Southern Gold Limited (AU:ION)
ASX:ION
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Southern Gold Limited
(Sydney:ION)
Select Model
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Rating:42Neutral
Price Target:
AU$0.02
▼(-52.50% Downside)
Action:ReiteratedDate:03/24/26
The score is held back primarily by ongoing operating losses and continued cash burn, despite a relatively low-leverage balance sheet. Technicals are also materially weak with a pronounced downtrend and bearish momentum. Valuation provides limited support because the company is loss-making and there is no dividend yield data.
Positive Factors
Low leverage / clean balance sheet
Zero reported debt and a material increase in equity provide durable financial flexibility for an exploration company. This reduces short-term solvency risk, supports continued project funding or JV negotiations, and lowers probability of forced asset sales over the next several quarters.
Negative Factors
Sustained operating losses
Large recurring operating losses indicate the business remains in an investment/burn phase and is not yet self-sustaining. Continued negative earnings will erode reserves and require external funding, constraining the company's ability to execute multiple exploration campaigns without dilution.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / clean balance sheet
Zero reported debt and a material increase in equity provide durable financial flexibility for an exploration company. This reduces short-term solvency risk, supports continued project funding or JV negotiations, and lowers probability of forced asset sales over the next several quarters.
Read all positive factors
Southern Gold Limited (ION) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$25.92M
Dividend YieldN/A
Average Volume (3M)3.90M
Price to Earnings (P/E)―
Beta (1Y)2.57
Revenue GrowthN/A
EPS GrowthN/A
CountryAU
Employees28
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding1,296,144,400
10 Day Avg. Volume877,565
30 Day Avg. Volume3,896,962
Financial Highlights & Ratios
PEG Ratio0.15
Price to Book (P/B)5.31
Price to Sales (P/S)161.27
P/FCF Ratio-9.83
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)-0.41
Revenue Forecast (FY)AU$3.70M
Southern Gold Limited Business Overview & Revenue Model
Company Description
Iondrive Limited engages in the development and commercialization of battery technology; and lithium exploration. It also explores for gold, silver, copper, palladium, and rare earth elements. The company was formerly known as Southern Gold Limite...
How the Company Makes Money
Southern Gold Limited primarily generates (or seeks to generate) value through mineral exploration and project advancement. Typical monetisation routes for an exploration-stage company include: (1) divestment or sale of exploration assets/project ...
Southern Gold Limited Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
62
Positive
Cash Flow
22
Negative
| Breakdown | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2020 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 245.29K | 0.00 | 0.00 | 0.00 |
| Gross Profit | 173.22K | 0.00 | 0.00 | 0.00 |
| EBITDA | -5.63M | -6.05M | -7.92M | -7.48M |
| Net Income | -4.62M | -6.12M | -8.04M | 4.34M |
Balance Sheet | ||||
| Total Assets | 8.99M | 4.99M | 8.61M | 25.11M |
| Cash, Cash Equivalents and Short-Term Investments | 5.87M | 2.76M | 4.21M | 8.00M |
| Total Debt | 0.00 | 19.82K | 33.52K | 124.46K |
| Total Liabilities | 1.54M | 958.23K | 944.33K | 683.92K |
| Stockholders Equity | 7.45M | 4.04M | 7.66M | 24.43M |
Cash Flow | ||||
| Free Cash Flow | -4.02M | -3.65M | -4.80M | -4.35M |
| Operating Cash Flow | -3.98M | 0.00 | 0.00 | 0.00 |
| Investing Cash Flow | 212.02K | 1.38M | -531.09K | -2.33M |
| Financing Cash Flow | 6.87M | 623.76K | 4.31M | 8.86M |
Southern Gold Limited 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$210.98M | -7.44 | -72.82% | ― | ― | ― | |
43 Neutral | AU$49.70M | -4.62 | -25.27% | ― | ― | ― | |
43 Neutral | AU$58.80M | -1.87 | -819.68% | ― | ― | ― | |
42 Neutral | AU$25.92M | -8.56 | -67.68% | ― | ― | ― | |
42 Neutral | AU$62.48M | -1.01 | -47.55% | ― | ― | ― |
* Basic Materials Sector Average
AU:ION
Southern Gold Limited
0.02
<0.01
42.86%
DE:P8O0
Metalicity Limited
0.01
>-0.01
-14.29%
AU:JLL
Jindalee Resources Limited
0.49
0.22
83.02%
AU:BCM
BBX Minerals Limited
0.03
0.02
200.00%
AU:TNC
True North Copper
0.41
0.19
86.36%
AU:WTM
Battery Minerals Ltd.
