Pearl Gull Iron Ltd (PLG) AI Stock Analysis

• Market Cap: N/A
• Dividend Yield: N/A
• Average Volume (3M): 157.68K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.49
• Revenue Growth: N/A
• EPS Growth: 57.63%
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Steel
• EPS (TTM): <0.01
• Shares Outstanding: 204,541,800
• 10 Day Avg. Volume: 150,238
• 30 Day Avg. Volume: 157,681
• PEG Ratio: 0.04
• Price to Book (P/B): 0.61
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -1.49
• 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: 44 Neutral
• Price Target: AU$0.03 ▲(50.00% Upside)
• Action: Reiterated Date: 01/21/26
• Date: Action: Reiterated 01/21/26

The score is held down primarily by very weak financial performance—minimal/zero revenue, persistent losses, and ongoing negative free cash flow—despite an improved, low-debt balance sheet. Technicals are supportive in the short term (price above key moving averages and positive MACD), but overbought momentum indicators add near-term risk. Valuation is also constrained by negative earnings and no dividend yield data.

Positive Factors

Low leverage

Zero reported debt since 2022 and recovering equity (~$2.0m in 2025) provide structural financial flexibility. Low leverage reduces refinancing and interest-rate risk, preserving optionality to fund operations or strategic initiatives without immediate solvency pressure, a durable strength.

Stable asset base

A stable asset base (~$10–11m) provides a tangible cushion that supports restart or scale-up of operations. Persisting assets limit downside in stressed scenarios, underpin potential recovery plans, and give management time to pursue structural fixes without immediate asset liquidation.

Moderating cash burn

Operating and free cash flow have materially improved from the 2022 trough (≈-4.9m) to roughly -0.8m in 2025. Reduced cash burn lengthens runway and lowers near-term funding needs, improving the structural prospects for achieving breakeven if revenue or cost trends continue improving.

Negative Factors

No recurring revenue

The company reports effectively zero operating revenue in most years, including 0 in 2025. Absence of a stable revenue base is a core structural weakness: without recurring sales there is no proven business model to leverage assets or reduce reliance on financing to sustain operations.

Negative cash generation

Consistent negative operating and free cash flow implies the company cannot self-fund activities. Persistent cash burn forces dependence on external financing or equity raises, which can dilute shareholders, constrain long-term investment, and heighten vulnerability to funding-market cycles.

Recurring losses

Ongoing operating and net losses, albeit smaller than prior years, produce negative returns on equity and erode capital over time. Structural unprofitability limits reinvestment capacity, undermines creditworthiness, and means long-term viability hinges on delivering sustainable revenue or a decisive strategic pivot.

Pearl Gull Iron Ltd Business Overview & Revenue Model

Company Description

Pearl Gull Iron Limited, a mineral exploration company, focuses on exploration and development of iron ore properties. The company holds 100% interests in the M04/235 mining lease; and two miscellaneous licenses L04/102 and L04/103 located at Cockatoo Island, Western Australia. The company was incorporated in 2017 and is based in Subiaco, Australia.

How the Company Makes Money

Pearl Gull Iron Ltd makes money by extracting and selling iron ore from its mining operations. The company's revenue model is centered around the sale of iron ore to domestic and international markets. Key revenue streams include direct sales contracts with steel manufacturers and other industrial clients who require iron ore for their production processes. Additionally, the company may engage in partnerships or joint ventures with other mining entities to optimize extraction and distribution processes, leveraging shared resources and infrastructure to enhance profitability. However, specific details about such partnerships or additional factors contributing to earnings are currently unavailable.

Pearl Gull Iron Ltd Financial Statement Overview

Summary

Income statement quality is very weak due to minimal/zero revenue in most years and recurring net losses. Cash flow is also poor with consistently negative operating cash flow and free cash flow, indicating ongoing cash burn. The balance sheet is relatively better (no reported debt and positive, improving equity), but continued losses and cash outflows remain the dominant risk.

Income Statement

The company has effectively no operating revenue in most years (including 0 in 2025 and 2023–2022), with revenue collapsing from 32k in 2024 to 0 in 2025 (-100% growth). Profitability is consistently weak with recurring operating losses and net losses every year (net loss of ~0.5m in 2025 after ~1.2m in 2024, with a much larger loss in 2022 of ~5.0m). While the scale of losses has improved versus 2022–2024, the lack of a stable revenue base and persistent negative earnings keep the income statement quality very low.

