Capricorn Metals Ltd (AU:CMM)
ASX:CMM
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Capricorn Metals Ltd
(Sydney:CMM)
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Rating:75Outperform
Price Target:
AU$13.00
▲(11.97% 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
High profitability
Sustained high gross and net margins (54.7% and 29.0%) and strong EBIT/EBITDA margins reflect efficient mining and processing. Durable margins provide resilience across commodity cycles, fund reinvestment and exploration, and underpin long-term cash-generative operations.
Negative Factors
Gold price sensitivity
Revenue and earnings are fundamentally tied to volatile gold prices; prolonged price weakness would materially reduce cash flows and margins. This structural commodity exposure constrains predictability of long-term free cash flow and capital allocation.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability
Sustained high gross and net margins (54.7% and 29.0%) and strong EBIT/EBITDA margins reflect efficient mining and processing. Durable margins provide resilience across commodity cycles, fund reinvestment and exploration, and underpin long-term cash-generative operations.
Read all positive factors
Capricorn Metals Ltd (CMM) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$6.24B
Dividend YieldN/A
Average Volume (3M)2.31M
Price to Earnings (P/E)23.8
Beta (1Y)1.45
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$16.55Price Target Upside42.55% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)0.74
Revenue Forecast (FY)AU$763.19M
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 Technical Analysis
Positive
11.61
Price Trends
12.86
Positive
12.76
Positive
13.18
Positive
Market Momentum
0.09
Negative
51.50
Neutral
87.92
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:CMM, the sentiment is Positive. The current price of 11.61 is below the 20-day moving average (MA) of 13.31, below the 50-day MA of 12.86, and below the 200-day MA of 13.18, indicating a neutral trend. The MACD of 0.09 indicates Negative momentum. The RSI at 51.50 is Neutral, neither overbought nor oversold. The STOCH value of 87.92 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:CMM.
Capricorn Metals Ltd Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | AU$7.21B | 16.26 | 28.87% | ― | 149.69% | 209.07% | |
75 Outperform | AU$6.24B | 23.81 | 22.68% | ― | 69.26% | 175.52% | |
75 Outperform | AU$5.33B | 10.28 | 27.80% | 0.65% | 31.42% | ― | |
67 Neutral | AU$7.28B | 18.89 | 12.39% | 1.32% | 16.69% | 3.17% | |
66 Neutral | AU$6.05B | 12.09 | 9.94% | 1.92% | 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
13.30
3.44
34.92%
AU:PRU
Perseus Mining
5.18
1.88
56.92%
AU:RRL
Regis Resources Limited
6.76
2.33
52.49%
AU:RMS
Ramelius Resources Limited
3.10
0.61
24.70%
AU:GMD
Genesis Minerals Limited
5.82
1.48
34.10%
Capricorn Metals Ltd Corporate Events
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...
Capricorn Metals Seeks ASX Quotation for Additional Ordinary Shares
Apr 24, 2026
Capricorn Metals has applied for quotation on the ASX of 569 new ordinary fully paid shares, to be issued on 24 April 2026 following the exercise or conversion of existing options or other convertible securities. The modest increase in quoted secu...
Capricorn wins FY26 reporting relief for Warriedar subsidiary
Apr 15, 2026
Capricorn Metals Ltd has secured financial reporting relief from ASIC for its wholly owned subsidiary Warriedar Resources for the 2026 financial year. The decision reflects Warriedar’s transition from a former ASX-listed disclosing entity to...
Capricorn Metals Tracks Toward Top End of FY26 Guidance as Expansion Advances
Apr 6, 2026
Capricorn Metals reported preliminary March quarter production of 30,358 ounces of gold at its Karlawinda Gold Project, bringing year-to-date output to 93,152 ounces and keeping the company on track to reach the upper end of its FY26 guidance of 1...
Capricorn Metals Issues Shares to Settle Environmental Consulting Fees
Mar 25, 2026
Capricorn Metals Ltd has issued 34,170 fully paid ordinary shares as payment for environmental consulting fees, indicating the company’s use of equity to settle specific service obligations. The board has confirmed that the share issue was c...
Capricorn Metals Issues Shares to Pay Mt Gibson Environmental Consulting Fees
Mar 25, 2026
Capricorn Metals Ltd has applied for quotation of 34,170 new fully paid ordinary shares on the ASX, issued as payment for environmental consulting services at its Mt Gibson Gold Project. The share-based fee underscores the company’s continue...
Capricorn Metals Seeks ASX Quotation for Additional 15,000 Shares
Mar 25, 2026
Capricorn Metals Ltd has applied to the ASX for quotation of 15,000 additional ordinary fully paid shares, to be issued on March 25, 2026. The modest increase in quoted securities, arising from the exercise or conversion of existing instruments, s...
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.