Matsa Resources Limited (AU:MAT)
ASX:MAT
Want to see AU:MAT full AI Analyst Report?
Top Page
Matsa Resources Limited
(Sydney:MAT)
Select Model
Select Model
Rating:46Neutral
Price Target:
AU$0.07
▼(-41.67% Downside)
Action:Reiterated
Date:06/06/26
The score is held back primarily by weak and inconsistent financial performance (despite a better balance sheet and improved 2025 cash flow) and a bearish technical trend with the price below all key moving averages and negative MACD. Valuation is also uncertain due to a negative P/E and no dividend yield data.
Positive Factors
Balance sheet improvement
A materially stronger equity base and lower leverage provide a durable financial buffer for an exploration company. Manageable debt-to-equity (~0.29) and a positive ROE (~7%) improve capacity to fund drilling, attract JV partners or withstand commodity cycles without immediate distress financing.
Negative Factors
Zero reported revenue
Profitability with zero reported revenue raises questions about the nature of earnings (non-operational gains, revaluations or one-offs). That undermines confidence in repeatable cash-generating operations and makes forward earnings and free cash flow forecasts less reliable for strategic partners and investors.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet improvement
A materially stronger equity base and lower leverage provide a durable financial buffer for an exploration company. Manageable debt-to-equity (~0.29) and a positive ROE (~7%) improve capacity to fund drilling, attract JV partners or withstand commodity cycles without immediate distress financing.
Read all positive factors
Matsa Resources Limited (MAT) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$68.95M
Dividend YieldN/A
Average Volume (3M)3.02M
Price to Earnings (P/E)―
Beta (1Y)2.04
Revenue GrowthN/A
EPS Growth-371.70%
CountryAU
Employees10
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-0.03
Shares Outstanding971,152,160
10 Day Avg. Volume2,824,082
30 Day Avg. Volume3,018,672
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)2.17
Price to Sales (P/S)0.00
P/FCF Ratio29.83
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
Matsa Resources Limited Business Overview & Revenue Model
Company Description
Matsa Resources Limited is a company dedicated to the discovery and development of mineral assets, with operations primarily located across Western Australia and Thailand. The company's primary focus is on identifying and exploring for a diverse r...
How the Company Makes Money
Matsa Resources Limited primarily makes money through the mineral exploration value chain rather than ongoing product sales. Its potential revenue sources include: (1) asset monetisation—selling exploration tenements/projects outright or partially...
Matsa Resources Limited Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
63
Positive
Cash Flow
48
Neutral
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 11.73M | 0.00 | 0.00 | 0.00 | 0.00 | 8.05M |
| Gross Profit | -25.63M | -210.02K | -1.46K | -621.72K | -103.38K | -146.48K |
| EBITDA | -21.40M | 1.60M | -3.36K | -3.78M | -3.08M | 3.23M |
| Net Income | -22.65M | 1.43M | -4.60K | -819.00K | -6.03M | -9.65M |
Balance Sheet | ||||||
| Total Assets | 37.27M | 33.13M | 23.28M | 23.23M | 22.64M | 27.83M |
| Cash, Cash Equivalents and Short-Term Investments | 3.30M | 6.91M | 1.04M | 794.30K | 1.57M | 3.03M |
| Total Debt | 10.10M | 5.96M | 5.58M | 4.68M | 4.20M | 4.40M |
| Total Liabilities | 25.84M | 12.59M | 10.21M | 9.51M | 10.10M | 12.46M |
| Stockholders Equity | 11.35M | 20.46M | 12.99M | 13.64M | 12.47M | 15.29M |
Cash Flow | ||||||
| Free Cash Flow | -15.95M | 1.49M | -3.97M | -2.60M | -4.95M | -7.41M |
| Operating Cash Flow | -11.78M | 4.78M | -3.44M | -868.81K | -3.32M | -5.30M |
| Investing Cash Flow | -4.40M | -4.01M | -477.01K | -2.05M | -959.99K | -2.68M |
| Financing Cash Flow | 18.39M | 5.11M | 4.16M | 1.63M | 2.29M | 8.72M |
Matsa Resources Limited Technical Analysis
Negative
0.12
Price Trends
0.08
Negative
0.10
Negative
0.11
Negative
Market Momentum
>-0.01
Positive
40.41
Neutral
31.56
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:MAT, the sentiment is Negative. The current price of 0.12 is above the 20-day moving average (MA) of 0.08, above the 50-day MA of 0.08, and above the 200-day MA of 0.11, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 40.41 is Neutral, neither overbought nor oversold. The STOCH value of 31.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:MAT.
