5.2 million ounces, underpinned by updated estimates at the Karlawinda and Mount Gibson projects and resource data from the Golden Range project. The company has also outlined ...
Capricorn Metals Lifts Gold Reserves to 5.2Moz, Maps Path to 400koz Annual Output
Jul 26, 2026
Capricorn Metals has reported a substantial uplift in its gold Ore Reserves and Mineral Resources across the Karlawinda and Mt Gibson projects, with group reserves rising 33% to 5.24 million ounces and resources up 29% to 8.66 million ounces. Rece...
Capricorn Metals PFS Confirms Long-Life, Low-Cost Growth at Mount Gibson
Jul 26, 2026
Capricorn Metals has released an updated pre-feasibility study for its Mount Gibson Gold Project, confirming a 19-year mine life and integrating underground production for the first time. The study outlines a ramp-up to 260,000 ounces of gold per ...
Capricorn Hits Top-End Gold Guidance as Expansion Projects Advance
Jul 5, 2026
Capricorn Metals reported quarterly gold output of 30,437 ounces from its Karlawinda Gold Project, bringing FY26 production to 123,589 ounces at the upper end of guidance, with all-in sustaining costs expected within target. The company ended the ...
Capricorn Metals to Divest Nevada Gold Project in $26m Deal
Jul 2, 2026
Capricorn Metals has agreed to sell the Big Springs Gold Project in Nevada to Sentinel Metals for total consideration of up to $26 million, comprising $8.5 million in cash, $5 million in Sentinel shares and up to $12.5 million in contingent milest...
Paradice Investment Exits Substantial Holder Position in Capricorn Metals
Jun 9, 2026
Capricorn Metals Ltd has disclosed that a previously substantial shareholder, identified in an annexure as Paradice Investment Management Pty Ltd, has ceased to be a substantial holder in the company as of 4 June 2026. The change, formally notifie...
Capricorn Metals Seeks ASX Quotation for Additional Ordinary Shares
May 29, 2026
Capricorn Metals has lodged an application with the ASX for the quotation of an additional 5,687 ordinary fully paid shares. The small issuance, arising from the exercise or conversion of existing securities, marginally increases the company’...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.