Midas Minerals Limited (AU:MM1)
ASX:MM1
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Midas Minerals Limited
(Sydney:MM1)
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Rating:56Neutral
Price Target:
AU$1.00
▲(8.70% Upside)
Action:Reiterated
Date:05/12/26
The score is held back primarily by weak financial performance (no revenue, ongoing losses, and negative free cash flow), partially offset by a low-risk balance sheet with no debt and higher equity. Technicals are supportive with a strong uptrend and positive MACD, while valuation remains constrained by unprofitability (negative P/E) and no indicated dividend yield.
Positive Factors
Zero debt and stronger equity base
A debt-free balance sheet and a material equity increase in 2025 materially reduce refinancing and solvency risk for an exploration company. This strengthens runway and strategic optionality to fund drilling or transactions without immediate reliance on expensive debt markets.
Negative Factors
No revenue; recurring operating losses
The absence of operating revenue and persistent net losses mean the business lacks self-generated cash to fund activities. For an exploration company this necessitates continual external capital or transactions, creating execution risk and potential dilution until a material discovery or sale occurs.
Read all positive and negative factors
Positive Factors
Negative Factors
Zero debt and stronger equity base
A debt-free balance sheet and a material equity increase in 2025 materially reduce refinancing and solvency risk for an exploration company. This strengthens runway and strategic optionality to fund drilling or transactions without immediate reliance on expensive debt markets.
Read all positive factors
Midas Minerals Limited (MM1) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$252.16M
Dividend YieldN/A
Average Volume (3M)176.59K
Price to Earnings (P/E)―
Beta (1Y)1.07
Revenue GrowthN/A
EPS Growth54.64%
CountryAU
Employees15
SectorBasic Materials
Sector Strength58
IndustryOther Precious Metals
Share Statistics
EPS (TTM)-0.02
Shares Outstanding241,302,430
10 Day Avg. Volume263,478
30 Day Avg. Volume176,585
Financial Highlights & Ratios
PEG Ratio0.62
Price to Book (P/B)4.53
Price to Sales (P/S)0.00
P/FCF Ratio-47.75
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$1.50Price Target Upside63.04% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Midas Minerals Limited Business Overview & Revenue Model
Company Description
Midas Minerals Limited engages in exploration and evaluation of mineral resources. The company primarily explores for gold and base metals in the Eastern Goldfields of Western Australia. Its projects include the Weebo gold project covering 198 squ...
How the Company Makes Money
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Midas Minerals Limited Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
62
Positive
Cash Flow
28
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -72.69K | -29.98K | 0.00 | -22.67K | 0.00 |
| EBITDA | -3.00M | -3.83M | -1.90M | -1.73M | -773.10K |
| Net Income | -2.77M | -3.86M | -5.31M | -1.75M | -1.02M |
Balance Sheet | |||||
| Total Assets | 20.91M | 5.43M | 6.38M | 7.66M | 8.22M |
| Cash, Cash Equivalents and Short-Term Investments | 8.78M | 1.12M | 1.15M | 2.50M | 6.08M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 376.25K | 225.74K | 261.23K | 320.57K | 165.36K |
| Stockholders Equity | 20.54M | 5.20M | 6.12M | 7.34M | 8.05M |
Cash Flow | |||||
| Free Cash Flow | -1.95M | -2.58M | -3.80M | -3.51M | -2.88M |
| Operating Cash Flow | -1.68M | -1.31M | -1.25M | -810.82K | -1.14M |
| Investing Cash Flow | -7.82M | -1.27M | -2.55M | -2.70M | -1.74M |
| Financing Cash Flow | 17.21M | 2.48M | 2.45M | -69.00K | 5.54M |
Midas Minerals 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% | |
56 Neutral | AU$252.16M | -14.53 | -18.89% | ― | ― | 54.64% | |
51 Neutral | AU$37.45M | -12.41 | -24.90% | ― | ― | 77.87% | |
46 Neutral | AU$190.96M | -1.98 | -169.12% | ― | -100.00% | 2.63% | |
38 Underperform | AU$24.16M | -0.10 | 507.16% | ― | -56.66% | 8.90% |
* Basic Materials Sector Average
AU:MM1
Midas Minerals Limited
1.05
0.89
565.61%
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Midas Minerals Limited Corporate Events
Midas Minerals Reports Cessation of Substantial Shareholding
May 12, 2026
Midas Minerals Limited has disclosed, via a statutory Form 605 filing, that an investor has ceased to be a substantial holder in the company. The notice, signed by director Mark Calderwood, indicates changes in relevant interests and associations ...
