Valuation Update With 7 Day Price Move • Aug 10
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to AU$16.03, the stock trades at a forward P/E ratio of 20x. Average trailing P/E is 12x in the Metals and Mining industry in Australia. Total returns to shareholders of 284% over the past three years. Live News • Jul 27
Capricorn Metals Grows Gold Reserves 33% to 5.24 Million Ounces at WA Projects Capricorn Metals has updated its group ore reserve estimate to 5.24 million ounces of gold, a 33% increase supported by upgraded reserves at both the Karlawinda and Mt Gibson projects in Western Australia, with Mt Gibson’s Prefeasibility Study outlining a 19.25-year mine life and sizeable production and development capital plans.
The expanded reserve base is central to Capricorn Metals’ long-term project pipeline, as it underpins potential multi-year production profiles at Karlawinda and Mt Gibson and informs future capital allocation and mine planning.
Capricorn Metals shares last traded at A$13.70, with the stock up 15.1% over the past day.
A larger, long-life ore reserve base can change how you think about Capricorn Metals’ capacity to support sustained operations, but it also concentrates risk around execution at Karlawinda and especially the capital-heavy Mt Gibson development. Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to AU$13.70, the stock trades at a forward P/E ratio of 17x. Average trailing P/E is 11x in the Metals and Mining industry in Australia. Total returns to shareholders of 209% over the past three years. Live News • Jul 04
Capricorn Metals Sells Big Springs Project in Nevada to Sentinel for up to $26 Million Capricorn Metals has agreed to sell its Big Springs Gold Project in Nevada to Sentinel Metals for up to A$26m, including an initial A$8.5m cash payment, A$5m in Sentinel shares and up to A$12.5m in milestone-based payments, with completion subject to funding and shareholder approvals at Sentinel.
The deal narrows Capricorn Metals’ focus to its Western Australian assets, while the planned A$3m reinvestment into Sentinel’s capital raise keeps the company exposed to any future progress at Big Springs through an equity stake.
Capricorn Metals shares last traded at A$14.03, with the stock up 28.2% over the past 90 days.
This transaction concentrates Capricorn’s capital and management attention on Karlawinda and Mt Gibson, while shifting Big Springs’ development risk to Sentinel and maintaining potential upside via shares if the project advances. Live News • Jun 18
Capricorn Metals Shares Rise on Gold Strength and Expansion Progress Capricorn Metals shares climbed 6.56%, supported by stronger gold prices and positive sentiment across the gold sector.
The company is progressing the Karlawinda Expansion Project, targeting commissioning in Q1 FY27, which is planned to increase gold production capacity.
Development continues at the Mt Gibson project, alongside work on underground resource permits, and Capricorn has declared its first fully franked interim dividend.
The combination of an established Karlawinda operation, an upcoming expansion, and the Mt Gibson development gives Capricorn Metals a mix of current production and future projects tied directly to gold market conditions.
Investors may wish to monitor gold price movements and execution risks at Mt Gibson and Karlawinda, as any project delays, cost overruns, or operational issues could affect cash flow and the company’s capacity to pay dividends. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to AU$11.50, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 2x in the Metals and Mining industry in Australia. Total returns to shareholders of 174% over the past three years. Live News • Jun 06
Capricorn Metals Targets Growth With Karlawinda Expansion and Mt Gibson Project Progress Capricorn Metals is progressing the Karlawinda Expansion Project, targeting annual production capacity of about 150,000 ounces from the operation.
The Mt Gibson project is moving toward final permitting, with 98% of the process plant design complete and planned annual output of more than 155,000 ounces over an 11+ year mine life.
Goldman Sachs has shifted its rating on the stock from Buy to Neutral after a sharp share price rebound, while retaining a price target of A$16.90 that implies 26% potential upside to that target level.
The combination of a capacity lift at Karlawinda and the planned long-life contribution from Mt Gibson points to a business that is increasingly leveraged to its project pipeline rather than a single asset.
The broker downgrade on valuation grounds highlights that expectations around execution, permitting progress and delivery of these projects are becoming more important for anyone considering the stock. Valuation Update With 7 Day Price Move • May 27
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to AU$14.62, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 2x in the Metals and Mining industry in Australia. Total returns to shareholders of 240% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$26.10 per share. Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to AU$13.57, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 2x in the Metals and Mining industry in Australia. Total returns to shareholders of 223% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$26.20 per share. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to AU$9.41, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 4x in the Metals and Mining industry in Australia. Total returns to shareholders of 100% over the past three years. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to AU$12.86, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 1x in the Metals and Mining industry in Australia. Total returns to shareholders of 195% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$22.22 per share. Reported Earnings • Feb 28
First half 2026 earnings released: EPS: AU$0.29 (vs AU$0.11 in 1H 2025) First half 2026 results: EPS: AU$0.29 (up from AU$0.11 in 1H 2025). Revenue: AU$334.3m (up 63% from 1H 2025). Net income: AU$124.7m (up 189% from 1H 2025). Profit margin: 37% (up from 21% in 1H 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 56% per year, which means it is significantly lagging earnings growth. Announcement • Feb 17
Capricorn Metals Ltd (ASX:CMM) completed the acquisition of The Yalgoo Project from Tempest Minerals Limited (ASX:TEM). Capricorn Metals Ltd (ASX:CMM) entered into a binding agreement to acquire The Yalgoo Project from Tempest Minerals Limited (ASX:TEM) for AUD 6.4 million on December 23, 2025. The transaction consideration is $4.5 million, comprised of an initial cash deposit of AUD 0.1 million which has been paid by Capricorn, AUD 0.4 million cash on completion; and the balance of AUD 4 million to be satisfied by the issue of fully paid ordinary shares in Capricorn, calculated by reference to the 5-day VWAP prior to completion occurring. In addition, the Company has agreed to make contingent deferred payments, limited to a maximum of three payments each as follows: AUD 0.75 million in cash upon the announcement by Capricorn of a JORC compliant Mineral Resource Estimate in excess of 75,000 ounces of gold on the Yalgoo Project; and AUD 0.75 million in cash upon the announcement by Capricorn of a board decision to commence a commercial mining operation on the Yalgoo Project.
