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Capricorn Metals Ltd
(Sydney:CMM)
Capricorn Metals Ltd (CMM) vs. iShares MSCI Australia ETF (EWA)
Capricorn Metals Ltd Business Overview & Revenue Model
Capricorn Metals Ltd Financial Statement Overview
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 517.71M | 517.71M | 359.73M | 320.75M | 286.95M | 110.00K |
| Gross Profit | 283.47M | 283.47M | 156.91M | 136.14M | 123.29M | -105.00K |
| EBITDA | 238.76M | 238.76M | 171.43M | 43.84M | 149.53M | -3.56M |
| Net Income | 150.28M | 150.28M | 87.14M | 4.40M | 89.48M | -4.76M |
Balance Sheet | ||||||
| Total Assets | 1.04B | 1.04B | 623.56M | 592.93M | 489.51M | 299.60M |
| Cash, Cash Equivalents and Short-Term Investments | 355.87M | 355.87M | 120.66M | 107.42M | 62.85M | 12.00M |
| Total Debt | 31.80M | 31.80M | 84.11M | 91.81M | 110.82M | 121.06M |
| Total Liabilities | 258.48M | 258.48M | 314.29M | 336.40M | 241.98M | 169.13M |
| Stockholders Equity | 781.21M | 781.21M | 309.26M | 256.54M | 247.53M | 130.46M |
Cash Flow | ||||||
| Free Cash Flow | 161.56M | 161.56M | 92.54M | 105.26M | 57.47M | -139.15M |
| Operating Cash Flow | 259.31M | 259.31M | 158.18M | 152.56M | 134.97M | -18.90M |
| Investing Cash Flow | -97.82M | -97.82M | -65.64M | -47.30M | -77.32M | -121.45M |
| Financing Cash Flow | 74.34M | 74.34M | -79.10M | -60.29M | -6.47M | 104.97M |
Capricorn Metals Ltd Technical Analysis
Capricorn Metals Ltd Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | AU$9.09B | 12.26 | 28.58% | 1.92% | 36.34% | 110.55% | |
78 Outperform | AU$6.10B | 25.30 | 16.68% | 0.65% | 30.46% | ― | |
75 Outperform | AU$6.75B | 39.89 | 27.56% | ― | 43.49% | 60.31% | |
74 Outperform | AU$8.67B | 38.78 | 19.70% | ― | 109.79% | 158.18% | |
73 Outperform | AU$7.97B | 15.34 | 21.17% | 1.32% | 23.35% | 15.96% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
Capricorn Metals Ltd Corporate Events
Capricorn Metals Ltd has called an Extraordinary General Meeting of shareholders to be held on 3 March 2026 in West Perth, with eligible voters determined as those on the register as at 10.00am (WST) on 1 March 2026. In line with Australian corporate law changes, the company will provide its notice of meeting and explanatory materials electronically via its website unless shareholders have specifically requested physical copies, and the board is urging investors to submit directed proxy votes in advance, appoint the chair as proxy where appropriate, and participate in poll-based voting to ensure broad representation in forthcoming corporate decisions.
The most recent analyst rating on (AU:CMM) stock is a Buy with a A$17.50 price target. To see the full list of analyst forecasts on Capricorn Metals Ltd stock, see the AU:CMM Stock Forecast page.
Capricorn Metals reported another strong quarter at its Karlawinda Gold Project, producing 30,476 ounces of gold at an all-in-sustaining cost of $1,627 per ounce, bringing year-to-date output to 62,794 ounces and keeping the company on track to reach the upper end of its FY26 production guidance. Operational cash flow hit a record $122.4 million for the quarter, lifting cash and gold on hand to $457.4 million even after significant capital spending on the Karlawinda Expansion Project (KEP) and the Mt Gibson Gold Project, while gold sales of 31,652 ounces generated $200.5 million in revenue. Development of the KEP advanced materially following key regulatory approvals, with bulk earthworks, concrete works, CIL tank installation and delivery of major equipment progressing on schedule toward expanded processing capacity. At Mt Gibson, mine planning and process plant design moved toward finalisation and environmental approvals advanced at both federal and state levels, underpinning the project’s advancement toward development. Exploration and resource work delivered an increased Mineral Resource Estimate for the Orion South Underground deposit at Mt Gibson and supported a conceptual underground mining study, contributing to a lift in Capricorn’s group Mineral Resource to 8.1 million ounces and maintaining group Ore Reserves at 4.0 million ounces, reinforcing the company’s long-term production pipeline. The acquisition of Warriedar Resources, completed in November 2025, further strengthened Capricorn’s balance sheet and asset base, enhancing its growth profile in the Australian gold sector.
