North Stawell Minerals, Ltd. (NSM) AI Stock Analysis

• Market Cap: AU$11.21M
• Dividend Yield: N/A
• Average Volume (3M): 117.85K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.63
• Revenue Growth: N/A
• EPS Growth: 75.81%
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): >-0.01
• Shares Outstanding: 373,593,480
• 10 Day Avg. Volume: 140,581
• 30 Day Avg. Volume: 117,850
• PEG Ratio: 0.15
• Price to Book (P/B): 0.56
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -4.48
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 51 Neutral
• Price Target: AU$0.03 ▲(6.67% Upside)
• Action: Reiterated Date: 02/04/26
• Date: Action: Reiterated 02/04/26

The score is held back primarily by weak operating fundamentals—no revenue and ongoing cash burn—despite a low-debt balance sheet. Technicals are broadly neutral with modest near-term support, but valuation is difficult to justify with a loss-driven negative P/E and no dividend yield.

Positive Factors

Very low leverage

Near-zero debt materially lowers insolvency and interest-cost risk for an exploration-stage gold company. Low leverage preserves financing optionality, supports survival through commodity cycles, and reduces fixed-cost pressure, improving long-term resilience.

Sizable equity buffer

A ~14.1M equity base provides a meaningful capital cushion for continued exploration and permitting work without immediate insolvency threat. This buffer lowers urgency for emergency raises, enabling more disciplined project advancement and strategic partner negotiation over months.

Improving loss and burn in FY2025

Narrowing net loss and moderation in operating cash outflows in FY2025 indicate cost control and a longer runway if trends persist. Sustainable reduction in burn rate enhances ability to execute exploration plans with lower near-term funding needs and reduces dilution risk.

Negative Factors

No revenue history

Absence of revenue from 2020–2025 means there's no operational proof of commercial cash generation. Long-term viability depends on exploration success and future project development, making future profitability and self-funding highly uncertain over the medium term.

Persistent negative cash generation

Multi-year negative operating and free cash flow demonstrates reliance on external funding to sustain operations. Ongoing cash burn and FCF volatility constrain strategic flexibility, elevate financing risk, and could force dilutive raises or cutbacks if capital markets tighten.

Eroding equity and negative ROE

Declining equity and a negative ROE indicate shareholder capital has been consumed by losses, reducing the firm's financial buffer. This trend heightens dilution risk for future capital raises and signals weak capital efficiency, limiting long-term shareholder value creation.

North Stawell Minerals, Ltd. Business Overview & Revenue Model

Company Description

North Stawell Minerals Limited engages in the evaluation, development, and exploration of gold deposits in Australia. The company holds a prospective tenements and tenement applications to the north of the Stawell Gold Mine in Victoria, Australia. North Stawell Minerals Limited was incorporated in 2019 and is based in South Yarra, Australia.

How the Company Makes Money

North Stawell Minerals, Ltd. generates revenue through the exploration and potential development of gold mining projects. The company's primary revenue stream is derived from the discovery and subsequent sale or licensing of gold resources. NSM may also engage in joint ventures or partnerships with other mining companies to co-develop mining projects, thereby sharing costs and profits. Additionally, the company may raise capital through public offerings or private placements to fund its exploration activities. The success of NSM's revenue generation largely depends on the results of its exploration activities, commodity prices, and its ability to effectively manage exploration and development costs.

North Stawell Minerals, Ltd. Financial Statement Overview

Summary

Financials are mixed: the balance sheet is strong with essentially no debt (Balance Sheet Score 72), but the business has no revenue and remains loss-making (Income Statement Score 12) with negative operating and free cash flow, implying ongoing funding dependence (Cash Flow Score 20). Recent loss and cash-burn improvement helps, but fundamentals are still constrained by lack of commercialization.

Income Statement

The company reports no revenue across the full period (2020–2025), which limits visibility into commercialization and makes profitability reliant on funding rather than operations. Losses remain persistent, though FY2025 net loss (about -0.7M) improved materially versus FY2024 (about -1.9M), indicating some cost tightening. Overall, the income statement remains weak due to the absence of revenue and recurring operating losses.

