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Capricorn Metals Ltd
(Sydney:CMM)
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Rating:75Outperform
Price Target:
AU$13.00
â–²(9.24% Upside)
Action:Upgraded
Date:05/06/26
The score is primarily driven by strong financial performance—high margins, low leverage, and improving free cash flow. Technicals add moderate support due to positive momentum and strength versus short-term moving averages, though the stock is still slightly below its 100-day average. Valuation is reasonable with a mid-teens P/E and a small dividend yield.
Positive Factors
Revenue Growth & Profitability
Sustained strong top-line growth with high gross and net margins indicates the business converts sales to profit efficiently. Robust margins reflect cost control and operating leverage in mining operations, supporting durable free cash generation and funding for reinvestment or reserves replenishment.
Negative Factors
Commodity Price Sensitivity
As a pure-play gold producer, revenue and cash flows depend directly on volatile gold prices and produced ounces. This structural exposure makes earnings and investment capacity cyclical; absent detailed hedging disclosures, downside metal-price moves materially compress margins and cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth & Profitability
Sustained strong top-line growth with high gross and net margins indicates the business converts sales to profit efficiently. Robust margins reflect cost control and operating leverage in mining operations, supporting durable free cash generation and funding for reinvestment or reserves replenishment.
Read all positive factors
Capricorn Metals Ltd (CMM) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$7.23B
Dividend Yield0.31%
Average Volume (3M)2.31M
Price to Earnings (P/E)30.5
Beta (1Y)1.78
Revenue Growth69.26%
EPS Growth175.52%
CountryAU
Employees12
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.54
Shares Outstanding456,787,780
10 Day Avg. Volume2,129,135
30 Day Avg. Volume2,311,005
Financial Highlights & Ratios
PEG Ratio0.42
Price to Book (P/B)4.97
Price to Sales (P/S)7.50
P/FCF Ratio24.05
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$18.01Price Target Upside51.31% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)0.84
Revenue Forecast (FY)AU$891.35M
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 makes money primarily by producing gold from its mining operations and selling that gold into the market. Revenue is generated when gold doré (or refined gold, depending on processing and sales arrangements) is sold at prevailing ...
Capricorn Metals Ltd Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 639.88M | 517.71M | 359.73M | 320.75M | 286.95M | 110.00K |
| Gross Profit | 370.40M | 283.47M | 156.91M | 136.14M | 123.29M | -105.00K |
| EBITDA | 340.43M | 238.76M | 171.43M | 43.84M | 149.53M | -3.56M |
| Net Income | 231.87M | 150.28M | 87.14M | 4.40M | 89.48M | -4.76M |
Balance Sheet | ||||||
| Total Assets | 1.61B | 1.04B | 623.56M | 592.93M | 489.51M | 299.60M |
| Cash, Cash Equivalents and Short-Term Investments | 441.74M | 355.87M | 120.66M | 107.42M | 62.85M | 12.00M |
| Total Debt | 44.19M | 31.80M | 84.11M | 91.81M | 110.82M | 121.06M |
| Total Liabilities | 344.40M | 258.48M | 314.29M | 336.40M | 241.98M | 169.13M |
| Stockholders Equity | 1.26B | 781.21M | 309.26M | 256.54M | 247.53M | 130.46M |
Cash Flow | ||||||
| Free Cash Flow | 232.23M | 161.56M | 92.54M | 105.26M | 57.47M | -139.15M |
| Operating Cash Flow | 379.03M | 259.31M | 158.18M | 152.56M | 134.97M | -18.90M |
| Investing Cash Flow | -174.92M | -97.82M | -65.64M | -47.30M | -77.32M | -121.45M |
| Financing Cash Flow | -118.76M | 74.34M | -79.10M | -60.29M | -6.47M | 104.97M |
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$8.43B | 21.34 | 28.87% | ― | 149.69% | 209.07% | |
75 Outperform | AU$7.23B | 30.50 | 22.68% | 0.44% | 69.26% | 175.52% | |
75 Outperform | AU$5.57B | 11.68 | 27.80% | 3.29% | 31.42% | ― | |
67 Neutral | AU$7.30B | 20.68 | 12.39% | 2.08% | 16.69% | 3.17% | |
67 Neutral | AU$5.36B | 21.57 | 12.35% | 0.65% | 101.97% | 237.66% | |
66 Neutral | AU$6.76B | 14.48 | 9.94% | 2.72% | 13.34% | -15.96% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
AU:CMM
Capricorn Metals Ltd
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70.47%
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Capricorn Metals Ltd Corporate Events
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’...
Capricorn Metals director Jillian Irvin acquires first indirect shareholding
May 11, 2026
Capricorn Metals Ltd has disclosed a change in director Jillian Irvin’s relevant interests in the company’s securities, following an on-market purchase of 7,750 ordinary shares on 6 May 2026. The shares were acquired at $12.86 each and...
Capricorn Metals Underscores Long-Life, High-Margin Gold Growth Strategy
May 7, 2026
Capricorn Metals used its 2026 Macquarie Australia Conference presentation to highlight its strategy as a high-margin, long mine life gold business with significant growth potential. The company’s portfolio is underpinned by JORC-compliant r...
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.