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Widgie Nickel Limited
(Sydney:WIN)
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Rating:45Neutral
Price Target:
AU$0.02
ā²(0.00% Upside)
Action:Reiterated
Date:10/02/26
The score is held down primarily by weak financial performance: the company is pre-revenue with recurring losses and consistently negative operating/free cash flow, alongside a meaningful decline in equity over time. Technicals are broadly neutral with a slight negative longer-term bias (below the 200-day average and a negative MACD). Valuation provides limited support due to a negative P/E and no indicated dividend yield.
Positive Factors
Very low leverage
Very low debt relative to equity reduces near-term solvency pressure and interest burden. This gives Widgie greater flexibility to direct available capital toward exploration and development, although it does not remove the need for future funding while the business remains pre-revenue.
Negative Factors
Pre-revenue status
Zero revenue across five annual periods confirms that Widgie has not yet reached commercial production or established recurring operating income. The company therefore remains dependent on successful project development before it can fund operations through customer sales rather than external capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage
Very low debt relative to equity reduces near-term solvency pressure and interest burden. This gives Widgie greater flexibility to direct available capital toward exploration and development, although it does not remove the need for future funding while the business remains pre-revenue.
Read all positive factors
Widgie Nickel Limited (WIN) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$18.04M
Dividend YieldN/A
Average Volume (3M)1.20M
Price to Earnings (P/E)ā
Beta (1Y)2.07
Revenue GrowthN/A
EPS Growth93.65%
CountryAU
EmployeesN/A
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding859,075,400
10 Day Avg. Volume1,239,931
30 Day Avg. Volume1,199,436
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)0.70
Price to Sales (P/S)0.00
P/FCF Ratio-2.97
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
Widgie Nickel Limited Business Overview & Revenue Model
Company Description
Australian-based Widgie Nickel Limited is a company focused on the exploration and development of mineral resources. The firm's primary objective is to discover nickel deposits. Among its assets is the significant Mt Edwards nickel project, an ext...
How the Company Makes Money
WINās primary pathway to generate revenue is through the commercial development of its nickel sulphide assets: extracting ore, producing a saleable nickel-bearing product (e.g., concentrate), and selling that product into the nickel supply chain a...
Widgie Nickel Limited Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
62
Positive
Cash Flow
22
Negative
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -285.48K | -1.73M | -490.19K | -387.99K | -92.31K |
| EBITDA | -3.70M | -3.91M | -1.80M | -1.65M | -2.63M |
| Net Income | -4.02M | -33.77M | -2.30M | -2.06M | -2.72M |
Balance Sheet | |||||
| Total Assets | 21.94M | 17.03M | 42.78M | 46.96M | 36.77M |
| Cash, Cash Equivalents and Short-Term Investments | 2.09M | 2.34M | 1.69M | 11.84M | 16.44M |
| Total Debt | 51.69K | 130.71K | 113.07K | 278.37K | 358.37K |
| Total Liabilities | 3.72M | 2.94M | 1.24M | 4.05M | 3.53M |
| Stockholders Equity | 18.22M | 14.09M | 41.54M | 42.91M | 33.24M |
Cash Flow | |||||
| Free Cash Flow | -4.33M | -5.07M | -11.00M | -15.89M | -7.42M |
| Operating Cash Flow | -3.59M | -3.90M | -10.62M | -14.74M | -6.76M |
| Investing Cash Flow | -4.04M | 940.55K | -102.07K | -955.93K | -616.14K |
| Financing Cash Flow | 7.28M | 3.61M | 572.52K | 11.29M | 23.81M |
Widgie Nickel Limited Technical Analysis
Negative
0.02
Price Trends
0.02
Positive
0.02
Negative
0.02
Negative
Market Momentum
>-0.01
Negative
46.59
Neutral
50.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:WIN, the sentiment is Negative. The current price of 0.02 is above the 20-day moving average (MA) of 0.02, above the 50-day MA of 0.02, and below the 200-day MA of 0.02, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 46.59 is Neutral, neither overbought nor oversold. The STOCH value of 50.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:WIN.
Widgie Nickel 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% | |
47 Neutral | AU$5.35M | -1.43 | -192.77% | ā | ā | 65.85% | |
46 Neutral | AU$15.91M | -3.50 | -42.15% | ā | -11.28% | 41.18% | |
46 Neutral | AU$14.46M | -2.08 | -3.88% | ā | ā | 61.90% | |
45 Neutral | AU$18.04M | -3.70 | -21.01% | ā | ā | 93.65% | |
45 Neutral | AU$24.53M | -3.19 | -43.52% | 26.19% | ā | 76.51% | |
45 Neutral | AU$13.68M | -14.00 | -5.09% | ā | ā | -33.93% |
* Basic Materials Sector Average
AU:WIN
Widgie Nickel Limited
0.02
-0.02
-54.55%
AU:LIT
Lithium Australia NL
0.01
>-0.01
-28.57%
AU:NMT
Neometals Ltd
0.03
-0.02
-46.30%
AU:AM5
NickelSearch Ltd.
