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Capricorn Metals Ltd ASX:CMM

3 opened or increased10 held1 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 16 managers in total.

Position history by manager Showing 3 of 16 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

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2026

17 Mar 2026 to today

Commentary Showing 2 of 24

DateManagerActionSummary

7 Sep 2026Argonaut Funds ManagementHeldArgonaut Funds Management continues to hold Capricorn Metals without change, naming it among the fund's preferred Australian gold names based on solid production growth and management quality. The manager expects output to expand toward the 500,000 to 700,000 ounce range by 2030, alongside likely dividend growth as the gold producer scales its operations and generates increasing free cash flow from higher production volumes.

Article, price recorded $16.13

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31 Aug 2026Solaris Investment ManagementHeldSolaris Investment Management continues to hold an overweight position in Capricorn Metals because the gold producer outperformed with a 29.3% gain, supported by strong gold prices that were aided by a US Treasury bond-buying announcement. The fund manager notes that Capricorn's FY26 result was broadly in line with expectations and included a fully franked dividend, adding an income element alongside its growth profile. Solaris Investment Management also highlights that the Karlawinda mill expansion continues to progress well, supporting the manager's positive outlook on the company's production growth within the Australian gold mining sector.

Monthly Report, price recorded $16.48

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 16 managers first commented on CMM.

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Articles

About Capricorn Metals Ltd

Materials, Metals and Mining

Capricorn Metals (ASX:CMM), a Western Australian gold producer, is a preferred gold holding for many fund managers. In September 2026, Argonaut named Capricorn among its preferred Australian gold names, citing solid production growth and management quality. Solaris and Perennial reported a 29% gain in August on strong gold prices, with Capricorn guiding to higher FY27 production as its Karlawinda expansion progresses. Totus noted Capricorn finally received approval for its second mine, Mt Gibson, after three and a half years. Capricorn Metals operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 22 comments from 16 fund managers, including Argonaut, Solaris, Perennial and Totus. Headquartered in Perth, Capricorn Metals operates the Karlawinda Gold Project in the Pilbara and is developing the Mt Gibson Gold Project in the Midwest region of Western Australia.

Market cap: $6.3b
Price to earnings: 28.3x
Return on equity: 25.5%
Dividend yield: 0.6%
Price to book: 5.69x
Net margin: 39.7%
52-week range: $9.41 to $18.26

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Capricorn Metals Ltd (ASX:CMM)?

Fund managers including Tyndall Asset Management, Blackwattle Investment Partners, Pendal Group, Akambo, Alliance Bernstein, Yarra Capital Management, Datt Capital, Acorn Capital, Paradice Investment Management, Perennial Partners, Oracle Advisory Group, Infinity Asset Management, Solaris Investment Management, Quest Asset Partners, Totus Capital and Argonaut Funds Management have invested in Capricorn Metals Ltd (ASX:CMM).

What opportunities or catalysts do fund managers highlight for Capricorn Metals Ltd?

Managers highlight strong operational execution at Karlawinda, production growth from its expansion, approval of Mt Gibson as a second mine and quality management, according to Argonaut, Solaris, Perennial and Totus.

What are the key risks to the Capricorn Metals Ltd investment thesis, according to fund managers?

The available commentary is positive, though Totus notes Mt Gibson's approval took three and a half years, and Capricorn's earnings are leveraged to the gold price.

What does Capricorn Metals Ltd (ASX:CMM) do?

Capricorn Metals Ltd is an Australian gold producer based in Perth, Western Australia. The company operates two primary projects in the region: the Karlawinda Gold Project and the Mt Gibson Gold Project.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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