GWR Group Limited (GWR) AI Stock Analysis

• Market Cap: AU$50.45M
• Dividend Yield: N/A
• Average Volume (3M): 296.46K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.55
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: AU
• Employees: 11
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Steel
• EPS (TTM): >-0.01
• Shares Outstanding: 325,484,160
• 10 Day Avg. Volume: 545,228
• 30 Day Avg. Volume: 296,463
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.62
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 30.65
• 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: 61 Neutral
• Price Target: AU$0.15 ▲(23.33% Upside)
• Action: Reiterated Date: 02/03/26
• Date: Action: Reiterated 02/03/26

The score is held back primarily by unstable operating performance and uneven cash flows despite a strong low-debt balance sheet. Technicals are supportive but appear overextended, while the low P/E provides some valuation support.

Positive Factors

Low leverage / strong balance sheet

Minimal to no debt and a low debt-to-equity profile provide durable financial flexibility. This reduces solvency risk in cyclical steel markets, lowers interest burden, and makes it easier to seize opportunistic investments or refinance if needed, supporting long-term resilience.

Rising equity capital

A meaningful increase in equity builds a larger capital cushion that absorbs operating volatility and supports longer-term investment without increasing leverage. It strengthens continuity of operations and credit profiles, which matters over multiple quarters in cyclical industries.

Recent positive operating and free cash flow

Returning to positive operating and free cash flow demonstrates the company can generate internal funds to fund working capital and limited reinvestment. If sustained, this supports self‑funding of operations and reduces reliance on external financing over the medium term.

Negative Factors

Revenue collapse and volatile earnings

A 100% reported revenue decline alongside negative EBIT signals structural volatility or one-off disruptions that undermine core revenue visibility. Persistent swings make forecasting, capacity planning and securing long-term contracts harder, reducing confidence in durable earnings.

Inconsistent cash generation history

A history of materially negative OCF/FCF across multiple years raises the risk that recent positive cash readings are temporary. Recurrent negative cash flow constrains reinvestment, dividends and debt servicing capacity, and increases reliance on external financing during downturns.

Weak operating profitability; reliance on non-operating items

Negative EBIT with reported net income implies earnings are bolstered by non-operating gains or one-offs, not core margins. This undermines the sustainability of profits, masks true operating performance, and heightens downside if non-operating sources reverse.

GWR Group Limited Business Overview & Revenue Model

Company Description

GWR Group Limited explores for, develops, and evaluates mining projects in Australia. The company explores for iron ore, gold, and tungsten deposits. It primarily holds interests in the Wiluna West Gold and Iron projects located in Western Australia. The company also holds an 80% interest in the Hatches Creek tungsten project consisting of two granted exploration licenses covering an area of 31.4 square kilometers located in the Northern Territory; and holds a 70% interest in the Prospect Ridge Magnesite project located in Tasmania. The company was formerly known as Golden West Resources Limited and changed its name to GWR Group Limited in December 2013. GWR Group Limited was incorporated in 2002 and is based in West Perth, Australia.

How the Company Makes Money

GWR Group Limited generates revenue through the exploration and development of its mineral resources, primarily iron ore and gold. The company earns money by extracting and selling these minerals to various markets. Its revenue streams include the sale of raw minerals and potential joint venture arrangements with other mining companies to share exploration and production costs. Additionally, GWR may engage in licensing deals or partnerships to further capitalize on its mineral assets and expand its market reach.

GWR Group Limited Financial Statement Overview

Summary

Overall financials are mixed: a strong, low-leverage balance sheet (78) is offset by highly volatile earnings and weak operating quality (income statement 42, including revenue falling to zero and negative EBIT) plus inconsistent cash generation (cash flow 47) with prior years of negative OCF/FCF and low OCF vs net income.

Income Statement

Earnings are highly volatile and not well-supported by the underlying operating picture. The latest annual period shows revenue dropping to zero (down 100%), while operating profitability remains weak (EBIT negative) despite a positive net income, suggesting profits are likely driven by non-operating items. Prior years show extreme swings in margins and net results (including a large loss in FY2024 and a large profit in FY2023), which reduces confidence in the durability of reported earnings.

