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Miramar Resources Limited
(Sydney:M2R)
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Rating:44Neutral
Price Target:
AU$0.01
â–²(266.67% Upside)
Action:Reiterated
Date:09/27/26
The score is held down primarily by minimal revenue, ongoing losses, and persistent cash burn (despite some improvement in 2026), which outweigh the benefit of a low-debt balance sheet. Limited technical data and a negative P/E (loss-making) provide little additional support, while high beta suggests elevated volatility risk.
Positive Factors
Low leverage
Minimal leverage reduces refinancing and solvency pressure, preserving financial flexibility while Miramar advances its exploration portfolio. A debt-light structure also limits interest burdens and gives management more capacity to respond to exploration outcomes or pursue future opportunities.
Negative Factors
Minimal revenue and persistent losses
The absence of meaningful revenue and recurring losses show that Miramar has not yet established a commercial earnings base. This leaves profitability highly dependent on future exploration success or project transactions, making the fundamental investment case structurally uncertain.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage
Minimal leverage reduces refinancing and solvency pressure, preserving financial flexibility while Miramar advances its exploration portfolio. A debt-light structure also limits interest burdens and gives management more capacity to respond to exploration outcomes or pursue future opportunities.
Read all positive factors
Miramar Resources Limited (M2R) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$6.59M
Dividend YieldN/A
Average Volume (3M)9.33M
Price to Earnings (P/E)―
Beta (1Y)2.29
Revenue GrowthN/A
EPS Growth71.88%
CountryAU
Employees1
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)<0.01
Shares Outstanding2,636,987,300
10 Day Avg. Volume9,325,124
30 Day Avg. Volume9,325,124
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)0.26
Price to Sales (P/S)0.00
P/FCF Ratio-3.71
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
62
Positive
Cash Flow
28
Negative
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 8.26K |
| Gross Profit | -36.83K | -87.69K | -51.39K | -127.96K | -128.49K |
| EBITDA | -1.04M | -1.02M | -1.22M | -1.35M | -1.24M |
| Net Income | -1.32M | -1.64M | -1.91M | -1.39M | -1.38M |
Balance Sheet | |||||
| Total Assets | 12.08M | 11.25M | 9.36M | 9.10M | 9.51M |
| Cash, Cash Equivalents and Short-Term Investments | 695.48K | 1.13M | 414.11K | 435.47K | 3.39M |
| Total Debt | 62.10K | 33.13K | 22.02K | 33.91K | 82.25K |
| Total Liabilities | 427.41K | 835.67K | 395.11K | 307.96K | 542.10K |
| Stockholders Equity | 11.65M | 10.41M | 8.96M | 8.79M | 8.97M |
Cash Flow | |||||
| Free Cash Flow | -817.26K | -2.60M | -2.08M | -3.94M | -3.83M |
| Operating Cash Flow | -817.26K | -596.51K | -797.50K | -1.26M | -1.05M |
| Investing Cash Flow | -2.17M | -1.72M | -1.09M | -2.68M | -2.78M |
| Financing Cash Flow | 2.41M | 3.02M | 1.88M | 1.00M | 2.11M |
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$7.70M | -7.21 | -4.05% | ― | ― | 56.43% | |
54 Neutral | AU$10.23M | -12.67 | -5.68% | ― | -100.00% | 2.60% | |
45 Neutral | AU$5.26M | -1.62 | -113.18% | ― | ― | 53.57% | |
44 Neutral | AU$6.59M | -6.67 | -11.68% | ― | ― | 71.88% | |
44 Neutral | AU$6.93M | -1.16 | -45.74% | ― | ― | 83.09% | |
26 Underperform | AU$6.34M | 3.23 | 67.39% | ― | ― | ― |
* Basic Materials Sector Average
AU:M2R
Miramar Resources Limited
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―
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Miramar Resources Limited Corporate Events
Miramar Resources Sets AGM Date and Director Nomination Deadline
Sep 25, 2026
Miramar Resources has scheduled its Annual General Meeting for 19 November 2026, where shareholders will consider the election and appointment of directors. The company has set a 7 October 2026 deadline for nominations for new directors, signallin...
