Recent News
March 2026 filings and releases detail a 2026 objectives plan focused on advancing the KSM project and spinning out the Courageous Lake asset, with management targeting partner engagement for KSM and a planned Courageous Lake distribution to shareholders; the company announced a year-end update and reiterated a 2026 work program. A March legal development removed an appeal concerning the KSM Mitchell Treaty Tunnels, reducing a permitting overhang. Management change and finance-team adjustments also reported alongside continued messaging about KSM partner pursuit and planned resource updates (Snip North) in early 2026.
Technical Analysis
ADX 18.19 indicates no established trend in price strength; directional indicators show a bullish tilt as DI+ at 26.75 increases while DI- at 26.95 decreases, signaling growing upward directional pressure despite weak trend strength. That combination suggests upside attempts require confirmation from momentum indicators before turning into sustained moves.
MACD stands at -$0.19 with the MACD line rising above the signal line at -$0.79, a bullish momentum cross even though MACD remains negative. This developing momentum aligns with the valuation gap and supports a near-term price reversion toward the WMDST valuation range should momentum sustain.
MRO registers -4.19 with a peak-and-reversal characteristic; the negative MRO indicates price sits below WMDST’s target and implies potential upward pressure as mean reversion unfolds. Given WMDST values the stock as under-valued, the MRO signal complements the fundamental revaluation narrative.
RSI at 50.48 and rising sits in neutral-to-mildly bullish range, consistent with the MACD cross. Price sits above the 200-day average ($25.14) and above short-term EMAs (12-day EMA $30.26), while trading marginally below the 50-day average ($31.56), indicating near-term consolidation with upward bias if the 50-day average yields. Short-term volatility remains elevated (42-day beta 2.48) versus 52-week beta 0.84, so momentum-based moves may amplify price action in either direction.
Ichimoku components place the cloud (Senkou A $34.54 / Senkou B $33.73) above current price ($31.33), suggesting the broader baseline remains higher than spot and that confirmation above the cloud would mark a cleaner technical breakout. Bollinger bands span $23.07–$34.91; the close near the upper half of the band structure supports a bias for mean reversion toward the mid-to-upper band if momentum persists.
Fundamental Analysis
Earnings and cash flow show developer-stage dynamics. EPS actual equals $-0.44 versus an estimate of $-0.04, a negative EPS surprise equivalent to roughly -1,000% relative to the estimate; operating losses reflect capitalized development and exploration spending (EBIT $-62,249,000; EBITDA $-62,230,000). Free cash flow stands negative at $-56,828,000 and free-cash-flow yield at -1.72% year-over-year, indicating ongoing investment outflows tied to project advancement.
Liquidity remains a clear strength: cash $117,528,000 and cash and short-term investments $126,278,000 support operations and development. Current ratio at 5.24 and cash ratio at 3.09 indicate short-term obligations sit well covered by liquid assets. Net debt registers $480,989,000 against total debt $599,956,000, yielding debt-to-assets 33.94% and debt-to-equity 0.53, reflecting moderate leverage for a resource developer actively funding large projects.
Return metrics remain negative from development spending: return on assets -2.52% and return on equity -3.89%, driven by pre-production write-offs and exploration expenses. Earnings growth shows a year-over-year decline of about 16.96%, while reported earnings growth (quarterly cadence) shows a mixed profile tied to one-off spending timing.
Valuation snapshot and peer context: WMDST values the stock as under-valued. Price-to-book sits at 2.93, below the industry peer mean of 3.95 and below the industry peer median of 3.48, though above the industry peer low of 0.96, indicating valuation sits toward the lower-middle of the peer range. Price-to-earnings reads negative at -70.40 reflecting losses; forward PE remains negative. P/B rose roughly 20.6% year-over-year (P/B YoY 1.2059), while P/B quarter-over-quarter change equals about +37.8% (P/B QoQ 0.37815 expressed as a 37.8% change factor). These valuation dynamics reflect strong project optionality priced alongside persistent pre-production losses.
Key project and corporate catalysts underpin valuation: progress on KSM permitting and partner discussions, the planned Courageous Lake spin-out, and announced resource work (Snip North) create discrete revaluation points that could narrow the gap between market price and WMDST’s assessed value.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-03-26 |
| NEXT REPORT DATE: | 2026-06-25 |
| CASH FLOW | Begin Period Cash Flow | $ 103.1 M |
| Operating Cash Flow | $ -38.44 M | |
| Capital Expenditures | $ -48.72 M | |
| Change In Working Capital | $ -1.00 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 14.4 M | |
| End Period Cash Flow | $ 117.5 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 | $ 8.1 M | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | $ -62.23 M | |
| EBIT | $ -62.25 M | |
| Operating Income | $ -8.07 M | |
| Interest Income | $ 1.0 M | |
