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Miramar Resources Limited (AU:M2R)
ASX:M2R
Australian Market

Miramar Resources Limited (M2R) AI Stock Analysis

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AU

Miramar Resources Limited

(Sydney:M2R)

Rating:35Underperform
Price Target:
Miramar Resources Limited is facing severe financial issues with no revenue and significant cash flow challenges, reflected in a low financial performance score. The technical analysis is inconclusive due to lack of data, while valuation suggests potential undervaluation but is not enough to offset financial concerns. The absence of earnings call data and corporate events limits further insights.

Miramar Resources Limited (M2R) vs. iShares MSCI Australia ETF (EWA)

Miramar Resources Limited Business Overview & Revenue Model

Company DescriptionMiramar Resources Limited engages in the exploration and evaluation of mining tenements in Australia. The company primarily explores for gold, nickel, copper, and platinum group element deposits. It holds interests in three underexplored gold projects, including the Gidji JV, Glandore, and Randalls located within the Eastern Goldfields region near Kalgoorlie in Western Australia; two projects covering under-explored greenstone belts, such as the Lang Well and Lakeside in Murchison region; and two projects comprising the Whaleshark and Bangemall in Gascoyne region in Western Australia. The company was incorporated in 2019 and is based in South Perth, Australia.
How the Company Makes MoneyMiramar Resources Limited primarily makes money through the exploration and development of its mineral projects, with the ultimate goal of discovering commercially viable gold deposits. The company generates revenue by advancing its projects to a stage where they can attract investment or partnership opportunities, such as joint ventures or sales to mining companies with the capability to develop and operate mines. Additionally, Miramar may earn income through the sale of its exploration data, mining rights, or equity stakes in its projects. The company's revenue model is heavily reliant on successful exploration outcomes and the ability to secure strategic partnerships or funding to advance its projects towards production.

Miramar Resources Limited Financial Statement Overview

Summary
Miramar Resources Limited faces significant financial challenges. The income statement reveals no revenue generation and persistent operational losses, while the balance sheet shows a strong equity position with low leverage. However, cash flow analysis indicates significant liquidity issues with negative operating and free cash flows.
Income Statement
10
Very Negative
Miramar Resources Limited has exhibited continuous revenue challenges, with no revenue generated in the latest period and negative gross profit. The company consistently reports negative net income, highlighting ongoing operational losses. There is no evident revenue growth, and key profitability metrics like EBIT and EBITDA margins are negative, indicating persistent operational inefficiencies.
Balance Sheet
65
Positive
The balance sheet shows a strong equity position with a high equity ratio, indicating a solid capital structure. The debt-to-equity ratio is low, reflecting minimal leverage and reduced financial risk. However, the company has been unable to turn its equity into positive returns, as evidenced by negative ROE in recent years.
Cash Flow
20
Very Negative
Cash flow analysis reveals significant challenges, with negative operating cash flows and free cash flows over the years, suggesting cash burn issues. The company relies heavily on financing activities, as seen in the positive financing cash flows, to support its operations. The lack of free cash flow growth further emphasizes liquidity concerns.
Breakdown
TTMJun 2024Jun 2023Jun 2022Jun 2021Jun 2020
Income StatementTotal Revenue
0.000.000.008.26K150.00K0.00
Gross Profit
-50.51K-51.39K-127.96K-128.49K119.35K0.00
EBIT
-823.11K-999.82K-1.38M-1.37M-1.02M-189.52K
EBITDA
-808.17K-1.22M-1.25M-1.24M-987.63K0.00
Net Income Common Stockholders
-1.52M-1.91M-1.39M-1.38M-1.02M-189.52K
Balance SheetCash, Cash Equivalents and Short-Term Investments
233.76K414.11K435.47K3.39M5.14M327.77K
Total Assets
9.76M9.36M9.10M9.51M8.52M330.74K
Total Debt
9.72K22.02K33.91K82.25K63.64K0.00
Net Debt
-203.70K-370.06K-367.66K-3.25M-4.99M-327.77K
Total Liabilities
238.62K395.11K307.96K542.10K707.30K31.32K
Stockholders Equity
9.52M8.96M8.79M8.97M7.81M299.42K
Cash FlowFree Cash Flow
-3.94M-3.83M-2.66M-82.83K
Operating Cash Flow
-797.50K-1.26M-1.05M-657.63K-82.83K
Investing Cash Flow
-1.09M-2.68M-2.78M-1.95M0.00
Financing Cash Flow
1.88M1.00M2.11M7.34M410.60K