0.68
0.53
353.33%
Southern Gold Limited Corporate Events
Iondrive Sells South Korean Exploration Unit to Refocus on Metal Extraction Technology
Apr 8, 2026
Iondrive Limited has agreed to sell its 100%-owned South Korean mineral exploration business, Korea Metal Resources Limited, via the divestment of its Singaporean holding company for upfront cash consideration of A$332,903, with completion expecte...
IONDRIVE Releases Half-Year Consolidated Financial Report for 31 December 2025
Feb 23, 2026
IONDRIVE Limited has released its consolidated financial report for the half year ended 31 December 2025, outlining its profit or loss, financial position, cash flows and changes in equity. The report also includes the directors’ report, aud...
Iondrive Issues 14.5 Million New Shares Under Section 708A
Feb 6, 2026
Iondrive Limited has issued 14.5 million fully paid ordinary shares without a prospectus, using provisions under section 708A of the Corporations Act that allow certain share issues without formal disclosure to investors. The company confirmed it ...
IONDRIVE Seeks ASX Quotation for 14.5 Million New Shares
Feb 6, 2026
IONDRIVE Limited has applied to the ASX for quotation of 14.5 million new ordinary fully paid shares under its ticker ION. The new securities, issued on 6 February 2026 following the exercise or conversion of existing options or other convertible ...
Iondrive Issues New Shares Under Section 708A to Support Critical Minerals Platform
Feb 5, 2026
Iondrive Limited has issued a total of 13,409,087 fully paid ordinary shares in two tranches on 30 January and 6 February 2026 without a prospectus, relying on provisions under section 708A of the Corporations Act. The company confirmed it is comp...
Southern Gold Director Increases Equity Exposure in IONDRIVE via Options and Share Placement
Feb 5, 2026
Southern Gold Limited has disclosed a change in director Hugo Schumann’s holdings in IONDRIVE Limited, reflecting updated interests in both ordinary shares and unlisted options in accordance with ASX listing rules. Following shareholder appr...
IONDRIVE Director Increases Equity Stake Through Placement and Incentive Options
Feb 5, 2026
IONDRIVE Limited has reported a change in director Andrew Sissian’s holdings following shareholder-approved equity issuances. Sissian acquired 227,272 ordinary shares at $0.044 per share through participation in a placement on the same terms...
IONDRIVE Director Increases Stake Through Options Grant and Share Placement
Feb 5, 2026
IONDRIVE Limited has reported a change in director Adam Slater’s holdings, reflecting additional equity-based compensation and participation in a recent capital raising. The move forms part of the company’s efforts to retain and incent...
IONDRIVE Director McNeilly Increases Stake Through Options and Share Placement
Feb 5, 2026
IONDRIVE Limited has updated the market on changes to director David Michael McNeilly’s holdings, following shareholder approval granted on 22 January 2026. McNeilly received 8 million new unlisted options exercisable at $0.067 and expiring ...
IONDRIVE Seeks ASX Quotation for Over 2 Million New Shares
Feb 5, 2026
IONDRIVE Limited has lodged an application with the ASX for quotation of additional ordinary fully paid shares, expanding its listed equity base. The company is seeking quotation for 2,045,451 new ordinary shares, issued on 6 March 2026 as part of...
IONDRIVE Issues 26 Million Unquoted Options Expiring 2030
Feb 5, 2026
IONDRIVE Limited has notified the ASX of the issue of 26 million unquoted options, each exercisable at $0.067 and expiring on 6 February 2030. The new options, which form part of previously announced transactions and are not intended to be quoted ...
