We are initiating coverage on Capricorn Metals with a BUY rating and set a A$6.00 price target. CMM is generating strong cash flow from its Karlawinda Gold project, which we believe is sustainable for at least the next ten years. The development of Mt Gibson should enable CMM to more than double production to +250kozpa from FY27, a rate we believe CMM can sustain to at least FY33. Defining higher-grade underground resources at Mt Gibson present upside risk to our base case.
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