Ora Gold Ltd. (AU:NMG)
ASX:NMG
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Ora Gold
(Sydney:NMG)
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Rating:58Neutral
Price Target:
AU$0.05
▲(8.00% Upside)
Action:ReiteratedDate:04/09/26
The score is driven primarily by improved profitability and a strong, low-leverage balance sheet, but it is held back by ongoing negative operating/free cash flow and a high P/E valuation. Technical indicators are mixed and do not provide a strong offset.
Positive Factors
Very low leverage
The company’s 2025 balance sheet shows minimal leverage with debt roughly $0.48M against equity ~$58.24M, creating a large capital cushion. This durable strength reduces refinancing and solvency risk over the next several months and supports funding of operations or opportunistic investment without immediate external financing.
Negative Factors
Negative cash generation
Operating and free cash flows are substantially negative in 2025 despite reported profits, indicating earnings are not yet translating into cash. Over a multi-month horizon this raises reliance on financing or equity, constrains reinvestment, and increases risk if cash burn persists or external funding conditions tighten.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage
The company’s 2025 balance sheet shows minimal leverage with debt roughly $0.48M against equity ~$58.24M, creating a large capital cushion. This durable strength reduces refinancing and solvency risk over the next several months and supports funding of operations or opportunistic investment without immediate external financing.
Read all positive factors
Ora Gold (NMG) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$543.21M
Dividend YieldN/A
Average Volume (3M)39.84M
Price to Earnings (P/E)59.6
Beta (1Y)0.39
Revenue Growth130526.95%
EPS GrowthN/A
CountryAU
Employees9
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)<0.01
Shares Outstanding10,864,241,000
10 Day Avg. Volume23,875,238
30 Day Avg. Volume39,844,266
Financial Highlights & Ratios
PEG Ratio-0.26
Price to Book (P/B)4.90
Price to Sales (P/S)15.90
P/FCF Ratio-27.29
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$0.07Price Target Upside40.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Ora Gold Business Overview & Revenue Model
Company Description
New Murchison Gold Limited engages in the mineral exploration activities in Australia. The company explores for gold. Its flagship property is the Garden Gully property consisting of 677 square kilometers tenure package located in the Abbotts Gree...
How the Company Makes Money
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Ora Gold Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
88
Very Positive
Cash Flow
28
Negative
| Breakdown | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 17.96M | 13.75K | 24.03K | 378.00 | 2.00K |
| Gross Profit | 8.34M | 0.00 | 24.03K | -12.57K | -19.22K |
| EBITDA | 7.16M | -2.59M | -1.97M | -2.05M | -2.18M |
| Net Income | 4.79M | -2.71M | -2.16M | -2.31M | -2.40M |
Balance Sheet | |||||
| Total Assets | 77.11M | 14.75M | 7.11M | 243.69K | 367.26K |
| Cash, Cash Equivalents and Short-Term Investments | 19.75M | 3.39M | 2.30M | 108.74K | 257.45K |
| Total Debt | 479.43K | 112.27K | 165.36K | 4.32M | 3.46M |
| Total Liabilities | 18.87M | 1.09M | 2.14M | 4.64M | 3.77M |
| Stockholders Equity | 58.24M | 13.66M | 4.97M | -4.39M | -3.40M |
Cash Flow | |||||
| Free Cash Flow | -10.47M | -3.24M | -4.10M | -2.06M | -2.20M |
| Operating Cash Flow | -3.80M | -3.18M | -765.88K | -905.95K | -1.03M |
| Investing Cash Flow | -18.00M | -6.17M | -3.67M | -1.14M | -1.17M |
| Financing Cash Flow | 38.15M | 10.44M | 6.63M | 1.90M | 722.50K |
Ora Gold Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | AU$448.75M | 4.68 | 14.39% | ― | 19.35% | 276.19% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
58 Neutral | AU$543.21M | 59.59 | 10.14% | ― | 130526.95% | ― | |
52 Neutral | AU$592.19M | -19.31 | -16.86% | ― | ― | -15.82% | |
45 Neutral | AU$120.91M | -6.69 | -13.64% | ― | ― | 78.52% | |
| ― | AU$63.11M | -2.47 | -59.66% | ― | ― | 46.56% | |
49 Neutral | AU$256.04M | 8.70 | 1.57% | ― | ― | 93.36% |
* Basic Materials Sector Average
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Ora Gold Corporate Events
New Murchison Gold Boosts Cash on Strong Crown Prince Output and Exploration Success
Apr 27, 2026
New Murchison Gold reported a second full quarter of steady-state production at its Crown Prince Operations, selling 173,174 tonnes of ore grading 3.1 grams per tonne gold for 16,660 ounces, above the tonnage contemplated in its ore purchase arran...
New Murchison Gold hits deepest high-grade intercept at Crown Prince, bolstering underground potential
Apr 23, 2026
New Murchison Gold has reported a series of high-grade gold intercepts from extensional drilling beneath the planned base of the Crown Prince open pit at its Garden Gully Gold Project in Western Australia. The deepest ore-grade interval to date at...
New Murchison Gold Hits High-Grade Intercepts at Crown Prince East Pit
Apr 13, 2026
New Murchison Gold has reported a series of high-grade gold intercepts from recent reverse circulation drilling at the Crown Prince East pit, a satellite deposit located about 300 metres east of the currently mined Crown Prince West pit. The resul...
New Murchison Gold Performance Rights Lapse After Conditions Not Met
Apr 7, 2026
New Murchison Gold Limited has confirmed the lapse of 600,000 performance rights, identified under the ASX code NMGAAD, after the conditions attached to those rights were not met or became incapable of being satisfied by 31 March 2026. The cessati...
New Murchison Gold Issues 20 Million Unquoted Options Expiring 2029
Mar 31, 2026
New Murchison Gold Limited has notified the market of the issue of 20,000,000 unquoted options exercisable at $0.062 and expiring on March 30, 2029. The new options, to be issued on March 30, 2026, expand the company’s pool of unquoted equit...
New Murchison Gold adds veteran engineer Mark Adams to board amid production ramp-up
Mar 30, 2026
New Murchison Gold has strengthened its board with the appointment of veteran mining engineer Mark Adams as an independent non-executive director, adding more than 40 years of technical and operational experience across major Australian and intern...
New Murchison Gold Wins Strong Shareholder Backing at 2025 AGM
Feb 27, 2026
New Murchison Gold Limited has reported that all four resolutions put to shareholders at its 2025 Annual General Meeting on 27 February 2026 were passed by poll with the required majorities. Investors approved the remuneration report, confirmed th...
New Murchison Gold Cements Producer Status as Crown Prince Hits Steady-State Output
Feb 27, 2026
New Murchison Gold Limited’s latest annual general meeting marked a pivotal year in which the company completed its transformation from explorer to gold producer, bringing the Crown Prince Gold Project into production without debt after rais...
Ora Gold Updates Market on Director Malcolm Randall’s Revised Shareholding
Feb 5, 2026
Ora Gold has disclosed a change in the indirect interests of director Malcolm R. J. Randall, held through Renique Holdings Pty Ltd as trustee for the Randall Super Fund. Over the period from 29 January to 3 February 2026, Randall exercised 5 milli...
New Murchison Gold Issues 22m Shares via Option Exercise
Feb 4, 2026
New Murchison Gold disclosed that 22 million fully paid ordinary shares were issued after vested option exercises, executed without a prospectus under the Corporations Act. The company emphasizes compliance with continuous disclosure obligations 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.