UBS keeps Buy rating for Capricorn Metals stock at A$24.00

Published on 10/13/2026 at 00:02 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First-quarter fiscal 2027 output reached 31,218 ounces. For Capricorn Metals stock this means 6.5 million tonnes of annual capacity.

Key points in brief

UBS maintained a Buy rating and set a A$24.00 price target on October 8, 2026.
Capricorn Metals produced 31,218 ounces of gold in the first quarter of fiscal 2027.
Karlawinda expansion lifted processing capacity to 6.5 million tonnes annually and supports 150,000 ounces of annual production.
Fiscal 2026 revenue reached AUD 769.3 million, according to reported company figures.

Capricorn Metals, AU000000CMM9, Illustration mit AI erstellt.

UBS maintained a Buy rating for Capricorn Metals stock and set a A$24.00 price target in a report dated October 8, 2026, according to Markets Insider. The analyst view followed first-quarter fiscal 2027 gold production of 31,218 ounces and the completion of Capricorn Metals' Karlawinda expansion.

What expansion changes

The September 2026 quarter output was ahead of the 30,437 ounces produced in the preceding quarter, according to The Motley Fool Australia. The comparison matters because it shows production growth before a full quarter of expanded-plant operation.

The Karlawinda Expansion Project reached targeted steady-state throughput of 6.5 million tonnes per year after a 12-month build. Australian Mining reported on September 23, 2026, that the expanded operation was expected to produce 150,000 ounces of gold annually, with reserves supporting a mine life of more than 10 years.

Three dated operating milestones

On August 26, 2026, Capricorn Metals reported fiscal 2026 results that included revenue of AUD 769.3 million, as reflected in Marketscreener. On September 23, the company completed the Karlawinda expansion at 6.5 million tonnes of annual processing capacity, according to Australian Mining. On October 5, the September-quarter update recorded 31,218 ounces of gold production and reaffirmed fiscal 2027 guidance of 137,000 to 147,000 ounces at an all-in sustaining cost of A$1,900 to A$2,100 per ounce, according to SureStone Capital.

Why the cost range matters

The reaffirmed production and cost ranges give the expansion a measurable operating test. The first-quarter output of 31,218 ounces represents 21.24 percent to 22.79 percent of the low and high ends of the 137,000 to 147,000 ounce fiscal 2027 guide, while the new 6.5 million tonne capacity sets the infrastructure benchmark for later quarters.

Stock context and next steps

The next detailed operating update is expected later in October 2026, according to SureStone Capital. For investors, the key evidence will be sustained throughput, recovery and costs after commissioning, rather than the expansion milestone alone.

The further course of trading is shown by the continuously updated real-time quote of Capricorn Metals stock.