WA Kaolin Ltd. (AU:WAK)
ASX:WAK
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WA Kaolin Ltd.
(Sydney:WAK)
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Rating:41Neutral
Price Target:
AU$0.01
â–¼(-45.00% Downside)
Action:Upgraded
Date:05/21/26
The score is driven primarily by weak financial performance—loss-making operations, negative operating cash flow, and high leverage—despite strong revenue growth. Technicals further weigh on the score with the stock trading below all major moving averages and negative MACD. Valuation provides limited offset because the negative P/E reflects ongoing losses and there is no dividend yield data.
Positive Factors
Revenue Growth
Nearly doubling revenue shows the company is progressing from exploration toward commercial traction or successful resource delineation. Sustained top-line expansion strengthens project economics, attracts partner interest and underpins longer-term funding or offtake discussions necessary for development.
Negative Factors
Profitability Weakness
Very low gross margin and ongoing negative operating and net margins indicate structural cost or pricing pressure. Even with revenue growth, persistent unprofitable operations impede internal funding of development, reduce ability to reinvest, and challenge the path to sustainable, shareholder‑accretive production.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Nearly doubling revenue shows the company is progressing from exploration toward commercial traction or successful resource delineation. Sustained top-line expansion strengthens project economics, attracts partner interest and underpins longer-term funding or offtake discussions necessary for development.
Read all positive factors
WA Kaolin Ltd. (WAK) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$13.86M
Dividend YieldN/A
Average Volume (3M)126.68K
Price to Earnings (P/E)―
Beta (1Y)1.04
Revenue Growth203.53%
EPS Growth10.13%
CountryAU
EmployeesN/A
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-0.02
Shares Outstanding2,310,161,600
10 Day Avg. Volume118,573
30 Day Avg. Volume126,676
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)2.66
Price to Sales (P/S)4.01
P/FCF Ratio-3.38
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
WA Kaolin Ltd. Business Overview & Revenue Model
Company Description
WA Kaolin Limited engages in the exploration and development of an inferred mineral resource of kaolinised granite in Australia. It holds interest in the Wickepin Kaolin project that comprises four retention licenses and a single mining lease cove...
How the Company Makes Money
WAK’s intended revenue model is to monetize kaolin resources by developing a project into a producing operation and generating income from the sale of kaolin products to industrial customers. In practice, for an exploration/development-stage compa...
WA Kaolin Ltd. Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
30
Negative
Cash Flow
40
Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 8.80M | 5.75M | 2.58M | 1.46M | 1.17M | 1.21M |
| Gross Profit | -3.76M | 407.54K | -6.46M | 1.09M | -3.83M | 261.82K |
| EBITDA | -7.77M | -5.91M | -11.75M | -1.02M | -5.33M | -17.87M |
| Net Income | -9.37M | -7.81M | -13.58M | -3.75M | -7.55M | -20.67M |
Balance Sheet | ||||||
| Total Assets | 36.97M | 39.68M | 36.63M | 43.35M | 32.62M | 25.74M |
| Cash, Cash Equivalents and Short-Term Investments | 774.22K | 3.58M | 751.88K | 3.09M | 6.36M | 10.92M |
| Total Debt | 27.59M | 25.84M | 25.45M | 29.48M | 24.33M | 20.40M |
| Total Liabilities | 33.38M | 31.02M | 30.66M | 33.55M | 27.15M | 23.61M |
| Stockholders Equity | 3.59M | 8.66M | 5.97M | 9.80M | 5.47M | 2.13M |
Cash Flow | ||||||
| Free Cash Flow | -7.69M | -6.81M | -13.56M | -12.08M | -15.95M | -11.81M |
| Operating Cash Flow | -6.68M | -4.79M | -10.70M | -5.04M | -5.13M | -3.81M |
| Investing Cash Flow | -1.01M | -2.02M | 4.83M | -7.04M | -10.83M | -8.00M |
| Financing Cash Flow | 7.49M | 9.64M | 3.52M | 8.81M | 10.68M | 19.90M |
WA Kaolin Ltd. Technical Analysis
Negative
0.02
Price Trends
0.02
Negative
0.02
Negative
0.03
Negative
Market Momentum
>-0.01
Positive
0.33
Positive
5.00
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:WAK, the sentiment is Negative. The current price of 0.02 is above the 20-day moving average (MA) of 0.02, above the 50-day MA of 0.02, and below the 200-day MA of 0.03, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 0.33 is Positive, neither overbought nor oversold. The STOCH value of 5.00 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:WAK.
WA Kaolin Ltd. 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% | |
49 Neutral | AU$96.07M | -1,282.01 | -2.83% | ― | ― | 36.46% | |
47 Neutral | AU$25.10M | -0.17 | 74.51% | ― | 139.07% | 99.73% | |
46 Neutral | AU$45.94M | -17.37 | -71.61% | ― | ― | 11.76% | |
45 Neutral | AU$25.77M | -3.41 | -12.11% | ― | ― | 45.35% | |
44 Neutral | AU$26.01M | -10.98 | -13.50% | ― | ― | 3.73% | |
41 Neutral | AU$13.86M | -0.45 | -152.86% | ― | 203.53% | 10.13% |
* Basic Materials Sector Average
AU:WAK
WA Kaolin Ltd.
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-32.43%
WA Kaolin Ltd. Corporate Events
WA Kaolin Launches Entitlement Offer as Part of Balance Sheet Restructure
May 8, 2026
WA Kaolin Ltd has outlined details of a fully underwritten pro-rata non-renounceable entitlement offer of new fully paid ordinary shares with free attaching options to eligible shareholders. The capital raising is described as part of a broader ef...
