What drove today’s intraday drop in NMG.AX stock?

Heavy trading volume of **39,457,261** shares and profit-taking after recent gains drove today’s **-11.27%** intraday drop. Sector weakness in Basic Materials and short-term technical selling amplified the move.

What is Meyka AI’s price forecast for NMG.AX stock?

Meyka AI's forecast model projects **A$0.070** (monthly), **A$0.090** (quarterly) and **A$0.14683** (one year), with the one-year figure implying a **133.14%** upside from **A$0.063**. Forecasts are not guarantees.

How is New Murchison Gold (NMG.AX) valued today?

NMG.AX has a market cap of **A$715,587,945**, price-to-book **12.23**, price-to-sales **39.84**, and cash per share **A$0.00183**, indicating exploration premium valuation versus current earnings.

What technical levels should traders watch on NMG.AX stock?

Key short-term support is **A$0.060** and the 50-day average **A$0.05162**. Immediate resistance is **A$0.077** and a tactical target zone near **A$0.090** for intraday and swing traders.

AU Stocks

-11.27% intraday: NMG.AX New Murchison Gold ASX to A$0.063, heavy volume insight

ByHuzaifa Zahoor February 6, 2026

NMG.AX stock opened weaker and traded down to A$0.063 on 06 Feb 2026, dropping 11.27% as intraday volume surged to 39,457,261 shares. The move makes New Murchison Gold Limited (NMG.AX) one of the most active ASX listings today, and the drop comes against a 50-day average price of A$0.05162 and a 200-day average of A$0.02960. We examine what drove the sell-off, how technicals and fundamentals stack up for the Garden Gully explorer, and what Meyka AI’s forecast model projects for near-term and longer-term price targets.