Western Mines Group Ltd (AU:WMG)
ASX:WMG
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Western Mines Group Ltd
(Sydney:WMG)
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Rating:44Neutral
Price Target:
AU$0.19
▼(-17.83% Downside)
Action:ReiteratedDate:02/06/26
The score is driven primarily by weak financial performance (ongoing losses and cash burn), partially offset by a debt-free balance sheet. Technical indicators also lean bearish with the price below key moving averages and negative MACD. Valuation is constrained by negative earnings (negative P/E) and no indicated dividend yield.
Positive Factors
Debt-free balance sheet
A consistent absence of debt reduces refinancing and interest-rate risk, giving management flexibility to fund exploration via equity or JV structures. Over a multi-month horizon this lowers insolvency risk and preserves optionality to pursue drills, farm-outs or project transactions without leverage constraints.
Negative Factors
Persistent negative operating cash flow
Sustained negative operating cash flow forces recurring external financing to cover exploration and overheads. Over several months this elevates dilution and execution risk if markets tighten, and limits the firm's ability to scale programs or move toward resource definition without partner funding or further equity raises.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
A consistent absence of debt reduces refinancing and interest-rate risk, giving management flexibility to fund exploration via equity or JV structures. Over a multi-month horizon this lowers insolvency risk and preserves optionality to pursue drills, farm-outs or project transactions without leverage constraints.
Read all positive factors
Western Mines Group Ltd (WMG) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$23.33M
Dividend YieldN/A
Average Volume (3M)114.91K
Price to Earnings (P/E)―
Beta (1Y)1.35
Revenue GrowthN/A
EPS Growth-36.53%
CountryAU
Employees7
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-0.02
Shares Outstanding113,800,970
10 Day Avg. Volume52,334
30 Day Avg. Volume114,906
Financial Highlights & Ratios
PEG Ratio3.38
Price to Book (P/B)1.20
Price to Sales (P/S)1383.95
P/FCF Ratio-4.26
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
Western Mines Group Ltd Business Overview & Revenue Model
Company Description
Western Mines Group Ltd, a mineral exploration company, engages in the exploration and development of mineral properties in Australia. The company explores for nickel, copper, platinum group elements, and gold deposits. Its flagship project is the...
How the Company Makes Money
WMG does not have publicly confirmed, recurring operating revenue from the sale of mined commodities (null). As an exploration-stage company, it typically funds its activities through capital markets (e.g., issuing equity to investors) and may als...
Western Mines Group Ltd Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
72
Positive
Cash Flow
22
Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.37K | 10.37K | 0.00 | 47.26K | 0.00 | 0.00 |
| Gross Profit | -21.90K | 10.37K | -49.37K | 38.42K | -1.60K | 0.00 |
| EBITDA | -2.94M | -1.22M | -1.33M | -1.09M | -1.27M | -128.99K |
| Net Income | -3.04M | -1.73M | -1.38M | -1.05M | -1.07M | -902.95K |
Balance Sheet | ||||||
| Total Assets | 15.51M | 12.20M | 11.74M | 8.92M | 6.03M | 1.20M |
| Cash, Cash Equivalents and Short-Term Investments | 3.14M | 1.56M | 2.13M | 3.27M | 3.68M | 335.49K |
| Total Debt | 68.86K | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 769.13K | 251.75K | 2.09M | 852.95K | 833.97K | 210.84K |
| Stockholders Equity | 14.74M | 11.95M | 9.65M | 8.06M | 5.20M | 989.02K |
Cash Flow | ||||||
| Free Cash Flow | -4.21M | -3.37M | -5.45M | -4.08M | -1.96M | -237.60K |
| Operating Cash Flow | -1.99M | -1.15M | -971.00K | -839.05K | -891.20K | -167.84K |
| Investing Cash Flow | 231.63K | -1.82M | -4.08M | -3.24M | -869.62K | -69.76K |
| Financing Cash Flow | 3.48M | 2.41M | 3.90M | 3.67M | 5.11M | 525.17K |
Western Mines Group Ltd Technical Analysis
Positive
0.23
Price Trends
0.21
Negative
0.23
Negative
0.23
Negative
Market Momentum
>-0.01
Negative
48.34
Neutral
71.83
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:WMG, the sentiment is Positive. The current price of 0.23 is above the 20-day moving average (MA) of 0.19, above the 50-day MA of 0.21, and below the 200-day MA of 0.23, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 48.34 is Neutral, neither overbought nor oversold. The STOCH value of 71.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:WMG.
