Midas Minerals Limited (AU:MM1)
ASX:MM1
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Midas Minerals Limited
(Sydney:MM1)
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Rating:49Neutral
Price Target:
AU$0.77
▼(-3.63% Downside)
Action:ReiteratedDate:03/31/26
The score is primarily held back by a pre-revenue financial profile with ongoing losses and negative free cash flow. The key offset is a low financial-risk balance sheet (no debt) and a significantly stronger equity position in 2025. Technicals are mixed-to-neutral, while valuation is weak due to negative earnings and no dividend support.
Positive Factors
Low financial risk (no debt)
A debt-free capital structure materially reduces refinancing and interest-rate risk for an exploration company. The sizable equity increase in 2025 meaningfully strengthens the balance sheet and extends funding runway, improving the firm's ability to execute multi-stage exploration programs over the next several quarters.
Negative Factors
Pre-revenue operating losses
A persistent pre-revenue profile with recurring losses means the business cannot self-fund exploration or development. This structural reliance on external capital increases dilution and execution risk, and limits the company's ability to progress projects without further funding rounds over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Low financial risk (no debt)
A debt-free capital structure materially reduces refinancing and interest-rate risk for an exploration company. The sizable equity increase in 2025 meaningfully strengthens the balance sheet and extends funding runway, improving the firm's ability to execute multi-stage exploration programs over the next several quarters.
Read all positive factors
Midas Minerals Limited (MM1) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$163.85M
Dividend YieldN/A
Average Volume (3M)176.59K
Price to Earnings (P/E)―
Beta (1Y)0.81
Revenue GrowthN/A
EPS GrowthN/A
CountryAU
EmployeesN/A
SectorBasic Materials
Sector Strength58
IndustryOther Precious Metals
Share Statistics
EPS (TTM)-0.01
Shares Outstanding203,544,100
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$1.35Price Target Upside68.75% 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
null...
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% | |
51 Neutral | AU$26.27M | -8.70 | -24.90% | ― | ― | ― | |
49 Neutral | AU$163.85M | -33.50 | -30.82% | ― | ― | ― | |
44 Neutral | AU$132.62M | -1.98 | -169.12% | ― | -100.00% | 24.82% | |
38 Underperform | AU$24.16M | -0.10 | 507.16% | ― | -28.16% | -1569.00% |
* Basic Materials Sector Average
AU:MM1
Midas Minerals Limited
0.81
0.65
403.13%
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Midas Minerals Limited Corporate Events
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 ...
Midas Minerals Advances Namibian Copper Push with High-Grade Hits at Spaatzu and Ongoing Drilling at T‑13
Jan 29, 2026
Midas Minerals has reported a strong December 2025 quarter, highlighted by the completion of its acquisition of the Otavi Copper Project in Namibia and encouraging early drilling results at the Spaatzu prospect. Initial reverse circulation drillin...
Midas Minerals Defines New High-Priority Copper Targets at Otavi Project in Namibia
Jan 21, 2026
Midas Minerals has outlined multiple new high-priority drill targets at the Merwe, Segen and Devon prospects within its Otavi Copper Project in Namibia, following analysis of more than 2,300 surface geochemical samples that showed strong copper ge...
Midas Minerals Issues Shares to Director Nominee Under Placement Tranche
Jan 13, 2026
Midas Minerals Limited has issued 55,000 fully paid ordinary shares at $0.37 per share under the second tranche of a placement to a nominee of Non-Executive Director Michael Bohm, raising $20,350 before costs as part of its ongoing capital managem...
Midas Minerals Updates Director Sara Kelly’s Equity Incentives
Jan 13, 2026
Midas Minerals Ltd has disclosed a change in director Sara Kelly’s indirect interest in the company, held via TYF Holdings Pty Ltd , which already holds a substantial parcel of fully paid ordinary shares, including a portion subject to escro...
Midas Minerals Seeks ASX Quotation for Additional Ordinary Shares
Jan 13, 2026
Midas Minerals Ltd has applied to the ASX for quotation of 55,000 new fully paid ordinary shares under its existing issuer code MM1. The modest issuance, tied to a previously disclosed transaction, marginally increases the company’s share co...
Midas Minerals Issues 3.5 Million Unquoted Performance Rights Under Incentive Plan
Jan 13, 2026
Midas Minerals Limited has notified the market of the issue of 3.5 million unquoted performance rights under its employee incentive scheme, effective 13 January 2026. The new securities, which will not be quoted on the ASX, are designed to form pa...
Midas Minerals Uncovers High-Grade Copper-Silver Zone at Namibia’s Otavi Project
Jan 11, 2026
Midas Minerals has reported a significant new near-surface copper-silver discovery at the Spaatzu Prospect within its Otavi Copper Project in Namibia, where initial drilling returned wide zones of high-grade mineralisation, including 16 metres at ...
Midas Minerals to Release 1.8 Million Director Shares From Escrow
Jan 9, 2026
Midas Minerals Limited has announced that 1,800,000 fully paid ordinary shares previously issued to directors under a shareholder-approved placement will be released from voluntary escrow on 16 January 2026. The move increases the potential tradab...
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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