The transaction is conditional upon completion of due diligence, obtaining of any third party consents and Ministerial consent under the Mining Act and ASX confirmation on the non-applicability of Chapter 11 of the ASX Listing Rules. Completion of the acquisition is expected in early 2026. As of February 2, 2026, the transaction completion date is extended till February 14, 2026.
Capricorn Metals Ltd (ASX:CMM) completed the acquisition of The Yalgoo Project from Tempest Minerals Limited (ASX:TEM) on February 16, 2026. Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to AU$13.37, the stock trades at a forward P/E ratio of 18x. Average trailing P/E is 25x in the Metals and Mining industry in Australia. Total returns to shareholders of 210% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$25.35 per share. Major Estimate Revision • Oct 30
Consensus EPS estimates increase by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from AU$664.4m to AU$701.2m. EPS estimate increased from AU$0.663 to AU$0.731 per share. Net income forecast to grow 112% next year vs 25% growth forecast for Metals and Mining industry in Australia. Consensus price target broadly unchanged at AU$14.40. Share price fell 4.5% to AU$12.42 over the past week. Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to AU$12.10, the stock trades at a forward P/E ratio of 18x. Average trailing P/E is 22x in the Metals and Mining industry in Australia. Total returns to shareholders of 249% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$15.06 per share. Price Target Changed • Oct 21
Price target increased by 7.5% to AU$14.23 Up from AU$13.24, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of AU$14.36. Stock is up 120% over the past year. The company is forecast to post earnings per share of AU$0.66 for next year compared to AU$0.37 last year. Announcement • Sep 30
Capricorn Metals Ltd, Annual General Meeting, Nov 25, 2025 Capricorn Metals Ltd, Annual General Meeting, Nov 25, 2025. Price Target Changed • Sep 30
Price target increased by 15% to AU$12.99 Up from AU$11.29, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of AU$13.23. Stock is up 127% over the past year. The company is forecast to post earnings per share of AU$0.66 for next year compared to AU$0.37 last year. Price Target Changed • Sep 26
Price target increased by 7.7% to AU$11.49 Up from AU$10.67, the current price target is an average from 7 analysts. New target price is 8.1% below last closing price of AU$12.51. Stock is up 112% over the past year. The company is forecast to post earnings per share of AU$0.62 for next year compared to AU$0.37 last year. Buy Or Sell Opportunity • Sep 15
Now 22% undervalued Over the last 90 days, the stock has risen 14% to AU$11.79. The fair value is estimated to be AU$15.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 23%. For the next 3 years, revenue is forecast to grow by 22% per annum. Earnings are also forecast to grow by 22% per annum over the same time period. Price Target Changed • Sep 12
Price target increased by 9.0% to AU$11.29 Up from AU$10.36, the current price target is an average from 7 analysts. New target price is 8.3% below last closing price of AU$12.32. Stock is up 97% over the past year. The company is forecast to post earnings per share of AU$0.62 for next year compared to AU$0.37 last year. Reported Earnings • Aug 29
Full year 2025 earnings released: EPS: AU$0.37 (vs AU$0.23 in FY 2024) Full year 2025 results: EPS: AU$0.37 (up from AU$0.23 in FY 2024). Revenue: AU$517.7m (up 44% from FY 2024). Net income: AU$150.3m (up 73% from FY 2024). Profit margin: 29% (up from 24% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 13
Capricorn Metals Ltd (ASX:CMM) completed the acquisition of Mongers Lake Project from Albion Resources Limited (ASX:ALB). Capricorn Metals Ltd (ASX:CMM) entered into a binding agreement to acquire Mongers Lake Project from Albion Resources Limited (ASX:ALB) for AUD 3 million on July 31, 2025. A cash consideration of AUD 0.1 million will be paid by Capricorn Metals Ltd. The consideration consists of 0.15 million common equity of Capricorn Metals Ltd to be issued for assets of Mongers Lake Project. Capricorn Metals Ltd will pay an earnout/contingent payment of AUD 1.5 million cash. As part of consideration, AUD 2.97 million is paid towards assets of Mongers Lake Project.
The transaction is subject to approval by ASX and Ministerial, consummation of due diligence investigation and third party approval needed. The expected completion of the transaction is August 2025.