Balance Sheet

The balance sheet is conservatively positioned with essentially no debt (debt-to-equity near zero throughout), which reduces financial risk. Equity remains sizable (~14.1M in FY2025) and assets are broadly stable, though equity has drifted down from ~18.1M in FY2020, consistent with ongoing losses and cash burn. Strength is low leverage; weakness is gradual erosion of equity and negative returns on equity (FY2025 roughly -5%).

Cash Flow

Cash generation remains negative: operating cash flow is consistently outflow (FY2025 about -0.76M) and free cash flow is also negative (FY2025 about -1.76M), signaling continued reliance on external funding. There is improvement versus FY2024 in operating cash burn (less negative), but multi-year free cash flow volatility (notably large outflows in FY2021–FY2023) highlights execution and spending variability. Overall cash flow quality is weak despite some near-term moderation in burn.

Breakdown	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	-101.28K	-41.63K	-56.32K	-34.91K	-48.93K
EBITDA	-789.67K	-1.84M	-1.80M	-2.03M	-2.04M
Net Income	-697.03K	-1.88M	-1.86M	-2.02M	-2.09M
Balance Sheet
Total Assets	14.32M	12.83M	14.00M	15.72M	17.30M
Cash, Cash Equivalents and Short-Term Investments	1.05M	472.13K	2.18M	6.67M	11.78M
Total Debt	0.00	0.00	0.00	0.00	0.00
Total Liabilities	251.92K	322.76K	428.50K	449.15K	287.16K
Stockholders Equity	14.06M	12.50M	13.58M	15.28M	17.01M
Cash Flow
Free Cash Flow	-1.76M	-1.57M	-5.19M	-5.11M	-5.93M
Operating Cash Flow	-755.76K	-1.57M	-1.66M	-1.57M	-1.03M
Investing Cash Flow	-867.65K	-726.64K	-3.03M	-3.54M	-4.96M
Financing Cash Flow	2.20M	786.21K	0.00	0.00	17.77M

North Stawell Minerals, Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.03
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:NSM, the sentiment is Negative. The current price of 0.03 is below the 20-day moving average (MA) of 0.03, below the 50-day MA of 0.03, and below the 200-day MA of 0.03, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 45.70 is Neutral, neither overbought nor oversold. The STOCH value of 27.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:NSM.

North Stawell Minerals, Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
ZAG	54 Neutral	AU$38.00M	-3.95	-28.59%	―	―	-860.00%
MAN	53 Neutral	AU$15.05M	-14.29	-2.67%	―	―	-233.33%
SNG	52 Neutral	AU$28.50M	3,453.45	-45.51%	―	―	―
NSM	51 Neutral	AU$11.21M	-11.31	-5.25%	―	―	75.81%
TYX	43 Neutral	AU$13.46M	-2.50	―	―	―	90.70%
FG1	43 Neutral	AU$15.22M	-1.92	-241.11%	―	―	48.90%

North Stawell Minerals, Ltd. Corporate Events

North Stawell Minerals Announces Departure of Director Jeremy Kitson Ellis

North Stawell Minerals Ltd has announced that director Jeremy Kitson Ellis ceased to serve on the company’s board effective 31 January 2025. Following his departure, Ellis retains a holding of 880,000 ordinary fully paid shares in the company, and the notice confirms he has no additional relevant interests in securities or contracts beyond this shareholding.

The most recent analyst rating on (AU:NSM) stock is a Sell with a A$0.03 price target. To see the full list of analyst forecasts on North Stawell Minerals, Ltd. stock, see the AU:NSM Stock Forecast page.

North Stawell Minerals Appoints New Director with Significant Shareholding

North Stawell Minerals Ltd has appointed William John McIntyre Reid as a director effective 1 February 2026, and he enters the role with a direct holding of 277,778 ordinary fully paid shares in the company as well as an indirect interest in an additional 90,909 shares held by Christina Gerakiteys. The disclosure of Reid’s substantial equity stake aligns his interests closely with existing shareholders and signals a strengthened governance and ownership structure, with potential implications for the company’s strategic direction and oversight, although no related contractual interests were reported at this time.

