Dart Mining NL (DTM) AI Stock Analysis

• Market Cap: AU$7.55M
• Dividend Yield: N/A
• Average Volume (3M): 660.40K
• Price to Earnings (P/E): ―
• Beta (1Y): 3.21
• Revenue Growth: -100.00%
• EPS Growth: -190.80%
• Country: AU
• Employees: 10
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): -0.28
• Shares Outstanding: 209,708,620
• 10 Day Avg. Volume: 574,391
• 30 Day Avg. Volume: 660,402
• PEG Ratio: -0.01
• Price to Book (P/B): 1.72
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -18.17
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 44 Neutral
• Price Target: AU$0.03 ▼(-15.00% Downside)
• Action: Reiterated Date: 02/21/26
• Date: Action: Reiterated 02/21/26

The score is held down primarily by weak financial performance—zero revenue in the latest year, widening losses, and persistent negative operating/free cash flow—despite the benefit of having no debt. Technical indicators are broadly neutral-to-soft (below key short-term averages with negative MACD), and valuation support is limited due to loss-making earnings and no dividend yield data.

Positive Factors

Low leverage / balance sheet flexibility

Zero reported debt gives the company structural financial flexibility: it lowers fixed financing costs and reduces default risk, enabling management to prioritize exploration spend or negotiate joint ventures without interest burdens. This durability supports operations over months while projects advance.

Focused exploration business model

A clear, focused exploration mandate—gold and base metals in Australia—provides durable strategic clarity. It concentrates technical expertise and tenement management, aligns with stable Australian mining frameworks, and improves the chance of value-creating mineral discoveries or transaction exits over the medium term.

Lean operating footprint

A very small employee base implies a lean overhead structure, allowing a larger share of capital to be directed to field programs. For an explorer, low fixed costs extend cash runway and reduce pressure to monetize projects quickly, which is a durable operational advantage while drilling and permits progress.

Negative Factors

Zero revenue and large net losses

No revenue and an expanding net loss are structural concerns: without operating income the firm must rely on external capital to continue exploration. Persistent losses erode equity, increase dilution risk when raising funds, and constrain the company’s ability to advance multiple targets simultaneously over months.

Consistent negative operating and free cash flow

Ongoing negative operating and free cash flow indicate core activities destroy cash rather than generate it. This creates a durable funding dependency: management must secure equity or JV funding to sustain programs, which raises execution risk and can delay or scale back exploration plans.

Eroding shareholder value and weak ROE

A severely negative return on equity signals capital destruction and undermines investor confidence. Over time, weak ROE makes it harder to attract strategic partners or favorable financing, increases the cost of new capital, and heightens the risk that ongoing losses will materially dilute existing shareholders.

Dart Mining NL Business Overview & Revenue Model

Company Description

Dart Mining NL engages in the exploration of gold and base metal in Australia. The company primarily explores for lithium, silver, copper, molybdenum, zinc, tungsten, tin, and tantalum ores. Its flagship project is the Granite Flat located between Mitta Mitta and Glen Wills. The company was incorporated in 2006 and is based in Tallangatta, Australia.

How the Company Makes Money

Dart Mining NL makes money primarily through the exploration and potential development of mineral resources. The company's revenue model is centered on identifying promising mineral deposits and advancing these projects through exploration and feasibility studies. Revenue is generated through the sale of mineral rights, joint ventures, and partnerships with larger mining companies who have the capital and expertise to develop these resources into operational mines. Additionally, Dart Mining may earn income from government grants or incentives aimed at promoting mineral exploration. The company's earnings are significantly influenced by factors such as commodity prices, exploration success, and strategic partnerships with other industry participants.

Dart Mining NL Financial Statement Overview

Summary

Overall financials are weak: the income statement shows a loss-making profile with the latest year deteriorating sharply (revenue falling to zero and net loss expanding to ~11.6M). Cash flow is also consistently negative with ongoing cash burn. The main offset is balance-sheet resilience from having no debt, but recurring losses are eroding equity strength.