The most recent analyst rating on (AU:CMM) stock is a Buy with a A$17.50 price target. To see the full list of analyst forecasts on Capricorn Metals Ltd stock, see the AU:CMM Stock Forecast page.
Capricorn Metals Ltd has applied for quotation on the ASX of 7,327 new fully paid ordinary shares under the code CMM. The small issuance, dated 28 January 2026 and arising from the exercise or conversion of existing options or convertible securities, modestly increases the company’s quoted capital base but does not signal any major change in its operations or capital structure.
The most recent analyst rating on (AU:CMM) stock is a Buy with a A$17.50 price target. To see the full list of analyst forecasts on Capricorn Metals Ltd stock, see the AU:CMM Stock Forecast page.
Capricorn Metals Ltd has applied to the ASX for quotation of 18,709 new fully paid ordinary shares under its code CMM. The small issuance, arising from the exercise or conversion of existing securities, modestly increases the company’s listed share capital and reflects ongoing equity participation without materially altering its capital structure.
The most recent analyst rating on (AU:CMM) stock is a Buy with a A$17.00 price target. To see the full list of analyst forecasts on Capricorn Metals Ltd stock, see the AU:CMM Stock Forecast page.
Capricorn Metals reported preliminary December quarter production of 30,476 ounces of gold at its Karlawinda Gold Project, bringing year-to-date output to 62,794 ounces and keeping the company on track to reach the upper end of its FY26 guidance of 115,000–125,000 ounces at a forecast all-in sustaining cost of $1,530–$1,630 per ounce. The operation maintained its expanded mining run rate, enabling both strong production and substantial progress on the Karlawinda Expansion Project, with major earthworks and concrete works largely completed, CIL tank construction well advanced, and key equipment deliveries underway; cash and gold on hand rose to $444.2 million despite significant capital investment of $39 million across Karlawinda and Mt Gibson, where early design, procurement and permitting activities continued, positioning the company for compressed construction timelines and future growth.
The most recent analyst rating on (AU:CMM) stock is a Hold with a A$15.80 price target. To see the full list of analyst forecasts on Capricorn Metals Ltd stock, see the AU:CMM Stock Forecast page.
Capricorn Metals Ltd has lodged an Appendix 3B notice with the ASX outlining a proposed issue of up to 281,484 new ordinary fully paid shares, to be undertaken via a placement or other type of security issue. The new securities, expected to be issued on 30 January 2026, will expand the company’s share base and may provide additional capital for its activities, with the move signaling continued utilisation of equity markets to support its corporate and operational needs.
The most recent analyst rating on (AU:CMM) stock is a Hold with a A$15.80 price target. To see the full list of analyst forecasts on Capricorn Metals Ltd stock, see the AU:CMM Stock Forecast page.
Capricorn Metals has agreed to acquire Tempest Minerals’ Yalgoo Project tenement package in Western Australia for $4.5 million in cash and shares, expanding the company’s landholding north of its Mt Gibson Gold Project and contiguous with its recently acquired Golden Range and Fields Find projects. The deal, which is subject to due diligence, regulatory consents and ASX confirmation, transfers the Yalgoo Tenements outright to Capricorn and grants it rights to explore and develop all non-iron minerals on the Iron Tenements, with additional contingent payments tied to future resource delineation and a mining decision. Covering about 1,000 square kilometres on a largely untested 60km strike in the highly prospective Yalgoo-Singleton Greenstone Belt, the project adds multiple drill-ready gold targets that Capricorn plans to advance through mapping and geochemical work in 2026, supporting its strategy to secure meaningful additional ore sources for Mt Gibson and strengthen its regional growth pipeline.
