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Western Mines Group Ltd
(Sydney:WMG)
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Rating:43Neutral
Price Target:
AU$0.14
â–¼(-15.62% Downside)
Action:Reiterated
Date:10/09/26
The score is held down primarily by weak financial performance (pre-revenue profile, widening losses, and persistent negative operating/free cash flow) and bearish technicals (price below key moving averages with negative MACD). A low-debt balance sheet with a strengthened equity base provides some support, but the negative P/E underscores that profitability is not yet established.
Positive Factors
Low leverage
Minimal debt reduces financial strain and preserves flexibility while the company funds exploration. A lightly levered balance sheet lowers interest and refinancing exposure, allowing more capital to be directed toward projects and helping absorb setbacks over the next several quarters.
Negative Factors
Pre-revenue and widening losses
The absence of meaningful revenue and the sharp increase in annual net losses show that the business has not yet established a self-sustaining operating model. Continued exploration therefore depends on external funding or asset progress before earnings can become durable.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage
Minimal debt reduces financial strain and preserves flexibility while the company funds exploration. A lightly levered balance sheet lowers interest and refinancing exposure, allowing more capital to be directed toward projects and helping absorb setbacks over the next several quarters.
Read all positive factors
Western Mines Group Ltd (WMG) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$18.25M
Dividend YieldN/A
Average Volume (3M)40.67K
Price to Earnings (P/E)―
Beta (1Y)1.11
Revenue GrowthN/A
EPS Growth-36.53%
CountryAU
Employees7
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-0.03
Shares Outstanding130,371,520
10 Day Avg. Volume34,283
30 Day Avg. Volume40,667
Financial Highlights & Ratios
PEG Ratio-0.10
Price to Book (P/B)1.48
Price to Sales (P/S)0.00
P/FCF Ratio-5.43
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
Western Mines Group Ltd Business Overview & Revenue Model
Company Description
Founded in 2020 and based in West Perth, Australia, Western Mines Group Ltd is a mineral exploration firm dedicated to identifying and advancing mineral properties throughout Australia. The company's exploration efforts primarily target nickel, co...
Western Mines Group Ltd Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
68
Positive
Cash Flow
18
Very Negative
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 10.37K | 0.00 | 47.26K | 0.00 |
| Gross Profit | 0.00 | 10.37K | -49.37K | 38.42K | -1.60K |
| EBITDA | -3.26M | -1.22M | -1.33M | -1.09M | -1.27M |
| Net Income | -3.46M | -1.73M | -1.38M | -1.05M | -1.07M |
Balance Sheet | |||||
| Total Assets | 15.61M | 12.20M | 11.74M | 8.92M | 6.03M |
| Cash, Cash Equivalents and Short-Term Investments | 1.58M | 1.56M | 2.13M | 3.27M | 3.68M |
| Total Debt | 58.02K | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 1.70M | 251.75K | 2.09M | 852.95K | 833.97K |
| Stockholders Equity | 13.90M | 11.95M | 9.65M | 8.06M | 5.20M |
Cash Flow | |||||
| Free Cash Flow | -3.80M | -3.37M | -5.45M | -4.08M | -1.96M |
| Operating Cash Flow | -1.28M | -1.15M | -971.00K | -839.05K | -891.20K |
| Investing Cash Flow | -2.17M | -1.82M | -4.08M | -3.24M | -869.62K |
| Financing Cash Flow | 3.46M | 2.41M | 3.90M | 3.67M | 5.11M |
Western Mines Group Ltd Technical Analysis
Neutral
0.16
Price Trends
0.15
Negative
0.17
Negative
0.19
Negative
Market Momentum
>-0.01
Negative
52.00
Neutral
86.67
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:WMG, the sentiment is Neutral. The current price of 0.16 is above the 20-day moving average (MA) of 0.13, above the 50-day MA of 0.15, and below the 200-day MA of 0.19, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 52.00 is Neutral, neither overbought nor oversold. The STOCH value of 86.67 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:WMG.
Western Mines Group Ltd 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% | |
49 Neutral | AU$19.44M | -5.56 | -95.83% | ― | ― | -3.28% | |
46 Neutral | AU$18.85M | -11.82 | -50.22% | ― | ― | 53.85% | |
44 Neutral | AU$24.67M | -4.17 | -31.63% | ― | ― | -58.33% | |
43 Neutral | AU$18.25M | -5.23 | -24.14% | ― | ― | -36.53% | |
41 Neutral | AU$24.78M | -3.71 | -58.95% | ― | ― | 40.91% | |
41 Neutral | AU$14.31M | -1.32 | -48.04% | ― | ― | 60.56% |
* Basic Materials Sector Average
AU:WMG
Western Mines Group Ltd
0.16
-0.10
-38.00%
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0.07
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0.01
>-0.01
-23.53%
Western Mines Group Ltd Corporate Events
Western Mines boosts Mulga Tank nickel resource and secures new cornerstone investor
Oct 30, 2026
Western Mines Group reported Phase 5 drilling assays from its Mulga Tank project, confirming broad zones of nickel sulphide mineralisation with coincident cobalt, copper and PGE anomalies across 19 RC holes and a deep diamond tail. Several holes r...
