Capricorn Metals: Federal environmental approval clears the bigger permitting hurdle at Mt Gibson; retain Overweight

Research evidence excerpt

Capricorn Metals: Federal environmental approval clears the bigger permitting hurdle at Mt Gibson; retain Overweight

J P M O R G A N Asia Pacific Equity Research

30 June 2026

Capricorn Metals Overweight

CMM.AX, CMM AU

Federal environmental approval clears the bigger Price (30 Jun 26):A$12.64

permitting hurdle at Mt Gibson; retain Overweight ▲Price Target (Dec-26):A$16.70 Prior (Dec-26):A$16.50

Capricorn (CMM) has received Federal (EPBC Act) environmental approval for

the Mt Gibson Gold Project (MGGP) expansion,clearing the key EPBC hurdle and Australia

allowing CMM to progress to final Western Australian approvals. Key takeaways: Metals & Mining

1) Federal was the harder, more binary hurdle – approval removes the principal AC Jonathon Sharp

permitting tail risk and lets CMM commit to long-lead capital and contracts ahead (61 2) 9003-8312

of State sign-off. 2) The only change to our model is the phasing of development jonathon.sharp@jpmorgan.com

capex; we make no changes to production, costs or reserves. 3) Following recent J.P. Morgan Securities Australia Limited

CMM outperformance, we switch our mid-cap order of preference to GMD ahead Lyndon Fagan

of CMM – a relative upside call, not a change to our view on CMM's quality. (61-2) 9003-8648

Pecking order now follows: GMD, CMM, RMS, BGL, RRL. We retain our OW lyndon.fagan@jpmorgan.com

with a revised PT of A$16.70. J.P. Morgan Securities Australia Limited

Devwrat Vegad

• Federal approval received; State approval now the key remaining step. (91-22) 6157-3608

CMM has received Commonwealth approval for the expansion and operation devwrat.vegad@jpmchase.com

J.P. Morgan Securities Australia Limited/ J.P.

of Mt Gibson under the EPBC Act, subject to conditions relating to listed Morgan India Private Limited