| Interest Expense | $ 274.0 K | |
| Net Interest Income | $ 726.0 K | |
| Income Before Tax | $ -62.52 M | |
| Tax Provision | $ -18.74 M | |
| Tax Rate | 29.975 % | |
| Net Income | $ -43.78 M | |
| Net Income From Continuing Operations | $ -43.78 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.04 | |
| EPS Actual | $ -0.44 | |
| EPS Difference | $ -0.40 | |
| EPS Surprise | -1000.0 % | |
| Forward EPS | $ -0.07 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.8 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 1.1 B | |
| Total Current Assets | $ 214.1 M | |
| Cash and Short-Term Investments | $ 126.3 M | |
| Cash | $ 117.5 M | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | $ 22.1 M | |
| LIABILITIES | ||
| Accounts Payable | $ 13.0 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 40.9 M | |
| Net Debt | $ 481.0 M | |
| Total Debt | $ 600.0 M | |
| Total Liabilities | $ 642.9 M | |
| EQUITY | ||
| Total Equity | $ 1.1 B | |
| Retained Earnings | $ -271.06 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 10.56 | |
| Shares Outstanding | 106.554 M | |
| Revenue Per-Share | — | |
| VALUATION | Market Capitalization | $ 3.3 B |
| Enterprise Value | $ 3.8 B | |
| Enterprise Multiple | -60.652 | |
| Enterprise Multiple QoQ | -38.53 % | |
| Enterprise Multiple YoY | 56.419 % | |
| Enterprise Multiple IPRWA | high: 46.649 median: 29.21 mean: 25.353 SA: -60.652 low: -189.426 |
|
| EV/R | — | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.571 | |
| Asset To Liability | 2.75 | |
| Debt To Capital | 0.348 | |
| Debt To Assets | 0.339 | |
| Debt To Assets QoQ | -0.882 % | |
| Debt To Assets YoY | -12.572 % | |
| Debt To Assets IPRWA | high: 0.654 SA: 0.339 mean: 0.117 median: 0.098 low: 0.0 |
|
| Debt To Equity | 0.533 | |
| Debt To Equity QoQ | -3.568 % | |
| Debt To Equity YoY | -20.272 % | |
| Debt To Equity IPRWA | high: 1.318 SA: 0.533 mean: 0.211 median: 0.165 low: 0.0 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.934 | |
| Price To Book QoQ | 37.815 % | |
| Price To Book YoY | 120.59 % | |
| Price To Book IPRWA | high: 19.51 mean: 3.953 median: 3.48 SA: 2.934 low: 0.964 |
|
| Price To Earnings (P/E) | -70.402 | |
| Price To Earnings QoQ | 3.983 % | |
| Price To Earnings YoY | 159.691 % | |
| Price To Earnings IPRWA | high: 77.851 mean: 43.646 median: 41.091 SA: -70.402 low: -71.664 |
|
| PE/G Ratio | -1.877 | |
| Price To Sales (P/S) | — | |
| Price To Sales QoQ | — | |
| Price To Sales YoY | — | |
| Price To Sales IPRWA | — | |
| FORWARD MULTIPLES | ||
| Forward P/E | -373.816 | |
| Forward PE/G | -9.968 | |
| 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 | high: 255.172 median: 75.513 mean: 54.342 SA: 0 low: -629.108 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | -2564.316 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.7 B | |
| Net Invested Capital | $ 1.7 B | |
| Invested Capital | $ 1.7 B | |
| Net Tangible Assets | $ 1.1 B | |
| Net Working Capital | $ 173.3 M | |
| LIQUIDITY | ||
| Cash Ratio | 3.089 | |
| Current Ratio | 5.238 | |
| Current Ratio QoQ | 75.068 % | |
| Current Ratio YoY | 83.043 % | |
| Current Ratio IPRWA | high: 23.792 SA: 5.238 mean: 2.712 median: 2.287 low: 0.01 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -9.641 | |
| Cost Of Debt | 0.032 % | |
| Interest Coverage Ratio | -227.186 | |
| Interest Coverage Ratio QoQ | 17.641 % | |
| Interest Coverage Ratio YoY | -29.257 % | |
| Interest Coverage Ratio IPRWA | high: 211.83 median: 61.796 mean: 56.025 SA: -227.186 low: -285.059 |
|
| Operating Cash Flow Ratio | -0.94 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 3.569 % | |
| Revenue Growth | — | |
| Revenue Growth QoQ | — | |
| Revenue Growth YoY | — | |
| Revenue Growth IPRWA | — | |
| Earnings Growth | 37.5 % | |
| Earnings Growth QoQ | 0.0 % | |
| Earnings Growth YoY | -16.964 % | |
| Earnings Growth IPRWA | high: 328.571 % mean: 59.412 % median: 47.368 % SA: 37.5 % low: -108.0 % |
|
| 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) | $ -56.83 M | |
| Free Cash Flow Yield | -1.722 % | |
| Free Cash Flow Yield QoQ | -29.513 % | |
| Free Cash Flow Yield YoY | -36.645 % | |
| Free Cash Flow Yield IPRWA | high: 10.776 % median: 2.387 % mean: 2.117 % SA: -1.722 % low: -7.388 % |
|
| Free Cash Growth | 3.38 % | |
| Free Cash Growth QoQ | -97.234 % | |
| Free Cash Growth YoY | -4.412 % | |
| Free Cash Growth IPRWA | high: 568.439 % median: 66.038 % mean: 59.854 % SA: 3.38 % low: -535.545 % |
|
| Free Cash To Net Income | 1.298 | |
| Cash Flow Margin | — | |
| Cash Flow To Earnings | 0.878 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -2.52 % | |
| Return On Assets QoQ | 30.841 % | |
| Return On Assets YoY | -10.954 % | |
| Return On Assets IPRWA | high: 23.923 % mean: 4.209 % median: 2.327 % SA: -2.52 % low: -16.181 % |
|
| Return On Capital Employed (ROCE) | -3.605 % | |
| Return On Equity (ROE) | -0.039 | |
| Return On Equity QoQ | 27.439 % | |
| Return On Equity YoY | -19.504 % | |
| Return On Equity IPRWA | high: 0.409 mean: 0.071 median: 0.052 SA: -0.039 low: -0.26 |
|
| DuPont ROE | — | |
| Return On Invested Capital (ROIC) | -2.529 % | |
| Return On Invested Capital QoQ | 76.73 % | |
| Return On Invested Capital YoY | -68.344 % | |
| Return On Invested Capital IPRWA | high: 29.031 % mean: 8.286 % median: 6.645 % SA: -2.529 % low: -10.097 % |
|