Income Statement

The company remains in a loss-making profile with negative operating results across the period, and the latest year shows a sharp deterioration with net loss expanding to ~11.6M while revenue fell to zero (down 100% vs. the prior year). Profitability is consistently weak, with gross profit and operating profit negative in most years, indicating limited ability to cover the cost base from revenue. A positive point is that revenue did spike in 2024 versus a very low 2023 base, but the trend is not sustained and earnings volatility is extremely high.

Balance Sheet

The balance sheet is conservatively positioned from a leverage standpoint, with no debt reported and a debt-to-equity ratio of 0.0 across all years, which lowers financial risk and improves flexibility. However, recurring net losses are eroding shareholder value over time, highlighted by consistently negative returns on equity and a very weak latest-year return on equity (~-75%). Overall, the company has balance-sheet resilience due to low leverage, but profitability pressure is a clear risk to longer-term equity strength.

Cash Flow

Cash generation is weak, with operating cash flow negative every year and free cash flow also consistently negative, implying ongoing cash burn to sustain operations. The latest year shows further pressure as free cash flow declined versus the prior year (free cash flow growth ~-68.6%), reinforcing funding risk if conditions persist. While free cash flow appears larger than net loss in some years (reflecting non-cash charges and timing effects), the core issue remains: the business is not producing positive operating cash flow.

Breakdown	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	0.00	301.32K	1.26K	13.86K	29.41K
Gross Profit	-19.73K	-1.40M	-662.14K	-229.75K	18.39K
EBITDA	-11.59M	-1.74M	-871.52K	-432.16K	-779.82K
Net Income	-11.63M	-1.76M	-912.41K	-454.94K	-790.84K
Balance Sheet
Total Assets	16.49M	21.33M	22.35M	18.43M	15.84M
Cash, Cash Equivalents and Short-Term Investments	525.57K	230.89K	190.62K	375.69K	1.10M
Total Debt	0.00	0.00	0.00	0.00	0.00
Total Liabilities	922.76K	965.32K	2.29M	656.74K	834.11K
Stockholders Equity	15.56M	20.37M	20.06M	17.77M	15.00M
Cash Flow
Free Cash Flow	-1.47M	-4.25M	-3.44M	-3.95M	-4.58M
Operating Cash Flow	-1.03M	-546.02K	-322.96K	-347.83K	-644.66K
Investing Cash Flow	-4.26M	-1.14M	-2.63M	-3.49M	-3.87M
Financing Cash Flow	5.58M	1.73M	2.77M	3.11M	4.72M

Dart Mining NL Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
ENX	50 Neutral	AU$71.73M	-15.82	-61.77%	―	―	-45.08%
AKN	45 Neutral	AU$15.74M	-0.97	-71.65%	―	―	―
DTM	44 Neutral	AU$7.55M	-0.14	-64.71%	―	-100.00%	-190.80%
GES	44 Neutral	AU$7.83M	-3.45	-63.22%	―	―	-7.41%
AQX	38 Underperform	AU$17.32M	-2.78	-110.65%	―	―	32.08%

Dart Mining NL Corporate Events

Dart Mining Expands Queensland Portfolio With Skarn Ridge Copper-Gold-Graphite Acquisition

Dart Mining NL has acquired the Skarn Ridge Copper-Gold and Mt Bauple Graphite Project in southeastern Queensland from private group FFM for AUD 25,000, adding two exploration permit areas to its portfolio. The project lies within the mineral-rich Mt Perry–Electra Fault Zone and early work, including historic drilling and rock chip sampling, indicates copper, gold, and silver mineralisation with visible chalcopyrite and bornite.

The acquisition strengthens Dart Mining’s strategic focus on central and southeast Queensland, giving it four projects within a 300-kilometre radius and bolstering its pipeline beyond its more advanced Triumph and Coonambula assets. Management characterises Skarn Ridge as a low-cost, early-stage addition that could enhance the company’s longer-term growth options if further exploration confirms its copper, gold, and graphite potential.

The most recent analyst rating on (AU:DTM) stock is a Sell with a A$0.04 price target. To see the full list of analyst forecasts on Dart Mining NL stock, see the AU:DTM Stock Forecast page.

