Southern Gold Limited (AU:ION)
ASX:ION
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Southern Gold Limited
(Sydney:ION)
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Rating:46Neutral
Price Target:
AU$0.02
▼(-50.00% Downside)
Action:Reiterated
Date:04/15/26
The score is held back primarily by persistent losses and material cash burn, even though leverage is very low and equity has improved. Technicals are mixed with weak longer-term trend signals, and valuation is constrained by negative earnings and no dividend support.
Positive Factors
Low leverage / clean balance sheet
Zero reported debt and minimal prior leverage materially reduce financial distress risk for an exploration company. A clean balance sheet preserves optionality to fund drilling via equity, farm-outs or partnerships and withstand cycles without excessive interest burden.
Negative Factors
Persistent cash burn
Sustained negative operating and free cash flow of roughly -$4m annually creates continuous funding needs for exploration. Over a multi-month horizon this elevates dilution or refinancing risk, constrains ability to advance multiple projects, and forces dependence on external capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / clean balance sheet
Zero reported debt and minimal prior leverage materially reduce financial distress risk for an exploration company. A clean balance sheet preserves optionality to fund drilling via equity, farm-outs or partnerships and withstand cycles without excessive interest burden.
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)2.08
Revenue Growth119.02%
EPS Growth1.85%
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$63.24M | -3.97 | -37.71% | ― | -100.00% | 98.64% | |
48 Neutral | AU$257.81M | -3.06 | -72.82% | ― | ― | 48.94% | |
47 Neutral | AU$64.68M | -1.11 | -819.68% | ― | ― | 45.00% | |
46 Neutral | AU$25.92M | -4.02 | -67.68% | ― | 119.02% | 1.85% | |
44 Neutral | AU$39.91M | -2.02 | -25.27% | ― | ― | -31.13% |
* Basic Materials Sector Average
AU:ION
Southern Gold Limited
0.02
<0.01
40.00%
DE:P8O0
Metalicity Limited
0.01
>-0.01
-25.00%
AU:JLL
Jindalee Resources Limited
0.37
-0.09
-20.09%
AU:BCM
BBX Minerals Limited
0.04
0.03
260.00%
AU:TNC
True North Copper
0.46
0.14
42.19%
AU:WTM
Battery Minerals Ltd.
0.67
0.33
97.06%
Southern Gold Limited Corporate Events
Iondrive bolsters U.S. expansion with senior clean-tech hire
Apr 23, 2026
Iondrive Limited has strengthened its push into the U.S. market with the appointment of experienced clean-tech executive Kevin Hobbie as VP North America, tasked with advancing commercialisation of its IONSolv™ critical-minerals recovery tec...
Iondrive Trims Potential Dilution as Options and Performance Shares Expire
Apr 19, 2026
Iondrive Limited has reported the expiry of 10 million options and 10 million performance shares, both of which lapsed unexercised on 19 April 2026. The cessation of these convertible securities reduces potential future dilution for existing share...
Iondrive Redesigns Multi-Feedstock Pilot Plant and Keeps Operations in Australia
Apr 15, 2026
Iondrive has completed an internal review of its planned IONSolv pilot plant, redesigning it as a flexible, multi-feedstock demonstration system capable of processing lithium-ion batteries, e-waste and solar cells. The pilot will now be skid mount...
Iondrive Moves U.S.-Focused Rare Earth Recycling Technology Toward Commercial Scale
Apr 15, 2026
Iondrive Limited has reported strong U.S.-based testwork results for its IONSolv rare earth recycling technology, achieving extraction rates of 93.8% neodymium and 95.1% praseodymium from commercially sourced magnet feedstock. The performance exce...
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...
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.