IONDRIVE Discloses Final Director Interest Details as Jack Hamilton Steps Down
Feb 5, 2026
IONDRIVE Limited has announced that director John (Jack) Hamilton ceased to be a director on 31 January 2026, triggering a final disclosure of his relevant interests in the company’s securities under ASX rules. Hamilton holds 3,000,000 unlis...
Livium gains early validation for silver-focused solar panel recycling push
Feb 4, 2026
Livium reported bench-scale testing by partner Iondrive showing silver extraction efficiency above 85%, validating the technical foundation of its integrated solar panel recycling strategy that combines feedstock preparation, advanced dismantling ...
Iondrive Advances Solar Panel Recycling With High-Efficiency Silver Extraction Results
Feb 3, 2026
Iondrive has reported initial bench-scale laboratory results showing its IONSolv™ metal extraction platform can achieve more than 85% silver extraction efficiency under controlled conditions, providing a strong technical baseline to advance ...
Iondrive Seeks Trading Halt Ahead of Solar Panel Silver Recovery Results
Feb 2, 2026
Iondrive Limited has requested and been granted a trading halt on its securities on the ASX while it reviews results from an independent laboratory on silver recoveries achieved in initial screening tests using its IONSolv technology on end-of-lif...
IONDRIVE Seeks ASX Quotation for 11.4 Million New Shares
Jan 30, 2026
IONDRIVE Limited has applied to the ASX for quotation of 11,363,636 new fully paid ordinary shares under its existing issuer code ION. The new securities, issued on 30 January 2026, arise from a previously announced transaction and, once quoted, w...
Iondrive Advances IONSolv™ Commercialisation With U.S.-Focused Rare Earth and E‑Waste Strategy
Jan 29, 2026
In its latest quarterly activities report for the period ended 31 December 2025, Iondrive Limited detailed significant progress in moving its IONSolv™ technology from development into commercial readiness, particularly in North America. The ...
Iondrive Shareholders Approve Capital and Director Equity Resolutions at General Meeting
Jan 22, 2026
Shareholders of Iondrive Limited overwhelmingly backed all resolutions at the company’s latest general meeting, including the ratification of a prior tranche-one placement and approvals for proposed share issues to Strata Investment Holdings...
IONDRIVE Issues 6 Million Unquoted Options Expiring in 2030
Jan 19, 2026
IONDRIVE Limited has notified the ASX of the issue of 6 million unquoted options, each expiring on 19 January 2030, under a new class of securities. The move expands the company’s pool of unquoted equity instruments, potentially affecting ca...
IONDRIVE Appoints Duncan Turner as Director, Issues 6 Million Options
Jan 19, 2026
IONDRIVE Limited has appointed Mr Duncan Turner as a director effective 19 January 2026, according to an initial director’s interest notice lodged with the ASX. As part of his appointment, Turner has been granted 6,000,000 unlisted options w...
IONDRIVE Issues 20 Million Unquoted Performance Rights Under Incentive Scheme
Jan 18, 2026
IONDRIVE Limited has notified the ASX of the issue of 20 million unquoted performance rights under its employee incentive scheme, which are not intended to be quoted on the exchange. The new performance rights, expiring in January 2029, are design...
Iondrive’s New CEO to Outline Corporate Strategy in Investor Webinar
Jan 18, 2026
Iondrive Limited has released a corporate update presentation to be delivered by newly appointed CEO Lewis Utting during an investor webinar held via Zoom, signalling an early move to engage the market and articulate the company’s strategy u...
Iondrive Reshapes Leadership as IONSolv™ Platform Enters Commercial Execution Phase
Jan 18, 2026
Iondrive Limited has announced a Board-led leadership reshuffle as it moves from technology development into execution, scale-up and commercial deployment of its IONSolv™ critical minerals processing platform, including battery recycling and...
IONDRIVE Options Lapse Reduces Potential Future Dilution
Jan 13, 2026
IONDRIVE Limited, listed on the ASX under the code ION, has notified the market of a change to its issued capital structure. The company announced that 2,500,000 options (code IONAAD), exercisable at $0.025 and expiring 3 December 2028, have lapse...
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.