Western Mines Group Ltd (WMG) AI Stock Analysis

• Market Cap: AU$27.87M
• Dividend Yield: N/A
• Average Volume (3M): 114.91K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.35
• Revenue Growth: N/A
• EPS Growth: 2.45%
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): N/A
• Shares Outstanding: 113,748,344
• 10 Day Avg. Volume: 52,334
• 30 Day Avg. Volume: 114,906
• PEG Ratio: 3.38
• Price to Book (P/B): 1.20
• Price to Sales (P/S): 1383.95
• P/FCF Ratio: -4.26
• 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$0.24 ▲(3.48% Upside)

The score is primarily held down by weak financial performance (ongoing losses and cash burn) and a loss-making valuation profile (negative P/E). Technical indicators are mixed, with some longer-term support but softer near-term momentum.

Positive Factors

Conservative balance sheet (no debt)

A no-debt balance sheet and meaningful equity growth reduce refinancing and solvency risk, giving management flexibility to fund exploration or negotiate farm-outs. This structural strength extends the company’s runway and lowers bankruptcy risk during multi-year discovery cycles.

Asset monetization / JV model

An exploration business model built around farm-outs, JVs and asset sales is durable for early-stage miners: it allows WMG to de-risk projects, crystallize value without building mines, and attract capital or technical partners, preserving upside while limiting capex commitments.

Improving free cash flow trend

A reduction in negative free cash flow signals progress toward more disciplined spending or more efficient programs. If sustained, this trend lowers ongoing funding needs, extends operational runway, and improves the feasibility of securing non-dilutive project funding or partner interest over the next several quarters.

Negative Factors

Persistent losses and negative OCF

Consistent operating losses and negative operating cash flow are structural issues for an explorer: they compel continual external funding, erode shareholder value, and limit the company’s ability to self-fund drilling or feasibility work, increasing reliance on dilutive equity or partner deals.

Inconsistent, near-zero revenue history

Irregular or negligible revenue prevents demonstration of scalable margins and makes forecasting commercial viability difficult. For investors and partners this raises project risk and complicates long-term planning, since commercial revenue pathways remain unproven and timing uncertain.

Reliance on capital raising (equity funding)

A structural dependence on equity raises to finance exploration creates dilution risk and ties execution to market access. If markets tighten or sentiment weakens, the company may underinvest or accept unfavorable terms, slowing project advancement and harming long-term shareholder returns.

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 Mulga Tank project comprising exploration licence E39/2132 and exploration licence applications E39/2223 and E39/2299, covering an area approximately 395 square kilometers located in the east-northeast of Yilgarn Craton, Western Australia. The company project portfolio includes the Jasper Hill project consisting of exploration licences E39/2073, E39/2079 and prospecting licence application P39/6267, covering an area of 71.4 square kilometers; and the Rock of Ages Project comprises prospecting licence covering an area of 9.71 hectares located in southeast of Laverton. In addition, it holds interest in the Melita Project consisting of exploration licence covering an area of approximately 105 square kilometers; the Pavarotti Project comprises exploration licence E77/2478 and exploration licence application E77/2746 covering surface of 12.8 square kilometers; the Pinyalling Project comprises exploration licence application covering an area of 55 square kilometers; the Youanmi Project consists of exploration licence E57/1119 and prospecting licence P57/1450 covering an area of 12 square kilometers; and the Broken Hill Bore Project comprises exploration licence covering an area of 2.6 square kilometers located in Yilgarn Craton, Western Australia. The company was incorporated in 2020 and is based in West Perth, Australia.

How the Company Makes Money

Western Mines Group Ltd generates revenue primarily through the exploration and development of mineral resources. The company identifies and evaluates potential mining sites, conducts exploration activities, and develops these sites to extract valuable minerals such as gold, nickel, and other base metals. Revenue is typically generated through the sale of these extracted minerals to various buyers and metal processing companies. Additionally, WMG may enter into joint ventures or partnerships with larger mining companies to co-develop certain projects, providing an additional revenue stream through shared project profits or royalties. The company may also consider selling or leasing exploration rights to other companies, contributing to its earnings.

Western Mines Group Ltd Financial Statement Overview

Summary

Overall fundamentals are weak due to recurring losses, inconsistent/near-zero revenue history, and persistent negative operating and free cash flow. The main offset is a conservatively positioned balance sheet with no debt and a growing equity base, but returns remain negative.

Income Statement

The company remains firmly loss-making, with EBIT and net income negative across all reported years. While FY2025 shows a small amount of revenue and a positive gross profit, profitability is still very weak as overheads continue to dwarf revenue (net loss of ~1.7m on ~10k revenue). Revenue has been inconsistent (including multiple years at or near zero), which limits visibility into operating leverage and the path to sustainable earnings.