Dart Mining Options Lapse as Conditional Rights Go Unmet

Dart Mining NL, listed on the ASX under code DTM, has reported the cessation of a tranche of its listed options, DTMAW, which were due to expire on 30 November 2028 at an exercise price of $0.90. The company announced that 274,194 of these options have lapsed after the conditions attached to the rights either were not satisfied or became incapable of being met, resulting in a reduction of potential future dilution from these securities but also removing a prospective source of additional equity capital for the company.

The most recent analyst rating on (AU:DTM) stock is a Sell with a A$0.04 price target. To see the full list of analyst forecasts on Dart Mining NL stock, see the AU:DTM Stock Forecast page.

Dart Mining Expands Triumph Gold Potential With New Exploration Target and Wider Mineralised Zone

Dart Mining NL reported a significant step-up in its Triumph Gold Project in Victoria, declaring an exploration target of 5.1–7.6 million tonnes at 1.72–2.52 grams per tonne gold, equating to 285,100–613,200 ounces, with a base case of 6.9 million tonnes at 2.29 grams per tonne for about 506,800 ounces. This new exploration target sits alongside an existing JORC mineral resource of 2.16 million tonnes at 2.17 grams per tonne for 150,000 ounces, and is largely defined by drilling in close proximity to the current resource, with most material potentially amenable to open-pit mining. During the quarter, Dart completed 2,761 metres of diamond drilling at Triumph, with final assays from deep hole TRDD014 confirming high-grade gold and silver intersections and demonstrating that mineralisation extends at depth and widens to create a 170-metre-wide mineralised zone at New Constitution. The discovery of multiple new parallel lodes and broad mineralised zones materially reinforces the scale and quality potential of Triumph, improving Dart Mining’s growth outlook and strengthening the project’s strategic importance within its exploration portfolio.

The most recent analyst rating on (AU:DTM) stock is a Sell with a A$0.04 price target. To see the full list of analyst forecasts on Dart Mining NL stock, see the AU:DTM Stock Forecast page.

Dart Mining Confirms High-Grade Gold, Silver and Antimony Potential at Coonambula

Dart Mining NL has reported high-grade gold, silver and antimony results from surface and channel sampling at its Coonambula Antimony-Gold Project in Central Queensland, including a 5m interval grading 2.55g/t gold and 1.35% antimony from trench T10 immediately south of the historic Banshee Mine, alongside multiple high-grade rock chip samples along strike. Additional sampling at historical workings at the nearby Lady Margaret and McKonkeys North prospects, located up to 2.3km northwest of Banshee, returned strong gold assays from mullock piles, reinforcing the broader gold potential of the Coonambula field and suggesting the possibility of a larger, near-surface bulk ore system as the company awaits diamond drilling assay results expected in early February.

The most recent analyst rating on (AU:DTM) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Dart Mining NL stock, see the AU:DTM Stock Forecast page.

Dart Mining Options Lapse Following Expiry Date

Dart Mining NL has announced the expiry of 50,000 unexercised options with an exercise price of $1.95 that ceased on 11 January 2026. The lapse of these options slightly reduces the company’s potential future share dilution but has no immediate impact on its current issued capital structure, representing a routine capital management event for existing shareholders and the market.

The most recent analyst rating on (AU:DTM) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Dart Mining NL stock, see the AU:DTM Stock Forecast page.

Dart Mining Options Expire as Gold Exploration Strategy Advances

Dart Mining NL has announced that 50,000 unlisted options with an exercise price of $1.95 expired on 11 January 2026, resulting in a modest simplification of the company’s capital structure with no immediate cash inflow from these instruments. The expiry comes as the company continues to advance its gold-focused exploration strategy in Queensland and Victoria, where it is targeting intrusion-related and epithermal gold systems as well as broader precious, base and strategic metal opportunities, underpinning its positioning as an emerging regional exploration player.

The most recent analyst rating on (AU:DTM) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Dart Mining NL stock, see the AU:DTM Stock Forecast page.

