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White Cliff Minerals Limited
(Sydney:WCN)
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Rating:50Neutral
Price Target:
AU$0.02
▼(-20.00% Downside)
Action:Reiterated
Date:07/29/26
The score is held back primarily by weak financial performance—small/volatile revenue, deep losses, and persistent cash burn—despite a debt-free balance sheet with improved equity. Technicals are mixed with the price hovering around key moving averages, and valuation is difficult to support due to negative earnings and no provided dividend yield.
Positive Factors
Debt-free balance sheet
A debt-free balance sheet materially reduces solvency and interest-rate risk for an early-stage explorer. This durable strength preserves flexibility to fund exploration via equity or JV structures, limits fixed financing costs, and makes the company a cleaner counterparty for partners.
Negative Factors
Persistent negative cash flow
Consistent operating and free cash flow deficits erode financial flexibility and force reliance on external financing. Over 2–6 months this structural cash burn risks repeated equity raises, which can dilute shareholders and constrain the company’s ability to fund sustained drilling or follow-up programs.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
A debt-free balance sheet materially reduces solvency and interest-rate risk for an early-stage explorer. This durable strength preserves flexibility to fund exploration via equity or JV structures, limits fixed financing costs, and makes the company a cleaner counterparty for partners.
Read all positive factors
White Cliff Minerals Limited (WCN) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$52.88M
Dividend YieldN/A
Average Volume (3M)7.61M
Price to Earnings (P/E)―
Beta (1Y)0.77
Revenue Growth641.25%
EPS Growth-12.36%
CountryAU
EmployeesN/A
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-0.01
Shares Outstanding3,304,887,000
10 Day Avg. Volume9,092,540
30 Day Avg. Volume7,607,812
Financial Highlights & Ratios
PEG Ratio0.12
Price to Book (P/B)3.94
Price to Sales (P/S)205.77
P/FCF Ratio-5.11
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
White Cliff Minerals Limited Business Overview & Revenue Model
Company Description
White Cliff Minerals Limited is an Australian-based company primarily engaged in discovering and advancing mineral deposits across the country. Its exploration efforts are focused on a diverse portfolio of metals, encompassing gold, lithium, rare ...
How the Company Makes Money
White Cliff Minerals Limited (WCN) does not typically generate operating revenue from selling minerals while its projects are in the exploration and evaluation stage; therefore, a recurring product-sales revenue model is generally not applicable (...
White Cliff Minerals Limited Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
62
Positive
Cash Flow
24
Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 217.73K | 200.00K | 229.37K | 3.05M | 0.00 | 10.00K |
| Gross Profit | 207.03K | 191.47K | 229.37K | 3.05M | -1.24K | 10.00K |
| EBITDA | -25.43M | -13.83M | -5.13M | -2.46M | -1.61M | -2.80M |
| Net Income | -22.79M | -13.84M | -13.51M | 3.16M | -2.07M | -2.01M |
Balance Sheet | ||||||
| Total Assets | 8.34M | 17.95M | 5.57M | 12.28M | 4.11M | 3.36M |
| Cash, Cash Equivalents and Short-Term Investments | 5.86M | 14.51M | 3.87M | 7.90M | 897.06K | 2.16M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 3.72M | 7.50M | 310.40K | 1.07M | 162.26K | 211.60K |
| Stockholders Equity | 4.62M | 10.46M | 5.26M | 11.22M | 3.95M | 3.15M |
Cash Flow | ||||||
| Free Cash Flow | -14.93M | -8.05M | -4.82M | -2.04M | -1.83M | -2.19M |
| Operating Cash Flow | -14.92M | -8.03M | -4.75M | -1.95M | -1.62M | -1.70M |
| Investing Cash Flow | 1.78M | 689.19K | 385.42K | 294.30K | -125.94K | 902.61K |
| Financing Cash Flow | 14.53M | 19.01M | 5.13M | 3.29M | 967.64K | 5.65K |
White Cliff Minerals 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$52.88M | -1.60 | -302.41% | ― | 641.25% | -12.36% | |
48 Neutral | AU$46.62M | -8.68 | -35.89% | 153.53% | ― | -69.57% | |
48 Neutral | AU$48.07M | -21.01 | -4.97% | ― | ― | -187.50% | |
47 Neutral | AU$39.85M | -2.77 | -50.09% | ― | 4939.45% | -187.90% | |
41 Neutral | AU$23.70M | -2.61 | -342.09% | ― | ― | -86.59% | |
38 Underperform | AU$35.82M | -5.88 | -171.56% | 37.50% | ― | -267.80% |
* Basic Materials Sector Average
AU:WCN
White Cliff Minerals Limited
0.02
>-0.01
-18.18%
AU:ODY
Odyssey Gold Limited
0.03
<0.01
17.86%
AU:SFM
Santa Fe Minerals Ltd.