0.01
0.00
0.00%
AU:GT1
Green Technology Metals Limited
0.01
-0.02
-61.76%
AU:NC1
NICO Resources Limited
0.11
-0.04
-27.59%
Widgie Nickel Limited Corporate Events
Astral Resources Secures Full Control of Mandilla Development Footprint
Sep 27, 2026
Astral Resources has entered into a transaction with WIN Metals to consolidate tenure and mineral rights around the Mandilla Gold Project, securing title and unfettered control over key mining leases and rights critical to Mandilla’s develop...
WIN Metals Secures $9m in Tenure Deal with Astral to Streamline Mt Edwards Rights
Sep 27, 2026
WIN Metals has agreed a $9.05 million tenure and mineral rights rationalisation deal with Astral Resources over parts of the Mt Edwards Nickel Project, reshaping ownership of nickel and gold rights across several mining leases. The transaction pre...
WIN Metals Lodges Key Permits to Restart High-Grade Radio Gold Project
Sep 24, 2026
WIN Metals Ltd has advanced plans to restart its Radio Gold Project, lodging a Mine Development and Closure Plan with Western Australia’s Department of Mines, Petroleum and Exploration and a Works Approval application with the Department of ...
WIN Metals Sets AGM Date and Opens Director Nominations
Sep 9, 2026
WIN Metals Ltd has scheduled its Annual General Meeting for 11 November 2026, where shareholders will vote on the election of directors in line with ASX listing requirements. The company has set 23 September 2026 as the closing date for receiving ...
Win Metals Raises Capital via Unquoted Convertible Notes
Sep 4, 2026
Win Metals Ltd has notified the market of the issuance of 820,000 unquoted convertible notes, maturing in September 2027, under a new class of securities that will not be quoted on the ASX. The move signals a targeted capital-raising strategy usin...
Win Metals Plans Convertible Note Placement to Raise Capital
Aug 31, 2026
Win Metals Ltd has notified the ASX of its intention to undertake a placement involving a proposed issue of convertible notes due September 2027, with a maximum of 860,000 securities to be issued. The notes are expected to be issued on 4 September...
WIN Metals Secures Convertible Note Funding to Support Radio Gold Mine Plans
Aug 31, 2026
WIN Metals Ltd has secured binding commitments for AUD 860,000 of unsecured, unquoted convertible notes from sophisticated and professional investors to bolster its funding position. The notes carry a 12-month term, 10% annual interest capitalised...
Win Metals Seeks ASX Quotation for Additional Ordinary Shares
Aug 31, 2026
Win Metals Ltd has applied for quotation of 1,698,000 ordinary fully paid shares on the ASX, with an issue date of August 28, 2026. The new securities arise from the exercise or conversion of existing options or other convertible instruments, mode...
WIN Metals completes Radio Gold Re-Start Study as multi-commodity portfolio advances
Aug 31, 2026
WIN Metals Limited, listed on the ASX, operates a multi-commodity portfolio spanning gold, nickel and lithium in Australia. Key assets include the Radio and Butchers Creek gold projects, Golden Crown exploration targets and the Mt Edwards nickel a...
WIN Metals to Outline Radio Gold Project ReāStart Study in Investor Webinar
Aug 28, 2026
WIN Metals Ltd has announced it will host a live investor briefing webinar, led by Managing Director and CEO Steve Norregaard, to update shareholders and the market on its recently completed Radio Gold Project Re‑Start Study. The session wil...
Win Metals Issues New Unquoted Performance Rights and Long-Term Incentive Options
Aug 24, 2026
Win Metals Ltd has issued a total of 199,000 performance rights and 3,815,000 unlisted long-term incentive options as part of an employee incentive scheme that will not be quoted on the ASX. The options vest on 30 September 2027, are exercisable a...
WIN Metals maps low-capital restart of Radio Gold Project
Aug 24, 2026
WIN Metals has completed a preliminary Radio Re-Start Study outlining a low-capital pathway to restarting gold production at its Radio Gold Project through an integrated open-pit and underground mine supported by onsite processing. By utilising ex...
WIN Metals Confirms Exceptional Gold Recoveries at Radio Project
Aug 13, 2026
WIN Metals has reported exceptionally strong metallurgical test results from the Radio gold mine in Western Australia, confirming that the ore is free milling with significant gravity gold content. The samples showed gravity and leach extraction v...
WIN Metals boosts Radio Gold resources and advances path to production
Jul 31, 2026
WIN Metals reported a 21% increase in the Mineral Resource at its Radio Gold Project to 49,600 ounces at 4.2 g/t, marking a 73% uplift since acquiring the asset in August 2025. Half of the resource is now classified as Indicated, with RepeaterR...
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.