Miramar Resources Limited Peers Comparison

Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
51
Neutral
$2.02B-1.14-21.36%3.64%2.88%-30.57%
AUM2R
35
Underperform
AU$3.49M-16.29%68.13%
DEC8U
€291.30M-16.63%
$19.44B25.1411.01%2.41%
$3.84B-0.68%
$2.39B28.3113.42%0.54%
$2.16B9.5426.42%2.75%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AU:M2R
Miramar Resources Limited
0.01
0.00
0.00%
DE:C8U
Chalice Mining
0.71
-0.28
-28.28%
NESRF
Northern Star Resources Ltd
13.70
4.71
52.39%
DGMLF
De Grey Mining Ltd
1.60
0.88
122.22%
ELKMF
Gold Road Resources Ltd
2.46
1.36
123.64%
RMLRF
Ramelius Resources Limited
1.83
0.61
50.00%

Miramar Resources Limited Corporate Events

Miramar Resources Advances Exploration with New Discoveries and Capital Raising
Apr 29, 2025

Miramar Resources Limited has reported significant progress in its exploration activities for the quarter ending March 31, 2025. The company identified disseminated nickel and copper sulphides at the Bangemall project, confirming it as a new nickel-copper province. Additionally, Miramar completed a re-interpretation of multi-element drill results at the Gidji JV Project, which will help prioritize existing and new targets for future drilling. The company also raised $1.8 million to support its exploration efforts, indicating a strong commitment to advancing its projects and potentially enhancing its market position.

Miramar Resources Advances Gold Exploration Efforts
Apr 21, 2025

Miramar Resources Limited has released an update highlighting their ongoing efforts in gold exploration and development. The announcement underscores the company’s commitment to advancing its projects, potentially impacting its operational capabilities and industry standing. This update may have implications for stakeholders, as it reflects Miramar’s strategic direction and potential growth opportunities in the mineral exploration sector.

Miramar Resources Director Increases Shareholding
Apr 15, 2025

Miramar Resources Limited has announced a change in the director’s interest notice, specifically involving Director Terry Gadenne. The change involves the acquisition of 220,000 fully paid ordinary shares through an on-market trade, increasing his total holdings to 2,000,000 shares. This adjustment in shareholding reflects a strategic move by the director, potentially indicating confidence in the company’s future performance.

Change in Substantial Holdings for Miramar Resources Limited
Apr 14, 2025

Miramar Resources Limited has announced that Faraday Nominees Pty Limited and Lesamourai Pty Ltd have ceased to be substantial holders in the company as of April 10, 2025. This change occurred due to a dilution in their holdings following a share issue by Miramar, affecting 40,000,000 shares and votes. The announcement indicates a shift in shareholder composition, which could influence the company’s governance and strategic decisions.

1215 Capital PTY LTD Acquires Substantial Stake in Miramar Resources
Apr 11, 2025

Miramar Resources Limited has announced that 1215 Capital PTY LTD has become a substantial holder in the company, acquiring a 6.02% voting power through the purchase of 60 million shares for $180,000. This acquisition indicates a significant investment in Miramar Resources, potentially impacting the company’s market positioning and signaling confidence in its future prospects.

$1.8M Capital Raising Boosts Miramar Resources’ Exploration Efforts
Apr 10, 2025

Miramar Resources Limited has successfully completed a $1.8 million capital raising, which will be used to fund gold and critical minerals exploration programs at its various projects, including the Gidji JV, Bangemall, Whaleshark, and Chain Pool Projects. Additionally, the company received a $154,000 refund from the Western Australian government’s Exploration Incentive Scheme for drilling at the Bangemall project, which has led to the discovery of disseminated nickel and copper sulphide mineralization. This financial boost and exploration success are expected to enhance Miramar’s operational capabilities and strengthen its position in the mineral exploration industry.