0.22
0.00
0.00%
AU:AGC
Australian Gold & Copper Ltd.
0.15
-0.07
-30.23%
AU:WGR
Western Gold Resources Ltd.
0.08
-0.03
-29.09%
AU:VTX
Vertex Minerals Ltd.
0.14
-0.20
-59.09%
White Cliff Minerals Limited Corporate Events
White Cliff Minerals Tightens Insider Trading Controls for Key Management
Jul 31, 2026
White Cliff Minerals Limited operates in the mining and resources sector, with activities focused on exploration and development of mining tenements. The company’s directors, executives and senior employees are classified as key management p...
White Cliff Minerals Updates Investors on Material Copper Discovery
Jul 29, 2026
White Cliff Minerals Limited has released an investor presentation highlighting progress on a material copper discovery and its broader exploration strategy. The company underscores that all information is current as of 30 June 2026 and is intende...
White Cliff Minerals to brief investors as drilling underscores scale of Rae copper project
Jul 28, 2026
White Cliff Minerals will host an investor webinar on 30 July to brief shareholders on drilling progress, recent assay results and updated geological interpretation at its Rae Copper Project in Canada. Managing director Troy Whittaker and technica...
White Cliff’s First Diamond Hole Confirms Broad High-Grade Copper at Danvers
Jul 27, 2026
White Cliff Minerals has reported exceptional assay results from its first diamond drill hole at Danvers 1 in the Rae Copper Project, with hole DAN26026 intersecting 50.9 metres at 2.81% copper and 7.66 grams per tonne silver from 39.7 metres dept...
White Cliff Minerals Issues 45.5 Million Unquoted Options in Capital Structure Move
Jul 13, 2026
White Cliff Minerals Limited has notified the market of the issue of 45,501,494 unquoted options, each exercisable at $0.04 and expiring on 30 June 2028. The new options are part of previously announced, unquoted securities and are not intended to...
White Cliff Minerals Director Increases Equity Stake Through Shortfall Issue
Jul 13, 2026
White Cliff Minerals has reported a change in director John Hancock’s holdings following the issue of shortfall shares and underwriter options approved at a recent general meeting. Hancock acquired 3,263,327 ordinary shares and 10,163,552 op...
White Cliff Minerals Director Boosts Equity via Performance Rights Conversion
Jul 13, 2026
White Cliff Minerals has disclosed a change in director Eric Sondergaard’s holdings, with the conversion of 25,000,000 Class M Performance Rights into an equivalent number of ordinary shares. Following this conversion, Sondergaard’s di...
White Cliff Director Converts Performance Rights Into Additional Shares
Jul 13, 2026
White Cliff Minerals has disclosed a change in director Troy Whittaker’s indirect interests, with 25 million Class M performance rights converting into 25 million ordinary shares following vesting. The transaction increases Whittaker’s...
White Cliff Minerals Expands Share Capital Through Underwriting and Performance Rights Conversion
Jul 13, 2026
White Cliff Minerals has expanded its share base with the issue of 14,609,680 ordinary shares under a previously announced underwriting agreement and the conversion of 50,000,000 vested Class M Performance Rights into ordinary shares. The company ...
White Cliff Minerals Seeks ASX Quotation for 14.6 Million New Shares
Jul 13, 2026
White Cliff Minerals Limited has applied to the ASX for quotation of 14,609,680 new ordinary fully paid shares under the code WCN. The shares were issued pursuant to an underwriting agreement related to WCNO, with the new securities dated 13 July ...