The most recent analyst rating on (AU:CMM) stock is a Hold with a A$15.80 price target. To see the full list of analyst forecasts on Capricorn Metals Ltd stock, see the AU:CMM Stock Forecast page.
Capricorn Metals has agreed to acquire Tempest Minerals’ Yalgoo Project tenement package in Western Australia for A$4.5 million in cash and shares, with additional contingent payments tied to future resource definition and a decision to commence mining. The deal will see Capricorn consolidate a highly prospective 1,000-square-kilometre tenement position in a region where it is already active, while Tempest retains iron ore rights on the eastern tenements and will continue to advance its Remorse magnetite deposit through a separate Green Steel and Iron partnership, as well as focus exploration on its remaining Western Australian projects, potentially strengthening both companies’ strategic positions and capital allocation efficiency.
The most recent analyst rating on (AU:CMM) stock is a Hold with a A$15.80 price target. To see the full list of analyst forecasts on Capricorn Metals Ltd stock, see the AU:CMM Stock Forecast page.
Capricorn Metals has issued 140,325 fully paid ordinary shares following the conversion of employee performance rights, effectively increasing its share capital through its long-term incentive arrangements. The company confirmed that the shares were issued without a prospectus under the Corporations Act, that it remains compliant with its financial reporting and continuous disclosure obligations, and that there is no excluded information, signaling ongoing regulatory compliance and transparency for existing and prospective shareholders.
The most recent analyst rating on (AU:CMM) stock is a Hold with a A$15.80 price target. To see the full list of analyst forecasts on Capricorn Metals Ltd stock, see the AU:CMM Stock Forecast page.
Capricorn Metals Ltd, listed on the ASX under code CMM, has applied for quotation of an additional 140,325 fully paid ordinary shares. The new shares, issued on 22 December 2025 following the exercise or conversion of existing options or other convertible securities, will modestly increase the company’s quoted capital base and may slightly enhance liquidity for shareholders once admitted to trading.
The most recent analyst rating on (AU:CMM) stock is a Hold with a A$15.80 price target. To see the full list of analyst forecasts on Capricorn Metals Ltd stock, see the AU:CMM Stock Forecast page.
Capricorn Metals has disclosed a change in director Mark Clark’s indirect interest, following the issue of 170,395 new performance rights under the company’s Performance Rights Plan, as approved by shareholders at the recent annual general meeting. The grant, held via the Clark Family Trust vehicle Samoz Pty Ltd, increases Clark’s indirect holding to 17,490,749 ordinary shares and 401,002 performance rights, reinforcing the company’s strategy of linking executive incentives to equity and potentially further aligning the director’s interests with those of shareholders, without any on-market trading or cash consideration involved.
The most recent analyst rating on (AU:CMM) stock is a Hold with a A$15.80 price target. To see the full list of analyst forecasts on Capricorn Metals Ltd stock, see the AU:CMM Stock Forecast page.
Capricorn Metals Ltd has announced the issuance of 294,424 fully paid ordinary securities on December 8, 2025. These securities, issued under an employee incentive scheme, will be quoted on the Australian Securities Exchange (ASX), potentially enhancing the company’s market liquidity and providing additional incentives for its employees.
The most recent analyst rating on (AU:CMM) stock is a Hold with a A$15.80 price target. To see the full list of analyst forecasts on Capricorn Metals Ltd stock, see the AU:CMM Stock Forecast page.
Capricorn Metals Ltd, listed on the Australian Securities Exchange (ASX:CMM), has announced a change in its substantial holdings. The company has reported that a substantial holder, as detailed in the annexure, ceased to be a substantial holder as of November 25, 2025. This change in holdings may impact the company’s shareholder structure and influence voting interests, although the specific implications for stakeholders are not detailed in the release.
The most recent analyst rating on (AU:CMM) stock is a Buy with a A$19.00 price target. To see the full list of analyst forecasts on Capricorn Metals Ltd stock, see the AU:CMM Stock Forecast page.
