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: 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

$11.43

01 Sep
2025

1.200

OPEN

$10.58

11.73%

HIGH

$11.43

2,499,760

LOW

$10.38

TARGET
$10.067 -11.9% downside
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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 49.5 xxx
DPS (cps) xxx 0.0 0.0 xxx
EPS Growth xxx 60.3% 33.5% xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A 23.0 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 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx37.1
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx505.9 M
Book Value Per Share xxxxxxxxxxxxxxx181.2
Net Operating Cash Flow xxxxxxxxxxxxxxx259.3 M
Net Profit Margin xxxxxxxxxxxxxxx29.71 %

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 xxxxxxxxxxxxxxx41.45 %
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 xxxxxxxxxxxxxxx19.32 %
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

0.2

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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Bell Potter

31/07/2025

3

Hold

$9.30

-18.64%

Capricorn Metals' June quarter gold production was a record from its Karlawinda gold project, beating Bell Potter's forecast, though cost was also slightly higher. Production and cost for FY25 was in line with guidance and the broker's forecast.

The broker notes the cost was among the lowest in the sector, and the company is in a strong position with no debt, unhedged and has funding to lift production to 300kozpa from FY27.

EPS forecasts for FY26 and FY27 trimmed by -13% and -28%, respectively, on a -7% cut to revenue estimate in FY26 and -26% to FY27.

Hold. Target rises to $9.30 from $9.10 on model roll-forward and updating for capital structure and net cash position.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of 52.00 cents.

Ord Minnett

xx/xx/xxxx

2

xxxxxxx xx xxxxxxxxxx xxxx xxxx

$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

Canaccord Genuity

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Jarden

24/07/2025

2

Overweight

$9.75

-14.70%

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 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
FNArena Corporate Results Monitor – 01-09-2025

Sep 01 2025 - Australia
2
Australian Broker Call *Extra* Edition – Aug 04, 2025

Aug 04 2025 - Daily Market Reports
3
Australian Broker Call *Extra* Edition – Jul 24, 2025

Jul 24 2025 - Daily Market Reports
4
Next Week At A Glance – 14-18 Jul 2025

Jul 11 2025 - Weekly Reports
5
Australian Broker Call *Extra* Edition – Jul 09, 2025

Jul 09 2025 - Daily Market Reports

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