WA Kaolin lifts recapitalisation push as low-margin sales pressure profits
May 7, 2026
WA Kaolin reported that its March 2026 quarter remained below optimal production, with sales of 9,787 tonnes generating $1.97 million in revenue, equating to about $194 per tonne and remaining below its production cost of roughly $258 per tonne. T...
WA Kaolin Seeks Extended Trading Halt as Crucial A$34.9m Raising Proceeds
Apr 29, 2026
WA Kaolin Limited has requested an extension of the voluntary suspension of its shares on the ASX while it undertakes a major recapitalisation via a partially underwritten, non-renounceable entitlement offer to raise up to A$34.9 million. The capi...
WA Kaolin Extends Entitlement Offer Timetable to Match Rescheduled Meeting
Apr 24, 2026
WA Kaolin Ltd, an Australian kaolin producer listed on the ASX, develops and markets kaolin products for industrial uses including ceramics, paper and paints. The company seeks to leverage its kaolin deposits to supply both domestic and internatio...
WA Kaolin Extends Entitlement Offer Timetable to Align with Shareholder Meeting
Apr 24, 2026
WA Kaolin Ltd has updated its plans for a proposed non-renounceable pro rata entitlement offer of new securities, revising the indicative timetable to align with a rescheduled general meeting of shareholders. The adjustment shifts key dates, inclu...
WA Kaolin Resets General Meeting and Seeks Approval for Key Offtake Deal
Apr 24, 2026
WA Kaolin has issued an addendum to its 30 March 2026 general meeting notice, rescheduling the shareholder meeting from 29 April to 8 May 2026 at BDO’s Perth offices and confirming that existing proxy votes remain valid. The company is also ...
WA Kaolin Reschedules Shareholder Meeting and Extends Entitlement Offer
Apr 24, 2026
WA Kaolin has postponed its previously scheduled general meeting to 8 May 2026 and issued an addendum to the notice of meeting to seek shareholder approval for its 2026 offtake agreement with Dak Tai Trading under ASX Listing Rule 10.1. Original p...
WA Kaolin Moves to Ratify Related-Party Offtake Deal After ASX Breach Notice
Apr 10, 2026
WA Kaolin Ltd has disclosed that its 2026 offtake agreement with Dak Tai Trading Limited has been deemed by the ASX to have been executed in breach of Listing Rule 10.1 because DTT is associated with former director Sean Hu. The company has agreed...
WA Kaolin Launches Heavily Discounted Entitlement Offer via Replacement Prospectus
Apr 9, 2026
WA Kaolin Limited has released a replacement prospectus outlining a partially underwritten, pro-rata non-renounceable entitlement offer to raise up to about $34.9 million at $0.01 per share, with five new shares for every one held and attaching op...
WA Kaolin to Issue 40 Million Unlisted Options to Lead Manager
Mar 30, 2026
WA Kaolin Ltd has notified the ASX of a proposed issue of up to 40 million unlisted lead manager options, each with an exercise price of A$0.02 and an expiry date of 30 April 2030. The options are to be issued as part of a placement or other type ...
WA Kaolin Launches Major Pro Rata Offer of Shares and Options
Mar 30, 2026
WA Kaolin Limited has announced a major non-renounceable pro rata issue of securities to existing shareholders, comprising up to approximately 3.49 billion new fully paid ordinary shares and about 1.75 billion unlisted options. The options will ha...
WA Kaolin launches $34.9m speculative entitlement offer to recapitalise balance sheet
Mar 30, 2026
WA Kaolin Limited has launched a partially underwritten pro-rata non-renounceable entitlement offer to raise up to about $34.9 million, issuing up to roughly 3.49 billion new shares at $0.01 each, with one free option for every two new shares. The...
WA Kaolin launches deeply discounted equity raise to slash debt and fund production push
Mar 30, 2026
WA Kaolin has launched a partially underwritten non-renounceable entitlement offer to raise up to A$34.9 million at A$0.010 per share, a steep discount to recent trading, with major lenders and shareholders backing the deal through subscriptions a...
WA Kaolin Delays Timetable for A$34.9m Entitlement Offer
Mar 24, 2026
WA Kaolin Limited has paused the previously announced indicative timetable for its proposed partially underwritten pro-rata non-renounceable entitlement offer, which was expected to raise up to A$34.9 million. The company is reassessing its schedu...
WA Kaolin Seeks Extension to Trading Suspension Amid Recapitalisation
Mar 20, 2026
WA Kaolin has requested an extension to the voluntary suspension of trading in its shares on the ASX as it works to complete a crucial recapitalisation. The company argues that allowing trading to resume before the recapitalisation is finalised co...
WA Kaolin launches $34.9m recapitalisation and debt conversion
Mar 20, 2026
WA Kaolin has launched a comprehensive recapitalisation plan built around a non-renounceable 5-for-1 entitlement issue at $0.01 per share with free-attaching options, aiming to raise up to $34.9 million before costs. The structure is supported by ...
WA Kaolin Revenue Surges but Losses Deepen in Half-Year Result
Mar 16, 2026
WA Kaolin reported a sharp increase in revenue from continuing activities for the half year ended 31 December 2025, with sales rising 256.9% to $5.4 million. Despite this top-line growth, the company’s loss from ordinary activities after tax...
WA Kaolin Defends Disclosure Over Orders, Production and Regulatory Notices
Mar 11, 2026
WA Kaolin has responded to an ASX query over its recent disclosures by clarifying that a reported 15,490-tonne figure represented forward orders rather than a formal sales forecast. The company said actual Q2 FY2026 sales of 13,315 tonnes versus t...
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.