Capricorn Metals Ltd (ASX:CMM) completed the acquisition of Mongers Lake Project from Albion Resources Limited (ASX:ALB) on August 13, 2025. Under the terms of the agreement, Capricorn Metals Ltd has elected to settle the AUD 1.4 million completion payment through the issue of 149,784 fully paid ordinary shares in Capricorn Metals Ltd, based on the 20-day volume-weighted average price (VWAP) of AUD 9.35 up to and including the completion date of August 12, 2025, with shares issued on 13 August 2025. This is in addition to the AUD 100,000 non-refundable cash deposit received on execution, taking the total upfront transaction value to AUD 1.5 million. Albion Resources Limited also retains significant upside through contingent milestone payments of up to AUD 1.5 million. Buy Or Sell Opportunity • Jul 31
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.7% to AU$8.97. The fair value is estimated to be AU$11.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has declined by 3.2%. For the next 3 years, revenue is forecast to grow by 21% per annum. Earnings are also forecast to grow by 25% per annum over the same time period. Announcement • Jul 24
Capricorn Metals Ltd (ASX:CMM) entered into a binding Scheme Implementation Deed to acquire Warriedar Resources Limited (ASX:WA8) from Hermit Investment Pty Ltd, Hong Kong Xinhu Investment Co., Limited, Acorn Capital Limited, Patrick J Purcell and others for approximately AUD 180 million. Capricorn Metals Ltd (ASX:CMM) entered into a binding Scheme Implementation Deed to acquire Warriedar Resources Limited (ASX:WA8) from Hermit Investment Pty Ltd, Hong Kong Xinhu Investment Co., Limited, Acorn Capital Limited, Patrick J Purcell and others for approximately AUD 180 million on July 24, 2025. As part of the acquisition, Capricorn Metals will acquire 100% stake in Warriedar Resources Limited. As part of consideration, Warriedar shareholders to receive 1 new Capricorn share for every 62 Warriedar shares held. All of the directors of Warriedar’s Board (who together hold 1.9% of Warriedar’s total issued shares) have confirmed their intention to vote in favor of the Scheme. Major shareholders representing approximately 14.5% (Hermit Investment Pty Ltd (11.9%) and Mr Patrick J Purcell (2.6%)) have confirmed their intention to vote their Warriedar shares in favor of the Scheme in the absence of a Superior Proposal. Upon implementation of the Scheme, Warriedar shareholders will own approximately 4.36% of all issued Capricorn’s shares. On completion, The Combined Group will continue to be led by Capricorn’s Executive Chairman, Mark Clark, and no changes to the Capricorn Board are proposed as part of the Scheme. Warriedar’s Managing Director, Amanda Buckingham, has agreed to join Capricorn as a consultant for an initial period of 12 months to provide leadership continuity, including supporting the Warriedar exploration team to progress key activities at GRP and MGGP.
The SID contains customary exclusivity obligations, including “no shop, no talk” provisions, notification obligations and a matching right regime in the event any Superior Proposal emerges for Warriedar. The SID also details circumstances under which a break fee may be required to be paid by both parties.
The transaction is subject to an independent expert concluding that the Scheme is in the best interests of Warriedar shareholders, customary conditions, including receipt of regulatory approvals and no material adverse change, regulated events or prescribed occurrences occurring in respect of Warriedar, approval by Warriedar shareholders at a meeting of shareholders to vote on the Scheme (Scheme Meeting), which is expected to take place in Late October 2025. For the Scheme to proceed, the resolutions at the Scheme Meeting must be approved by at least 75% of all votes cast by Warriedar shareholders and a majority by number of all Warriedar shareholders present and voting (in person or by proxy) at the Scheme Meeting, the requisite Court approvals and the holders of the listed options in Warriedar approving the resolution required to implement the Option Scheme. The Board of Warriedar unanimously supports the Scheme and has unanimously recommended that Warriedar shareholders vote in favor of the Scheme, in the absence of a Superior Proposal emerging and subject to an independent expert concluding that the Scheme is in the best interests of Warriedar shareholders. The transaction is expected to close in early November 2025.
Discovery Capital Partners Pty Ltd acted as financial advisor to Warriedar Resources Limited. Thomson Geer acted as legal advisor to Warriedar Resources Limited. MUFG Corporate Markets (AU) Limited acted as registrar to Warriedar Resources Limited. Longreach Capital Pty. Ltd. acted as financial advisor to Capricorn Metals Ltd. Corrs Chambers Westgarth acted as legal advisor to Capricorn Metals Ltd. Announcement • Jul 09
Capricorn Metals Ltd (ASX:CMM) agreed to acquire Claw Gold Project from BPM Minerals Limited (ASX:BPM) for AUD 3 million. Capricorn Metals Ltd (ASX:CMM) agreed to acquire Claw Gold Project from BPM Minerals Limited (ASX:BPM) for AUD 3 million on July 9, 2025. Under the terms of the transaction, Capricorn Metals Ltd paid an initial payment of AUD 1.5 million. This includes a AUD 100,000 cash deposit and an additional AUD 0.5 million cash payment upon completion. The remaining AUD 0.9 million can be settled either in Capricorn Metals Ltd shares or cash. Additionally, Capricorn Metals Ltd also agreed to make contingent deferred milestone payments totaling AUD 1.5 million. These payments are divided into two parts: AUD 0.75 million will be paid when Capricorn Metals Ltd announces a JORC-compliant Mineral Resource exceeding 75,000 ounces of gold, and another AUD 0.75 million will be paid upon Capricorn Metals Ltd's board decision to initiate a commercial mining operation at the Claw Gold Project.