Balance Sheet

Balance sheet risk looks moderate-to-improving primarily because reported debt is 0 from 2022 through 2025 and equity is positive and rising in 2025 (~2.0m), after being negative in 2020–2021. Total assets are relatively stable around ~10–11m in recent years. The key weakness is ongoing losses driving poor returns on equity (negative in 2022–2025), which can pressure equity over time even with low leverage.

Cash Flow

Cash generation is consistently negative: operating cash flow and free cash flow are both negative each year (about -0.8m in 2025 and -0.9m in 2024, with a much larger burn in 2022 of about -4.9m). Cash burn has moderated versus the 2022 trough, but free cash flow growth is volatile and remains negative in absolute terms, indicating continued reliance on funding rather than self-financing operations.

Breakdown	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	0.00	32.00K	0.00	0.00	0.00
Gross Profit	-289.16K	-282.00K	-250.00K	-19.00K	-67.93K
EBITDA	-669.51K	-918.00K	-894.00K	-4.87M	-1.72M
Net Income	-514.33K	-1.20M	-1.14M	-5.02M	-2.43M
Balance Sheet
Total Assets	9.95M	10.17M	11.19M	10.16M	15.35M
Cash, Cash Equivalents and Short-Term Investments	61.37K	899.00K	1.83M	911.00K	2.16M
Total Debt	0.00	0.00	0.00	0.00	6.98M
Total Liabilities	7.93M	7.63M	7.42M	7.15M	18.59M
Stockholders Equity	2.02M	2.53M	3.76M	3.01M	-3.24M
Cash Flow
Free Cash Flow	-822.93K	-901.00K	-992.00K	-4.92M	-1.31M
Operating Cash Flow	-822.93K	-901.00K	-992.00K	-4.92M	-1.24M
Investing Cash Flow	0.00	0.00	16.00K	0.00	-66.28K
Financing Cash Flow	-14.75K	-27.00K	1.89M	3.67M	3.47M

Pearl Gull Iron Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IRD	67 Neutral	AU$17.48M	3.44	3.77%	―	―	―
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
GWR	61 Neutral	AU$55.01M	6.54	19.09%	―	―	―
PLG	44 Neutral	―	-12.40	-22.59%	―	―	57.63%
EQX	28 Underperform	AU$26.95M	-6.35	-32.09%	―	―	-141.04%

Pearl Gull Iron Ltd Corporate Events

Pearl Gull Iron Options Lapse, Trimming Potential Dilution

Pearl Gull Iron Ltd has notified the ASX that 20,000,000 options, exercisable at $0.05 and expiring on 6 February 2026, have lapsed without being exercised or converted. The cessation of these options reduces the company’s pool of potential future shares, slightly simplifying its capital structure and removing a tranche of potential dilution for existing shareholders.

The announcement formalises the expiry of this specific series of options, identified by the code PLGAH, as of 6 February 2026. While it does not directly affect current issued shares, the change may marginally alter future equity-raising flexibility and clarifies the company’s outstanding securities profile for investors and market participants.

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

Pearl Gull Iron Sells Cockatoo Island Project, Retains Strategic Stake in Crestlink

Pearl Gull Iron has completed the sale of its Cockatoo Island Project for total consideration of A$4.5 million in cash, a 4% indirect equity stake in logistics developer Crestlink Pty Ltd, and royalty streams over future iron ore and ballast production from the tenements. The transaction, which delivered an initial A$2.5 million payment in the December quarter with a further A$2 million due in December 2026, has allowed the company to repay outstanding loan principal and interest, strengthen its balance sheet, and maintain upside exposure to the strategic Cockatoo Island development via its Crestlink holding and royalties. Crestlink’s fully funded, government-recognised major project to build a multi-user aviation and marine logistics network across the Kimberley – with construction expected to start in 2026 – positions Pearl Gull as a small but continuing beneficiary of regional infrastructure growth as it remains listed and redirects capital toward sourcing new assets and expansion opportunities.

The most recent analyst rating on (AU:PLG) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Pearl Gull Iron Ltd stock, see the AU:PLG Stock Forecast page.