Miramar Resources Updates Corporate Governance Disclosures for 2026
Sep 25, 2026
Miramar Resources has lodged its updated corporate governance statement and accompanying Appendix 4G with the ASX for the financial year ended 30 June 2026. The disclosures confirm that the board has adopted key governance structures, including a ...
Miramar Resources Releases 2026 Annual Report Detailing Governance and Financial Oversight
Sep 25, 2026
Miramar Resources Limited has released its Annual Report for the financial year ended 30 June 2026, detailing its corporate governance structure and statutory financial disclosures. The report outlines board and management roles, audited financial...
Miramar Issues Cleansing Notice for Major Share Placement
Sep 23, 2026
Miramar Resources Limited has issued 527,397,475 fully paid ordinary shares as part of a placement previously announced to the market, with the issuance detailed in recent filings with the ASX. The company has confirmed that these new shares were ...
Miramar Resources Seeks ASX Quotation for Over 527 Million New Shares
Sep 23, 2026
Miramar Resources Limited, an Australian resources company listed on the ASX under ticker M2R, focuses on exploration and development activities within the broader mining and resources sector. The company’s operations are aligned with capita...
Miramar Resources Plans Major Share and Option Issue on ASX
Sep 15, 2026
Miramar Resources Limited has lodged an Appendix 3B with the ASX outlining a proposed capital raising via a placement or similar securities issue. The company plans to issue up to 714,285,715 new ordinary fully paid shares and 60,000,000 options e...
Miramar Resources Halts Trading Ahead of Capital Raising Placement
Sep 13, 2026
Miramar Resources Limited has requested and received a trading halt on its securities from the ASX, effective 14 September 2026. The halt is intended to prevent trading on an uninformed basis and ensure an orderly market while the company prepares...
Miramar director Allan Kelly increases indirect shareholding via on-market purchase
Aug 25, 2026
Miramar Resources has disclosed a change in director Allan Kelly’s interests in the company’s securities, following an on-market purchase of additional ordinary shares. The notice, lodged with the ASX under listing rule obligations, de...
Miramar unveils maiden gold resource at Gidji JV near Kalgoorlie
Aug 20, 2026
Miramar Resources has outlined a maiden Inferred gold resource at its 80%-owned Gidji JV project, 15 kilometres north of Kalgoorlie, totalling 1.04 million tonnes at 1.20 grams per tonne for 39,764 ounces of gold. The shallow, flat-lying mineralis...
Miramar Resources Options Lapse, Simplifying Capital Structure
Aug 17, 2026
Miramar Resources Limited has confirmed the expiry of 25 million options carrying an exercise price of A$0.08, which lapsed unexercised on 16 August 2026. The cessation of these options reduces the company’s pool of potential dilutive securi...
Miramar Resources Discloses Final Director Interest as Terry Gadenne Departs Board
Aug 9, 2026
Miramar Resources has announced the departure of director Terry Gadenne, who ceased to be a board member on 7 August 2026, with a final notice lodged to the ASX. The filing discloses that Gadenne held 15,000,000 ordinary shares and 5,400,000 optio...
Miramar Resources Appoints New Director With Significant Indirect Stake
Aug 9, 2026
Miramar Resources Limited has appointed Mark Hanlon as a director effective 7 August 2026, marking a change in the company’s board composition. Hanlon holds no shares directly but, through Buprestid Pty Ltd and the Hanlon Family S/F A/C, he ...
Miramar refreshes board and elevates CEO as exploration programs advance
Aug 9, 2026
Miramar Resources has overhauled its board and management structure as part of a broader corporate refresh aimed at supporting its growth strategy. The company has appointed experienced mining executive Mark Hanlon as a non-executive director, whi...
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...
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.