Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to €9.74, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 11x in the Metals and Mining industry in Europe. Total returns to shareholders of 301% over the past three years. 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 €8.20, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 10x in the Metals and Mining industry in Europe. Total returns to shareholders of 214% over the past three years. Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €7.30, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 12x in the Metals and Mining industry in Europe. Total returns to shareholders of 164% over the past three years. Aankondiging • 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. Aankondiging • Sep 30
Capricorn Metals Ltd, Annual General Meeting, Nov 25, 2025 Capricorn Metals Ltd, Annual General Meeting, Nov 25, 2025. Aankondiging • 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. Aankondiging • 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. Aankondiging • 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. Aankondiging • 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. Aankondiging • 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. Aankondiging • 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. Aankondiging • 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. Aankondiging • 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 Aankondiging • 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 Aankondiging • 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. Aankondiging • Sep 26
Capricorn Metals Ltd, Annual General Meeting, Nov 19, 2024 Capricorn Metals Ltd, Annual General Meeting, Nov 19, 2024. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €3.72, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 7x in the Metals and Mining industry in Europe. Total returns to shareholders of 178% over the past three years. Reported Earnings • Sep 06
Full year 2024 earnings released: EPS: AU$0.23 (vs AU$0.012 in FY 2023) 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 is forecast to grow 19% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Metals and Mining industry in Europe. 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. New Risk • Aug 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.2% net profit margin). Recent Insider Transactions • May 05
Independent Non-Executive Director recently sold €6.0m worth of stock On the 2nd of May, Myles Ertzen sold around 2m shares on-market at roughly €3.00 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 €26m more than they bought in the last 12 months. Reported Earnings • Feb 28
First half 2024 earnings released: EPS: AU$0.14 (vs AU$0.11 in 1H 2023) 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 is forecast to grow 13% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe 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 43% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Dec 06
Executive Chairman recently sold €14m worth of stock On the 4th of December, Mark Clark sold around 5m shares on-market at roughly €2.81 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. Aankondiging • 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). Aankondiging • 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. 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, while revenues in the Metals and Mining industry in Europe are expected to remain flat. 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 25% per year, which means it is significantly lagging earnings growth. New Risk • Aug 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Profit margins are more than 30% lower than last year (25% net profit margin). Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €2.80, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 8x in the Metals and Mining industry in Europe. Total returns to shareholders of 150% over the past three years. Buying Opportunity • Jun 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.5%. The fair value is estimated to be €3.45, 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. 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 €2.83, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 8x in the Metals and Mining industry in Europe. Total returns to shareholders of 460% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €2.89 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, compared to a 1.2% decline forecast for the Metals and Mining industry in Europe. 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 62% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Feb 28
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be €2.86, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 144% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings is also forecast to grow by 11% per annum over the same time period. Aankondiging • 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. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment improved over the past week After last week's 35% share price gain to €2.36, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 5x in the Metals and Mining industry in Europe. Total returns to shareholders of 250% over the past three years. Reported Earnings • Sep 29
Full year 2022 earnings released: EPS: AU$0.24 (vs AU$0.014 loss in FY 2021) 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 is forecast to grow 15% p.a. on average during the next 3 years, compared to a 3.4% decline forecast for the Metals and Mining industry in Europe. 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 36% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 17