Western Mines Group Showcases Mulga Tank Nickel Sulphide Discovery at IMARC
Oct 27, 2026
Western Mines Group has released a company presentation centred on its Mulga Tank nickel sulphide discovery for the IMARC Sydney conference in October 2026. The presentation highlights the project’s exploration results and mineral resource e...
Western Mines Group Options Expire Without Exercise
Oct 26, 2026
Western Mines Group Ltd has announced the cessation of 400,000 options, listed under the ASX code WMGAR, following their expiry on October 25, 2026 without being exercised or converted. The move slightly reduces the company’s potential futur...
Western Mines lifts Mulga Tank nickel resource to over 7Mt contained metal
Oct 25, 2026
Western Mines Group has announced a major upgrade to the mineral resource estimate for shallow disseminated nickel sulphide mineralisation at its Mulga Tank project in Western Australia, incorporating 32 additional drill holes from recent programs...
Western Mines Group Sets November AGM, Urges Proxy Voting
Oct 20, 2026
Western Mines Group Ltd has scheduled its Annual General Meeting of shareholders for 18 November 2026 in Subiaco, Western Australia, and will provide both in-person and online access. The company will distribute the notice of meeting electronicall...
Western Mines Moves AGM Materials to Digital-First Format
Oct 20, 2026
Western Mines Group Ltd has called its Annual General Meeting for 18 November 2026 in Subiaco, Western Australia, and will hold the session in person for its shareholders. The agenda materials, including the notice, explanatory statement and relat...
Western Mines Group Confirms Broad Nickel Sulphide Zones at Mulga Tank
Oct 5, 2026
Western Mines Group has reported final geochemical assay results from seven reverse circulation holes in its Phase 5 drilling program at the Mulga Tank nickel-cobalt-copper-PGE project in Western Australia. The company says all holes intersected b...
Western Mines Files Updated Corporate Governance Statement and Appendix 4G
Sep 24, 2026
Western Mines Group has lodged its updated corporate governance statement for the year ended 30 June 2026, confirming that it complies with ASX Listing Rule requirements by publishing the statement on its website. The company has also submitted a ...
Western Mines Group Sets Out Corporate Structure in 2026 Annual Report
Sep 24, 2026
Western Mines Group Ltd, an ASX-listed minerals exploration company based in Subiaco, Western Australia, has outlined its current corporate structure and governance arrangements in its annual report for the year ended 30 June 2026. The company is ...
Western Mines Group Sets 2026 AGM Date and Director Nomination Deadline
Sep 23, 2026
Western Mines Group Ltd has scheduled its Annual General Meeting for Wednesday, 18 November 2026, where shareholders will have the opportunity to elect directors to the board. The company has set 5 pm Perth time on 30 September 2026 as the deadlin...
Western Mines Tightens Nickel Targeting with Uplifted Basal Zone at Mulga Tank
Sep 20, 2026
Western Mines Group reported new geochemical assay results from a diamond tail on hole MTRC001 and reverse circulation holes MTRC083 to MTRC087 at its Mulga Tank Project in Western Australia. The drilling, located on the western margin of the Mulg...
Western Mines Group Reports Robust Phase 5 Nickel Sulphide Assays at Mulga Tank
Aug 23, 2026
Western Mines Group has reported the first Phase 5 reverse circulation assay results from four holes at its Mulga Tank nickel project, all showing broad zones of nickel sulphide mineralisation with coincident copper and platinum group element anom...
Western Mines Group Seeks ASX Quotation for 10.4 Million New Shares
Aug 6, 2026
Western Mines Group Ltd has applied for quotation on the ASX of 10,435,578 new ordinary fully paid shares under code WMG, with an issue date of 6 August 2026. The additional securities, issued as part of a previously announced transaction, will ex...
Western Mines Group Seeks ASX Quotation for 6.1 Million New Shares
Aug 6, 2026
Western Mines Group Ltd has applied for quotation of 6,134,969 newly issued ordinary fully paid shares on the ASX. The securities, issued under a previously announced transaction, expand the company’s listed share capital and may enhance liq...
Western Mines Raises A$2.7m to Advance Mulga Tank Exploration
Aug 6, 2026
Western Mines Group has completed the issue of 16,570,547 fully paid ordinary shares at $0.163 each, raising about A$2.7 million via a placement to institutional and sophisticated investors, with a further 200,000 shares to be issued following a s...
Western Mines Group Showcases Mulga Tank Nickel Discovery at Diggers and Dealers
Aug 3, 2026
Western Mines Group has released a company presentation highlighting the Mulga Tank nickel sulphide discovery in connection with the Diggers and Dealers conference scheduled for early August 2026. The materials emphasise that the information is ge...
Western Mines Group Schedules Webinar on Mulga Tank Exploration Progress
Jul 30, 2026
Western Mines Group Ltd has scheduled a Quarterly Activities Webinar for Friday 7 August 2026 at 09:30 AWST to discuss exploration work undertaken during the June quarter at its Mulga Tank project in Western Australia. The online session aims to p...
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.