White Cliff Minerals Seeks ASX Quotation for 50 Million New Shares
Jul 13, 2026
White Cliff Minerals Limited has applied for the quotation of 50,000,000 new ordinary fully paid shares on the Australian Securities Exchange, expanding its listed security base under the code WCN. The issue date for these securities is 13 July 20...
White Cliff expands Rae copper footprint as drilling and fresh funding boost district-scale ambitions
Jul 12, 2026
White Cliff Minerals has reported that its first diamond drillhole at the Danvers 1 prospect intersected 91.35 metres of chalcocite- and bornite-bearing copper sulphides, confirming a chlorite-altered chaotic breccia as the main host rock. The hol...
White Cliff Minerals Issues New Shares as Rae Copper Project Emerges
Jul 2, 2026
White Cliff Minerals has issued 8,056,076 ordinary shares following the conversion of an equivalent number of WCNO securities, and has provided a cleansing notice confirming compliance with relevant provisions of the Corporations Act. The board-ap...
White Cliff Minerals Issues New Shares as Rae Copper Project Advances
Jul 1, 2026
White Cliff Minerals has issued 150,148,219 ordinary shares following the conversion of an equivalent amount of WCNO, expanding its listed equity base without a formal prospectus disclosure under Australian Corporations Act provisions. The board c...
White Cliff Minerals Seeks ASX Quotation for 150 Million New Shares
Jul 1, 2026
White Cliff Minerals Limited has applied for quotation on the ASX of 150,148,219 ordinary fully paid shares, effective 1 July 2026. The new securities arise from the exercise of options or conversion of other securities, expanding the company̵...
White Cliff Minerals Issues New Shares as Rae Copper Project Grows
Jun 30, 2026
White Cliff Minerals has issued 94,868,252 new ordinary shares following the conversion of an equivalent amount of WCNO, expanding its equity base without a formal disclosure document under Part 6D.2 of the Corporations Act. The company has confir...
White Cliff Minerals Seeks ASX Quotation for Nearly 95 Million New Shares
Jun 30, 2026
White Cliff Minerals Limited has lodged a new application with the ASX for quotation of additional ordinary fully paid shares. The filing relates to the issuance of 94,868,252 WCN securities, which are to be listed and traded following their issue...
White Cliff Extends Hulk Sediment-Hosted Copper System at Rae Project
Jun 28, 2026
White Cliff Minerals has reported further encouraging results from its 2026 diamond drilling campaign at the Rae Copper Project’s Hulk target in Nunavut, Canada. The company is testing a sediment-hosted copper system developed along the cont...
White Cliff Minerals Expands Share Base as Rae Copper Project Emerges
Jun 26, 2026
White Cliff Minerals has issued 35,644,509 ordinary shares following the conversion of an equivalent number of WCNO securities, expanding its share base as part of an internal capital restructuring. The company confirmed the shares were issued wit...
White Cliff Minerals Seeks Quotation for 35.6 Million New Shares
Jun 26, 2026
White Cliff Minerals Limited has applied to the ASX for quotation of 35,644,509 new ordinary fully paid shares, to be issued under the company’s code WCN. The securities are being listed following the exercise of options or conversion of oth...
White Cliff Minerals director converts large option holding into shares
Jun 25, 2026
White Cliff Minerals has disclosed a rebalancing of director Gavin Rezos’s holdings, detailing both his direct and indirect interests in the company’s ordinary shares, options and performance rights. The filing outlines his interests h...
White Cliff Minerals Expands Share Capital as Rae Copper Project Advances
Jun 25, 2026
White Cliff Minerals has issued 53,106,878 new ordinary shares following the conversion of an equivalent number of WCNO securities, expanding its share capital base. The company confirmed the shares were issued without a prospectus under Australia...
White Cliff Minerals Seeks ASX Quotation for 53 Million New Shares
Jun 25, 2026
White Cliff Minerals Limited has applied to the ASX for quotation of 53,106,878 ordinary fully paid shares under its existing WCN ticker. The new securities, issued on June 25, 2026, expand the company’s quoted share base and may influence i...