Balance Sheet

The balance sheet is a clear strength: the company reports minimal to no debt in most years and a low debt-to-equity profile even when debt is present. Equity has also risen meaningfully versus earlier periods, providing a larger capital cushion. The key weakness is profitability consistency—return on equity swings sharply year to year (including deeply negative periods), which can pressure book value over time if losses recur.

Cash Flow

Cash generation is inconsistent. The latest annual period shows positive operating cash flow and free cash flow, but the operating cash flow relative to net income is low, indicating earnings quality concerns. Several prior years show materially negative operating and free cash flow (notably FY2022–FY2024), which raises risk around funding needs and the sustainability of distributions or reinvestment capacity.

Breakdown	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	0.00	928.26K	16.70K	121.71M	672.00
Gross Profit	-8.55K	891.66K	-12.87M	-11.48M	-53.47M
EBITDA	9.15M	-964.70K	-1.40M	-344.78K	1.35M
Net Income	8.36M	-21.12M	55.63M	-20.71M	7.47M
Balance Sheet
Total Assets	55.49M	41.76M	72.01M	36.17M	48.72M
Cash, Cash Equivalents and Short-Term Investments	38.90M	37.14M	9.49M	8.67M	24.39M
Total Debt	0.00	0.00	571.63K	811.63K	1.05M
Total Liabilities	7.38M	2.32M	11.66M	31.45M	26.28M
Stockholders Equity	48.11M	39.44M	60.35M	4.72M	22.44M
Cash Flow
Free Cash Flow	976.39K	-3.13M	-17.46M	-15.59M	26.15M
Operating Cash Flow	976.39K	-3.13M	-17.46M	-15.29M	26.15M
Investing Cash Flow	10.00M	22.92M	17.67M	-916.79K	-7.63M
Financing Cash Flow	0.00	0.00	-1.38M	885.56K	3.82M

GWR Group Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.12
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:GWR, the sentiment is Positive. The current price of 0.12 is below the 20-day moving average (MA) of 0.16, below the 50-day MA of 0.15, and above the 200-day MA of 0.11, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 53.03 is Neutral, neither overbought nor oversold. The STOCH value of 38.10 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:GWR.

GWR Group Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IRD	67 Neutral	AU$16.64M	-0.05	3.77%	―	―	―
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
GWR	61 Neutral	AU$50.45M	-18.98	17.37%	―	―	―
M4M	41 Neutral	AU$27.45M	-4.00	-92.18%	―	―	66.67%
EQX	28 Underperform	AU$26.29M	-4.64	-32.09%	―	―	-141.04%

GWR Group Limited Corporate Events

GWR Director Converts Performance Rights Into Ordinary Shares

GWR Group Limited has disclosed a change in director Teck Siong Wong’s interests, with 500,000 performance rights converted into 500,000 fully paid ordinary shares after meeting performance criteria and vesting conditions. The transaction, which involved no cash consideration, adjusts Wong’s mix of equity holdings across associated entities and trusts but does not alter the overall scale of his interest in the company, reflecting standard incentive-based alignment between management and shareholders.

Following the conversion, Wong’s total holdings now comprise 33,765,460 fully paid ordinary shares and 1,500,000 remaining performance rights, spread among Bluebay Investments Group Corporation, the Downunder Trust, the Affinity Account, and his direct holdings. The move underscores the operation of GWR’s long-term incentive structure, signalling that prescribed performance milestones have been achieved and reinforcing the company’s ongoing use of equity-based remuneration to retain and motivate key directors.

The most recent analyst rating on (AU:GWR) stock is a Hold with a A$0.16 price target. To see the full list of analyst forecasts on GWR Group Limited stock, see the AU:GWR Stock Forecast page.

GWR Director Converts Performance Rights Into Additional Shares

GWR Group Limited has reported a change in director Gary Lyons’ indirect interests, detailing adjustments to his holdings in fully paid ordinary shares and performance rights held via the Lyons Super Fund and the Gary Lyons Family Account. The notice outlines that Lyons exchanged 600,000 performance rights, expiring 29 November 2028, for 600,000 fully paid ordinary shares at no cash consideration, following the satisfaction of performance criteria and vesting conditions.