The transaction is subject to customary representations and warranties, and consummation of due diligence investigation. Completion of the acquisition is expected to occur in July 2025. Announcement • May 13
Capricorn Metals Ltd (ASX:CMM) completed the acquisition of Ninghan Gold Project tenements from Power Metals Pty Ltd. Capricorn Metals Ltd (ASX:CMM) agreed to acquire Ninghan Gold Project tenements from Power Metals Pty Ltd for AUD 3.30 million on April 24, 2025. A cash consideration of AUD 0.1 million will be paid by Capricorn Metals Ltd. The consideration consists of 0.161 million common equity of Capricorn Metals Ltd to be issued for assets of Ninghan Gold Project tenements. Capricorn Metals Ltd will pay an earnout/contingent payment of AUD 1.75 million cash. As part of consideration, AUD 3.30 million is paid towards assets of Ninghan Gold Project tenements. The transaction is subject to consummation of due diligence investigation. The expected completion of the transaction is May 2025.
Capricorn Metals Ltd (ASX:CMM) completed the acquisition of Ninghan Gold Project tenements from Power Metals Pty Ltd on May 12, 2025. Announcement • Apr 22
Capricorn Metals Ltd Provides CEO Update The board of Capricorn Metals Limited (Capricorn) advised that it has become aware that Chief Executive Officer Paul Criddle has been charged with the offence of aggravated assault, a charge to which he has pleaded not guilty. Paul has been granted leave pending the resolution of this personal matter. As this matter is before the court, Capricorn will not be making any further comment in relation to it at this time. The management and executive functions of Capricorn are well covered with Executive Chairman Mark Clark continuing in his full time leadership role together with the broader strengthening of the executive team announced on 18 December 2024. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to AU$9.39, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 3x in the Metals and Mining industry in Australia. Total returns to shareholders of 102% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$11.18 per share. Price Target Changed • Apr 09
Price target increased by 7.2% to AU$8.96 Up from AU$8.36, the current price target is an average from 7 analysts. New target price is 6.5% above last closing price of AU$8.42. Stock is up 57% over the past year. The company is forecast to post earnings per share of AU$0.36 for next year compared to AU$0.23 last year. Major Estimate Revision • Mar 13
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from AU$469.0m to AU$463.4m. EPS estimate also fell from AU$0.40 per share to AU$0.359 per share. Net income forecast to grow 99% next year vs 32% growth forecast for Metals and Mining industry in Australia. Consensus price target up from AU$8.00 to AU$8.28. Share price fell 2.1% to AU$7.84 over the past week. Reported Earnings • Mar 07
First half 2025 earnings released: EPS: AU$0.11 (vs AU$0.14 in 1H 2024) First half 2025 results: EPS: AU$0.11 (down from AU$0.14 in 1H 2024). Revenue: AU$205.3m (up 12% from 1H 2024). Net income: AU$43.1m (down 21% from 1H 2024). Profit margin: 21% (down from 30% in 1H 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Announcement • Jan 31
Capricorn Metals Ltd (ASX:CMM) entered into a binding agreement to acquire Mummaloo Project tenements and physical assets in the Murchison region of Western Australia from Top Iron Pty Ltd. for AUD 3.5 million. Capricorn Metals Ltd (ASX:CMM) entered into a binding agreement to acquire Mummaloo Project tenements and physical assets in the Murchison region of Western Australia from Top Iron Pty Ltd. for AUD 3.5 million on January 31, 2025. Capricorn Metals Ltd. has paid a cash consideration of AUD 0.1 million as an initial cash deposit and the balance of the consideration will be satisfied by the issue of fully paid ordinary Capricorn shares to Top Iron upon completion.
Completion of the acquisition is expected in February 2025, being subject only to procedural conditions precedent. Price Target Changed • Jan 30
Price target increased by 7.5% to AU$7.80 Up from AU$7.26, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of AU$7.63. Stock is up 70% over the past year. The company is forecast to post earnings per share of AU$0.40 for next year compared to AU$0.23 last year. Announcement • Dec 25
Capricorn Metals Ltd (ASX:CMM) completed the acquisition of Sylvania Project tenements located in Pilbara region of Western Australia from Lighthouse Resources Holdings Pty Ltd for AUD 3 million. Capricorn Metals Ltd (ASX:CMM) entered into a binding agreement to acquire Sylvania Project tenements located in Pilbara region of Western Australia from Lighthouse Resources Holdings Pty Ltd for AUD 3 million on December 6, 2024. The consideration consists of AUD 1.5 million common equity of Capricorn Metals Ltd to be issued for assets of Sylvania Project tenements located in Pilbara region of Western Australia. Capricorn Metals Ltd will pay an earnout payment of AUD 1.5 million cash. As part of consideration, AUD 3 million is paid towards assets of Sylvania Project tenements located in Pilbara region of Western Australia. The completion of the acquisition is expected in December 2024. As of December 13, 2024, Capricorn Metals Ltd shall issue a total of 0.989 million shares to Lighthouse Resources Holdings Pty Ltd as part of the consideration.