Matsa 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% | |
50 Neutral | AU$290.90M | -88.10 | -5.45% | ― | ― | -176.00% | |
49 Neutral | AU$176.32M | -35.01 | -7.26% | ― | ― | -66.98% | |
47 Neutral | AU$40.03M | -1.62 | -302.41% | ― | 641.25% | -12.36% | |
46 Neutral | AU$68.95M | -2.50 | -142.42% | ― | ― | -371.70% | |
46 Neutral | AU$36.83M | -6.56 | -49.57% | ― | ― | 7.55% | |
43 Neutral | AU$34.39M | -2.97 | -50.09% | ― | 4939.45% | -187.90% |
* Basic Materials Sector Average
AU:MAT
Matsa Resources Limited
0.07
>-0.01
-1.39%
AU:NXM
Nexus Minerals Ltd.
0.06
-0.03
-31.46%
AU:WCN
White Cliff Minerals Limited
0.02
>-0.01
-21.05%
AU:TSO
Tesoro Gold
0.99
0.60
152.56%
AU:AS1
Golden Rim Resources Ltd
0.15
0.09
145.76%
AU:VTX
Vertex Minerals Ltd.
0.12
-0.18
-60.00%
Matsa Resources Limited Corporate Events
Matsa Starts Third Gold Processing Campaign at Devon Mine
May 28, 2026
Matsa Resources Limited has commenced its third gold ore processing campaign from the Devon Pit Gold Mine, with ore stockpiled at FMR’s Greenfield plant for a 13-day processing window. Campaign 3 is shorter than the previous run due to the p...
Matsa Advances Security Arrangements on A$17.5m Debt Facility
May 28, 2026
Matsa Resources Limited has advanced amendments to its A$17.5 million debt facility with major shareholder Deutsche Balaton, primarily to formalise security arrangements over its Western Australian gold assets. The company has lodged a second mort...
Matsa Resources Moves to Scale Up Lake Carey Gold Project and Unlock Greater Value
May 5, 2026
Matsa Resources is advancing its Lake Carey Gold Project, which holds an existing resource of 949,000 ounces at 2.5 grams per tonne, by leveraging current production from the Devon Pit and toll treatment at FMR’s Greenfields mill to fund gro...
Matsa Resources Issues New Shares on Exercise of Unlisted Options
Apr 22, 2026
Matsa Resources Limited has confirmed the allotment of 19,505 fully paid ordinary shares following the exercise of unlisted options, modestly increasing its share capital base. The company stated that the shares were issued without a prospectus un...
Matsa Resources Seeks ASX Quotation for Additional Ordinary Shares
Apr 22, 2026
Matsa Resources Limited has applied to the ASX for quotation of 19,505 new fully paid ordinary shares, with an issue date of 22 April 2026. The additional securities, arising from the exercise or conversion of existing options or other convertible...
Matsa Resources Issues New Shares Following Option Exercise
Mar 22, 2026
Matsa Resources Limited has confirmed the allotment of 122,640 fully paid ordinary shares following the exercise of unlisted options. The issuance has been completed in compliance with relevant sections of the Corporations Act, with the company st...
Matsa Resources Seeks ASX Quotation for Additional Ordinary Shares
Mar 22, 2026
Matsa Resources Limited has applied to the ASX for quotation of 122,640 new ordinary fully paid shares, to be issued on March 23, 2026. The modest size of this share issue suggests a routine capital or incentive-related action, with limited immedi...
Matsa Resources Refutes Report of Imminent Halt at Devon Gold Mine
Mar 17, 2026
Matsa Resources Limited has rejected claims in an ABC News online article that mining at its Devon Pit Gold Mine is about to cease due to fuel shortages, stating that operations are continuing and that ore deliveries to the FMR Greenfields process...
Matsa Requests Trading Halt Amid Fuel Shortage Speculation at Devon Pit
Mar 17, 2026
Matsa Resources Limited has requested a trading halt in its securities on the ASX pending an announcement addressing media speculation about potential fuel shortages affecting its Devon Pit Gold Project. Trading in Matsa shares will be paused unti...
Matsa Resources Files Interim Financial Report for Half-Year Ended 31 December 2025
Mar 16, 2026
Matsa Resources Limited has released its condensed consolidated interim financial report for the half-year ended 31 December 2025. The report package includes the directors’ report, auditor’s independence declaration, reviewed interim ...
Matsa Resources Issues Over 13.5 Million New Shares on Option Conversion
Mar 11, 2026
Matsa Resources Limited has confirmed the allotment of 13,522,552 fully paid ordinary shares following the exercise of unlisted options, increasing its issued capital base. The company stated that the shares were issued without a prospectus under ...
Matsa Resources Seeks ASX Quotation for 13.5 Million New Shares
Mar 11, 2026
Matsa Resources Limited has applied for quotation on the ASX of 13,522,552 new fully paid ordinary shares, to be issued on March 11, 2026. The additional securities arise from the exercise or conversion of existing options or other convertible ins...
Matsa Resources lifts gold output and sales on stronger Devon Pit campaign
Mar 9, 2026
Matsa Resources Limited has reported significantly improved results from its second processing campaign at the Devon Pit Gold Mine in Western Australia, delivering 4,074 ounces of gold from 51,562 dry tonnes of ore and generating $28.74 million in...
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.