Balance Sheet

The balance sheet is conservatively positioned with no debt in every period provided, reducing financial risk and refinancing pressure. Equity has grown meaningfully over time (from ~1.0m in FY2021 to ~11.9m in FY2025), supporting a larger asset base. The key weakness is that returns remain negative (return on equity is consistently below zero), indicating the capital base is not yet generating profits.

Cash Flow

Cash generation is weak, with operating cash flow negative in every year and free cash flow also consistently negative, reflecting ongoing cash burn. FY2025 free cash flow improved versus FY2024 (less negative), but it is still a sizable outflow (~3.4m), and operating cash flow remains meaningfully negative. The main strength is the recent improvement in free cash flow versus the prior year, but the overall profile still suggests continued funding needs if conditions persist.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	10.37K	10.37K	0.00	47.26K	0.00	0.00
Gross Profit	-15.34K	10.37K	-49.37K	38.42K	-1.60K	0.00
EBITDA	-1.22M	-1.22M	-1.33M	-1.09M	-1.27M	-128.99K
Net Income	-1.73M	-1.73M	-1.38M	-1.05M	-1.07M	-902.95K
Balance Sheet
Total Assets	12.20M	12.20M	11.74M	8.92M	6.03M	1.20M
Cash, Cash Equivalents and Short-Term Investments	1.56M	1.56M	2.13M	3.27M	3.68M	335.49K
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	251.75K	251.75K	2.09M	852.95K	833.97K	210.84K
Stockholders Equity	11.95M	11.95M	9.65M	8.06M	5.20M	989.02K
Cash Flow
Free Cash Flow	-3.37M	-3.37M	-5.45M	-4.08M	-1.96M	-237.60K
Operating Cash Flow	-1.15M	-1.15M	-971.00K	-839.05K	-891.20K	-167.84K
Investing Cash Flow	-1.82M	-1.82M	-4.08M	-3.24M	-869.62K	-69.76K
Financing Cash Flow	2.41M	2.41M	3.90M	3.67M	5.11M	525.17K

Western Mines Group Ltd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.23
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:WMG, the sentiment is Negative. The current price of 0.23 is below the 20-day moving average (MA) of 0.28, below the 50-day MA of 0.25, and above the 200-day MA of 0.22, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 44.57 is Neutral, neither overbought nor oversold. The STOCH value of 2.73 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:WMG.

Western Mines Group 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%
RAS	51 Neutral	AU$7.33M	-2.89	-127.51%	―	168.85%	13.51%
GSM	45 Neutral	AU$9.42M	-4.65	-131.62%	―	―	65.32%
WMG	44 Neutral	AU$27.87M	-12.31	-16.05%	―	―	2.45%
SFM	44 Neutral	AU$45.59M	-25.23	-51.49%	―	―	5.93%
PVW	44 Neutral	AU$8.06M	-0.95	-898.12%	―	―	-34.64%
WSR	43 Neutral	AU$3.97M	-1.18	-37.62%	―	―	76.76%

Western Mines Group Ltd Corporate Events

Western Mines Group Restarts Fully Funded 2026 Drilling at Mulga Tank

Western Mines Group has restarted exploration drilling for 2026 at its Mulga Tank Ni-Cu-Co-PGE Project in Western Australia, with the exploration team back on site and well funded following an October capital raise and multiple government Exploration Incentive Scheme grants. The program will complete outstanding Phase 4 holes, including extending deep diamond hole MTRC009 to confirm the footwall and test for remobilised massive sulphide, while a series of RC and diamond holes will infill and expand the existing mineral resource, follow up on high-grade shallow results such as MTRC066, and test the mineralised komatiite sequence in the Panhandle area, positioning the company to potentially grow its more than 5Mt contained nickel resource and improve resource confidence through 2026.

The most recent analyst rating on (AU:WMG) stock is a Hold with a A$0.29 price target. To see the full list of analyst forecasts on Western Mines Group Ltd stock, see the AU:WMG Stock Forecast page.

Western Mines Intersects Extensive High-Grade Nickel Sulphides at Mulga Tank

Western Mines Group has reported encouraging results from diamond drill hole MTRC009 (EIS9) at its Mulga Tank Ni-Co-Cu-PGE Project, where drilling from 522 metres to 1,437.5 metres intersected about 900 metres of high-MgO adcumulate dunite containing disseminated nickel sulphide mineralisation and numerous high-grade remobilised massive sulphide veinlets and segregations, with portable XRF readings of up to 55% nickel. The company believes these broad zones of mineralisation and frequent massive sulphide occurrences in a new area of the complex reinforce the scale of the Mulga Tank nickel sulphide system and support its thesis of a Perseverance-style hybrid system with a likely basal massive sulphide component; drilling, which is being co-funded up to $220,000 under a WA EIS grant, paused for the year-end break with the apparent footwall hit at 1,436 metres and is scheduled to resume in mid-January 2026 to extend MTRC009 and complete further planned reverse-circulation holes.