Capricorn Metals Ltd (ASX:CMM) completed the acquisition of Sylvania Project tenements located in Pilbara region of Western Australia from Lighthouse Resources Holdings Pty Ltd on December 23, 2024. New Risk • Nov 19
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 9.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Announcement • Nov 08
Capricorn Metals Ltd has completed a Follow-on Equity Offering in the amount of AUD 200.000004 million. Capricorn Metals Ltd has completed a Follow-on Equity Offering in the amount of AUD 200.000004 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 33,333,334
Price\Range: AUD 6
Discount Per Security: AUD 0.18
Transaction Features: Subsequent Direct Listing Announcement • Oct 30
Capricorn Metals Ltd has filed a Follow-on Equity Offering in the amount of AUD 200.000004 million. Capricorn Metals Ltd has filed a Follow-on Equity Offering in the amount of AUD 200.000004 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 33,333,334
Price\Range: AUD 6
Discount Per Security: AUD 0.18
Transaction Features: Subsequent Direct Listing Announcement • Oct 23
Harmony Gold Reportedly Eyes $2 Billion Ravenswood Gold Mine Harmony Gold Mining Company Limited (JSE:HAR) is understood to have expressed interest in an acquisition of the $2 billion Ravenswood Gold Mine that being sold by EMR Capital Pty. Ltd. and Golden Energy and Resources Pte. Ltd. DataRoom understands that the $11 billion South African-listed gold miner is keen to buy the Queensland asset that Azure Capital and UBS have been appointed to sell. Market sources say that a deal would make sense for Harmony, given that its share price has been on a tear on the back of the record gold price and it has the cash to pay for the gold mine. Harmony is likely to come up against Australian-listed gold miners like Regis Resources Limited (ASX:RRL), Gold Road Resources Limited (ASX:GOR) and Capricorn Metals Ltd. (ASX:CMM), while Emerald Resources NL (ASX:EMR) may be interested. Northern Star Resources Limited (ASX:NST) and Evolution Mining Limited (ASX:EVN) may also take a look. Announcement • Sep 26
Capricorn Metals Ltd, Annual General Meeting, Nov 19, 2024 Capricorn Metals Ltd, Annual General Meeting, Nov 19, 2024. Reported Earnings • Sep 06
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: AU$0.23 (up from AU$0.012 in FY 2023). Revenue: AU$359.8m (up 12% from FY 2023). Net income: AU$87.1m (up AU$82.7m from FY 2023). Profit margin: 24% (up from 1.4% in FY 2023). The increase in margin was primarily driven by lower expenses. Production and reserves: Gold Production: 113.01 troy koz (120.01 troy koz in FY 2023) Proved and probable reserves (ore): 61.6 Mt (48.7 Mt in FY 2023) Number of mines: 1 (1 in FY 2023) Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 29%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Jul 29
Consensus EPS estimates fall by 19% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from AU$0.221 to AU$0.178 per share. Revenue forecast steady at AU$357.7m. Net income forecast to grow 519% next year vs 24% growth forecast for Metals and Mining industry in Australia. Consensus price target of AU$5.75 unchanged from last update. Share price was steady at AU$5.30 over the past week. Major Estimate Revision • Jun 27
Consensus EPS estimates fall by 15% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from AU$0.272 to AU$0.231 per share. Revenue forecast steady at AU$355.2m. Net income forecast to grow 527% next year vs 25% growth forecast for Metals and Mining industry in Australia. Consensus price target broadly unchanged at AU$5.58. Share price was steady at AU$4.80 over the past week. Recent Insider Transactions • May 04
Independent Non-Executive Director recently sold AU$9.9m worth of stock On the 2nd of May, Myles Ertzen sold around 2m shares on-market at roughly AU$4.90 per share. This transaction amounted to 56% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of AU$42m more than they bought in the last 12 months. Reported Earnings • Feb 28
First half 2024 earnings: EPS misses analyst expectations First half 2024 results: EPS: AU$0.14 (up from AU$0.11 in 1H 2023). Revenue: AU$181.6m (up 25% from 1H 2023). Net income: AU$54.4m (up 35% from 1H 2023). Profit margin: 30% (up from 28% in 1H 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.5%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Australia are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Dec 06
Executive Chairman recently sold AU$23m worth of stock On the 4th of December, Mark Clark sold around 5m shares on-market at roughly AU$4.60 per share. This transaction amounted to 23% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Mark's only on-market trade for the last 12 months. Announcement • Oct 12
Capricorn Metals Ltd Appoints Jill Irvin as Non-Executive Director The board of Capricorn Metals Ltd. (CMM or the Company) announced that it has appointed Ms Jill Irvin as a non-executive director of the Company. Ms Irvin is an experienced geologist with over 25 years experience in the Australian mining industry. She has a strong operating background having worked for several Australian gold and base metals companies performing a variety of roles including resource estimation, near mine exploration and mining geology. Ms Irvin is currently the Principal Geologist at Entech, a West Perth based, international mining consultant specialising in resource geology, mining engineering and geotechnical services. In this role Ms Irvin provides advice in relation to resource evaluations, JORC reporting, project due diligence and assessments, independent geologist reports and resource audits. Ms Irvin holds a Bachelor of Science (Mineral exploration and Mining Geology) from the Western Australian School of Mines and a Postgraduate Certificate in Geostatistics. She is also a member of the Australian Institute of Geoscientists (AIG). Announcement • Oct 02
