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Golden State Mining Ltd.
(Sydney:GSM)
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Rating:42Neutral
Price Target:
AU$0.01
▼(-45.00% Downside)
Action:Reiterated
Date:06/27/26
The score is primarily constrained by very weak financial performance (recurring losses, minimal revenue, and sustained cash burn with equity erosion), despite a debt-free balance sheet. Technicals also remain pressured with the price below major moving averages and negative MACD. Valuation is difficult to support due to negative earnings and no dividend yield data.
Positive Factors
Debt-free balance sheet
A debt-free capital structure materially reduces default and short-term liquidity risk for an exploration company. Over 2–6 months this preserves financial flexibility to pursue drilling or partner deals without immediate interest burdens, improving optionality to fund projects through equity or JV structures.
Negative Factors
Recurring net losses
Persistent losses erode the company’s equity base and reflect an absence of a durable revenue franchise. Over months this weakens bargaining power with partners, increases dilution risk when raising capital, and undermines the firm’s ability to self-fund exploration to reach value-accretive milestones.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
A debt-free capital structure materially reduces default and short-term liquidity risk for an exploration company. Over 2–6 months this preserves financial flexibility to pursue drilling or partner deals without immediate interest burdens, improving optionality to fund projects through equity or JV structures.
Read all positive factors
Golden State Mining Ltd. (GSM) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$5.31M
Dividend YieldN/A
Average Volume (3M)587.90K
Price to Earnings (P/E)―
Beta (1Y)0.31
Revenue GrowthN/A
EPS Growth29.17%
CountryAU
EmployeesN/A
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding482,465,270
10 Day Avg. Volume391,506
30 Day Avg. Volume587,899
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)8.08
Price to Sales (P/S)0.00
P/FCF Ratio-2.15
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
Golden State Mining Ltd. Business Overview & Revenue Model
Company Description
Golden State Mining Limited, through its affiliated companies, is engaged in the prospecting, assessment, and strategic investment in mineral properties throughout Australia. The firm seeks out deposits containing gold, lithium, base metals, and r...
Golden State Mining Ltd. Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
46
Neutral
Cash Flow
18
Very Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 30.00K | 945.00K | 712.76K |
| Gross Profit | -6.31K | -12.51K | -20.40K | 30.00K | 945.00K | 661.98K |
| EBITDA | -1.06M | -1.19M | -2.78M | -2.78M | -3.12M | -3.09M |
| Net Income | -1.05M | -1.20M | -2.70M | -2.81M | -3.16M | -3.14M |
Balance Sheet | ||||||
| Total Assets | 1.55M | 727.10K | 1.94M | 2.20M | 4.13M | 4.50M |
| Cash, Cash Equivalents and Short-Term Investments | 1.51M | 719.95K | 1.89M | 2.07M | 3.74M | 4.38M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 115.10K | 416.04K | 428.36K | 545.66K | 597.06K | 492.63K |
| Stockholders Equity | 1.43M | 311.06K | 1.51M | 1.66M | 3.54M | 4.01M |
Cash Flow | ||||||
| Free Cash Flow | -1.27M | -1.17M | -2.78M | -2.67M | -3.37M | -2.35M |
| Operating Cash Flow | -1.26M | -1.17M | -2.78M | -2.67M | -3.35M | -2.34M |
| Investing Cash Flow | -2.58K | 0.00 | 44.57K | 318.27K | 370.44K | 23.21K |
| Financing Cash Flow | 1.49M | 0.00 | 2.55M | 685.28K | 2.34M | 4.25M |
Golden State Mining 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% | |
53 Neutral | AU$6.20M | -5.71 | -4.88% | ― | 123.86% | 63.16% | |
51 Neutral | AU$6.37M | -2.72 | -58.04% | ― | -100.00% | -317.54% | |
45 Neutral | AU$5.15M | -1.94 | -154.54% | ― | -96.35% | -202.04% | |
44 Neutral | AU$5.13M | -1.28 | -5360.07% | ― | ― | 53.94% | |
42 Neutral | AU$5.31M | -3.14 | -120.71% | ― | ― | 29.17% | |
42 Neutral | AU$5.09M | -6.79 | 761.46% | ― | ― | 26.13% |
* Basic Materials Sector Average
AU:GSM
Golden State Mining Ltd.
0.01
<0.01
10.00%
AU:A8G
Australasian Metals Limited
0.11
0.04
64.18%
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PVW Resources Limited
0.01
>-0.01
-23.08%
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0.03
0.01
73.33%
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AU:OZZ
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0.00%
Golden State Mining Ltd. Corporate Events
Golden State Mining Options Lapse, Simplifying Capital Structure
Jun 29, 2026
Golden State Mining Ltd. has confirmed the expiry of 2,000,000 listed options (ASX code GSMAO) that carried an exercise price of $0.06 and a scheduled expiry date of 26 June 2026. The options lapsed without being exercised, resulting in a reductio...
Golden State Mining Director Acquires Initial Shareholding
Apr 28, 2026
Golden State Mining has disclosed a change in director Alexander Tunnadine’s interests following an on-market purchase of company shares. Tunnadine acquired 729,962 fully paid ordinary shares on 23 April 2026 for a total consideration of $11...
Golden State Mining Appoints New Director with No Initial Shareholding
Apr 23, 2026
Golden State Mining Limited has appointed Peter Williams as a director, effective 21 April 2026, and lodged an Initial Director’s Interest Notice with the ASX. The filing confirms that Williams currently holds no relevant interests in the co...
Golden State Mining Tightens Strategy and Refreshes Board as Pilbara Exploration Push Continues
Apr 21, 2026
Golden State Mining has reported ongoing exploration at its Yule and Southern Cross East projects in Western Australia, while advancing mining tenement applications and maintaining a quarter-end cash balance of $1.3 million. The company is keeping...
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.