Western Mines Group Announces Director’s Interest Change

Western Mines Group Ltd has announced a change in the director’s interest notice, specifically concerning Benjamin Grguric. The company has issued 2,000,000 unlisted options to Mr. Grguric, approved by shareholders at the recent Annual General Meeting. This change reflects the company’s ongoing efforts to align management interests with shareholder value and may impact the company’s governance and strategic direction.

Western Mines Group Announces Director’s Interest Change

Western Mines Group Ltd has announced a change in the director’s interest, specifically regarding Francesco Cannavo, who is a director and shareholder in several entities. The change involves the acquisition of 2,000,000 unlisted options with an exercise price of $0.324 each, expiring on 27 November 2029, as approved by shareholders at the recent Annual General Meeting. This move may impact the company’s strategic positioning by potentially increasing the director’s influence and aligning interests with long-term company goals.

Western Mines Group Announces Director’s Interest Change

Western Mines Group Ltd announced a change in the director’s interest, specifically regarding Caedmon Marriott, who is a director and shareholder of Vencera Investments Pty Ltd. The change involves the issuance of 3,000,000 unlisted options with an exercise price of $0.324 each, expiring on 27 November 2029, as approved by shareholders at the recent Annual General Meeting. This move indicates a strategic effort to align the interests of the director with the company’s long-term goals, potentially impacting the company’s operational strategies and shareholder value.

Western Mines Group Announces Director’s Interest Change

Western Mines Group Ltd has announced a change in the director’s interest, specifically for Rex Turkington, who has acquired 2,000,000 unlisted options with an exercise price of $0.324 each, expiring on 27 November 2029. This acquisition, approved at the company’s Annual General Meeting, reflects a strategic move to align the director’s interests with the company’s long-term goals, potentially impacting the company’s governance and stakeholder confidence.

Western Mines Group Ltd Issues Unlisted Options

Western Mines Group Ltd announced the issuance of 9,250,000 unlisted options as part of a previously announced transaction. These securities are not quoted and are not intended to be quoted on the ASX, which may impact the company’s capital structure and provide strategic flexibility for future operations.

Western Mines Group Ltd Announces Proposed Issue of Securities

Western Mines Group Ltd has announced a proposed issue of 9,250,000 unlisted options as part of a placement or other type of issue. This strategic move is aimed at enhancing the company’s financial flexibility and supporting its ongoing exploration and development activities, potentially strengthening its position in the mining sector.

Western Mines Group Ltd Reports Successful AGM Outcomes

Western Mines Group Ltd announced the successful outcomes of its Annual General Meeting, with all resolutions passed, including the adoption of the remuneration report and the re-election of Dr. Benjamin Grguric as a director. The approval of various mandates and director options signifies strong shareholder support, potentially enhancing the company’s governance and operational strategies.

Western Mines Group Highlights Mulga Tank Nickel Discovery at AGM

Western Mines Group Ltd presented at their AGM, highlighting the Mulga Tank Nickel Sulphide discovery. This development is significant for the company as it strengthens their position in the mining sector and could have substantial implications for stakeholders, potentially enhancing the company’s future growth and exploration capabilities.

Western Mines Group Advances Exploration at Mulga Tank Project

Western Mines Group Ltd has announced progress in its exploration activities at the Mulga Tank Ni-Cu-Co-PGE Project. The company is currently drilling a deep diamond hole, EIS9, which has reached approximately 900 meters, as part of its efforts to explore the mineral-rich basal zone of the Mulga Tank Complex. Additionally, a high-powered Moving Loop ElectroMagnetic (MLEM) survey has been initiated to extend coverage over the Panhandle area, aiming to identify further drilling targets. These activities are supported by Exploration Incentive Scheme grants, which will aid in the continued exploration and potential discovery of high-grade deposits, thereby enhancing the company’s position in the mining sector.

Western Mines Group Advances Mulga Tank Exploration with New Drilling and Surveys

Western Mines Group Ltd has updated shareholders on its exploration activities at the Mulga Tank Project, following a significant capital raise. The company is progressing with its Phase 4 drilling program, which includes deep diamond and reverse circulation (RC) drilling to expand the current Mineral Resource Estimate. A Moving Loop ElectroMagnetic (MLEM) survey is also planned to extend coverage over the Panhandle area, aiding in targeting future drill holes. These efforts are supported by Exploration Incentive Scheme grants, positioning WMG to enhance its resource base and potentially increase its market value.