Goats were a prevalent form of livestock in the Roman world, and they could also be sacrificed at specific festivals, such as the Lupercalia. This was held in February and was intended to ward off evil spirits and bring health and fertility to the city. It is possible that this bronze figurine could have been an equivalent religious offering of some kind.
Bronze was a popular medium for artwork and ornaments in the classical world, as it could be easily sculpted into intricate details due to its ductile nature and low melting point. It was used for a vast range of different items, from life sized human sculptures to small votive offerings, amulets, and figurines such as this one.