Capricorn Metals Ltd announced the successful conclusion of its 2025 Annual General Meeting, where all proposed resolutions were passed by shareholder poll. This outcome reflects strong shareholder support and is expected to positively impact the company’s governance and strategic direction, reinforcing its position in the mining industry.
The most recent analyst rating on (AU:CMM) stock is a Buy with a A$19.00 price target. To see the full list of analyst forecasts on Capricorn Metals Ltd stock, see the AU:CMM Stock Forecast page.
Capricorn Metals Ltd has released a presentation outlining its strategic focus on high-margin, long-life gold projects, highlighting the growth of its Mt Gibson Gold Project’s ore reserves to 2.59 million ounces and the expansion of the Karlawinda Gold Project. These developments are expected to bolster Capricorn’s position in the gold mining industry, enhancing its production capabilities and potentially increasing shareholder value.
The most recent analyst rating on (AU:CMM) stock is a Buy with a A$19.00 price target. To see the full list of analyst forecasts on Capricorn Metals Ltd stock, see the AU:CMM Stock Forecast page.
Capricorn Metals Ltd has announced that its securities, under the security class code CMMO, will be reinstated to quotation on the Australian Securities Exchange (ASX) following compliance with Listing Rule 2.5. This reinstatement marks a significant step for Capricorn Metals Ltd as it resumes trading, potentially impacting its market presence and providing renewed opportunities for stakeholders.
The most recent analyst rating on (AU:CMM) stock is a Buy with a A$19.00 price target. To see the full list of analyst forecasts on Capricorn Metals Ltd stock, see the AU:CMM Stock Forecast page.
Capricorn Metals Ltd has announced the release of shares and options related to its acquisition of Warriedar Resources Limited through a share and option scheme of arrangement. This strategic move is expected to enhance Capricorn’s operational capabilities and strengthen its position in the mining sector, potentially benefiting stakeholders by increasing the company’s resource base and market influence.
The most recent analyst rating on (AU:CMM) stock is a Buy with a A$19.00 price target. To see the full list of analyst forecasts on Capricorn Metals Ltd stock, see the AU:CMM Stock Forecast page.
Capricorn Metals Ltd, a company involved in the acquisition of mining resources, has successfully implemented the acquisition of Warriedar Resources Limited through a Court-approved share and option scheme. As part of the acquisition, Warriedar shareholders and option holders have been issued new Capricorn shares and options in exchange for their holdings. The delisting of Warriedar from the ASX is expected to occur following the completion of this transaction, marking a significant consolidation in Capricorn’s market position.
The most recent analyst rating on (AU:CMM) stock is a Buy with a A$19.00 price target. To see the full list of analyst forecasts on Capricorn Metals Ltd stock, see the AU:CMM Stock Forecast page.
Capricorn Metals Ltd has announced the quotation of new securities on the Australian Securities Exchange, including 23,821,474 ordinary fully paid deferred securities and 1,065,800 options. This move is part of a previously announced transaction, potentially impacting the company’s market presence and offering stakeholders new investment opportunities.
The most recent analyst rating on (AU:CMM) stock is a Buy with a A$19.00 price target. To see the full list of analyst forecasts on Capricorn Metals Ltd stock, see the AU:CMM Stock Forecast page.
Capricorn Metals Ltd has announced the suspension of a specific class of its securities, identified by the code CMMO, from quotation on the ASX. This suspension is in accordance with Listing Rule 17.3.4 and is pending compliance with Listing Rule 2.5. The suspension is limited to this particular class of securities and does not affect other securities of the company, indicating a targeted compliance issue rather than a broader operational or financial concern.
The most recent analyst rating on (AU:CMM) stock is a Buy with a A$15.50 price target. To see the full list of analyst forecasts on Capricorn Metals Ltd stock, see the AU:CMM Stock Forecast page.
