Manhattan Corporation (AU:MHC)
ASX:MHC
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Manhattan Corporation
(Sydney:MHC)
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Rating:44Neutral
Price Target:
AU$0.02
â–²(0.00% Upside)
Action:ReiteratedDate:03/24/26
The score is primarily constrained by persistent operating losses and negative cash flow, which raise ongoing funding and execution risk despite a debt-free balance sheet. Technicals are also weak with the price below major moving averages and bearish momentum indicators. Valuation offers limited support because the company is loss-making and does not pay a dividend.
Positive Factors
Debt-free balance sheet
A debt-free balance sheet materially lowers financial distress risk and gives management flexibility to pursue operations or strategic actions without near-term interest burdens. This structural cushion supports survival and optionality over the next several quarters.
Negative Factors
Persistent cash burn
Consistently negative operating and free cash flow erodes equity and forces reliance on external funding or dilution. Over a multi-quarter horizon, continued cash burn constrains strategic execution, limits reinvestment, and heightens financing risk for core operations.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
A debt-free balance sheet materially lowers financial distress risk and gives management flexibility to pursue operations or strategic actions without near-term interest burdens. This structural cushion supports survival and optionality over the next several quarters.
Read all positive factors
Manhattan Corporation (MHC) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$15.16M
Dividend YieldN/A
Average Volume (3M)2.11M
Price to Earnings (P/E)―
Beta (1Y)-0.35
Revenue GrowthN/A
EPS Growth57.61%
CountryAU
Employees1
SectorBasic Materials
Sector Strength58
IndustryOther Precious Metals
Share Statistics
EPS (TTM)-0.01
Shares Outstanding659,100,500
10 Day Avg. Volume1,855,878
30 Day Avg. Volume2,113,602
Financial Highlights & Ratios
PEG Ratio0.09
Price to Book (P/B)0.32
Price to Sales (P/S)206.46
P/FCF Ratio-4.76
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)N/A
Revenue Forecast (FY)N/A
Manhattan Corporation Business Overview & Revenue Model
Company Description
Manhattan Corporation Limited engages in the evaluation, exploration, and development of mineral projects in Australia. The company explores for uranium and gold. Its flagship project is the 100% owned Tibooburra Gold project comprising 15 granted...
Manhattan Corporation Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
72
Positive
Cash Flow
18
Very Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 20.33K | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -15.71K | 20.33K | -24.06K | -25.48K | -35.31K | -25.95K |
| EBITDA | -2.01M | -751.02K | -1.60M | -730.03K | -500.72K | -573.06K |
| Net Income | -6.14M | -923.35K | -1.63M | -755.51K | -536.02K | -599.02K |
Balance Sheet | ||||||
| Total Assets | 14.59M | 13.16M | 12.56M | 14.03M | 7.82M | 8.12M |
| Cash, Cash Equivalents and Short-Term Investments | 2.48M | 1.86M | 1.85M | 4.34M | 2.18M | 4.22M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 29.40K | 147.69K | 230.23K | 107.31K | 308.68K | 80.47K |
| Stockholders Equity | 14.56M | 13.02M | 12.33M | 13.92M | 7.51M | 8.04M |
Cash Flow | ||||||
| Free Cash Flow | -1.67M | -881.37K | -2.49M | -2.08M | -2.05M | -2.79M |
| Operating Cash Flow | -1.67M | -881.37K | -681.18K | -673.04K | -425.40K | -568.40K |
| Investing Cash Flow | -487.76K | -726.63K | -1.81M | -1.38M | -1.62M | -2.22M |
| Financing Cash Flow | 1.96M | 1.62M | 7.01K | 4.22M | 6.04M | 6.04M |
Manhattan Corporation 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% | |
44 Neutral | AU$15.16M | -0.63 | -44.53% | ― | ― | 57.61% | |
44 Neutral | AU$13.84M | -3.47 | -18.09% | ― | ― | 11.61% | |
43 Neutral | AU$15.48M | -4.24 | -33.10% | ― | ― | -128.13% | |
43 Neutral | AU$17.88M | -4.75 | -53.37% | ― | ― | -4.88% | |
42 Neutral | AU$15.41M | -2.14 | -33.23% | ― | ― | 53.93% | |
40 Underperform | AU$27.13M | -4.22 | 161.89% | ― | ― | ― |
* Basic Materials Sector Average
AU:MHC
Manhattan Corporation
0.02
<0.01
43.75%
AU:PGM
Platina Resources Limited
0.02
<0.01
14.29%
AU:ERL
Empire Resources Limited
0.01
<0.01
30.00%
AU:GRL
Godolphin Resources Limited
0.02
0.01
120.00%
AU:SCN
Scorpion Minerals Limited
0.03
0.02
83.33%
AU:TG1
Techgen Metals Ltd.
0.04
0.02
68.18%
Manhattan Corporation Corporate Events
Manhattan Gold Raises A$2.33m to Fund Hook Lake Drilling via Share Placement
Mar 24, 2026
Manhattan Gold Corporation has raised A$2.33 million through a placement of 97.15 million new shares, issued partly under its standard capacity and partly under its additional 10% placement capacity. The funds, priced at 2.4 cents per share and pl...