Western Mines Group 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% | |
48 Neutral | AU$5.95M | -2.11 | -154.54% | ― | -96.35% | -202.04% | |
46 Neutral | AU$45.59M | -4.07 | -134.41% | ― | ― | -267.80% | |
45 Neutral | AU$8.20M | -4.04 | -120.71% | ― | ― | 29.17% | |
44 Neutral | AU$23.33M | -2.61 | -22.76% | ― | ― | -36.53% | |
43 Neutral | AU$3.76M | -0.22 | -164.84% | ― | ― | -41.67% |
* Basic Materials Sector Average
AU:WMG
Western Mines Group Ltd
0.21
0.05
36.67%
AU:GSM
Golden State Mining Ltd.
0.02
<0.01
70.00%
AU:SFM
Santa Fe Minerals Ltd.
0.28
0.24
600.00%
AU:RAS
Ragusa Minerals Ltd
0.03
<0.01
42.86%
AU:WSR
Westar Resources Ltd.
0.01
0.00
0.00%
Western Mines Group Ltd Corporate Events
Western Mines Advances Mulga Tank Drilling and Expands Nickel-Copper Portfolio
Apr 30, 2026
Western Mines Group reported a strong quarter marked by completion of Phase 4 drilling and the start of Phase 5 at its Mulga Tank Ni-Co-Cu-PGE Project, delivering standout nickel sulphide intercepts including grades up to 4.35% nickel in new miner...
Western Mines Group Seeks ASX Quotation for Additional Shares
Apr 29, 2026
Western Mines Group Ltd has applied for quotation on the ASX of 52,631 new ordinary fully paid shares under its existing listing. The additional securities, issued on 29 April 2026, marginally increase the company’s quoted capital base and m...
Western Mines Issues Shares to Secure Mt Narryer Exploration Data
Apr 29, 2026
Western Mines Group Ltd has strengthened its exploration position at the Mt Narryer tenements by issuing 52,631 fully paid ordinary shares at $0.19 each as non-cash consideration for exploration data. The shares were issued to an institutional inv...
Western Mines Wins A$250,000 Grant for Mulga Tank Seismic Survey
Apr 26, 2026
Western Mines Group has secured a A$250,000 grant under Western Australia’s Co-funded Geophysics Program to finance an active seismic survey at its Mulga Tank nickel project in the Minigwal Greenstone Belt. The award, representing 50% of sur...
Western Mines Group Plans Modest Share Placement on ASX
Apr 24, 2026
Western Mines Group Ltd has notified the ASX of a proposed issue of 52,631 ordinary fully paid shares. The new securities are to be quoted under its existing WMG code, reflecting the company’s ongoing use of equity capital markets to support...
Western Mines Group Options Lapse Clarifies Capital Structure
Apr 13, 2026
Western Mines Group Ltd has advised the market of a change in its issued capital, relating to the expiry of certain listed options. The company, which trades on the ASX under ticker WMG, has updated investors on this adjustment without providing f...
Western Mines Hits Second-Highest Nickel Grade at Mulga Tank
Apr 7, 2026
Western Mines Group has reported new geochemical assay results from three Phase 4 reverse circulation drill holes at its Mulga Tank Project in Western Australia, confirming broad zones of nickel sulphide mineralisation with elevated copper and pla...
Western Mines Signs Magnesite Supply MoU to Boost Mulga Tank Economics
Mar 25, 2026
Western Mines Group has signed a Memorandum of Understanding with mineral technology company Magnium Australia to investigate supplying magnesite from its Mulga Tank project as feedstock for Magnium’s low-carbon magnesium metal production pr...
Western Mines Group Details Governance Framework in Half-Year Report
Mar 12, 2026
Western Mines Group Ltd has released its half-year report for the period ended 31 December 2025, outlining its current corporate structure and key governance roles. The report confirms the company’s ASX listing, registered offices, and core ...
Western Mines launches Phase 5 drilling push at Mulga Tank nickel project
Feb 9, 2026
Western Mines Group has outlined plans for its Phase 5 drilling campaign at the Mulga Tank Ni-Cu-Co-PGE Project, committing to a 32-hole, ~10,000-metre program funded by a recent capital raising and government-backed Exploration Incentive Scheme g...
Western Mines Extends Nickel Sulphide Footprint at Mulga Tank With Strong MTRC011 Assays
Feb 5, 2026
Western Mines Group has reported new geochemical assay results from the diamond core tail on RC hole MTRC011 at its Mulga Tank project, confirming extensive magmatic nickel sulphide mineralisation along the western margin of the complex. Combining...
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.