Capricorn Metals Ltd has announced the effective acquisition of Warriedar Resources Limited through a Court-approved share and option scheme. The acquisition will result in Warriedar’s shares and listed options being suspended from trading on the ASX, with shareholders receiving new Capricorn shares or options in exchange. The implementation of the schemes is set for November 25, 2025, with Warriedar being delisted from the ASX on November 26, 2025. This strategic move is expected to enhance Capricorn’s market position and provide value to its stakeholders.
The most recent analyst rating on (AU:CMM) stock is a Buy with a A$15.50 price target. To see the full list of analyst forecasts on Capricorn Metals Ltd stock, see the AU:CMM Stock Forecast page.
Capricorn Metals Ltd has received approval from the Supreme Court of Western Australia for its acquisition of Warriedar Resources Limited through a share and option scheme. This strategic move will see Warriedar’s shares and options suspended from trading on the ASX, with Capricorn issuing new shares and options to Warriedar’s shareholders. The acquisition is expected to enhance Capricorn’s market position and operational capabilities, with the new Capricorn shares commencing trading on a deferred settlement basis shortly after the schemes become effective.
The most recent analyst rating on (AU:CMM) stock is a Buy with a A$15.50 price target. To see the full list of analyst forecasts on Capricorn Metals Ltd stock, see the AU:CMM Stock Forecast page.
Capricorn Metals Ltd has released the results of its Orion South Underground Mining Conceptual Study, which indicates potential for underground mining at the Mt Gibson Gold Project. The study suggests that underground mining could complement existing open-pit operations, potentially increasing the project’s gold production profile. The company plans to conduct a Pre-Feasibility Study to explore concurrent underground and open-pit development, aiming to expedite growth opportunities. This development could significantly impact Capricorn’s operations by extending the mine’s life and enhancing its production capacity, thus strengthening its position in the gold mining industry.
The most recent analyst rating on (AU:CMM) stock is a Buy with a A$14.30 price target. To see the full list of analyst forecasts on Capricorn Metals Ltd stock, see the AU:CMM Stock Forecast page.
Capricorn Metals Ltd has announced a significant increase in the Mineral Resource Estimate (MRE) for the Orion South Underground at the Mt Gibson Gold Project, now totaling 895,000 ounces of gold. This represents a 31% increase since the maiden underground MRE in July 2025, driven by extensive diamond drilling. The updated MRE indicates strong potential for resource growth and further exploration opportunities, with ongoing drilling efforts aimed at improving resource classifications and extending the resource depth. This development underscores Capricorn’s strategy to expand its resource base and establish Mt Gibson as a long-term mining operation, benefiting stakeholders by potentially increasing production capacity and extending mine life.
The most recent analyst rating on (AU:CMM) stock is a Buy with a A$14.30 price target. To see the full list of analyst forecasts on Capricorn Metals Ltd stock, see the AU:CMM Stock Forecast page.
Capricorn Metals Ltd, a company involved in the acquisition of shares and options, has announced that Warriedar Resources Limited’s securityholders have approved the proposed acquisition by Capricorn through a court-approved scheme of arrangement. The approval marks a significant step in the acquisition process, with the Supreme Court of Western Australia set to review the schemes for final approval. If approved, Warriedar will be suspended from trading, and the schemes will be implemented later in November 2025, potentially impacting stakeholders and market dynamics.
The most recent analyst rating on (AU:CMM) stock is a Buy with a A$14.30 price target. To see the full list of analyst forecasts on Capricorn Metals Ltd stock, see the AU:CMM Stock Forecast page.
Capricorn Metals Ltd is set to acquire Warriedar Resources Limited through a Court-approved scheme of arrangement, involving the acquisition of all fully paid ordinary shares and listed options in Warriedar. The Supreme Court of Western Australia will hold a hearing on November 13, 2025, to approve the arrangements, which are crucial for the completion of the acquisition. Warriedar securityholders have the opportunity to appear at the hearing and oppose the schemes if desired. This acquisition is a significant step for Capricorn Metals, potentially enhancing its market position and operational capacity.
The most recent analyst rating on (AU:CMM) stock is a Buy with a A$14.30 price target. To see the full list of analyst forecasts on Capricorn Metals Ltd stock, see the AU:CMM Stock Forecast page.