Following the transaction, Lyons’ total indirect holdings increased to 7,476,408 fully paid ordinary shares and decreased to 1,800,000 performance rights with the same 2028 expiry. The share issue arising from the exercise of these performance rights reflects the completion of incentive milestones under the company’s executive remuneration framework, modestly shifting the balance of the director’s exposure from contingent equity to issued share capital.

The most recent analyst rating on (AU:GWR) stock is a Hold with a A$0.16 price target. To see the full list of analyst forecasts on GWR Group Limited stock, see the AU:GWR Stock Forecast page.

GWR Director Converts Performance Rights Into Additional Shares

GWR Group Limited has reported a change in the interests of director Wai Ho Law, reflecting the conversion of performance rights into equity. The disclosure underscores the company’s use of performance-based incentives, with no cash consideration involved and an increase in the director’s fully paid ordinary shareholding alongside a reduction in outstanding performance rights.

Following the transaction on 10 March 2026, Law’s holding rose to 1,000,000 fully paid ordinary shares and 1,500,000 remaining performance rights expiring in November 2028. The move signals alignment between executive remuneration and shareholder value, as the rights vested only after performance criteria and vesting conditions were met, modestly shifting the company’s ownership structure toward realised equity.

The most recent analyst rating on (AU:GWR) stock is a Hold with a A$0.16 price target. To see the full list of analyst forecasts on GWR Group Limited stock, see the AU:GWR Stock Forecast page.

GWR Group Issues Shares on Vesting of Employee Performance Rights

GWR Group Limited has issued 1,877,500 fully paid ordinary shares to holders of previously vested unlisted Performance Rights, granted under its Employee Incentive Plan approved at the 2023 annual meeting. The move reflects the conversion of incentive entitlements into equity, modestly increasing the company’s share base while reinforcing alignment between staff and shareholders.

The company confirmed the new shares were issued without a prospectus under relevant Corporations Act provisions, and stated it remains compliant with financial reporting and continuous disclosure obligations. By lodging this cleansing notice, GWR enables on-market trading of the newly issued shares without further disclosure, providing regulatory clarity and transparency for investors.

The most recent analyst rating on (AU:GWR) stock is a Hold with a A$0.16 price target. To see the full list of analyst forecasts on GWR Group Limited stock, see the AU:GWR Stock Forecast page.

GWR Group lodges half-year financial report for December 2025

GWR Group Limited has released its half-year report for the period ended 31 December 2025, providing the usual suite of statutory financial statements and accompanying notes for investors and regulators. The report package includes directors’ commentary, full consolidated financial statements, a directors’ declaration and an independent auditor’s review, underscoring the company’s focus on regulatory compliance and financial transparency.

The inclusion of an auditor’s independence declaration and review report highlights GWR Group’s adherence to governance standards expected in the listed company environment. While the document structure is outlined, the excerpt does not disclose specific financial performance metrics or operational updates, leaving the report’s commercial implications for shareholders and creditors unspecified.

The most recent analyst rating on (AU:GWR) stock is a Hold with a A$0.16 price target. To see the full list of analyst forecasts on GWR Group Limited stock, see the AU:GWR Stock Forecast page.

GWR Group Bolsters Cash Position as Key Royalties and Critical Mineral Investments Advance

GWR Group ended December 2025 with cash and investments of about $75 million, including $36 million in cash and term deposits and a substantial $39 million strategic holding in Tungsten Mining NL, benefiting from strengthening tungsten prices and a favourable scoping study at Mt Mulgine. The company continued to advance its majority-owned Prospect Ridge Magnesite Project in northwest Tasmania through ongoing metallurgical testwork, ore characterisation and an updated work plan, while also conducting due diligence on new project opportunities and preserving upside through royalty interests over Wiluna West iron ore and the Gold Duke gold project, which has now moved to a decision to mine and is expected to open an additional royalty revenue stream.

The most recent analyst rating on (AU:GWR) stock is a Hold with a A$0.14 price target. To see the full list of analyst forecasts on GWR Group Limited stock, see the AU:GWR Stock Forecast page.