Golden State Mining Ltd. (AU:GSM)
ASX:GSM
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Golden State Mining Ltd.
(Sydney:GSM)
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Select Model
Rating:40Underperform
Price Target:
AU$0.01
▼(-45.00% Downside)
Action:ReiteratedDate:03/24/26
Overall score is constrained primarily by weak financial performance (recurring losses, minimal revenue, and persistent cash burn) and bearish technical signals (below key moving averages with negative MACD). Valuation provides limited support because the negative P/E reflects ongoing unprofitability and there is no dividend yield data.
Positive Factors
Debt-free balance sheet
A zero-debt position materially reduces financial risk and interest burden, giving management flexibility to fund exploration via equity or partnerships without immediate debt servicing. This durable strength supports survival during prolonged exploration cycles and volatile commodity markets.
Negative Factors
Persistent negative cash flow
Consistent operating and free cash outflows indicate the business cannot self-fund exploration or corporate costs. Over months this increases dependence on external capital, elevates execution and refinancing risk, and forces recurring equity raises that can disrupt long-term strategy and stakeholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
A zero-debt position materially reduces financial risk and interest burden, giving management flexibility to fund exploration via equity or partnerships without immediate debt servicing. This durable strength supports survival during prolonged exploration cycles and volatile commodity markets.
Read all positive factors
Golden State Mining Ltd. (GSM) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$6.75M
Dividend YieldN/A
Average Volume (3M)587.90K
Price to Earnings (P/E)―
Beta (1Y)1.58
Revenue GrowthN/A
EPS Growth65.32%
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 subsidiaries, engages in the exploration, evaluation, and investment of mineral properties in Australia. The company explores for gold, lithium, base metal, and rare earth element deposits. It holds 100% in...
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% | |
48 Neutral | AU$4.65M | -7.90 | -127.91% | ― | ― | 80.88% | |
46 Neutral | AU$49.66M | -2.79 | -28.97% | ― | ― | 5.93% | |
43 Neutral | AU$3.22M | -0.22 | -164.84% | ― | ― | 76.76% | |
42 Neutral | AU$8.56M | -0.89 | -5360.07% | ― | ― | -34.64% | |
41 Neutral | AU$16.03M | -0.72 | -92.34% | ― | ― | 69.23% | |
40 Underperform | AU$6.75M | -4.04 | -120.71% | ― | ― | 65.32% |
* Basic Materials Sector Average
AU:GSM
Golden State Mining Ltd.
0.01
<0.01
40.00%
AU:DAF
Discovery Alaska Limited
0.02
<0.01
63.64%
AU:GNM
Great Northern Minerals Limited
0.03
0.02
120.00%
AU:SFM
Santa Fe Minerals Ltd.
0.31
0.27
662.50%
AU:PVW
PVW Resources Limited
0.02
<0.01
7.14%
AU:WSR
Westar Resources Ltd.
0.01
0.00
0.00%
Golden State Mining Ltd. Corporate Events
Golden State Mining Files Interim Report and Updates Board Composition
Mar 11, 2026
Golden State Mining Limited has released its interim financial report for the half year ended 31 December 2025, to be read alongside its 30 June 2025 annual report and other market disclosures under continuous reporting rules. The document also co...
Golden State Mining Director Boosts Stake with New Share and Option Issuance
Feb 23, 2026
Golden State Mining has disclosed a significant change in director Keith Middleton’s indirect interests, following shareholder approval at a recent general meeting. Through Middleton Nominees (SA) Pty Ltd, he has been issued 11,250,000 fully...
Golden State Mining Issues 11.25 Million New Shares with Cleansing Notice
Feb 23, 2026
Golden State Mining Limited has issued 11,250,000 fully paid ordinary shares and has notified the ASX that these securities were issued without a prospectus under the Corporations Act provisions governing such placements. The company confirmed it ...
Golden State Mining Seeks ASX Quotation for 5 Million New Shares
Feb 23, 2026
Golden State Mining has applied to the ASX for quotation of 5,000,000 new ordinary fully paid shares under its GSM code. The issuance of these additional securities, tied to a previously announced transaction, will increase the company’s lis...
Golden State Mining Issues 6.25 Million Unquoted Options
Feb 23, 2026
Golden State Mining Ltd. has notified the market of the issue of 6,250,000 unquoted options, each with an exercise price of A$0.015 and an expiry date of 23 August 2027. These options, which form part of a previously disclosed transaction and are ...
Golden State Mining Seeks ASX Quotation for 6.25 Million New Shares
Feb 23, 2026
Golden State Mining Ltd. has applied to the ASX for quotation of 6,250,000 new ordinary fully paid shares. The securities, issued on 23 February 2026 under a previously announced transaction, will expand the company’s quoted capital base and...
Golden State Mining Formalises Comprehensive Corporate Constitution
Feb 19, 2026
Golden State Mining Limited has formalised a detailed corporate constitution covering share issuance, class rights, transfers, forfeiture, and handling of non-marketable parcels, aligning its internal governance with ASX Listing Rules. The documen...
Golden State Mining Resets Board, Raises Capital and Revamps Yule Exploration Strategy
Jan 19, 2026
Golden State Mining has overhauled its leadership and capital structure, appointing a new three-member board with geological, mining and commercial expertise, installing Keith Middleton as managing director and adding Chris Tuckwell as a non-execu...
Golden State Mining Sets February General Meeting, Pushes Digital Communications
Jan 15, 2026
Golden State Mining Limited has called a General Meeting of shareholders for 19 February 2026 in West Perth, with the notice of meeting and explanatory memorandum made available electronically via the company’s website and the ASX platform. ...
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.