Midas Minerals Unveils Maiden T-13 Resource and Expands Drilling at Namibia’s Otavi Project
Apr 28, 2026
Midas Minerals reported its March 2026 quarter marked by an initial inferred mineral resource at the T-13 copper-silver deposit within Namibia’s Otavi Project, outlining 10.5 million tonnes at 1.6% copper and 21 grams per tonne silver, inclu...
Midas Minerals Sets 2026 AGM and Signals Board’s Voting Stance
Apr 24, 2026
Midas Minerals Limited has called its Annual General Meeting for 9:30 a.m. AWST on 27 May 2026 at its West Perth offices, inviting shareholders to attend in person or vote via proxy. The company is encouraging investors to review the meeting mater...
Midas Minerals Raises $28m to Advance Otavi Copper-Silver-Gold Exploration
Apr 21, 2026
Midas Minerals Limited has raised approximately $28 million through the issue of 37,333,334 fully paid ordinary shares at $0.75 each under a placement conducted pursuant to ASX Listing Rules 7.1 and 7.1A. The shares were issued without a prospectu...
Midas Minerals Seeks ASX Quotation for 37 Million New Shares
Apr 21, 2026
Midas Minerals has applied to the ASX for quotation of 37,333,334 new fully paid ordinary shares, to be issued on 22 April 2026. The move increases the company’s quoted capital base and may provide additional liquidity in its stock, signalli...
Midas Minerals Seeks ASX Quotation for Additional 425,000 Shares
Apr 21, 2026
Midas Minerals Ltd has applied for quotation on the ASX of 425,000 new ordinary fully paid shares, to be issued on 21 April 2026. The additional MM1 securities, arising from the exercise or conversion of existing instruments, will modestly increas...
Midas Minerals Sets Initial High-Grade Resource at Otavi Project
Apr 15, 2026
Midas Minerals has outlined an initial mineral resource estimate for the Otavi copper-silver-gold project’s T-13 deposit, reported under the JORC 2012 code as a high-grade inferred copper and silver resource. The company says the estimate, f...
Midas Minerals Plans Major Share Placement to Bolster Capital
Apr 15, 2026
Midas Minerals has announced a proposed placement of up to 37,333,334 ordinary fully paid shares on the ASX. The new securities, scheduled for issue on 22 April 2026, are intended to support the company’s capital needs and may influence its ...
Midas Minerals Raises $28m to Accelerate Otavi Copper-Silver-Gold Drilling
Apr 15, 2026
Midas Minerals has secured firm commitments to raise $28 million through a share placement at $0.75 per share, backed by new and existing institutional investors domestically and abroad. The funding is expected to lift the company’s cash bal...
Midas Minerals Unveils High-Grade Initial Resource at Namibia’s Otavi Copper Project
Apr 15, 2026
Midas Minerals has released an initial Inferred Mineral Resource Estimate for the T-13 copper-silver deposit at its Otavi Copper Project in Namibia, outlining 10.5 million tonnes at 1.6% copper and 21 grams per tonne silver, equivalent to 211,000 ...
Midas Minerals Seeks Trading Halt Ahead of Capital Raising and Resource Update
Apr 13, 2026
Midas Minerals Limited has requested a trading halt in its ASX-listed securities as it prepares to announce details of a capital raising and a resource update. Trading in MM1 shares will be paused until the announcement is released or until normal...
Midas Minerals Extends High-Grade Copper-Silver Mineralisation at Namibia’s Spaatzu Prospect
Apr 12, 2026
Midas Minerals has reported further high-grade copper and silver results from drilling at the Spaatzu Prospect within its Otavi Copper Project in Namibia. New reverse circulation drilling, including hole SPRC062, has intercepted a broad zone of mi...
Midas Minerals Sets AGM Date and Director Nomination Deadline
Mar 31, 2026
Midas Minerals has scheduled its Annual General Meeting for 27 May 2026, at which shareholders will consider the election and re-election of certain directors. The company has set 7 April 2026 as the deadline for nominations to its board, formalis...
Midas Minerals Outlines 2025 Corporate Governance Framework
Mar 27, 2026
Midas Minerals Limited has released its 2025 Corporate Governance Statement, outlining how the board and management structure their responsibilities and oversight. The document details the company’s approach to board effectiveness, ethical c...
Midas Minerals Clarifies Investor Presentation and Risks for Otavi Project
Mar 18, 2026
Midas Minerals has released a presentation outlining its activities at the Otavi Copper-Silver-Gold Project, positioning the update as investor-focused information rather than a formal offer of securities. The document emphasizes that it is not a ...
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.