White Cliff Minerals Wins Strong Shareholder Backing for Capital Raising Resolutions
Jun 25, 2026
White Cliff Minerals shareholders have approved all resolutions put to a general meeting held on 25 June 2026, endorsing a series of share and option issues linked to a recent capital raising. The measures include the issuance of shortfall shares ...
White Cliff issues new shares as Rae copper project signals large-scale potential
Jun 23, 2026
White Cliff Minerals has issued 10,519,829 ordinary shares following the conversion of an equivalent amount of WCNO, expanding its share capital without providing a disclosure document under the Corporations Act. The company confirmed it is compli...
White Cliff Minerals Lists Additional Shares Following Option Exercises
Jun 23, 2026
White Cliff Minerals Limited has applied for quotation on the ASX of 10,519,829 ordinary fully paid shares, issued following the exercise of options or conversion of other convertible securities. The new securities, to be traded under the existing...
White Cliff Director Increases Shareholding Through Option Conversion
Jun 22, 2026
White Cliff Minerals has reported a change in the holdings of director John Hancock, reflecting an internal rebalancing of his equity position. The disclosure highlights the company’s ongoing adherence to ASX governance rules requiring timel...
White Cliff Minerals Issues 81.7 Million Shares Following WCNO Conversion
Jun 22, 2026
White Cliff Minerals has expanded its share capital by issuing 81,668,120 ordinary shares following the conversion of an equivalent number of WCNO securities, as detailed in recent regulatory filings. The new shares were issued without a prospectu...
White Cliff Minerals Seeks ASX Quotation for 81.7 Million New Shares
Jun 22, 2026
White Cliff Minerals has applied to the ASX for quotation of 81,668,120 new ordinary fully paid shares, following the issue of these securities on 22 June 2026. The application indicates an expansion of the company’s quoted capital base, whi...
White Cliff Minerals Issues Over 45 Million Shares on WCNO Conversion
Jun 18, 2026
White Cliff Minerals has issued 45,655,719 new ordinary shares following the conversion of an equivalent number of WCNO securities, increasing its share capital base. The company confirmed that the issuance was conducted without a disclosure docum...
White Cliff Minerals Expands Share Capital with New ASX Quotation
Jun 18, 2026
White Cliff Minerals has applied to the ASX for quotation of 45,655,719 additional ordinary fully paid shares, expanding its listed securities on the exchange. The new shares, issued on June 18, 2026, reflect the conversion or exercise of existing...
White Cliff Minerals Issues Over 26 Million New Shares on WCNO Conversion
Jun 17, 2026
White Cliff Minerals has issued 26,040,337 new ordinary shares following the conversion of an equivalent amount of WCNO, expanding its issued capital base. The company stated that the shares were issued without a prospectus under the Corporations ...
White Cliff Minerals Seeks ASX Quotation for 26 Million New Shares
Jun 17, 2026
White Cliff Minerals Limited has applied to the ASX for quotation of 26,040,337 new ordinary fully paid shares under the code WCN, with an issue date of June 17, 2026. The newly quoted securities result from the exercise or conversion of existing ...
White Cliff Confirms Major New Copper Zone at Rae’s Danvers Prospect
Jun 16, 2026
White Cliff Minerals has reported another significant high-grade copper discovery at its Rae Copper Project, confirming a new mineralised zone parallel to the Teshierpi Fault Zone and highlighted by drillhole DAN26015, which intersected long inter...
White Cliff Unveils Exceptional High-Grade Copper Discovery at Danvers
Jun 9, 2026
White Cliff Minerals has reported an exceptional high-grade copper discovery at the Danvers prospect within its Rae Copper Project, highlighted by drillhole DAN26012 intersecting 19.81 metres at 6.64% copper, including several ultra high-grade int...
White Cliff sets in-specie capital return via distribution of ASX-listed securities
Jun 9, 2026
White Cliff Minerals Limited has lodged an updated notification with the ASX outlining a return of capital to shareholders via an in-specie distribution of securities in another listed entity. The transaction applies to holders of WCN ordinary sha...
