Two ASX 200 Gold Stocks With Positive Broker Ratings: CMM and RMS

Sonal Goyal

08 May 2026 10:12 PM AEST

Two ASX 200 Gold Stocks With Positive Broker Ratings: CMM and RMS

Image Source: shutterstock

You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to our research reports, in-depth technical and fundamental research. Learn more

Start Your Free Trial Now!

Highlights

Bell Potter Securities maintains a Buy rating on Capricorn Metals (CMM) with a price target of A$16.25, reflecting strong operational execution and expansion visibility.
Shaw and Partners holds a Buy rating on Ramelius Resources (RMS) with a price target of A$6.50, supported by strong Cash Flow generation and production stability.
Both companies are ASX 200 constituents with multi-billion-dollar market capitalizations, indicating institutional relevance and strong Liquidity profiles.

Capricorn Metals (ASX:CMM) and Ramelius Resources (ASX:RMS) sit firmly within the ASX 200 gold producer cohort, where operational consistency and cash flow strength continue to define investor sentiment. Both companies have recently attracted positive broker coverage, with Bell Potter maintaining a Buy rating on Capricorn Metals and Shaw and Partners issuing a Buy recommendation on Ramelius Resources, reflecting sustained institutional confidence in their production profiles and growth pipelines. Despite differing asset structures and development pathways, both stocks share a common positioning as mid-to-large cap gold producers benefiting from strong balance sheets, steady production delivery, and ongoing expansion initiatives across their respective project portfolios.

Capricorn Metals (ASX:CMM): Bell Potter Buy Rating at A$16.25

Capricorn Metals is currently trading with a market Capitalization of approximately A$6.19 billion, positioning it firmly within the mid-to-large cap segment of the Australian gold sector.

Bell Potter Securities maintains a Buy rating with a price target of A$16.25, reflecting confidence in the company’s production consistency and expansion trajectory across its Karlawinda and Mt Gibson Gold Projects.

The broker’s view might be anchored in Capricorn’s ability to sustain strong operational margins at Karlawinda, which continues to generate stable production and robust cash flow. This operational base supports ongoing reinvestment into growth projects without materially weakening the Balance Sheet.

The broader Investment narrative also incorporates the company’s expansion pipeline, particularly the Karlawinda Expansion Project, which is expected to increase processing capacity and extend production longevity. Bell Potter’s rating reflects expectations that Capricorn will continue to deliver at or near the upper end of its production guidance while advancing its development portfolio toward higher output levels.

Ramelius Resources (ASX:RMS): Shaw and Partners Buy Rating at A$6.50

Ramelius Resources has a market capitalization of approximately A$6.74 billion, placing it in a similar size cohort to Capricorn Metals within the ASX 200 gold sector.

Shaw and Partners maintains a Buy rating with a price target of A$6.50, reflecting a positive view on the company’s operational resilience and cash-generating capability across its multi-asset production base.

The broker’s outlook might be supported by Ramelius’ ability to generate strong Operating Cash Flow even amid shifting cost environments. The company’s diversified production base, including Assets such as Dalgaranga and Mt Magnet, provides a degree of operational flexibility that supports production stability.

Shaw and Partners also emphasizes the company’s ongoing investment in mine development and exploration, which is expected to underpin medium-term production growth. This includes underground development at Dalgaranga and plant upgrades at Mt Magnet, both of which contribute to a longer-term production expansion narrative.

Market Interpretation of Broker Ratings

The presence of Buy ratings from both Bell Potter and Shaw and Partners reflects continued institutional confidence in Australian mid-tier gold producers.

In both cases, broker outlooks are driven less by speculative exploration upside and more by:

Sustained production visibility
Strong cash flow conversion
Balance sheet strength
Clearly defined growth projects already in development

The ratings also reflect broader sector dynamics, where gold producers with disciplined cost structures and expansion visibility continue to attract premium broker attention within the ASX 200.

Conclusion

Capricorn Metals (CMM) and Ramelius Resources (RMS) both sit within the ASX 200 gold sector as established producers with strong institutional backing.

Bell Potter’s Buy rating and A$16.25 price target on CMM highlights confidence in Capricorn’s low-cost production base and structured expansion pathway. Meanwhile, Shaw and Partners’ Buy rating and A$6.50 target on RMS reflects a positive view of Ramelius’ cash flow strength and multi-asset production model.

FAQs

Q: What is Bell Potter’s rating on Capricorn Metals (CMM)?

A: Bell Potter maintains a Buy rating with a price target of A

Q: What is Shaw and Partners’ rating on Ramelius Resources (RMS)?

A: Shaw and Partners has a Buy rating with a price target of A

Q: What are the market caps of CMM and RMS?

A: Capricorn Metals has a market cap of approximately A

Q: Why do brokers like Capricorn Metals?

A: Due to strong operational performance at Karlawinda, low-cost production, and clear expansion visibility.

Q: Why is Ramelius Resources rated Buy by Shaw and Partners?

A: Because of strong cash flow generation, diversified production assets, and ongoing growth through development and exploration.

Download Free Report – Explore 3 Stock Ideas & Industry Insights

Unlock 3 stock ideas and key industry insights in our free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice.

All investments involve risk—consider independent advice before making any investment decisions.

View 3 Research Reports

Disclaimer:

This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.

Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.

There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.

Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.

The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.

The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.

Kalkine does not issue, sell or deal in any financial products.

This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.

To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.

Please also read our Terms & Conditions and Financial Services Guide for further information.

Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.

Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.