White Cliff Minerals Limited (AU:WCN)
ASX:WCN
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White Cliff Minerals Limited
(Sydney:WCN)
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Rating:46Neutral
Price Target:
AU$0.01
â–²(30.00% Upside)
Action:Reiterated
Date:05/21/26
The score is held back primarily by weak financial performance—losses, inconsistent revenue, and persistent cash burn—despite the benefit of a debt-free balance sheet and improved equity. Technical indicators are broadly neutral with only mild momentum support, and valuation is not supportive given negative earnings and no dividend.
Positive Factors
Debt-free balance sheet
Having no reported debt materially reduces solvency risk and interest burdens. For an explorer facing intermittent cash needs, a debt-free structure preserves strategic optionality for farm-outs, asset sales or staged financing and lengthens operational runway.
Negative Factors
Persistent cash burn
Consistent negative operating and free cash flow forces ongoing external financing to sustain exploration. Over months this raises dilution risk, constrains discretionary spending, and makes long-term planning and sustained multi-stage programs dependent on capital markets.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
Having no reported debt materially reduces solvency risk and interest burdens. For an explorer facing intermittent cash needs, a debt-free structure preserves strategic optionality for farm-outs, asset sales or staged financing and lengthens operational runway.
Read all positive factors
White Cliff Minerals Limited (WCN) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$34.43M
Dividend YieldN/A
Average Volume (3M)9.60M
Price to Earnings (P/E)―
Beta (1Y)0.54
Revenue Growth641.25%
EPS Growth-12.36%
CountryAU
EmployeesN/A
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding2,648,200,400
10 Day Avg. Volume14,568,244
30 Day Avg. Volume9,603,234
Financial Highlights & Ratios
PEG Ratio0.12
Price to Book (P/B)3.94
Price to Sales (P/S)205.77
P/FCF Ratio-5.11
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$0.05Price Target Upside380.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
White Cliff Minerals Limited Business Overview & Revenue Model
Company Description
White Cliff Minerals Limited engages in the exploration and development of mineral properties in Australia. It explores for gold, lithium, rare earth elements (REE), copper, nickel, and cobalt minerals. The company holds 100% interests in the Abra...
How the Company Makes Money
WCN does not typically generate recurring operating revenue in the way a producer or service company does. Instead, as a mineral explorer its funding and value-realisation model generally relies on raising capital to fund exploration programs and,...
White Cliff Minerals Limited Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
62
Positive
Cash Flow
24
Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 217.73K | 200.00K | 229.37K | 3.05M | 0.00 | 10.00K |
| Gross Profit | 207.03K | 191.47K | 229.37K | 3.05M | -1.24K | 10.00K |
| EBITDA | -25.43M | -13.83M | -5.13M | -2.46M | -1.61M | -2.80M |
| Net Income | -22.79M | -13.84M | -13.51M | 3.16M | -2.07M | -2.01M |
Balance Sheet | ||||||
| Total Assets | 8.34M | 17.95M | 5.57M | 12.28M | 4.11M | 3.36M |
| Cash, Cash Equivalents and Short-Term Investments | 5.86M | 14.51M | 3.87M | 7.90M | 897.06K | 2.16M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 3.72M | 7.50M | 310.40K | 1.07M | 162.26K | 211.60K |
| Stockholders Equity | 4.62M | 10.46M | 5.26M | 11.22M | 3.95M | 3.15M |
Cash Flow | ||||||
| Free Cash Flow | -14.93M | -8.05M | -4.82M | -2.04M | -1.83M | -2.19M |
| Operating Cash Flow | -14.92M | -8.03M | -4.75M | -1.95M | -1.62M | -1.70M |
| Investing Cash Flow | 1.78M | 689.19K | 385.42K | 294.30K | -125.94K | 902.61K |
| Financing Cash Flow | 14.53M | 19.01M | 5.13M | 3.29M | 967.64K | 5.65K |
White Cliff Minerals Limited Technical Analysis
Negative
0.01
Price Trends
0.01
Negative
0.01
Negative
0.02
Negative
Market Momentum
>-0.01
Positive
43.07
Neutral
28.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:WCN, the sentiment is Negative. The current price of 0.01 is below the 20-day moving average (MA) of 0.01, below the 50-day MA of 0.01, and below the 200-day MA of 0.02, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 43.07 is Neutral, neither overbought nor oversold. The STOCH value of 28.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:WCN.
