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Miramar Resources Limited
(Sydney:M2R)
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Rating:44Neutral
Price Target:
AU$0.01
▲(266.67% Upside)
Action:Reiterated
Date:08/04/26
The score is held down primarily by weak financial performance driven by minimal revenue, ongoing losses, and sustained cash burn, despite a low-debt balance sheet. Limited technical indicator availability keeps the technical view near-neutral, and valuation support is constrained by a negative P/E and missing dividend yield.
Positive Factors
Low leverage / strong balance sheet
Very low debt reduces solvency and interest burden, providing durable financial flexibility for an exploration company. This strength lengthens runway for programs, improves ability to negotiate farm-outs or JV terms, and lowers immediate refinancing risk versus peers.
Negative Factors
Persistent cash burn
Ongoing negative operating and free cash flow is a durable constraint: it forces repeated external funding, increases dilution risk, and limits the company’s ability to scale programs or seize opportunities without partners. Long-term growth depends on securing new capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / strong balance sheet
Very low debt reduces solvency and interest burden, providing durable financial flexibility for an exploration company. This strength lengthens runway for programs, improves ability to negotiate farm-outs or JV terms, and lowers immediate refinancing risk versus peers.
Read all positive factors
Miramar Resources Limited (M2R) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$5.27M
Dividend YieldN/A
Average Volume (3M)9.33M
Price to Earnings (P/E)―
Beta (1Y)2.19
Revenue GrowthN/A
EPS Growth75.86%
CountryAU
Employees1
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding2,109,589,800
10 Day Avg. Volume9,325,124
30 Day Avg. Volume9,325,124
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)0.15
Price to Sales (P/S)0.00
P/FCF Ratio-0.60
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
Miramar Resources Limited Business Overview & Revenue Model
Company Description
Miramar Resources Limited, an Australian company, is primarily dedicated to the discovery and assessment of mineral tenements across the nation. Its main objective involves identifying deposits of gold, nickel, copper, and platinum group elements ...
How the Company Makes Money
Miramar Resources Limited is an exploration-stage company; specific, recurring operating revenue from product sales is not publicly indicated in the information available to me here, so the exact composition of its revenue streams is null. In gene...
Miramar Resources Limited Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
68
Positive
Cash Flow
22
Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 8.26K | 150.00K |
| Gross Profit | -68.63K | -87.69K | -51.39K | -127.96K | -128.49K | 119.35K |
| EBITDA | -651.12K | -1.02M | -1.22M | -1.35M | -1.24M | -987.63K |
| Net Income | -1.41M | -1.64M | -1.91M | -1.39M | -1.38M | -1.02M |
Balance Sheet | ||||||
| Total Assets | 11.50M | 11.25M | 9.36M | 9.10M | 9.51M | 8.52M |
| Cash, Cash Equivalents and Short-Term Investments | 727.64K | 1.13M | 414.11K | 435.47K | 3.39M | 5.14M |
| Total Debt | 15.21K | 33.13K | 22.02K | 33.91K | 82.25K | 63.64K |
| Total Liabilities | 596.59K | 835.67K | 395.11K | 307.96K | 542.10K | 707.30K |
| Stockholders Equity | 10.90M | 10.41M | 8.96M | 8.79M | 8.97M | 7.81M |
Cash Flow | ||||||
| Free Cash Flow | -1.91M | -2.60M | -2.08M | -3.94M | -3.83M | -2.66M |
| Operating Cash Flow | -946.42K | -596.51K | -797.50K | -1.26M | -1.05M | -657.63K |
| Investing Cash Flow | -1.25M | -1.72M | -1.09M | -2.68M | -2.78M | -1.95M |
| Financing Cash Flow | 2.69M | 3.02M | 1.88M | 1.00M | 2.11M | 7.34M |
Miramar Resources Limited 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% | |
54 Neutral | AU$10.35M | -14.39 | -4.85% | ― | -67.31% | 45.45% | |
47 Neutral | AU$5.00M | -3.71 | -3.47% | ― | ― | 63.43% | |
46 Neutral | AU$5.52M | -0.48 | -72.25% | ― | ― | 78.01% | |
44 Neutral | AU$5.27M | -1.82 | -13.20% | ― | ― | 75.86% | |
44 Neutral | AU$5.97M | -0.89 | -178.26% | ― | ― | -111.36% | |
26 Underperform | AU$6.34M | 3.23 | 67.39% | ― | ― | ― |
* Basic Materials Sector Average
AU:M2R
Miramar Resources Limited
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Miramar Resources Limited Corporate Events
Miramar Corrects Gidji JV Gold Target Totals Without Changing Exploration Outlook
Jul 29, 2026
Miramar Resources has issued a correction to the total contained gold range previously reported for its Gidji joint venture exploration target in Western Australia, clarifying that a summation error in the original table affected only the aggregat...
Miramar auger results strengthen Chain Pool copper-lead drill targets
Jul 22, 2026
Miramar Resources has reported auger drilling results from the Joy Helen prospect at its Chain Pool Project, including significant copper and lead anomalies that enhance previously defined bedrock drill targets. The work, combined with recent grav...
Miramar to Allocate $438,703 in Exploration Tax Credits to FY25 Investors
Jul 21, 2026
Miramar Resources Limited will distribute $438,703 in Junior Minerals Exploration Incentive tax credits to shareholders who participated in its share placements between 1 July 2024 and 30 June 2025, following lodgement of its FY25 income tax retur...
Miramar boosts exploration war chest with R&D tax refund and grants
Jul 13, 2026
Miramar Resources has received an A$238,456 cash refund under the Australian Government’s RD Tax Incentive Program for innovative exploration work at its Whaleshark and Bangemall projects. The rebate, which rewards research aimed at improvin...
Miramar flags expanded SEDEX-style potential at Chain Pool after high-grade assays
Jul 13, 2026
Miramar Resources has reported further high-grade copper, lead and silver results from rock chip sampling at the Joy Helen prospect within its Chain Pool Project in Western Australia. The mineralisation displays similarities to major Sedimentary E...
Miramar flags larger SEDEX-style copper-lead-silver potential at Chain Pool
Jul 12, 2026
Miramar Resources has reported further high-grade copper, lead and silver results from rock chip sampling at the Joy Helen prospect within its Chain Pool Project in Western Australia. The samples, including high-grade malachite and galena ore, ext...
Miramar director Allan Kelly boosts indirect shareholding via on-market trade
Jul 7, 2026
Miramar Resources has disclosed a change in director Allan Kelly’s relevant interests following an on-market trade in the company’s shares. Through his associated entity Allorah Pty Ltd, Kelly acquired 6,250,000 ordinary shares on 6 Ju...
Miramar Flags New Drill Targets at Joy Helen After Gravity Survey
Jun 24, 2026
Miramar Resources has identified significant gravity anomalies at its Joy Helen copper-lead-silver prospect within the Chain Pool Project in Western Australia, suggesting possible buried mineralisation beneath historic workings. These anomalies, l...
Miramar Advances SEDEX and Gold Targets With Joy Helen Drilling and Gidji Review
Jun 2, 2026
Miramar Resources has completed an initial auger drilling program at the Joy Helen copper‑lead‑silver prospect within its Chain Pool project in Western Australia, finishing 124 holes on time and under budget. Early geological observati...
Miramar restarts drilling at Chain Pool after six-decade hiatus
May 12, 2026
Miramar Resources has begun mobilising an auger drilling team to the Joy Helen prospect at its Chain Pool project in Western Australia, marking the first drilling on the site since 1964. The programme will test high-grade copper-lead-silver-gold m...
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.