Capricorn Metals Ltd, Annual General Meeting, Nov 29, 2023 Capricorn Metals Ltd, Annual General Meeting, Nov 29, 2023, at 10:00 W. Australia Standard Time. New Risk • Sep 11
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 79% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.4% net profit margin). Reported Earnings • Sep 08
Full year 2023 earnings released: EPS: AU$0.012 (vs AU$0.24 in FY 2022) Full year 2023 results: EPS: AU$0.012 (down from AU$0.24 in FY 2022). Revenue: AU$320.9m (up 12% from FY 2022). Net income: AU$4.40m (down 95% from FY 2022). Profit margin: 1.4% (down from 31% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to AU$4.76, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 10x in the Metals and Mining industry in Australia. Total returns to shareholders of 160% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$8.74 per share. Buying Opportunity • Jun 15
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 8.5%. The fair value is estimated to be AU$5.10, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 120% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 8.4% in 2 years. Earnings is forecast to grow by 29% in the next 2 years. Buying Opportunity • May 26
Now 20% undervalued Over the last 90 days, the stock is up 11%. The fair value is estimated to be AU$5.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 120% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 8.4% in 2 years. Earnings is forecast to grow by 29% in the next 2 years. Buying Opportunity • May 11
Now 22% undervalued Over the last 90 days, the stock is up 4.5%. The fair value is estimated to be AU$5.38, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 120% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 7.9% in 2 years. Earnings is forecast to grow by 28% in the next 2 years. Buying Opportunity • Apr 20
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 9.6%. The fair value is estimated to be AU$5.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 120% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 21% per annum. Earnings is also forecast to grow by 17% per annum over the same time period. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to AU$4.60, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 10x in the Metals and Mining industry in Australia. Total returns to shareholders of 384% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$4.23 per share. Reported Earnings • Mar 10
First half 2023 earnings released: EPS: AU$0.11 (vs AU$0.14 in 1H 2022) First half 2023 results: EPS: AU$0.11 (down from AU$0.14 in 1H 2022). Revenue: AU$145.5m (up 16% from 1H 2022). Net income: AU$40.2m (down 23% from 1H 2022). Profit margin: 28% (down from 41% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 18% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Australia are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 117% per year but the company’s share price has only increased by 58% per year, which means it is significantly lagging earnings growth. Announcement • Jan 29
Capricorn Metals Ltd Announces Strong Drill Results Continue At Mt Gibson & Karlawinda Capricorn Metals Ltd. announced that a total of 22,205 metres of drilling (215 holes) was conducted across the MGGP (including sterilisation drilling) since the last update taking totalled drilled for the 12 months to 31 December to 138,246 metres (957 holes). Resource Infill and Extensional RC Drilling: In January 2022 two RC rigs commenced drilling a planned 81,000 metre drill programme across the 8 kilometres of strike of current resources at the Company's 100% owned Mt Gibson Gold Project (MGGP). Following encouraging results received from this initial planned drilling, the programme was extended in September 2022 to approximately 121,000 metres. The objectives of this programme included: Infill drilling of the resource to broadly bring the drill density to 25 x 25 metres; Test gaps between resource pit optimisation shells along the 8 kilometres of strike; and Test for extensions of gold mineralisation below the current resource shells. In November 2022, the Company announced an updated Mineral Resource Estimate (MRE) based on the results of the drilling to date. The MRE increased by 32% from 2,083,000 ounces to 2,755,000 ounces. The RC drill programme over the majority of the mine trend was completed in the December 2022 quarter with 5,783 metres drilled since the last update, taking the total of RC drilling to date to 115,139 metres (727 holes). The current drilling continues to support previously reported drilling at the depth extremities of the 2022 resource optimisation shell as well as below the reported shells providing encouragement for future extensions to the resource. Drilling across the project to date indicates that mineralisation remains open down dip and along strike to the north and south with multiple stacked lodes interesected. Pleasingly, as reported in the last update drilling along the Saratoga trend, Lexington Waste dump and Orion North trend, which are unmined structures on the eastern edge of the main Mt Gibson trend, continue to define multiple parallel zones of high grade within and extending below the 2022 MRE shell. Based on the encouraging results received to date, further drill planning has commenced with a view to continue testing extensional targets with drilling programmes in 2023. Results of this additional drilling will contribute to an updated MRE targeted for completion in June 2023. First Pass Exploration and Sterilisation Drilling East of the Mine Trend: Wide spaced exploration RC drilling has been completed for 16,422 metres directly east of the main mine trend where untested north striking and greenstone rocks have been identified in the recent drone magnetic geophysical surveys (targets reported in previous exploration update). Encouragingly areas