Buy Or Sell Opportunity • May 01
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 32% to AU$0.20. The fair value is estimated to be AU$0.17, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 29% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 17% in a year. Earnings are forecast to grow by 323% in the next year. Announcement • Feb 26
Mastermyne Group Limited Provides Earnings Guidance for Fiscal Year 2026 Mastermyne Group Limited provided earnings guidance for fiscal year 2026. For the period, the company expects revenue in the range $220 million to $230 million (fiscal year 2025: $214 million). Announcement • Feb 05
Mastermyne Group Limited to Report First Half, 2026 Results on Feb 25, 2026 Mastermyne Group Limited announced that they will report first half, 2026 results on Feb 25, 2026 Board Change • Dec 24
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 5 new directors. No experienced directors. 1 highly experienced director. 1 independent director (4 non-independent directors). Non-Executive Director Andrew Watts is the most experienced director on the board, commencing their role in 2010. Independent Chairman Caroline Chan was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Sep 24
Mastermyne Group Limited, Annual General Meeting, Nov 20, 2025 Mastermyne Group Limited, Annual General Meeting, Nov 20, 2025. Reported Earnings • Aug 28
Full year 2025 earnings released: EPS: AU$0.005 (vs AU$0.07 in FY 2024) Full year 2025 results: EPS: AU$0.005 (down from AU$0.07 in FY 2024). Revenue: AU$214.3m (down 27% from FY 2024). Net income: AU$1.67m (down 92% from FY 2024). Profit margin: 0.8% (down from 7.2% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Board Change • Aug 18
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 5 new directors. No experienced directors. 1 highly experienced director. No independent directors (5 non-independent directors). Non-Executive Director Andrew Watts is the most experienced director on the board, commencing their role in 2010. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Jul 25
Mastermyne Group Limited to Report Fiscal Year 2025 Results on Aug 27, 2025 Mastermyne Group Limited announced that they will report fiscal year 2025 results on Aug 27, 2025 Announcement • Mar 04
Mastermyne Group Limited (ASX:MYE) announces an Equity Buyback for 827,728 shares, representing 0.27% for $0.12 million. Mastermyne Group Limited (ASX:MYE) announces a share repurchase program. Under the program, the company will repurchase up to 827,728 shares, representing 0.27% of its issued share capital, for $0.12 million. The share repurchase price will be $0.1420 per share. The purpose of the offer is reducing company’s share registry and other administrative costs associated with maintaining a large number of small shareholders. The shares acquired will be cancelled. The company has fixed February 27, 2025 as record date for offer. The offer will end on April 22, 2025. As of March 3, 2025, the company had 309,276,963 issued share capital. Announcement • Feb 24
Mastermyne Group Limited to Report First Half, 2025 Results on Feb 26, 2025 Mastermyne Group Limited announced that they will report first half, 2025 results on Feb 26, 2025 Board Change • Feb 04
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. CEO, MD & Director Jeff Whiteman was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Nov 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (AU$52.5m market cap, or US$33.9m). Announcement • Oct 14
Metarock Group Limited Announces Board Changes Metarock Group Limited announced that following successful completion of the divestment of PYBAR to Thiess as announced on 31 May 2024, and in line with the Metarock Board's focus on ensuring that the Company's operations and management team are appropriately sized and skilled to meet the ongoing operational requirements of the Company, Metarock advised that the role of Executive Chair has been made redundant. As such, the Company's current Executive Chair, Jon Romcke, will depart the Company and cease his role as director and Executive Chair of the Company. Peter Barker, an existing non-executive director of Metarock and Chair of the Audit and Risk Sub-Committee, will take on the role of Interim Chair of the Metarock Board going forwards. Announcement • Oct 01
Metarock Group Limited, Annual General Meeting, Nov 26, 2024 Metarock Group Limited, Annual General Meeting, Nov 26, 2024. New Risk • Sep 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 23% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (AU$55.2m market cap, or US$36.8m). Reported Earnings • Aug 31