Miramar Resources Announces Change in Substantial Shareholding
Apr 10, 2025

Miramar Resources Limited announced that XGS Pty Ltd and Allorah Pty Ltd have ceased to be substantial holders in the company as of April 10, 2025. This change follows an increase in Miramar’s share capital, affecting over 21 million ordinary shares, which may impact the company’s shareholder structure and market positioning.

Miramar Resources Director Increases Stake
Apr 10, 2025

Miramar Resources Limited has announced a change in the director’s interest, specifically for Marion Bush. The director has acquired 1,500,000 ordinary shares and 1,500,000 unlisted options through a placement participation, following shareholder approval. This change reflects an increase in the director’s stake in the company, potentially indicating confidence in the company’s future prospects.

Miramar Resources Issues Over 540 Million New Shares
Apr 10, 2025

Miramar Resources Limited has issued 540,476,508 fully paid ordinary shares at a price of $0.003 per share as part of a placement announced earlier in February 2025. This issuance, conducted without disclosure under the Corporations Act, allows the shares to be sold under an exemption, potentially impacting the company’s financial position and market operations.

Miramar Resources Issues Unquoted Options
Apr 10, 2025

Miramar Resources Limited has announced the issuance of 636,000,000 unquoted options set to expire on April 10, 2030, with an exercise price of $0.006. This issuance is part of a previously announced transaction and is not intended to be quoted on the ASX, potentially impacting the company’s capital structure and stakeholder interests.

Miramar Resources Announces Quotation of Over 540 Million Securities on ASX
Apr 10, 2025

Miramar Resources Limited has announced the quotation of 540,476,508 ordinary fully paid securities on the Australian Securities Exchange (ASX) under the code M2R. This move is part of previously announced transactions and could enhance the company’s liquidity and market presence, potentially impacting its operational capabilities and attractiveness to investors.

Miramar Resources Begins Drilling at Gidji JV Gold Project
Apr 9, 2025

Miramar Resources Limited has commenced drilling at its Gidji JV Project, located near Kalgoorlie in Western Australia. The project aims to infill and extend existing gold discoveries while searching for bedrock gold mineralization, potentially enhancing the company’s resource base and strengthening its position in the gold mining sector.

Miramar Resources Resumes Exploration at Gidji JV Gold Project
Apr 2, 2025

Miramar Resources Limited has secured a drill rig for its Gidji JV Gold Project, signaling a resumption of exploration activities in the Eastern Goldfields Province of Western Australia. The company aims to capitalize on the current high gold prices and the project’s strategic location near existing mining operations, with plans to commence drilling within the next week to explore the potential for multiple gold deposits.

Miramar Resources Limited Passes All Resolutions at General Meeting
Mar 31, 2025

Miramar Resources Limited announced the successful passing of all resolutions at its General Meeting held on 31 March 2025. The resolutions included the ratification of share tranches, approval of options and securities issuance, and participation in placements, which were all carried by a significant majority. This outcome supports the company’s strategic initiatives and may enhance its operational capabilities and market positioning.

Miramar Resources Highlights Exploration Efforts in General Meeting
Mar 31, 2025

Miramar Resources Limited presented a general meeting to discuss its exploration activities and results. The presentation highlighted the company’s ongoing efforts in mineral exploration, which are crucial for its strategic positioning in the industry. The announcement underscores the company’s commitment to advancing its projects and the potential implications for stakeholders, including investors and partners.

Miramar Resources Identifies New Gold Targets at Randalls Project
Mar 25, 2025

Miramar Resources Limited has identified multiple large gold targets within its Randalls Project, located 70 kilometers east of Kalgoorlie, Western Australia. The company has submitted applications for two new exploration licenses and identified high-priority drill targets along the Randalls Fault. These targets, including Lone Pine Dam, Venetian, and Campese, show significant historical drill results, indicating potential for discovering new gold deposits. The announcement highlights the underexplored nature of these areas despite their proximity to existing mining operations, suggesting potential positive implications for the company’s exploration activities and stakeholder interests.

Miramar Resources Expands Eastern Goldfields Holdings
Mar 4, 2025

Miramar Resources Limited has expanded its land holdings in the Eastern Goldfields by applying for new tenements along the Randall Fault, a significant but underexplored mineralized structure. This strategic move aims to capitalize on the current high gold price environment and the proximity to existing processing infrastructure, potentially enhancing the company’s exploration capabilities and market position.