White Cliff Minerals Limited 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% | |
48 Neutral | AU$48.04M | -9.32 | -35.89% | ― | ― | -69.57% | |
46 Neutral | AU$34.43M | -1.51 | -302.41% | ― | 641.25% | -12.36% | |
46 Neutral | AU$45.59M | -12.26 | -134.41% | ― | ― | -267.80% | |
44 Neutral | AU$40.39M | -21.92 | -4.97% | ― | ― | -187.50% | |
43 Neutral | AU$32.96M | -2.84 | -50.09% | ― | 4939.45% | -187.90% | |
42 Neutral | AU$41.17M | -4.44 | -342.09% | ― | ― | -86.59% |
* Basic Materials Sector Average
AU:WCN
White Cliff Minerals Limited
0.01
>-0.01
-38.10%
AU:ODY
Odyssey Gold Limited
0.03
0.01
70.00%
AU:SFM
Santa Fe Minerals Ltd.
0.28
0.24
600.00%
AU:AGC
Australian Gold & Copper Ltd.
0.15
-0.02
-11.76%
AU:WGR
Western Gold Resources Ltd.
0.14
0.07
100.00%
AU:VTX
Vertex Minerals Ltd.
0.12
-0.14
-54.00%
White Cliff Minerals Limited Corporate Events
White Cliff Minerals Expands Share Capital Through WCNO Conversion
Jun 3, 2026
White Cliff Minerals Limited has issued 20,785,219 new ordinary shares following the conversion of an equivalent amount of WCNO, expanding its share capital base without providing a disclosure document under Part 6D.2 of the Corporations Act. The ...
White Cliff Minerals Seeks ASX Quotation for Over 20 Million New Shares
Jun 3, 2026
White Cliff Minerals Limited has applied to the ASX for quotation of 20,785,219 new ordinary fully paid shares, issued on June 2, 2026. The additional securities arise from the exercise or conversion of existing options or other convertible instru...
White Cliff Minerals Issues Performance Rights to Director Sara Kelly
Jun 2, 2026
White Cliff Minerals has disclosed a change in director Sara Kelly’s interests following the issue of new performance rights. The notice, lodged with the ASX, records that Kelly now holds Class Q, R and S Performance Rights indirectly throug...
White Cliff Minerals Issues 9 Million Unquoted Performance Rights
Jun 2, 2026
White Cliff Minerals has notified the market of the issue of 9,000,000 unquoted performance rights, recorded under the ASX code WCNAL and dated 28 May 2026. The move expands its pool of performance-based equity instruments, signalling continued us...
White Cliff Minerals Outlines Strategy to Advance Major Copper Discovery
Jun 2, 2026
White Cliff Minerals has released an investor presentation outlining its strategy to advance a significant copper discovery. The presentation emphasizes that all non-historical statements are subject to substantial risks and uncertainties and shou...
White Cliff Expands Rae Copper Footprint With High-Grade Danvers Drill Hits
Jun 1, 2026
White Cliff Minerals has reported further strong drilling results from the Danvers area at its Rae Copper Project in Nunavut, with assays extending the confirmed copper mineralised footprint to more than 1.8 kilometres in strike. Regional step-out...
White Cliff updates ASX on in‑specie return of capital
May 28, 2026
White Cliff Minerals has notified the ASX of an updated return of capital to shareholders, to be executed via an in‑specie distribution of securities in another ASX‑listed entity. The move applies to the company’s ordinary shares...
White Cliff Minerals Issues Replacement Meeting Notice and Proxy Forms
May 27, 2026
White Cliff Minerals has issued a replacement notice of meeting, explanatory memorandum and proxy form for its general meeting scheduled for 25 June 2026 in Perth, with the time and venue unchanged. The updated documents, available via the company...
White Cliff Minerals updates ASX on in‑specie capital return
May 25, 2026
White Cliff Minerals has notified the ASX of an updated return of capital to shareholders via an in‑specie distribution of securities in another listed entity. The corporate action applies to holders of the company’s ordinary shares an...