Full year 2024 earnings released Full year 2024 results: Revenue: AU$298.8m (down 42% from FY 2023). Net income: AU$21.2m (up AU$95.2m from FY 2023). Profit margin: 7.1% (up from net loss in FY 2023). The move to profitability was driven by lower expenses. Announcement • Aug 27
Metarock Group Limited to Report Fiscal Year 2024 Results on Aug 30, 2024 Metarock Group Limited announced that they will report fiscal year 2024 results Pre-Market on Aug 30, 2024 Announcement • Mar 19
Thiess Pty Ltd entered into a binding share sale and purchase agreement to acquire Pybar Holdings Pty Limited from Metarock Group Limited (ASX:MYE). Thiess Pty Ltd entered into a binding share sale and purchase agreement to acquire Pybar Holdings Pty Limited from Metarock Group Limited (ASX:MYE) on March 18, 2024. Total headline consideration for the transaction is AUD 65 million on an enterprise value basis. Metarock estimates net cash proceeds from the transaction will be approximately AUD 36.3 million, after deducting PYBAR’s outstanding debt and estimated transaction costs. The final net proceeds are also subject to a customary net working capital adjustment at completion. Under the terms of the SPA, all PYBAR employees will transfer with the business, including the senior management team led by James Glover, PYBAR CEO. Post Transaction, Thiess will continue to operate the business under the PYBAR brand and intends to retain PYBAR employees in recognition of their integral and important role in the ongoing successful operations and Thiess’ planned investment in growing the underground hard rock contracting business going forward. Completion is subject to satisfaction or waiver of a number of conditions including a limited number of third party consents in respect of key customer contracts and leases, there being no material breach or termination of certain key customer contracts, and there being no workplace fatality of any PYBAR employee or contractor during the period before completion. Completion of the transaction is expected to occur on April 30, 2024. The cash proceeds from the sale will materially strengthen the balance sheet of Metarock and provide a platform for Thiess to capitalize on the significant growth pipeline across its remaining business units, Mastermyne, Wilson Mining and MyneSight. Grant Samuel Group Limited is acting as the financial advisor and Corrs Chambers Westgarth is acting as the legal advisor to Metarock Group Limited (ASX:MYE). Squire Patton Boggs is acting as the legal advisor to Thiess Pty Ltd. Announcement • Mar 01
Metarock Group Limited to Report First Half, 2024 Results on Feb 28, 2024 Metarock Group Limited announced that they will report first half, 2024 results on Feb 28, 2024 Announcement • Sep 19
Metarock Group Limited, Annual General Meeting, Nov 14, 2023 Metarock Group Limited, Annual General Meeting, Nov 14, 2023. Announcement • Sep 06
Metarock Group Limited Announces Management Changes Metarock Group Limited announced the following changes in its Board of Directors: Mr. Jon Romcke has been appointed as Executive Chair; Mr. Peter Barker, formerly an Advisor to the Board, has been appointed as a Non-Executive Director and Chair of the Audit and Risk Sub-Committee; Mr. Murray Smith will step down as Acting Chair but remain a Non-Executive Director (as nominee of M Resources); and Mr. Paul Rouse, Non-Executive Director has resigned from the Board. Jon Romcke brings an extensive mining sector pedigree to Metarock having commenced his working life in underground coal mine manager roles before stints with BHP, Xstrata, Glencore, Sphere Minerals, Anglo, Stanmore and most recently as CEO Allegiance Coal Limited” said Mr. Smith. Jon has prior experience as an executive director as Managing Director of Sphere Minerals, a then ASX listed Glencore subsidiary. Mr. Romcke will work in the business as Executive Chair with a focus on business development, operational excellence and safety. Peter Barker has an extensive history as a CFO for large ASX listed entities including Computershare and Cardno and was instrumental in the turnaround and ultimate sale of the latter. Mr. Barker currently serves as a Non-Executive Director for Workpac and brings extensive governance, finance and risk management skills to the Board. Mr. Barker will serve as Chair of the Company’s Audit and Risk Sub-Committee. Reported Earnings • Sep 01
Full year 2023 earnings released: AU$0.49 loss per share (vs AU$0.10 loss in FY 2022) Full year 2023 results: AU$0.49 loss per share (further deteriorated from AU$0.10 loss in FY 2022). Revenue: AU$521.3m (up 15% from FY 2022). Net loss: AU$74.0m (loss widened 489% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Board Change • Jun 23
