CAPRICORN METALS LIMITED (CMM)
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CMM

CMM - CAPRICORN METALS LIMITED

FNArena Sector : Gold & Silver
Year End: June
GICS Industry Group : Materials
Debt/EBITDA: 0.11
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS

Capricorn Metals is an Australian gold explorer and developer. Formerly listed as Malagasy Minerals in 2008, the company changed name in 2016 and is now focussed on its Karlawinda project in Western Australia.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$13.73

03 Feb
2026

0.080

OPEN

$13.61

0.59%

HIGH

$14.10

2,263,422

LOW

$13.61

TARGET
$17.833 29.9% upside
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FNARENA'S MARKET CONSENSUS FORECASTS
CMM: 1
Title FY24
Actual		 FY25
Actual		 FY26
Forecast		 FY27
Forecast
EPS (cps) xxx 37.1 68.6 xxx
DPS (cps) xxx 0.0 0.0 xxx
EPS Growth xxx 60.3% 84.9% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 20.7 xxx
Dividend Yield xxx N/A 0.0% xxx
Div Pay Ratio(%) xxx N/A N/A xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

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Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages
HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx37.1
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx528.2 M
Book Value Per Share xxxxxxxxxxxxxxx181.2
Net Operating Cash Flow xxxxxxxxxxxxxxx259.3 M
Net Profit Margin xxxxxxxxxxxxxxx28.45 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx27.56 %
Return on Invested Capital xxxxxxxxxxxxxxx26.46 %
Return on Assets xxxxxxxxxxxxxxx17.26 %
Return on Equity xxxxxxxxxxxxxxx27.56 %
Return on Total Capital xxxxxxxxxxxxxxx45.15 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx215.2 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx10 M
Long Term Debt xxxxxxxxxxxxxxx22 M
Total Debt xxxxxxxxxxxxxxx32 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx356 M
Price To Book Value xxxxxxxxxxxxxxx5.27

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx97.8 M
Capex % of Sales xxxxxxxxxxxxxxx18.51 %
Cost of Goods Sold xxxxxxxxxxxxxxx252 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx3 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx0 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.7

No. Of Recommendations

3
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Ord Minnett

29/01/2026

1

Buy

$24.00

74.80%

Ord Minnett brought forward its commodity price review (last done on December 12) after over 20% spike in key minerals, lifting 2026 forecasts. Silver led the gain, with 90% rise in the forecast to US$105/oz, gold up 19% and copper up 14%.

Lithium spodumene and copper remain the broker's key pick for 2026, supported by supply tightness and electrification demand, while iron ore and lithium forecasts are unchanged. A modest AUD appreciation only partly offsets the stronger outlook, with forecasts generally above market expectations.

Capricorn Metals is among the broker's preferred stocks in the gold space. EPS forecast for FY26 lifted by 9.6% and by 20.4% for FY27.

Buy retained, with a lift in target price to $24.00 from $19.50.

Bell Potter

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Canaccord Genuity

29/01/2026

1

Buy

$17.95

30.74%

A solid December quarter reinforced operational consistency at Capricorn Metals, with production of 30.5koz and AISCs of $1,627/oz tracking Canaccord Genuity's expectations, and sales of 31.7koz at $6,333/oz generated $201m in revenue.

Mining rates at Karlawinda remained steady as pre-stripping advances the expansion project, with commissioning on schedule for SepQ 2026 and steady-state production targeted by mid FY27.

Management reiterated FY26 guidance at the upper end of 115-125koz with AISCs of A$1,530-1,630/oz, growth capex unchanged. 

Buy rated. Target rises to $17.95 from $16.75.
Access Extra Coverage Research History >

CMM STOCK CHART

FNArena News on CMM

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