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

• Market Cap: AU$13.08M
• Dividend Yield: N/A
• Average Volume (3M): 117.85K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.70
• 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: 373,315,700
• 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: 48 Neutral
• Price Target: AU$0.04 ▲(16.67% Upside)

The score is held back primarily by the lack of revenue and ongoing negative cash flows, which imply continued reliance on external funding despite improved FY2025 loss and burn. A low-debt balance sheet supports resilience, while technically the uptrend is offset by extremely overbought momentum readings. Valuation is less supportive due to losses (negative P/E) and no dividend yield data.

Positive Factors

Very low leverage / conservative balance sheet

Near-zero debt materially lowers bankruptcy and refinancing risk for an exploration-stage gold company, preserving strategic optionality. A low-leverage structure supports continued exploration spending through market cycles and makes future capital raises less onerous for long-term project development.

Sizable equity buffer (~A$14.1M)

Having ~A$14.1M of equity provides a multi-quarter liquidity cushion for exploration and operational activity, extending runway without immediate revenue. This capital base supports project advancement and mitigates short-term solvency pressure, an important durable advantage for small miners.

Improved FY2025 net loss vs FY2024

A meaningful reduction in annual net loss signals management-led cost discipline and improved operating efficiency. If sustained, lower structural burn improves runway, reduces frequency/size of future raises, and enhances the probability of progressing toward revenue-generating stages over the medium term.

Negative Factors

No reported revenue (2020–2025)

Absence of operating revenue means the business has no demonstrated commercial cash generation; long-term viability depends on successful resource conversion or asset monetization. This structural gap forces reliance on capital markets and makes path to sustainable profitability uncertain.

Persistent negative operating and free cash flow

Ongoing negative operating and free cash flows create a structural funding requirement that pressures liquidity and forces recurring capital raises. Over time this increases dilution risk, limits ability to invest in value-accretive projects, and constrains strategic flexibility for growth.

Erosion of equity and negative return on equity

Declining equity and negative ROE indicate cumulative value destruction from losses and cash burn. Persisting this trend erodes the balance-sheet buffer, raises future financing needs, and weakens the company's ability to fund exploration or development without significant dilution or concessional capital.

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

Mixed fundamentals: a strong, low-debt balance sheet (debt-to-equity near zero; equity still sizable) is offset by no revenue (2020–2025), recurring losses, and persistently negative operating and free cash flow, implying ongoing funding dependence despite some improvement in FY2025 loss and cash burn.

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	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-101.28K	-101.28K	-41.63K	-56.32K	-34.91K	-48.93K
EBITDA	-438.00	-789.67K	-1.84M	-1.80M	-2.03M	-2.04M
Net Income	-697.03K	-697.03K	-1.88M	-1.86M	-2.02M	-2.09M
Balance Sheet
Total Assets	14.32M	14.32M	12.83M	14.00M	15.72M	17.30M
Cash, Cash Equivalents and Short-Term Investments	1.05M	1.05M	472.13K	2.18M	6.67M	11.78M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	251.92K	251.92K	322.76K	428.50K	449.15K	287.16K
Stockholders Equity	14.06M	14.06M	12.50M	13.58M	15.28M	17.01M
Cash Flow
Free Cash Flow	-1.76M	-1.76M	-1.57M	-5.19M	-5.11M	-5.93M
Operating Cash Flow	-755.76K	-755.76K	-1.57M	-1.66M	-1.57M	-1.03M
Investing Cash Flow	-867.65K	-867.65K	-726.64K	-3.03M	-3.54M	-4.96M
Financing Cash Flow	2.20M	2.20M	786.21K	0.00	0.00	17.77M

North Stawell Minerals, Ltd. Technical Analysis

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:NSM, the sentiment is Positive. 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 bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 95.94 is Negative, neither overbought nor oversold. The STOCH value of 133.33 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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$48.20M	-13.68	-28.59%	―	―	-860.00%
MAN	53 Neutral	AU$14.43M	-23.00	-2.67%	―	―	-233.33%
SNG	52 Neutral	AU$33.00M	-3.08	-45.51%	―	―	―
NSM	48 Neutral	AU$13.08M	-11.67	-5.25%	―	―	75.81%
TYX	43 Neutral	AU$13.46M	―	―	―	―	90.70%
FG1	43 Neutral	AU$14.00M	-1.65	-241.11%	―	―	48.90%

North Stawell Minerals, Ltd. Corporate Events

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.

North Stawell Minerals Secures $400,000 in New Funding

North Stawell Minerals Ltd has successfully raised an additional $400,000 through the issuance of new shares to professional and sophisticated investors, marking the completion of its equity raising initiative. This capital will support the company’s ongoing exploration programs and the advancement of key projects, reflecting investor confidence in its strategic direction and growth potential.

North Stawell Minerals Announces Quotation of New Securities

North Stawell Minerals Ltd has announced the quotation of 13,333,333 ordinary fully paid securities on the Australian Securities Exchange (ASX) as of October 31, 2025. This move is part of previously announced transactions and is expected to enhance the company’s liquidity and market presence, potentially benefiting shareholders and stakeholders by increasing the company’s capital base.

North Stawell Minerals Advances Gold Exploration with New Funding and Promising Results

North Stawell Minerals has reported significant progress in its exploration activities at the Darlington Prospect, with renewed diamond drilling and promising high-grade gold intercepts. The company has also completed a regional soils program and grab sampling, indicating potential for high-grade gold systems. Additionally, North Stawell has successfully raised $2.02 million through a placement and entitlement offer, strengthening its financial position and signaling market confidence in its long-term growth potential. The company is well-funded to continue its exploration programs, focusing on the high-grade gold potential along the Darlington-Caledonia trend.

North Stawell Minerals Reports Quarterly Cash Flow with Strong Financing Inflows

North Stawell Minerals Ltd reported its quarterly cash flow, highlighting a net cash outflow from operating and investing activities, while financing activities resulted in a net cash inflow. The company’s financial activities indicate a strategic focus on securing capital through equity securities, which may impact its operational capabilities and stakeholder interests.