The most recent analyst rating on (AU:NSM) stock is a Sell with a A$0.03 price target. To see the full list of analyst forecasts on North Stawell Minerals, Ltd. stock, see the AU:NSM Stock Forecast page.

North Stawell Minerals Reshapes Board as Exploration Enters Pivotal Phase

North Stawell Minerals has announced a leadership reshuffle with long-serving chairman Jerry Ellis retiring after guiding the company through its first five years of growth and development. Chief executive and founding director Campbell Olsen has stepped down from his CEO role to become non-executive chairman, a move that preserves board continuity while shifting his focus from day-to-day operations to governance at a time of continued exploration activity. The company has also appointed Head of Exploration Bill Reid, a geologist with three decades of experience in gold and base metals across Australia, Canada and West Africa, as an executive director, while he maintains a reduced operational role. These changes are designed to broaden the board’s technical and executive expertise and support North Stawell Minerals through what it describes as a pivotal period of growth and exploration, with potential implications for the pace and direction of its exploration strategy in the Stawell Mineralised Corridor.

The most recent analyst rating on (AU:NSM) stock is a Sell with a A$0.03 price target. To see the full list of analyst forecasts on North Stawell Minerals, Ltd. stock, see the AU:NSM Stock Forecast page.

North Stawell Minerals Boosts Cash Reserves Through Equity Funding Amid Exploration Spend

North Stawell Minerals reported its quarterly cash flow for the period ended 31 December 2025, highlighting its role as an exploration-focused miner with ongoing investment in exploration and evaluation activities. The company recorded negative operating cash flow of A$327,700 and investing outflows of A$385,000 driven by exploration spending, but these were offset by A$827,200 in net cash inflows from financing activities, mainly equity issuance. As a result, cash and cash equivalents rose to A$1.5 million from A$1.05 million at the start of the period, underscoring the company’s continued reliance on capital raisings to fund exploration and corporate costs while it remains pre-revenue.

The most recent analyst rating on (AU:NSM) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on North Stawell Minerals, Ltd. stock, see the AU:NSM Stock Forecast page.

North Stawell Sharpens Focus on Darlington as Key Gold Target After Strong Quarter

North Stawell Minerals reported a December 2025 quarter marked by intensified exploration at its Darlington Prospect, where diamond drilling (notably holes NSD059 and NSD060) and expanded surface geochemistry programs have reinforced the area as the company’s primary target going into 2026. The work has outlined a vertical, open mineralised structure with geological and grade similarities to the high-grade Mariners Lode at Stawell and validated the company’s geological model, with additional drilling results pending, while the permanent appointment of Campbell Olsen as CEO is intended to provide leadership stability and support the company’s ongoing exploration-led growth strategy.

The most recent analyst rating on (AU:NSM) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on North Stawell Minerals, Ltd. stock, see the AU:NSM Stock Forecast page.

North Stawell Minerals Seeks ASX Quotation for 277,778 New Shares

North Stawell Minerals Ltd has applied to the ASX for quotation of 277,778 new ordinary fully paid shares, expanding its listed equity base under the NSM code. The additional securities, issued on 30 January 2026 following the exercise or conversion of existing options or other convertible instruments, incrementally increase the company’s share capital and may have implications for shareholder dilution and liquidity in its stock.

The most recent analyst rating on (AU:NSM) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on North Stawell Minerals, Ltd. stock, see the AU:NSM Stock Forecast page.

North Stawell Extends High-Grade Gold Mineralisation at Darlington Project

North Stawell Minerals has reported encouraging diamond drilling results from its Darlington Project, about 6km north of Stawell, confirming that mineralisation continues at depth beneath a previously reported high‑grade intercept containing visible gold. New holes NSD059 and NSD060 intersected brecciated quartz-sulphide veins up to 100 metres below the earlier NSD057 hit of 2.3 metres at 29.2 g/t gold, with geological characteristics that closely resemble the high‑grade historic Mariners Lodes at Stawell. The mineralised structural trend remains open along an 850‑metre strike to the south, 200 metres to the north and at depth, supporting the company’s working model that Darlington may host Mariners‑style lodes within a broader Stawell Corridor where published resources are typically below 5 g/t gold. Management says the results strengthen the case for a potentially larger, coherent high‑grade system that could attract increased industry interest to the Darlington region, while providing multiple avenues for follow‑up work using geophysics, geochemistry and further drilling to define the controls on high‑grade mineralisation and expand the target along strike.

