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: 0.5
Index: 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

$10.56

27 Aug
2025

0.380

OPEN

$10.38

3.73%

HIGH

$10.56

1,741,555

LOW

$10.38

TARGET
$10.067 -4.7% downside
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FNARENA'S MARKET CONSENSUS FORECASTS
CMM: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 23.1 40.5 xxx
DPS (cps) xxx 0.0 0.0 xxx
EPS Growth xxx 100.0% 75.1% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 25.9 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

 $ 

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 © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx23.1
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx359.7 M
Book Value Per Share xxxxxxxxxxxxxxx81.9
Net Operating Cash Flow xxxxxxxxxxxxxxx158.2 M
Net Profit Margin xxxxxxxxxxxxxxx24.22 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx30.80 %
Return on Invested Capital xxxxxxxxxxxxxxx25.96 %
Return on Assets xxxxxxxxxxxxxxx13.80 %
Return on Equity xxxxxxxxxxxxxxx30.80 %
Return on Total Capital xxxxxxxxxxxxxxx37.39 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx124.5 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 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx60 M
Long Term Debt xxxxxxxxxxxxxxx24 M
Total Debt xxxxxxxxxxxxxxx84 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx121 M
Price To Book Value xxxxxxxxxxxxxxx5.84

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx65.6 M
Capex % of Sales xxxxxxxxxxxxxxx18.25 %
Cost of Goods Sold xxxxxxxxxxxxxxx218 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx3 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx1 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

0.2

No. Of Recommendations

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

Bell Potter

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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

31/07/2025

3

Neutral

$10.00

-5.30%

Capricorn Metals pre-released most of its 4Q25 metrics, with sales of 35.8koz exceeding both Macquarie and consensus expectations by 11% and 12%, respectively. All-in-sustaining-costs were mixed; 5% higher than the broker's forecast but -3% below consensus.

The miner's FY26 guidance for production and costs was in line with expectations. Macquarie has deferred its expectations for first gold at Mt Gibson to 1Q–2Q27, while Karlawinda (excluding Mt Gibson) capex growth of $35m at the midpoint was approximately one-third less than anticipated.

The analyst suspects the capex does not include plant/equipment or construction related to the plant upgrade and instead only covers mining activity.

Macquarie raises its EPS forecast by 9% for FY25 and lowers FY26 by -6%. EPS estimate is cut by -18% for FY27 on the back of reduced production guidance.

Macquarie maintains a Neutral rating with a $10 target price.

FORECAST
Macquarie forecasts a full year FY25 dividend of 0.00 cents and EPS of 42.70 cents.
Macquarie forecasts a full year FY26 dividend of 0.00 cents and EPS of 46.80 cents.

Ord Minnett

xx/xx/xxxx

2

xxxxxxx xx xxxxxxxxxx xxxx xxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Access Stockbroker Research History >
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

Canaccord Genuity

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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

24/07/2025

2

Overweight

$9.75

-7.67%

Jarden raises its long-term gold price forecast to US$2,400/oz, with near-term upgrades to US$3,050/oz for FY26 and US$2,800/oz for FY27. As a result, the broker's target for Capricorn Metals rises to $9.75 from $9.28.

The company has met the top end of FY25 guidance with 117koz of gold produced at costs of $1,468/oz. June quarter metrics validate readiness for expansion at Karlawinda, suggest the analysts.

FY26 production is forecast at 114koz at $1,537/oz, slightly below consensus, and group capex is projected at -$336m due to the Karlawinda Expansion Project and Mt Gibson Gold Project.

The broker's earnings forecasts rise in FY26 and FY28 with margins of 68% and 57%, and free cash flow improving to 12% by FY28.

Jarden retains an Overweight rating on "compelling value", a debt-free balance sheet with $356m cash, and a clear pathway to 300koz annual production.

FORECAST
Jarden forecasts a full year FY25 dividend of 0.00 cents and EPS of 41.00 cents.
Jarden forecasts a full year FY26 dividend of 0.00 cents and EPS of 56.10 cents.
Access Extra Coverage Research History >

CMM STOCK CHART

FNArena News on CMM

1
Australian Broker Call *Extra* Edition – Aug 04, 2025

Aug 04 2025 - Daily Market Reports
2
Australian Broker Call *Extra* Edition – Jul 24, 2025

Jul 24 2025 - Daily Market Reports
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Next Week At A Glance – 14-18 Jul 2025

Jul 11 2025 - Weekly Reports
4
Australian Broker Call *Extra* Edition – Jul 09, 2025

Jul 09 2025 - Daily Market Reports
5
Weekly Ratings, Targets, Forecast Changes – 04-07-25

Jul 07 2025 - Weekly Reports

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