The market opened with DEG.AX stock at A$2.46, down -8.21% in pre-market trade on 28 Feb 2026, as volume surged well above normal. Traders are reacting to heavy intraday flows after an A$2.68 open and a wide intraday range between A$2.46 and A$2.68. We examine what the price, volume and fundamentals say about De Grey Mining Limited (ASX: DEG.AX) in the Australian gold sector and why active trading matters for short-term positioning.

DEG.AX stock: pre-market price, range and volume

DEG.AX stock is trading at A$2.46, down -8.21% from the previous close of A$2.68. The session shows a low of A$2.46 and a high of A$2.68, with reported volume at 137,596,438 shares versus an average volume of 15,830,378. The 50-day average price is A$2.25 and the 200-day average is A$1.75, indicating recent strength but a volatile intraday move.

DEG.AX stock: trading activity and what the volume means

Relative volume sits near 8.69x, marking DEG.AX as one of the most active ASX names this pre-market session. High relative volume often signals institutional participation or news-driven repositioning. For active traders, the spike increases intraday liquidity but raises volatility risk for carry trades.

DEG.AX stock: fundamentals, ratios and balance sheet signals

De Grey Mining (DEG.AX) reports EPS -0.01 and a negative PE of -246.00, reflecting net losses on a per-share basis. Key balance-sheet strengths include cash per share A$0.47, shareholders’ equity per share A$0.69, and an industry-low debt-to-equity of 0.01. Price-to-book sits at 3.55, and current ratio reads a high 30.52, showing a cash-rich exploration company rather than an operating producer.

DEG.AX stock: Meyka AI grade and model forecast

Meyka AI rates DEG.AX with a score out of 100: 58.88 (C+, HOLD). This grade factors in S&P 500 comparison, sector performance, financial growth, key metrics, and analyst consensus. Meyka AI’s forecast model projects A$2.79 in 12 months, implying +13.33% versus the current A$2.46. Longer-term model targets are A$3.85 (3 years, +56.44%) and A$4.90 (5 years, +99.38%). Forecasts are model-based projections and not guarantees.

DEG.AX stock: catalysts, sector context and risks

Primary upside catalysts include Mallina project drill results, resource upgrades and stronger gold prices. The Basic Materials / Gold sector shows strong momentum, with three-month sector gains near +15.52%, supporting exploration valuations. Key risks include continued negative earnings, high capex per discovery, and valuation compression if markets reprioritise larger producers over explorers.

DEG.AX stock: technical and trading setup for most-active strategy

For short-term traders, watch intraday levels: immediate resistance near A$2.68–A$2.77 (recent high and year high A$2.77) and support at A$2.46 and broader support near A$1.75 (200-day average). The stock’s high volume profile today increases both breakout and reversal probabilities. Use tight risk controls given negative EPS and elevated volatility.

Final Thoughts

DEG.AX stock opened pre-market at A$2.46 on 28 Feb 2026, down -8.21%, with 137,596,438 shares traded so far. The volume spike marks it among the most active ASX names and offers short-term traders heightened liquidity and risk. Fundamental metrics show a cash-rich explorer with EPS -0.01, PB 3.55, and low debt, but earnings remain negative and capex is high. Meyka AI’s forecast model projects A$2.79 in 12 months, implying +13.33% upside from the current price; the 3-year and 5-year model targets are A$3.85 and A$4.90 respectively. Our Meyka AI grade of 58.88 (C+, HOLD) reflects mixed signals: strong balance-sheet cash but negative profitability and exploration risk. For most-active traders, the trade is about managing intraday momentum around resistance A$2.68–A$2.77 and protecting capital on intraday breaks below A$2.46. Long-term investors should weigh Mallina resource progress, gold price trajectories and milestones before increasing exposure. Forecasts are model-based projections and not guarantees.

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Stock markets involve risks. This content is for informational purposes only. Past performance does not guarantee future results. Meyka AI PTY LTD provides market analysis and data insights, not financial advice. Always conduct your own research and consider consulting a licensed financial advisor.