The most recent analyst rating on (AU:NSM) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on North Stawell Minerals, Ltd. stock, see the AU:NSM Stock Forecast page.

North Stawell Minerals Seeks ASX Quotation for 1.18 Million New Shares

North Stawell Minerals Ltd has applied to the ASX for quotation of 1,184,211 new fully paid ordinary shares, to be issued on 8 January 2026. The additional securities, arising from the exercise or conversion of existing options or other convertible instruments, modestly expand the company’s listed share capital and may provide incremental funding flexibility and liquidity for shareholders without fundamentally altering its market position.

The most recent analyst rating on (AU:NSM) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on North Stawell Minerals, Ltd. stock, see the AU:NSM Stock Forecast page.

North Stawell Minerals Advances Darlington Prospect with Promising Soil Sampling Results

North Stawell Minerals Ltd has announced significant progress in its Darlington Prospect, with a comprehensive soil sampling program revealing a 600-meter extension of the mineralized Darlington trend. This development supports ongoing drilling efforts and highlights the potential for high-grade gold mineralization along the Darlington-Caledonia trend, which remains a priority for the company into 2026. The company has secured additional funding to support its exploration activities, indicating a strong commitment to advancing its projects and potentially enhancing its position in the gold mining industry.

North Stawell Minerals Issues New Equity Securities to Amery Partners

North Stawell Minerals Ltd announced the issuance of 833,333 unquoted equity securities in the form of broker options to Amery Partners Pty Ltd. This move is part of the company’s strategy to strengthen its financial position and enhance its operational capabilities, potentially impacting its market standing and stakeholder interests positively.

North Stawell Minerals Issues New Shares Amid Ongoing Exploration

North Stawell Minerals Ltd has issued 16,666,667 fully paid ordinary shares at $0.03 per share without disclosure to investors under the Corporations Act. The company is actively exploring its Stawell Gold Corridor tenements, with ongoing programs whose results are yet to be disclosed, potentially impacting share prices upon release.

North Stawell Minerals Secures $500,000 for Exploration Expansion

North Stawell Minerals Ltd has successfully raised $500,000 through a strategic placement of shares to professional and sophisticated investors at $0.03 per share. The funds will be used to advance exploration projects at Darlington, Wildwood, and other key sites, as well as to support general working capital until late 2026. This placement strengthens the company’s financial position, enabling it to continue its exploration program, particularly at Darlington, where significant gold potential has been identified. The placement was managed by Amery Partners Pty Ltd, which will receive a fee and broker options as compensation.

North Stawell Minerals Announces Quotation of New Securities

North Stawell Minerals Ltd has announced the quotation of 16,666,667 ordinary fully paid securities on the Australian Securities Exchange (ASX), effective December 1, 2025. This move is part of the company’s ongoing efforts to enhance its capital structure and market presence, potentially impacting its operational capabilities and stakeholder interests.

North Stawell Minerals Secures Shareholder Support at AGM

North Stawell Minerals Ltd announced that all resolutions were passed at its Annual General Meeting, indicating strong shareholder support for the company’s strategic decisions. This outcome is expected to positively impact the company’s operations and reinforce its industry positioning, benefiting stakeholders by ensuring continued growth and development.

North Stawell Minerals Reports Significant Turnaround and Promising Exploration Results

North Stawell Minerals Ltd has reported a significant turnaround in its financial year ending June 2025, highlighted by successful exploration results, cost reductions, and securing over $2.4 million in financing. The company’s drilling program at Darlington has shown promising results, leading to an expansion of exploration efforts. These developments, along with strong community relations and support from Stawell Gold Mines, have bolstered the company’s confidence in its future growth prospects.