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Acting Chairman Murray Smith was the last director to join the board, commencing their role in 2023. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Jun 20
New major risk - Revenue and earnings growth Earnings have declined by 62% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (29% average weekly change). Earnings have declined by 62% per year over the past 5 years. Shareholders have been substantially diluted in the past year (130% increase in shares outstanding). Minor Risk Market cap is less than US$100m (AU$40.6m market cap, or US$27.6m). Buying Opportunity • Jun 13
Now 27% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be AU$0.17, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 7.8% in a year. Earnings is forecast to grow by 98% in the next year. Announcement • May 23
Metarock Group Limited has completed a Follow-on Equity Offering in the amount of AUD 25 million. Metarock Group Limited has completed a Follow-on Equity Offering in the amount of AUD 25 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 166,666,667
Price\Range: AUD 0.15
Transaction Features: Subsequent Direct Listing Buying Opportunity • May 22
Now 34% undervalued after recent price drop Over the last 90 days, the stock is down 30%. The fair value is estimated to be AU$0.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 7.8% in a year. Earnings is forecast to grow by 98% in the next year. Announcement • Feb 20
Metarock Group Limited to Report First Half, 2023 Results on Feb 28, 2023 Metarock Group Limited announced that they will report first half, 2023 results on Feb 28, 2023 Reported Earnings • Aug 31
Full year 2022 earnings released: AU$0.10 loss per share (vs AU$0.055 profit in FY 2021) Full year 2022 results: AU$0.10 loss per share (down from AU$0.055 profit in FY 2021). Revenue: AU$455.9m (up 96% from FY 2021). Net loss: AU$12.6m (down 314% from profit in FY 2021). Over the next year, revenue is forecast to grow 57%, compared to a 91,060% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 42 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 03
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: AU$0.032 loss per share (down from AU$0.018 profit in 1H 2021). Revenue: AU$178.7m (up 61% from 1H 2021). Net loss: AU$3.71m (down 291% from profit in 1H 2021). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 28%, compared to a 1,054% growth forecast for the industry in Australia. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Board Change • Dec 31
High number of new directors Non-Executive Director Paul Rouse was the last director to join the board, commencing their role in 2021. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improved over the past week After last week's 18% share price gain to AU$1.13, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 10x in the Metals and Mining industry in Australia. Total loss to shareholders of 1.8% over the past three years. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improved over the past week After last week's 15% share price gain to AU$1.09, the stock trades at a trailing P/E ratio of 12.7x. Average trailing P/E is 13x in the Metals and Mining industry in Australia. Total loss to shareholders of 16% over the past three years. Is New 90 Day High Low • Feb 24
New 90-day low: AU$0.64 The company is down 13% from its price of AU$0.73 on 26 November 2020. The Australian market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 21% over the same period. Reported Earnings • Feb 18
First half 2021 earnings released: EPS AU$0.018 (vs AU$0.041 in 1H 2020) The company reported a poor first half result with weaker earnings, revenues and profit margins. First half 2021 results: Revenue: AU$111.5m (down 18% from 1H 2020). Net income: AU$1.94m (down 54% from 1H 2020). Profit margin: 1.7% (down from 3.1% in 1H 2020). The decrease in margin was driven by lower revenue. Is New 90 Day High Low • Dec 29
New 90-day low: AU$0.67 The company is down 22% from its price of AU$0.86 on 30 September 2020. The Australian market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 16% over the same period. Is New 90 Day High Low • Dec 10
New 90-day low: AU$0.68 The company is down 25% from its price of AU$0.90 on 10 September 2020. The Australian market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 13% over the same period. Is New 90 Day High Low • Nov 08
New 90-day low: AU$0.73 The company is down 4.0% from its price of AU$0.76 on 10 August 2020. The Australian market is up 4.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Metals and Mining industry, which is down 7.0% over the same period. 
