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Miramar Resources Limited
(Sydney:M2R)
Miramar Resources Limited (M2R) vs. iShares MSCI Australia ETF (EWA)
Miramar Resources Limited Business Overview & Revenue Model
Miramar Resources Limited Financial Statement Overview
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 8.26K | 150.00K |
| Gross Profit | -87.69K | -87.69K | -51.39K | -127.96K | -128.49K | 119.35K |
| EBITDA | -1.02M | -1.02M | -1.22M | -1.35M | -1.24M | -987.63K |
| Net Income | -1.64M | -1.64M | -1.91M | -1.39M | -1.38M | -1.02M |
Balance Sheet | ||||||
| Total Assets | 11.25M | 11.25M | 9.36M | 9.10M | 9.51M | 8.52M |
| Cash, Cash Equivalents and Short-Term Investments | 1.13M | 1.13M | 414.11K | 435.47K | 3.39M | 5.14M |
| Total Debt | 33.13K | 33.13K | 22.02K | 33.91K | 82.25K | 63.64K |
| Total Liabilities | 835.67K | 835.67K | 395.11K | 307.96K | 542.10K | 707.30K |
| Stockholders Equity | 10.41M | 10.41M | 8.96M | 8.79M | 8.97M | 7.81M |
Cash Flow | ||||||
| Free Cash Flow | -1.03M | -2.60M | -2.08M | -3.94M | -3.83M | -2.66M |
| Operating Cash Flow | -69.94K | -596.51K | -797.50K | -1.26M | -1.05M | -657.63K |
| Investing Cash Flow | -1.72M | -1.72M | -1.09M | -2.68M | -2.78M | -1.95M |
| Financing Cash Flow | 3.02M | 3.02M | 1.88M | 1.00M | 2.11M | 7.34M |
Miramar Resources Limited Peers Comparison
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% | |
51 Neutral | AU$4.35M | -0.71 | -492.76% | ― | ― | 72.85% | |
49 Neutral | AU$14.59M | -8.89 | -8.73% | ― | ― | 12.20% | |
47 Neutral | AU$4.53M | ― | -16.88% | ― | ― | 73.55% | |
44 Neutral | AU$8.91M | -3.23 | -29.77% | ― | ― | -19.23% | |
44 Neutral | AU$4.70M | -3.45 | -63.22% | ― | ― | -7.41% | |
42 Neutral | AU$10.59M | -2.20 | -5925.89% | ― | ― | 40.21% |
Miramar Resources Limited Corporate Events
Miramar Resources Limited has announced a change in the director’s interest notice, specifically involving Allan Kelly, a director and shareholder in multiple entities. The change involves the acquisition of 16,666,667 shares by Debnal Pty Ltd, a company where Allan Kelly holds a directorial and shareholder position, with the transaction valued at $50,000. This adjustment in shareholding was part of a final payment approved by shareholders, reflecting a strategic move in the company’s governance and potentially impacting its market positioning.
Miramar Resources Limited has completed the Tranche 1 Placement of shares to existing shareholders and sophisticated investors, and has secured an additional $205,000 commitment for Tranche 2, pending shareholder approval in February 2026. The updated capital structure includes over 1.5 billion ordinary shares and various options, reflecting the company’s strategic efforts to strengthen its financial position and enhance shareholder value.
Miramar Resources Limited has issued a total of 315,397,467 fully paid ordinary shares, including Vendor Shares and New Shares, under the Corporations Act. This strategic move is part of an Option Agreement and a recent Placement, potentially enhancing the company’s financial position and market operations.
Miramar Resources Limited has announced the appointment of Jonathan Fisher as a director, effective from December 8, 2025. The company disclosed that Jonathan Fisher currently holds no relevant interests in securities, either as a registered holder or otherwise, and has no interests in any contracts related to the company.
Miramar Resources Limited has announced a proposed issue of securities, including options expiring in February 2028 and ordinary fully paid shares, totaling 800 million securities. This move is part of a placement or other type of issue, with the proposed issue date set for February 27, 2026. The announcement may impact the company’s market positioning by potentially increasing its capital and providing more liquidity, which could be beneficial for stakeholders.
Miramar Resources Limited has provided an update on its Gidji JV Gold Project, highlighting the company’s ongoing efforts to advance this key initiative. The announcement underscores the company’s commitment to expanding its exploration activities, which could potentially enhance its market position and offer new opportunities for stakeholders.
