Recent News
Dec 18, 2025 — Company issued a year-end update describing KSM permitting advances and partner due diligence; permit amendment expected in Q1 2026. Dec 16 & Dec 10, 2025 — Announcements described plans to spin out the Courageous Lake project and continued expansion of the Snip North deposit. Nov 12, 2025 — Filed third-quarter 2025 report and MD&A; highlighted KSM field activity, a 24,000‑meter Iskut drill program and completed court hearings on KSM challenges. Oct 29, 2025 — Company announced a $4.4 million tax recovery after a successful BC Supreme Court challenge.
Technical Analysis
ADX stands at 20.01, indicating an emerging trend strength; this suggests directional moves lack robust conviction despite recent price strength and should temper expectations for a sustained breakout.
DI+ registers 27.46 with a dip & reversal, which reads as a bullish shift in directional pressure; DI- shows 16.68 with a peak & reversal, which also aligns with bullish directional confirmation. Those directional indicators support near-term upside bias relative to the valuation backdrop, yet ADX near 20 limits the strength of that advance.
MACD at 1.43 with a dip & reversal sits above its signal line at 1.08, indicating a bullish momentum crossover. That crossover favors further short-term gains but requires confirmation given limited trend strength.
MRO reads 24.17 with a peak & reversal and sits positive; price therefore sits above the calculated target and faces a mean-reversion force that could generate short-term downside pressure against valuation-driven upside.
RSI at 62.27 with a dip & reversal signals weakening upside momentum from mildly overbought levels; that dynamic increases the probability of consolidation or a pullback before any sustained leg higher.
Price closed at $36.37, above the 20‑day average ($32.26), 50‑day average ($29.15) and 200‑day average ($20.03); the 12‑day EMA shows an increasing trajectory. Price trades above the 1x Bollinger upper band ($34.48) but below the 2x upper band ($36.69), indicating short-term extension with room for retracement. Average volumes run higher than multi-horizon means (today’s volume ~1.55M vs. 10‑day avg ~1.21M), supporting conviction behind recent moves while beta (42‑day 0.9; 52‑week 0.75) implies moderate market sensitivity.
Fundamental Analysis
Profitability remains negative: net income totaled -$32,270,000 for the period and EPS actual registered -$0.32 versus an estimate of -$0.04, an EPS surprise of -700.0%. EBITDA and EBIT remain negative at -$27,597,000 and -$27,616,000 respectively, reflecting active exploration and development spending rather than operating profitability.
Liquidity shows strength. Cash stands at $103,104,000 with cash and short‑term investments of $111,285,000; the cash ratio equals 2.67 and the current ratio measures 2.99. Current ratio changed -29.41% QoQ and improved 31.04% YoY. Operating cash flow ran -$29,510,000 and free cash flow registered -$54,970,000, yielding a free cash flow yield of -2.44% and a free cash flow growth of 306.27% YoY as reported.
Leverage and capital structure: total debt equals $584,436,000 with net debt of $480,032,000; debt to assets measures 34.24% and debt to equity measures 55.30%. Debt to assets changed -2.46% QoQ while the year-over-year change reported 142,562.50%. Interest expense remains small at $143,000 but interest coverage shows a steep negative ratio reflecting operating losses.
Balance‑sheet multiples: price-to-book stands at 2.13 versus an industry peer mean of 3.47 and an industry peer median of 3.28, placing book valuation below the industry peer mean and median but above the industry peer low. PE ratios sit negative and forward PE remains deeply negative, consistent with operating losses and negative EPS.
Returns trail: return on assets measures -1.93% and return on equity measures -3.05%, both negative and reflecting exploration/development investment stages rather than operating returns. Cash flow to earnings approximates 91.45%, indicating reported losses tie closely to cash dynamics from operations and investing.
Valuation summary: WMDST values the stock as under-valued based on balance‑sheet strength, meaningful cash resources versus market cap ($2.25B) and P/B below the industry peer mean. Negative earnings and negative free cash flow constrain the near-term valuation case, however the company’s project advances and permit progress underpin the WMDST view.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-12 |
| NEXT REPORT DATE: | 2026-02-11 |
| CASH FLOW | Begin Period Cash Flow | $ 121.4 M |
| Operating Cash Flow | $ -29.51 M | |
| Capital Expenditures | $ -52.86 M | |
| Change In Working Capital | $ 861.0 K | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -18.28 M | |
| End Period Cash Flow | $ 103.1 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | — | |
| Forward Revenue | — | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 19.0 K | |
| Depreciation and Amortization | $ 19.0 K | |
| Research and Development | — | |
| Total Operating Expenses | $ 4.7 M | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | $ -27.60 M | |
| EBIT | $ -27.62 M | |
| Operating Income | $ -4.67 M | |
| Interest Income | $ 1.5 M | |
| Interest Expense | $ 143.0 K | |
| Net Interest Income | $ 1.4 M | |
| Income Before Tax | $ -27.76 M | |
| Tax Provision | $ 4.5 M | |
| Tax Rate | 15.0 % | |
| Net Income | $ -32.27 M | |