White Cliff Minerals Sets June 2026 General Meeting, Pushes Digital Voting
May 24, 2026
White Cliff Minerals has called a General Meeting of shareholders for 25 June 2026 in Perth, signaling routine corporate governance activity and providing formal notice through electronic distribution channels in line with recent changes to the Co...
White Cliff Minerals calls 2026 meeting to approve major shortfall share issues
May 22, 2026
White Cliff Minerals has called a general meeting of shareholders for 25 June 2026 in Perth to vote on approvals for issuing new shares linked to a recent capital raising. The meeting materials outline resolutions to ratify the issue of shortfall ...
White Cliff Minerals Moves to Secure Capital as WCNO Options Near Expiry
May 22, 2026
White Cliff Minerals has reminded holders of its listed WCNO options that these securities, exercisable at $0.0107 each, will expire at 5:00pm WST on 30 June 2026, with ASX quotation ceasing on 24 June 2026. Option holders may choose to exercise t...
White Cliff Extends Copper Footprint at Rae Project as Danvers Drilling Hits Thick Sulphide Zones
May 3, 2026
White Cliff Minerals has reported further copper sulphide discoveries from regional expansion drilling at the Danvers area of its Rae Copper Project in Nunavut, extending visually observed mineralisation at Danvers South to more than 1.8 kilometre...
White Cliff Minerals Shares to Resume Trading After ASX Suspension Lifted
May 1, 2026
White Cliff Minerals has regained compliance with ASX reporting rules after lodging its quarterly activity report, clearing the way for its securities to resume trading. The ASX has confirmed that the suspension of WCN shares will be lifted at the...
ASX Suspends White Cliff Minerals for Late Periodic Report
Apr 30, 2026
The ASX has suspended trading in the securities of White Cliff Minerals Limited, along with several other listed entities, because they failed to lodge their required periodic reports by the prescribed due date. Under ASX rules, White Cliff Minera...
White Cliff sharpens focus on Rae copper-silver project with drilling push and asset sale
Apr 30, 2026
White Cliff Minerals has advanced its Rae Copper-Silver Project with the restart of the remote camp, mobilisation of supplies, and the commencement of reverse circulation drilling at the Danvers prospect targeting extensions along the 8–10 k...
White Cliff Minerals Plans In Specie Return of Capital to Shareholders
Apr 29, 2026
White Cliff Minerals has lodged an updated Appendix 3A.5 notifying the ASX of a return of capital to shareholders via an in specie distribution of securities in another entity. The distribution will apply to holders of WCN ordinary shares, is not ...
White Cliff Minerals Shareholders Back Capital Return and Director Incentives
Apr 28, 2026
White Cliff Minerals has reported the outcomes of its latest general meeting, where shareholders voted on key corporate resolutions in line with Australian corporate and listing requirements. The company disclosed detailed proxy and poll results, ...
White Cliff Maps Extensive Copper Sulphides at Nunavut’s Danvers Prospect
Apr 27, 2026
White Cliff Minerals has reported encouraging early results from its 2026 reverse circulation drilling campaign at the Rae Copper Project’s Danvers area in Nunavut, where all five initial holes over more than 1,200 metres intersected visual ...
White Cliff Investors Offered Priority in Hydrocarbon Dynamics IPO for Great Bear Project
Apr 16, 2026
Hydrocarbon Dynamics Ltd, which plans to be renamed Great Bear Exploration Ltd, is proceeding with the acquisition of the Great Bear Project from White Cliff Minerals Ltd and has lodged an IPO prospectus with the Australian regulator. The offer se...
White Cliff director converts performance rights into ordinary shares
Apr 14, 2026
White Cliff Minerals has disclosed a change in the holdings of director Eric Sondergaard, who has rebalanced his equity exposure to the company. The update, lodged with the ASX, reflects adjustments within his mix of ordinary shares, performance r...
White Cliff Director Converts Performance Rights Into Shares
Apr 14, 2026
White Cliff Minerals has disclosed a change in director Troy Whittaker’s indirect interests following the conversion of incentive securities. Whittaker converted 25 million Class N performance rights into 25 million ordinary shares, increasi...