have been indentified with broad zones of strong sulphide occurences (pyrite) and magnetite alteration intersected. This structural and geological setting is considered analogous to mineralised zones within the MGGP. approximately 50% of assays have been received with significant first pass 4 metre composite results including: 8 metres @ 4.70g/t from 84 to 92m; 4 metres @ 2.73g/t from 32 to 36m; 4 metres @ 2.80g/t from 84 to 92m. RC drilling in the east also included sterilisation drilling covering areas where major mining infrastructure is planned to be located. Regional Exploration: Approval from DMIRS for submitted programme of work applications were received in the December 2022 quarter for regional Aircore drilling within the McDonalds/Highway Area. Drilling commenced in early January 2023 on a 30,000 metre first pass regional exploration AC drill programme targeting historical gold working areas. The Highway/McDonalds area is located 5km north of the current MRE and has been identified as a significant exploration target. The area has a prospective geological and structural setting with much of the area covered by up to 20 metres of transported cover. The area represents a unique opportunity to discover economic deposits at surface with under explored gold occurrences identified including significant historical workings at Gold Bar, Gibson and Leakes Find prospects located within the Capricorn tenure. Field inspections have confirmed mineralisation is associated with north-south striking quartz veining within amphibolite hosted shear zones, a similar orientation and geological setting to the nearby Mt Gibson Mine Trend. Minimal historical rock chip sampling identified mineralisation up to 10.30g/t taken from quartz veining at the Gold Bar prospect. Follow up Capricorn sampling within the project area has returned multiple +1g/t samples and up to 12.32 g/t from workings along strike to the north of the main Mt Gibson mine trend. The current drill programme is targeting these historic workings. Karlawinda: Exploration activities during the period focussed on near mine drilling at Muirfield, Carnoustie and the newly identified Vedas prospects all located within 5 kilometres of the Bibra open pit. Regional exploration programmes also continued across the Forfar and Jamie Well prospects. Announcement • Nov 07
Capricorn Metals Ltd Reports Updated Mineral Resource Estimate The Capricorn Board announced that the more than 104,000 metres of RC drilling completed and assayed at the wholly owned MGGP since January 2022 has delivered a substantial increase in the MRE from 2,083,000 ounces to 2,755,000 ounces. The Orion area is a significant component of the MGGP resource. The following long section of Orion shows the broad mineralisation throughout the resource in the area and the growth of the resource since the 2021 MRE. The lack of drilling below the current resource shell is indicative of the significant opportunity to add to resources with further drilling. Assays have been received from 94 holes (13,113 metres) of the ongoing RC resource definition and extension drilling since the October 2022 exploration update continue to return exceptional results including: Received after cut-off date for Resource Estimate (ie not included in MRE): 6 metres @ 12.77g/t from 234 to 240m, 10 metres @ 5.28g/t from 226 to 236m, 27 metres @ 1.80g/t from 155 to 182m, 14 metres @ 2.92g/t from 187 to 201m, 5 metres @ 3.70g/t from 139 to 144m, 3 metres @ 5.01g/t from 126 to 129m, 13 metres @ 1.07g/t from 157 to 170m, 5 metres @ 2.42g/t from 181 to 186m. Included in Resource Estimate Database: 11 metres @ 6.07g/t from 150 to 161m, 8 metres @ 4.98g/t from 243 to 251m, 19 metres @ 2.03g/t from 50 to 69m, 3 metres @ 11.02g/t from 45 to 51m, 9 metres @ 3.34g/t from 45 to 54m, 13 metres @ 2.00g/t from 180 to 193m, 14 metres @ 1.84g/t from 139 to 154m, 4 metres @ 5.50g/t from 87 to 91m. The assay results received after the cut-off date for the MRE will be included in the next update of the MRE. As noted above, the strong results that continue to be returned and the shallow average depth of resource shells encourages Capricorn to continue resource extension drilling, parallel with Ore Reserve, development studies and permitting. Announcement • Nov 03
Capricorn Metals Ltd Announces Resumption of Mining at Karlawinda Gold Project Capricorn Metals Ltd. advised that load and haul mining operations have resumed at the Karlawinda Gold Project (KGP). Capricorn continues to work with MACA Ltd. and the WA Department of Mines, Industry Regulation and Safety (DMIRS) in relation to investigations into the fatal incident at the KGP on 13 October 2022. Announcement • Oct 27
Capricorn Metals Ltd Announces Increase of Ore Reserves at Karlawinda Gold Project Capricorn Metals Ltd. Board announced that recent drilling at both Bibra and the contiguous Southern Corridor deposits at the KGP has contributed to a significant increase in Ore Reserves to 1,344,000 ounces. The drilling successfully targeted conversion of Inferred resources to Indicated in the area of the resource immediately down dip of the 2020 reserve pit design, underpinning conversion of significant economic ounces to reserves. The KGP JORC compliant Ore Reserves estimate (ORE) has been updated to 53.0 million tonnes at 0.8g/t gold for 1,344,000 ounces compared with the March 2020 estimate of 43.5 million tonnes at 0.9g/t gold for 1,201,000 ounces. Highlights of the reserve update include: Contained gold increases 143,000 ounces from the 2020 estimate to 1,344,000 ounces, an increase of 283,000 ounces (24%) after mining depletion of 141,000 ounces. Stripping ratio materially unchanged (2020: 3.6 v 2022: 3.9). Expected project life in excess of 12 years. Estimate uses lower cut-off grades of 0.3g/t (laterite & oxide ore) and 0.4g/t (transition & fresh ore) and a gold price of AUD 1,900 per ounce (circa AUD 700/oz lower than current spot price) was used for the ORE pit shells. Mine scheduling will continue to deliver the >0.5g/t mined ore to the mill and the 0.3 0.5g/t mine ore to a stockpile for processing in later years of the project. The >0.5g/t ore within the ORE is 36.7 million tonnes at 1.0g/t for 1,124,000 ounces. The updated estimate has been refined to reflect knowledge gained through the first 12 months of production and grade control data, further adding to the robustness of the ORE. Maximum vertical depth of ORE open pit design is 275 metres (2020: 250m). Announcement • Oct 26