White Cliff Minerals Halts Trading Ahead of Rae Copper Assay Results
Jun 8, 2026
White Cliff Minerals has requested a temporary halt in trading of its shares on the ASX as it prepares to release assay results from its Rae Copper Project. The halt, which is intended to remain in place until either the announcement is released o...
White Cliff Minerals Expands Share Capital Through WCNO Conversion
Jun 3, 2026
White Cliff Minerals Limited has issued 20,785,219 new ordinary shares following the conversion of an equivalent amount of WCNO, expanding its share capital base without providing a disclosure document under Part 6D.2 of the Corporations Act. The ...
White Cliff Minerals Seeks ASX Quotation for Over 20 Million New Shares
Jun 3, 2026
White Cliff Minerals Limited has applied to the ASX for quotation of 20,785,219 new ordinary fully paid shares, issued on June 2, 2026. The additional securities arise from the exercise or conversion of existing options or other convertible instru...
White Cliff Minerals Issues Performance Rights to Director Sara Kelly
Jun 2, 2026
White Cliff Minerals has disclosed a change in director Sara Kelly’s interests following the issue of new performance rights. The notice, lodged with the ASX, records that Kelly now holds Class Q, R and S Performance Rights indirectly throug...
White Cliff Minerals Issues 9 Million Unquoted Performance Rights
Jun 2, 2026
White Cliff Minerals has notified the market of the issue of 9,000,000 unquoted performance rights, recorded under the ASX code WCNAL and dated 28 May 2026. The move expands its pool of performance-based equity instruments, signalling continued us...
White Cliff Minerals Outlines Strategy to Advance Major Copper Discovery
Jun 2, 2026
White Cliff Minerals has released an investor presentation outlining its strategy to advance a significant copper discovery. The presentation emphasizes that all non-historical statements are subject to substantial risks and uncertainties and shou...
White Cliff Expands Rae Copper Footprint With High-Grade Danvers Drill Hits
Jun 1, 2026
White Cliff Minerals has reported further strong drilling results from the Danvers area at its Rae Copper Project in Nunavut, with assays extending the confirmed copper mineralised footprint to more than 1.8 kilometres in strike. Regional step-out...
White Cliff updates ASX on in‑specie return of capital
May 28, 2026
White Cliff Minerals has notified the ASX of an updated return of capital to shareholders, to be executed via an in‑specie distribution of securities in another ASX‑listed entity. The move applies to the company’s ordinary shares...
White Cliff Minerals Issues Replacement Meeting Notice and Proxy Forms
May 27, 2026
White Cliff Minerals has issued a replacement notice of meeting, explanatory memorandum and proxy form for its general meeting scheduled for 25 June 2026 in Perth, with the time and venue unchanged. The updated documents, available via the company...
White Cliff Minerals updates ASX on in‑specie capital return
May 25, 2026
White Cliff Minerals has notified the ASX of an updated return of capital to shareholders via an in‑specie distribution of securities in another listed entity. The corporate action applies to holders of the company’s ordinary shares an...
White Cliff Minerals Sets June 2026 General Meeting, Pushes Digital Voting
May 24, 2026
White Cliff Minerals has called a General Meeting of shareholders for 25 June 2026 in Perth, signaling routine corporate governance activity and providing formal notice through electronic distribution channels in line with recent changes to the Co...
White Cliff Minerals calls 2026 meeting to approve major shortfall share issues
May 22, 2026
White Cliff Minerals has called a general meeting of shareholders for 25 June 2026 in Perth to vote on approvals for issuing new shares linked to a recent capital raising. The meeting materials outline resolutions to ratify the issue of shortfall ...
White Cliff Minerals Moves to Secure Capital as WCNO Options Near Expiry
May 22, 2026
White Cliff Minerals has reminded holders of its listed WCNO options that these securities, exercisable at $0.0107 each, will expire at 5:00pm WST on 30 June 2026, with ASX quotation ceasing on 24 June 2026. Option holders may choose to exercise t...
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.