White Cliff Minerals Issues 75 Million Shares on Conversion of Performance Rights
Apr 14, 2026
White Cliff Minerals Limited has issued 75,000,000 ordinary shares following the conversion of an equivalent number of vested Class N Performance Rights, enlarging its share capital base. The company confirmed that these shares were issued without...
White Cliff Minerals Seeks Quotation for 75 Million New Shares
Apr 14, 2026
White Cliff Minerals has applied to the ASX for quotation of 75,000,000 new fully paid ordinary shares, to be issued on 14 April 2026 under the code WCN. The enlarged pool of quoted securities is expected to enhance the company’s capital bas...
White Cliff Metallurgy De-risks Danvers Copper Project with High Recoveries
Apr 7, 2026
White Cliff Minerals has reported strong metallurgical test results from the Danvers deposit at its Rae Copper Project in Nunavut, confirming that conventional flotation can deliver copper recoveries above 90% and up to 95.4%, and silver recoverie...
White Cliff Minerals to Return Capital via In Specie Distribution
Mar 27, 2026
White Cliff Minerals Limited has notified the ASX of a return of capital to shareholders via an in specie distribution of securities in another entity, applying to its ordinary shares. The distribution involves securities in an entity that is, or ...
White Cliff Minerals Plans In-Specie Distribution of HCD Shares to Investors
Mar 27, 2026
White Cliff Minerals Limited has released a short form prospectus detailing an in-specie distribution of 165,125,204 shares in HCD to its eligible shareholders, on a pro-rata basis of one new HCD share for every 15.6 White Cliff shares held as at ...
White Cliff Minerals Calls General Meeting on Capital Return and Director Incentives
Mar 27, 2026
White Cliff Minerals has called a general meeting of shareholders in Perth on 28 April 2026, setting a record date of 26 April 2026 for voting eligibility. The meeting will consider key corporate actions as outlined in an accompanying explanatory ...
White Cliff Minerals Flags Material Copper Discovery in New Corporate Presentation
Mar 22, 2026
White Cliff Minerals has released a corporate presentation outlining its efforts to advance what it describes as a material copper discovery. The document emphasises the strategic importance of this find for the company’s growth ambitions an...
White Cliff restarts drilling at Rae as high-grade copper system takes shape
Mar 22, 2026
White Cliff Minerals has restarted field operations at its Rae Copper Project in Nunavut, with its partner Aurora Geosciences mobilising drilling consumables and camp supplies to site. Reverse circulation drilling at the Danvers prospect is set to...
White Cliff Minerals Files Interim Half-Year Financial Report
Mar 16, 2026
White Cliff Minerals Limited has released its half-year report for the period ended 31 December 2025, outlining the company’s condensed consolidated financial statements and related disclosures. The document includes the directors’ rep...
White Cliff readies major 2026 drilling push at Rae copper project
Mar 8, 2026
White Cliff Minerals has outlined its 2026 drilling campaign at the Rae Copper Project in Nunavut, aiming to significantly expand known high-grade copper mineralisation. The program will focus on extending the Danvers deposit along more than 8km o...
White Cliff Minerals Issues 7.9 Million Shares on WCNO Conversion
Mar 4, 2026
White Cliff Minerals has issued 7,900,000 new ordinary shares following the conversion of an equivalent amount of WCNO securities, increasing its share capital base. The company confirmed that the shares were issued without a prospectus under rele...
White Cliff Minerals to List 7.9 Million New Shares on ASX
Mar 4, 2026
White Cliff Minerals has applied for quotation of 7.9 million new ordinary fully paid shares on the ASX following the exercise of options or conversion of other securities. The additional stock, issued on 3 March 2026, modestly increases the compa...
White Cliff Minerals Details Final Interests of Departing Director
Mar 3, 2026
White Cliff Minerals Limited has announced that director Rod McIllree ceased to be a director on 28 February 2026. In connection with his departure, the company disclosed his final interests in the company’s securities, including a substanti...
White Cliff Minerals Cuts Potential Dilution as Rights Lapse and Options Expire
Mar 3, 2026
White Cliff Minerals has updated the market on changes to its capital structure, confirming the cessation of a large tranche of equity-linked instruments. A total of 125,000,000 performance rights lapsed after conditions were not met, while 25,000...
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.