Capricorn Metals Ltd Announces Strong Results Returned from Mt Gibson and Karlawinda Drilling Capricorn Metals Ltd. announced strong results returned from Mt Gibson and Karlawinda Drilling. A total of 109,356 metres (696 holes) of RC resource definition and extension drilling programme completed to the end of September 2022. Assays received from 559 holes to date, including 224 holes since the July 2022 update continue to return exceptional results within and extensional to the resource including: 8 metres @ 11.24g/t from 76 to 84m; 8 metres @ 14.51g/t from 203 to 211m; 10 metres @ 7.12g/t from 261 to 271m; 18 metres @ 3.95g/t from 312 to 330m. 24 metres @ 20.9g/t from 48 to 72m; 14 metres @ 12.85g/t from 208 to 222m; 18 metres @ 6.20g/t from 124 to 142m; 47 metres @ 2.36g/t from 78 to 125m. 30,518 metres (135 holes) resource infill and extension RC drilling programme completed over the KGP mine trend from March to August 2022. A 30,000 metre regional exploration AC programme commenced in July 2022. To date 11,323 metres for 313 holes have been drilled with anonymous pathfinders intersected at the Forfar prospect. Assays have now been received from the first 559 holes (91,457 metres). Assays received from 224holes since the last update continue to return very encouraging results including: Results of this extended programme will underpin an updated MRE and a maiden ORE both targeted for completion in the December 2022 quarter. The assays received from drilling to date continue to line up with the historic data both spatially and forgrade tenor, providing validation of the historic +660,000 metre drill database acquired with the project in July 2021 and the expectation that a significant proportion of the Inferred resource (79.7Mt at 0.8g/t Au for 2.083 million ounces) will be converted to Indicated category. Current and previously reported drilling at the depth extremities of the resource optimisation shells (where historic drill density is broader spaced) and below them has returned results consistent with Capricorn's geological interpretations of mineralisation location, widths and grade tenor. Drilling across the project to date indicates that mineralisation remains open down dip and along strike to the north and south with multiple stacked lodes intersected. Regional Exploration: A 30,000 metre first pass regional exploration AC and RC drill programme is planned to commence in the December 2022 quarter with phase one drilling focusing on the McDonalds/Highway Area. Commencement is pending receipt of approval of submitted POW applications. During the quarter mapping 3km to the north of the mine area has identified north striking historic workings. From the recent geophysical data and lithologies identified the prospective areas are interpreted to be a northern extension of the main Mt Gibson mine trend. The targets are predominantlylocated under 5 to 20 metres of cover however an outcropping shear zone interpreted to be an extension of the worked shear was located 200m to the south. Further surface sampling and mapping is planned in the target area with first pass drilling to be undertaken on positive results. During the quarter hydrological exploration and testwork commenced with a total of 15 holes drilled for 1,356 metres. Early testwork identified multiple positive flow locations which will now be targeted to install production water bores for further monitoring and analysis. In the previous quarter a total of 3,522 metres (20 holes) of diamond drilling was completed for technical studies to inform the maiden ORE and feasibility studies. All holes have now been cut and sampled and sent to laboratories for waste rock, metallurgical and geotechnical testwork programmes to investigate and define geochemical properties, optimal processing parameters and associated metallurgical performance of ore and waste. Continued systematic multielement sampling of mineralised and barren downhole RC and DD material throughout the current drill area has been completed to gain an understating of the ore and waste rock geochemical characteristics for environmental applications. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment improved over the past week After last week's 34% share price gain to AU$3.63, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 9x in the Metals and Mining industry in Australia. Total returns to shareholders of 223% over the past three years. Announcement • Oct 04
Capricorn Metals Ltd, Annual General Meeting, Nov 29, 2022 Capricorn Metals Ltd, Annual General Meeting, Nov 29, 2022, at 10:00 W. Australia Standard Time. Reported Earnings • Sep 29
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: AU$0.24 (up from AU$0.014 loss in FY 2021). Revenue: AU$287.3m (up AU$287.2m from FY 2021). Net income: AU$89.5m (up AU$94.2m from FY 2021). Profit margin: 31% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.0%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Australia are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment deteriorated over the past week After last week's 18% share price decline to AU$2.87, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 9x in the Metals and Mining industry in Australia. Total returns to shareholders of 130% over the past three years. 