Miramar Resources Limited has successfully completed a $1 million share placement to fund a targeted RC drilling campaign at the Gidji JV Gold Project, scheduled for the first quarter of 2026. The campaign aims to explore high-priority gold targets, Blackfriars and Highway, with the potential for significant gold discoveries. Additionally, Jonathan Fisher has been appointed as a Non-Executive Director, bringing extensive experience in resources and corporate industries, which could strengthen the company’s market engagement and strategic direction.
Miramar Resources Limited, listed on the ASX under the ticker M2R, has requested a trading halt effective from December 4, 2025. This halt is intended to prevent uninformed trading and maintain an orderly market as the company prepares to announce a proposed capital raising through a placement. The trading halt will remain until the announcement is made or normal trading resumes on December 8, 2025.
Miramar Resources Limited announced the results of its 2025 Annual General Meeting, where all resolutions were decided by poll. Notably, the company experienced a ‘first strike’ as over 25% of votes were against the adoption of the 2025 remuneration report. Despite this, other resolutions, including the re-election of a director and the approval of share issues, were carried, indicating a mixed response from shareholders.
Miramar Resources Limited has announced an update on its Bangemall Project, highlighting the identification of multiple large late-time conductors that could indicate Norilsk-style copper-nickel-PGE sulphide mineralisation. Despite not proceeding with a joint venture with Sumitomo Metal Mining Oceania, Miramar remains optimistic about the project’s potential and plans to continue exploration efforts in 2026, seeking additional funding and potential new partnerships to unlock significant discoveries.
Miramar Resources Limited has announced a change in the director’s interest notice, specifically concerning Allan Kelly, a director and shareholder of XGS Pty Ltd and Allorah Pty Ltd. The change involves the expiry of 500,000 unlisted options held indirectly through XGS Pty Ltd, resulting in no options remaining in this category.
Miramar Resources Limited announced the cessation of 1,500,000 securities due to the expiry of options that were not exercised or converted by the deadline of November 3, 2025. This cessation of securities may impact the company’s capital structure and could have implications for its financial strategy and stakeholder interests.
Miramar Resources Limited has received approval for a drilling program at the Joy Helen prospect within the Chain Pool Project in Western Australia. The prospect shows significant potential for high-grade SEDEX mineralisation, with historic rock chip sampling indicating the presence of copper, lead, zinc, and silver over a 300-meter strike. The company aims to explore further extensions and parallel zones, which could position it as a significant player in the base metal sector.
Miramar Resources Limited has announced its upcoming Annual General Meeting scheduled for November 27, 2025, in South Perth. The meeting will cover several key resolutions including the adoption of the remuneration report, re-election of a director, ratification and approval of share issues to Topdrill and Debnal, and approval of a 7.1A mandate allowing the issuance of up to 10% of the company’s equity securities. These resolutions are significant for the company’s governance and capital management, potentially impacting shareholder value and strategic partnerships.
Miramar Resources Limited announced a proposed issue of up to 188,607,913 ordinary fully paid securities, scheduled for February 27, 2026. This move is expected to support the company’s strategic initiatives and potentially enhance its market position by raising capital for ongoing and future projects.
Miramar Resources Limited has exercised its option to acquire a 100% interest in Exploration Licence Application E25/654, a key condition in the binding sale agreement for the Randalls Project to Future Battery Minerals Ltd. This strategic move is expected to strengthen Miramar’s position in the mineral exploration industry, potentially impacting its operations and stakeholder interests positively.
Future Battery Minerals Ltd, a company focused on expanding its gold and lithium projects, has entered into a binding agreement to acquire the Randalls Gold Project in Western Australia from Miramar Resources. This strategic move enhances FBM’s exploration leverage in the W.A. Goldfields region, known for its significant gold deposits, and complements its existing Coolgardie Gold and Lithium Project. The acquisition includes six tenements covering over 620 square kilometers of prospective ground, with potential synergies from nearby operating gold mines and processing plants. FBM is well-funded to pursue exploration activities, aiming to capitalize on the region’s gold potential.
Miramar Resources Limited has entered into a binding sale agreement to divest its Randalls Project to Future Battery Minerals Ltd for up to $800,000 in cash, shares, and deferred milestone payments. This strategic move allows Miramar to concentrate on more promising projects like the Gidji JV Gold Project and the Bangemall copper-nickel-PGE projects, while retaining potential upside from Randalls. The sale aligns with Miramar’s strategy to streamline its portfolio and focus on key exploration areas, with implications for enhanced resource allocation and potential discoveries.