Dart Mining Options Lapse, Trimming Potential Dilution in Capital Structure

Dart Mining NL has announced the expiry of 73,334 unexercised options (ASX code DTMAA) that were due to expire on 31 December 2025 at an exercise price of A$1.95 each. The cessation of these options marginally simplifies the company’s capital structure by removing a series of potential equity dilution, but does not involve any new capital being raised or any change to existing ordinary share holdings.

The most recent analyst rating on (AU:DTM) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Dart Mining NL stock, see the AU:DTM Stock Forecast page.

Dart Mining Clears 73,334 Unlisted Options From Capital Structure

Dart Mining NL has announced that 73,334 unlisted options, each with an exercise price of $1.95, expired on 31 December 2025, resulting in the removal of these potential equity instruments from its capital structure. The expiry modestly simplifies the company’s securities on issue but does not directly alter its current operations or exploration strategy across its gold and strategic metals projects in Victoria and Queensland.

The most recent analyst rating on (AU:DTM) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Dart Mining NL stock, see the AU:DTM Stock Forecast page.

Dart Mining Flags Strong Gold Intercepts and Structural Targets at Rushworth’s Phoenix Reef

Dart Mining NL has reported interim results from its 2024 diamond drilling program at the Phoenix Reef prospect within the Rushworth project in Victoria, confirming wide gold-mineralised lodes within a stacked system linked to a ruptured anticline. Significant intercepts included 12.8 metres at 1.75 g/t gold in hole PXDD006 and multiple narrower high-grade zones above 3 g/t gold, while the discovery of large, previously unknown underground workings suggests historic extraction of a higher-grade core but leaves a surrounding halo of gold mineralisation that remains prospective. The new structural interpretation, including evidence of substantial fault movement and multiple step-fault targets, reinforces the project’s exploration upside and underpins Dart Mining’s plan to resume drilling in 2026, with potential implications for the scale and continuity of gold resources at Rushworth.

Record Gold Grades Found at Coonambula Project

Dart Mining NL, in collaboration with Great Divide Mining Ltd, has reported the highest gold grades ever recorded at the Banshee Antimony Mine within the Coonambula Antimony–Gold Project in Central Queensland. This significant discovery underscores the potential of the Coonambula site to host a large antimony-gold system, enhancing the project’s value and positioning in the mining industry. The joint venture agreement allows Dart Mining to earn up to a 51% interest in the project by meeting specific drilling and reporting milestones, with further results anticipated in the coming months.

Dart Mining Reports Record Gold Assay Results at Banshee Mine

Dart Mining NL has announced the highest gold assay results to date from the Banshee antimony mine, part of the Coonambula project in Central Queensland. The drill hole CBADD002 revealed significant gold and antimony intersections, indicating a promising continuation of mineralization potential. These findings suggest the presence of a deeper gold-rich system, which could enhance the company’s exploration prospects and potentially impact its market positioning by increasing the target zone for shallow gold potential.

Dart Mining NL Reports Promising Drilling Results at Coonambula Project

Dart Mining NL has announced significant progress in its Coonambula Antimony-Gold Project, with successful diamond drilling revealing extensive stibnite mineralization across multiple drill holes. The drilling has confirmed the fertility of the Banshee Prospect over a 300-meter strike, which remains open for further exploration. This development is expected to enhance Dart Mining’s operational capabilities and strengthen its position in the mineral exploration industry.

Dart Mining NL Successfully Passes All Resolutions at Extraordinary General Meeting

Dart Mining NL held an Extraordinary General Meeting on November 26, 2025, where all proposed resolutions were passed. Key resolutions included the approval of a 10% placement facility, ratification of shares and options issued for loan repayment, and the approval of advisor options to Oakley Capital Partners Pty Ltd and Zerp Capital Pty Ltd. These decisions are expected to bolster the company’s financial flexibility and strategic partnerships, potentially enhancing its market position and operational capabilities.

Dart Mining NL Issues Caution on Forward-Looking Statements

Dart Mining NL has issued a cautionary statement regarding forward-looking information in its latest investor presentation. The company emphasizes that visual estimates of mineralization should not be considered a substitute for laboratory analysis, as they may not accurately reflect economic grades or other relevant factors.