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Golden State Mining Ltd.
(Sydney:GSM)
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Rating:44Neutral
Price Target:
AU$0.01
▲(30.00% Upside)
Action:Reiterated
Date:09/10/26
The score is primarily held down by weak financial performance (near-zero revenue, persistent losses, and ongoing negative operating/free cash flow), implying continued reliance on external funding despite no reported debt. Technical indicators add a mildly negative-to-neutral backdrop (negative MACD and below-strong momentum), while valuation is constrained by a negative P/E and no dividend yield data.
Positive Factors
Debt-free balance sheet
A debt-free capital structure materially lowers default and interest-rate risk, giving management durable flexibility to prioritize operational spending or opportunistic financing on more favorable terms. This structural strength supports long-term survival during commodity cycles.
Negative Factors
Recurring net losses
Persistent annual net losses indicate the business lacks a durable profit model and has not developed a consistent revenue base. Continued losses erode retained capital, limit reinvestment capacity, and make the firm reliant on external funding to sustain operations over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
A debt-free capital structure materially lowers default and interest-rate risk, giving management durable flexibility to prioritize operational spending or opportunistic financing on more favorable terms. This structural strength supports long-term survival during commodity cycles.
Read all positive factors
Golden State Mining Ltd. (GSM) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$5.79M
Dividend YieldN/A
Average Volume (3M)421.18K
Price to Earnings (P/E)―
Beta (1Y)>-0.01
Revenue GrowthN/A
EPS Growth41.86%
CountryAU
EmployeesN/A
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding482,465,270
10 Day Avg. Volume239,658
30 Day Avg. Volume421,175
Financial Highlights & Ratios
PEG Ratio0.11
Price to Book (P/B)4.53
Price to Sales (P/S)0.00
P/FCF Ratio-4.12
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Golden State Mining Ltd. Business Overview & Revenue Model
Company Description
Golden State Mining Limited, through its affiliated companies, is engaged in the prospecting, assessment, and strategic investment in mineral properties throughout Australia. The firm seeks out deposits containing gold, lithium, base metals, and r...
Golden State Mining Ltd. Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
34
Negative
Cash Flow
14
Very Negative
| Breakdown | TTM | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 30.00K | 945.00K |
| Gross Profit | -6.31K | -1.23K | -12.51K | -20.40K | 30.00K | 945.00K |
| EBITDA | -1.06M | -1.06M | -1.19M | -2.78M | -2.78M | -3.12M |
| Net Income | -1.05M | -1.03M | -1.20M | -2.70M | -2.81M | -3.16M |
Balance Sheet | ||||||
| Total Assets | 1.55M | 1.12M | 727.10K | 1.94M | 2.20M | 4.13M |
| Cash, Cash Equivalents and Short-Term Investments | 1.51M | 1.11M | 719.95K | 1.89M | 2.07M | 3.74M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 115.10K | 119.72K | 416.04K | 428.36K | 545.66K | 597.06K |
| Stockholders Equity | 1.43M | 1.00M | 311.06K | 1.51M | 1.66M | 3.54M |
Cash Flow | ||||||
| Free Cash Flow | -1.27M | -1.10M | -1.17M | -2.78M | -2.67M | -3.37M |
| Operating Cash Flow | -1.26M | -1.10M | -1.17M | -2.78M | -2.67M | -3.35M |
| Investing Cash Flow | -2.58K | -2.58K | 0.00 | 44.57K | 318.27K | 370.44K |
| Financing Cash Flow | 1.49M | 1.49M | 0.00 | 2.55M | 685.28K | 2.34M |
Golden State Mining Ltd. Technical Analysis
Positive
0.01
Price Trends
0.02
Positive
Market Momentum
<0.01
Positive
53.09
Neutral
27.78
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:GSM, the sentiment is Positive. The current price of 0.01 is below the 20-day moving average (MA) of 0.02, below the 50-day MA of 0.02, and equal to the 200-day MA of ―, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 53.09 is Neutral, neither overbought nor oversold. The STOCH value of 27.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:GSM.
Golden State Mining Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
56 Neutral | AU$6.20M | -5.71 | -4.88% | ― | 123.86% | 63.16% | |
45 Neutral | AU$8.39M | -4.07 | -58.04% | ― | -100.00% | -317.54% | |
44 Neutral | AU$5.79M | -5.20 | -84.70% | ― | ― | 41.86% | |
44 Neutral | AU$3.77M | -1.49 | -498.87% | 1.61% | -96.35% | -202.04% | |
41 Neutral | AU$9.05M | -6.79 | 146.21% | ― | ― | 26.13% | |
37 Underperform | AU$6.33M | -1.28 | -5360.07% | ― | ― | 53.94% |
* Basic Materials Sector Average
AU:GSM
Golden State Mining Ltd.
0.01
>-0.01
-35.00%
AU:A8G
Australasian Metals Limited
0.17
0.09
126.03%
AU:USM
PVW Resources Limited
0.01
-0.02
-57.69%
AU:RAS
Ragusa Minerals Ltd
0.02
>-0.01
-20.83%
AU:M2M
Mt Malcolm Mines NL
0.01
-0.01
-50.00%
AU:OZZ
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0.03
-0.02
-41.82%
Golden State Mining Ltd. Corporate Events
Golden State Mining Files Updated ASX Corporate Governance Statement
Sep 8, 2026
Golden State Mining Limited has lodged its updated corporate governance statement and Appendix 4G with the ASX for the financial year ended 30 June 2026. The company confirms that the governance statement is current, board-approved, and accessible...
Golden State Mining Refreshes Board and Corporate Structure
Sep 8, 2026
Golden State Mining Limited, an ASX-listed mineral exploration company based in West Perth, has detailed its current corporate structure in its latest annual report. The business is overseen by a board that includes a managing director and three n...
Golden State Mining sharpens Pilbara exploration strategy as regional deals heat up
Jul 27, 2026
Golden State Mining’s June quarter report details ongoing exploration at its Yule and Southern Cross East projects, with mining tenement applications at Southern Cross East granted after the period. The company is reviewing past drilling and...
Golden State Mining Options Lapse, Simplifying Capital Structure
Jun 29, 2026
Golden State Mining Ltd. has confirmed the expiry of 2,000,000 listed options (ASX code GSMAO) that carried an exercise price of $0.06 and a scheduled expiry date of 26 June 2026. The options lapsed without being exercised, resulting in a reductio...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.