| Net Income From Continuing Operations | $ -32.27 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.04 | |
| EPS Actual | $ -0.32 | |
| EPS Difference | $ -0.28 | |
| EPS Surprise | -700.0 % | |
| Forward EPS | $ -0.03 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.7 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 1.1 B | |
| Total Current Assets | $ 124.9 M | |
| Cash and Short-Term Investments | $ 111.3 M | |
| Cash | $ 103.1 M | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | $ 22.1 M | |
| LIABILITIES | ||
| Accounts Payable | $ 7.7 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 41.8 M | |
| Net Debt | $ 480.0 M | |
| Total Debt | $ 584.4 M | |
| Total Liabilities | $ 650.2 M | |
| EQUITY | ||
| Total Equity | $ 1.1 B | |
| Retained Earnings | $ -227.28 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 10.18 | |
| Shares Outstanding | 103.842 M | |
| Revenue Per-Share | — | |
| VALUATION | Market Capitalization | $ 2.2 B |
| Enterprise Value | $ 2.7 B | |
| Enterprise Multiple | -98.669 | |
| Enterprise Multiple QoQ | -150.819 % | |
| Enterprise Multiple YoY | 137.033 % | |
| Enterprise Multiple IPRWA | high: 157.603 mean: 52.627 median: 27.604 SA: -98.669 low: -180.008 |
|
| EV/R | — | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.615 | |
| Asset To Liability | 2.625 | |
| Debt To Capital | 0.356 | |
| Debt To Assets | 0.342 | |
| Debt To Assets QoQ | -2.464 % | |
| Debt To Assets YoY | 142562.5 % | |
| Debt To Assets IPRWA | high: 0.574 SA: 0.342 mean: 0.126 median: 0.103 low: 0.001 |
|
| Debt To Equity | 0.553 | |
| Debt To Equity QoQ | -2.364 % | |
| Debt To Equity YoY | 138160.0 % | |
| Debt To Equity IPRWA | high: 2.001 SA: 0.553 mean: 0.235 median: 0.189 low: 0.001 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.129 | |
| Price To Book QoQ | 36.808 % | |
| Price To Book YoY | 18.855 % | |
| Price To Book IPRWA | high: 8.202 mean: 3.473 median: 3.278 SA: 2.129 low: 0.704 |
|
| Price To Earnings (P/E) | -67.706 | |
| Price To Earnings QoQ | -0.0 % | |
| Price To Earnings YoY | 22.75 % | |
| Price To Earnings IPRWA | high: 163.615 mean: 67.882 median: 48.994 SA: -67.706 low: -173.761 |
|
| PE/G Ratio | — | |
| Price To Sales (P/S) | — | |
| Price To Sales QoQ | — | |
| Price To Sales YoY | — | |
| Price To Sales IPRWA | — | |
| FORWARD MULTIPLES | ||
| Forward P/E | -369.39 | |
| Forward PE/G | — | |
| Forward P/S | — | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | — | |
| Asset Turnover Ratio QoQ | — | |
| Asset Turnover Ratio YoY | — | |
| Asset Turnover Ratio IPRWA | — | |
| Receivables Turnover | — | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | — | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | — | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | -2782.316 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.6 B | |
| Net Invested Capital | $ 1.6 B | |
| Invested Capital | $ 1.6 B | |
| Net Tangible Assets | $ 1.1 B | |
| Net Working Capital | $ 83.2 M | |
| LIQUIDITY | ||
| Cash Ratio | 2.665 | |
| Current Ratio | 2.992 | |
| Current Ratio QoQ | -29.412 % | |
| Current Ratio YoY | 31.036 % | |
| Current Ratio IPRWA | high: 12.496 SA: 2.992 median: 2.458 mean: 2.357 low: 0.005 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -21.178 | |
| Cost Of Debt | 0.021 % | |
| Interest Coverage Ratio | -193.119 | |
| Interest Coverage Ratio QoQ | -393.471 % | |
| Interest Coverage Ratio YoY | 73.058 % | |
| Interest Coverage Ratio IPRWA | high: 49.212 mean: 25.336 median: 21.14 low: -56.853 SA: -193.119 |
|
| Operating Cash Flow Ratio | -0.707 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 3.8 % | |
| Revenue Growth | — | |
| Revenue Growth QoQ | — | |
| Revenue Growth YoY | — | |
| Revenue Growth IPRWA | — | |
| Earnings Growth | 0.0 % | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | -100.0 % | |
| Earnings Growth IPRWA | high: 257.143 % median: 5.6 % SA: 0.0 % mean: -0.089 % low: -150.0 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | — | |
| EBIT Margin QoQ | — | |
| EBIT Margin YoY | — | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -54.97 M | |
| Free Cash Flow Yield | -2.443 % | |
| Free Cash Flow Yield QoQ | 56.603 % | |
| Free Cash Flow Yield YoY | 28.241 % | |
| Free Cash Flow Yield IPRWA | high: 11.174 % median: 1.829 % mean: 1.479 % SA: -2.443 % low: -7.163 % |
|
| Free Cash Growth | 122.209 % | |
| Free Cash Growth QoQ | 119.552 % | |
| Free Cash Growth YoY | 306.266 % | |
| Free Cash Growth IPRWA | high: 537.296 % SA: 122.209 % median: -14.298 % mean: -59.239 % low: -339.64 % |
|
| Free Cash To Net Income | 1.703 | |
| Cash Flow Margin | — | |
| Cash Flow To Earnings | 0.914 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | -1.926 % | |
| Return On Assets QoQ | -353.088 % | |
| Return On Assets YoY | -0.824 % | |
| Return On Assets IPRWA | high: 6.16 % median: 3.335 % mean: 2.374 % SA: -1.926 % low: -14.746 % |
|
| Return On Capital Employed (ROCE) | -1.658 % | |
| Return On Equity (ROE) | -0.031 | |
| Return On Equity QoQ | -352.397 % | |
| Return On Equity YoY | -4.353 % | |
| Return On Equity IPRWA | high: 0.115 median: 0.055 mean: 0.037 SA: -0.031 low: -0.432 |
|
| DuPont ROE | — | |
| Return On Invested Capital (ROIC) | -1.431 % | |
| Return On Invested Capital QoQ | -356.452 % | |
| Return On Invested Capital YoY | -102.929 % | |
| Return On Invested Capital IPRWA | high: 9.171 % median: 4.597 % mean: 4.036 % SA: -1.431 % low: -12.191 % |
|