Manhattan Gold Raises Capital Through Share Placement to Sophisticated Investors
Mar 24, 2026
Manhattan Gold Corporation has issued 97,150,000 fully paid ordinary shares via a placement to sophisticated and professional investors, expanding its capital base without providing a prospectus under Australian disclosure rules. The company state...
Manhattan Gold Seeks ASX Quotation for 97 Million New Shares
Mar 24, 2026
Manhattan Gold Corporation Limited has applied for quotation of 97,150,000 new ordinary fully paid shares on the Australian Securities Exchange, with an issue date of March 24, 2026. The sizeable new share issuance, linked to previously flagged tr...
Manhattan Gold Contracts First Modern Drilling Campaign at Nunavut’s Hook Lake
Mar 22, 2026
Manhattan Gold Limited has awarded a 4,000m reverse circulation drilling contract at its Hook Lake Project in Nunavut to Canadian contractor Northspan Explorations, marking the company’s first modern drilling campaign there since historical ...
Manhattan Gold Cleared to Begin Drilling at Nunavut’s Hook Lake Project
Mar 17, 2026
Manhattan Gold Corporation has secured a positive screening decision from the Nunavut Impact Review Board for its Hook Lake Project in Canada, covering both high-grade orogenic gold and nearby VMS polymetallic targets. Land and water use permits f...
Manhattan Gold Plans Major Share Issue to Boost Capital
Mar 17, 2026
Manhattan Gold Corporation Limited has notified the ASX of a proposed placement or similar type of securities issue comprising up to 125,000,000 new ordinary fully paid shares. The company plans to issue these securities on 23 March 2026, indicati...
Manhattan Gold Plans Issue of 18.75 Million Unlisted Options
Mar 17, 2026
Manhattan Gold Corporation has announced a proposed issue of up to 18,750,000 unlisted options as part of a placement or similar securities issue. The options will expire three years from their date of issue, with the proposed issue date set for 3...
Manhattan Gold raises A$3m to accelerate Hook Lake drilling in Canada
Mar 17, 2026
Manhattan Gold Corporation has raised A$3 million through an oversubscribed share placement at A$0.024 per share, representing a discount to its last traded price. The funding was strongly supported by existing shareholders, Manhattan directors an...
Manhattan Gold links share surge to Hook Lake plans and investor outreach
Mar 11, 2026
Manhattan Gold Corporation has told the ASX it is unaware of any undisclosed information that would explain a recent share price rise from $0.026 to $0.034 and a surge in trading volumes, and says it remains in full compliance with continuous disc...
Manhattan Gold Sharpens Exploration Strategy at Hook Lake and Tibooburra
Feb 24, 2026
Manhattan Gold has released a new corporate presentation incorporating recently completed mapping and digitisation of historic datasets at its Hook Lake Gold Project in Nunavut, Canada. The integrated work, combining historic information with high...
Manhattan Gold Reaffirms Status of Historic Estimates in New Investor Presentation
Feb 24, 2026
Manhattan Gold Corporation has released an investor presentation outlining its high-grade, district-scale gold projects and reiterating previously disclosed historic estimates for its assets, including the Hook Lake Project. The company emphasises...
Manhattan Gold Issues Shares Under Investor Relations Agreement
Feb 11, 2026
Manhattan Gold Corporation has issued 576,923 fully paid ordinary shares at nil consideration under the terms of an international investor relations agreement, enabling the counterparty to receive equity in lieu of cash. The company confirms that ...
Manhattan Gold Seeks ASX Quotation for Additional Ordinary Shares
Feb 11, 2026
Manhattan Gold Corporation Limited has applied to the ASX for quotation of 576,923 new ordinary fully paid shares under the ticker MHC. The securities, issued on 10 February 2026 and linked to a previously disclosed transaction, will expand the co...
Manhattan Gold Plans New Share Placement on ASX
Feb 9, 2026
Manhattan Gold Corporation Limited has notified the ASX of a proposed placement involving up to 576,923 new ordinary fully paid shares under its MHC ticker. The issue, scheduled for 10 February 2026, forms part of the company’s capital-raisi...
Manhattan Gold details director departure and final holdings
Feb 4, 2026
Manhattan Gold Corporation disclosed that director Marcello Cardaci resigned on 5 February 2026, finalizing his holdings at 500,000 unlisted options and indirect stakes totaling 5,178,363 ordinary shares via associated trusts, in line with ASX req...
Manhattan Gold refreshes board to bolster Hook Lake push
Feb 4, 2026
Manhattan Gold reshaped its board after securing full ownership of Hook Lake, elevating Gavin Rezos to chair, adding geologist Danielle Kelly as a director, and shifting former CEO Kell Nielsen to a non-executive role while acknowledging the retir...
Manhattan Gold Flags High-Grade Assays and Strategic Refocus in December Quarter
Jan 29, 2026
Manhattan Gold Corporation’s December 2025 quarterly report highlights strong assay results from initial fieldwork at its Hook Lake Gold Project in Nunavut, confirming high-grade gold at the Jaws deposit and promising mineralisation at multi...
Manhattan Corporation Rebrands as Manhattan Gold Corporation
Jan 15, 2026
Manhattan Corporation Limited has officially changed its name to Manhattan Gold Corporation Limited following registration with the Australian Securities and Investments Commission, reflecting a clearer gold-focused identity for the ASX-listed res...
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
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