Investor sentiment deteriorated over the past week After last week's 19% share price decline to €1.87, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 5x in the Metals and Mining industry in Europe. Total returns to shareholders of 138% over the past three years. Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment improved over the past week After last week's 15% share price gain to €2.61, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 5x in the Metals and Mining industry in Europe. Total returns to shareholders of 450% over the past three years. Valuation Update With 7 Day Price Move • May 11
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €2.27, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 4x in the Metals and Mining industry in Europe. Total returns to shareholders of 727% over the past three years. Board Change • Apr 27
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Executive Chairman Mark Clark is the most experienced director on the board, commencing their role in 2019. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improved over the past week After last week's 20% share price gain to €3.03, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 6x in the Metals and Mining industry in Europe. Total returns to shareholders of 1,112% over the past three years. Recent Insider Transactions • Mar 22
Non-Executive Director recently bought €74k worth of stock On the 21st of March, Bernard De Araugo bought around 29k shares on-market at roughly €2.55 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Mar 17
First half 2022 earnings: EPS in line with analyst expectations despite revenue beat First half 2022 results: EPS: AU$0.14 (up from AU$0.007 loss in 1H 2021). Revenue: AU$125.7m (up AU$125.7m from 1H 2021). Net income: AU$51.8m (up AU$54.2m from 1H 2021). Profit margin: 41% (up from net loss in 1H 2021). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 45%. Over the next year, revenue is forecast to grow 122%, compared to a 30% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has increased by 128% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Sep 30
Full year 2021 earnings released: AU$0.014 loss per share (vs AU$0.043 loss in FY 2020) Full year 2021 results: Net loss: AU$4.77m (loss narrowed 63% from FY 2020). Production and reserves: Gold Production: 2.36 troy koz Proved and probable reserves (ore): 43.5 Mt (43.5 Mt in FY 2020) Number of mines: 1 (1 in FY 2020) Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 77% per year, which means it is tracking significantly ahead of earnings growth. Breakeven Date Change • Sep 23
Forecast to breakeven in 2022 The 3 analysts covering Capricorn Metals expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of AU$72.1m in 2022. Average annual earnings growth of 107% is required to achieve expected profit on schedule. Breakeven Date Change • Jul 28
Forecast breakeven pushed back to 2022 The 3 analysts covering Capricorn Metals previously expected the company to break even in 2021. New consensus forecast suggests losses will reduce by 69% to 2021. The company is expected to make a profit of AU$78.2m in 2022. Average annual earnings growth of 106% is required to achieve expected profit on schedule. Reported Earnings • Mar 11
First half 2021 earnings released: AU$0.012 loss per share (vs AU$0.037 loss in 1H 2020) First half 2021 results: Net loss: AU$3.97m (loss narrowed 55% from 1H 2020). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 63% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Mar 02
New 90-day low: €0.95 The company is down 6.0% from its price of €1.01 on 02 December 2020. The German market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 50% over the same period. Is New 90 Day High Low • Jan 05
New 90-day high: €1.13 The company is up 10.0% from its price of €1.03 on 07 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 45% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Is New 90 Day High Low • Dec 16
New 90-day low: €0.96 The company is down 29% from its price of €1.36 on 17 September 2020. The German market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Recent Insider Transactions • Nov 05
Executive Chairman recently bought €87k worth of stock On the 2nd of November, Mark Clark bought around 85k shares on-market at roughly €1.03 per share. This was the largest purchase by an insider in the last 3 months. This was Mark's only on-market trade for the last 12 months. Is New 90 Day High Low • Oct 27
New 90-day low: €1.01 The company is down 17% from its price of €1.22 on 27 July 2020. The German market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €12.12 per share. Is New 90 Day High Low • Oct 02
New 90-day low: €1.04 The company is down 7.0% from its price of €1.12 on 03 July 2020. The German market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €12.84 per share. Reported Earnings • Sep 18
Full year earnings released - €0.043 loss per share Over the last 12 months the company has reported total losses of AU$13.0m, with losses narrowing by 46% from the prior year. Aankondiging • Jul 31
Capricorn Metals Ltd announced that it expects to receive AUD 32.3 million in funding Capricorn Metals Ltd (ASX:CMM) announced a private placement of 17,000,000 ordinary fully paid shares to be issued at AUD 1.9 per share for gross proceeds of AUD 32,300,000 on July 29, 2020. The transaction will include participation from both existing and new shareholders, located domestically and offshore. The settlement of shares is expected to occur on August 4, 2020 and allotment of shares and closing of the transaction is expected on August 5, 2020. 