Miramar Resources to Hold General Meeting for Key Resolutions
Feb 27, 2025

Miramar Resources Limited has announced a general meeting to be held on March 31, 2025, in South Perth, where shareholders will vote on several resolutions. These resolutions include the ratification and approval of issuing shares and options to placement participants, specific individuals, and brokers, as well as the issuance of securities under an employee incentive plan. The outcomes of these resolutions could significantly impact the company’s capital structure and stakeholder interests.

Miramar Resources Issues New Shares in Strategic Placement
Feb 20, 2025

Miramar Resources Limited has announced the issuance of 59,523,492 fully paid ordinary shares at $0.003 per share as part of a recent placement. This move, made without disclosure under the Corporations Act, allows the company to benefit from an exemption that facilitates the on-sale of these shares, potentially impacting the company’s liquidity and shareholder base.

Miramar Resources to Quote New Securities on ASX
Feb 20, 2025

Miramar Resources Limited has announced the application for quotation of 59,523,492 fully paid ordinary securities on the Australian Securities Exchange. This move is part of a previously announced transaction, potentially increasing the company’s liquidity and visibility in the market, which may have positive implications for investors and stakeholders.

Miramar Resources Provides February 2025 Exploration Update
Feb 18, 2025

Miramar Resources Limited has provided a company update concerning its exploration activities in February 2025. This announcement underscores the company’s ongoing commitment to advancing its gold and critical minerals projects. The release highlights management’s current expectations and projections for future exploration targets, although it cautions investors about the inherent uncertainties and risks associated with forward-looking statements. This update may impact stakeholders by signaling potential growth opportunities and strategic developments in Miramar’s operations within the mining sector.

Miramar Resources Secures $291K R&D Refund for Innovative Exploration
Feb 17, 2025

Miramar Resources Limited has received a $291,413 R&D Tax Incentive Refund from the Australian Taxation Office for the 2024 financial year. The refund supports the company’s innovative exploration techniques at the Whaleshark Project, which has multi-commodity potential in a well-situated area. This financial support will aid in the continued testing of surface and sub-surface geochemical sampling techniques for identifying buried copper-gold mineralisation.

Miramar Resources Plans Significant Securities Issue to Bolster Exploration Efforts
Feb 12, 2025

Miramar Resources Limited announced a proposed issue of securities, including options expiring in March 2030 and ordinary fully paid shares, amounting to a potential total of 1,236,000,000 new securities. This move is intended to strengthen the company’s financial standing and support its ongoing exploration and development activities, potentially impacting its market position and stakeholder value.

Miramar Resources Secures $1.8 Million for Gold and Minerals Exploration
Feb 12, 2025

Miramar Resources Limited has successfully secured $1.8 million from sophisticated investors through a share placement to fund its exploration programs for gold and critical minerals. This financial boost will allow the company to recommence drilling at its Gidji JV Gold Project and advance its other projects, taking advantage of the current high gold price environment. The placement involves issuing 600 million shares with free attaching options, with plans for further shareholder approvals in March 2025. The company anticipates significant exploration activities throughout 2025, enhancing its position in the gold and critical minerals sectors.

Miramar Resources Initiates Trading Halt for Capital Raising Announcement
Feb 10, 2025

Miramar Resources Limited, an exploration company, has requested a trading halt on its securities pending an announcement related to a proposed capital raising. This strategic move aims to prevent uninformed trading and maintain market order, with the halt lasting until the announcement is made or until regular trading resumes on 13 February 2025.

Miramar Resources Confirms Bangemall as Major Nickel-Copper Province
Feb 6, 2025

Miramar Resources Limited has confirmed the Bangemall region as a major new nickel-copper mineral province, similar to the Norilsk deposits in Siberia, following successful mineralogical analysis of drill samples from its Mount Vernon Project. The company holds a dominant land position in this region, which has the potential to host significant mafic-hosted magmatic Ni-Cu-Co-PGE sulphide deposits, reinforcing Miramar’s strategic positioning and exploration objectives.

Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.

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.