NickelSearch Ltd. (AU:AM5)
ASX:AM5
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NickelSearch Ltd.
(Sydney:AM5)
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Rating:45Neutral
Price Target:
AU$0.01
â–²(0.00% Upside)
Action:ReiteratedDate:03/24/26
The score is driven primarily by weak financial performance: the company is pre-revenue with ongoing losses and continued free cash flow burn, despite improved loss and cash burn in 2025 and a low-debt balance sheet. Valuation signals are limited by a negative P/E and no dividend data, while technical analysis is constrained by missing indicators.
Positive Factors
Low leverage (zero debt)
Zero reported debt across 2024–2025 materially reduces financial risk and interest burden, preserving flexibility. For an early‑stage, pre‑revenue explorer this lowers compulsory cash outflows, extending runway and making future dilution or project funding choices less constrained by lenders.
Negative Factors
Pre‑revenue business model
Being pre‑revenue means core commercial validation is incomplete and operational cash flows are absent. Long‑term value depends on successful project de‑risking and resource monetisation; until then the company remains subject to exploration outcomes and capital markets to fund operations.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage (zero debt)
Zero reported debt across 2024–2025 materially reduces financial risk and interest burden, preserving flexibility. For an early‑stage, pre‑revenue explorer this lowers compulsory cash outflows, extending runway and making future dilution or project funding choices less constrained by lenders.
Read all positive factors
NickelSearch Ltd. (AM5) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$5.99M
Dividend YieldN/A
Average Volume (3M)3.74M
Price to Earnings (P/E)―
Beta (1Y)1.80
Revenue GrowthN/A
EPS GrowthN/A
CountryAU
EmployeesN/A
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding856,102,900
10 Day Avg. Volume6,275,524
30 Day Avg. Volume3,735,996
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)2.62
Price to Sales (P/S)0.00
P/FCF Ratio-1.41
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
NickelSearch Ltd. Business Overview & Revenue Model
Company Description
Antares Metals Limited, together with its subsidiaries, engages in the exploration and evaluation of mineral resources in Australia. The company explores for copper, uranium, gold, silver, cobalt, zinc, lead, and rare earth element deposits. It ho...
NickelSearch Ltd. Financial Statement Overview
Summary
Income Statement
8
Very Negative
Balance Sheet
34
Negative
Cash Flow
18
Very Negative
| Breakdown | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -18.07K | 0.00 | 0.00 | 0.00 |
| EBITDA | -5.07M | -15.53M | -2.02M | -1.87M |
| Net Income | -4.57M | -15.62M | -2.08M | -1.88M |
Balance Sheet | ||||
| Total Assets | 3.87M | 4.88M | 15.96M | 14.31M |
| Cash, Cash Equivalents and Short-Term Investments | 1.37M | 1.68M | 1.90M | 4.61M |
| Total Debt | 0.00 | 0.00 | 132.84K | 0.00 |
| Total Liabilities | 2.42M | 2.63M | 3.09M | 1.89M |
| Stockholders Equity | 1.45M | 2.25M | 12.88M | 12.42M |
Cash Flow | ||||
| Free Cash Flow | -2.69M | -3.94M | -4.87M | -4.99M |
| Operating Cash Flow | -2.68M | 0.00 | 0.00 | 0.00 |
| Investing Cash Flow | -53.66K | -1.65M | -3.34M | -3.34M |
| Financing Cash Flow | 2.42M | 3.42M | 2.16M | 9.09M |
NickelSearch Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
AU:AM5
NickelSearch Ltd.
0.01
0.00
0.00%
AU:OB1
Woomera Mining Ltd.
0.01
-0.01
-41.67%
DE:F1S0
OAR Resources Ltd
0.03
0.02
200.00%
AU:RCM
Armada Metals Ltd.
0.04
<0.01
12.50%
AU:TAT
R3D Resources Limited
0.03
>-0.01
-23.68%
AU:LAT
DiscovEx Resources Limited
0.13
0.07
130.91%
NickelSearch Ltd. Corporate Events
Antares Metals Files Interim Report Detailing Governance and Corporate Structure
Mar 13, 2026
Antares Metals Limited has released its interim report for the period ended 31 December 2025, outlining its current corporate structure and governance arrangements. The report confirms the composition of the board, company secretary, share registr...
Antares Metals Hits High‑Grade Uranium at Queens Gift Project in Mt Isa Region
Mar 10, 2026
Antares Metals has reported high‑grade uranium assay results from a maiden reverse circulation drilling program at its Queens Gift Uranium Project in northwest Queensland. The five‑hole, 954‑metre campaign was designed to test do...
Antares Metals Confirms Lapse of 5 Million Performance Rights
Feb 23, 2026
Antares Metals Limited has updated the market on its capital structure following the lapse of 5,000,000 performance rights, which ceased on 23 February 2026 after the conditions attached to these rights were not met or became incapable of being sa...
Antares Metals Issues Cleansing Statement After Share Allotment for Gold and Copper Acquisitions
Jan 30, 2026
Antares Metals has issued a cleansing statement under section 708A(5)(e) of the Corporations Act following the allotment of 125,036,776 fully paid ordinary shares to Tranche 2 placement participants and 87,500,000 fully paid ordinary shares to ven...
Antares Metals Expands WA Gold-Copper Footprint and Advances Mt Isa Exploration
Jan 30, 2026
Antares Metals reported a highly active December quarter marked by the 100% acquisition of the Quinns Gold Copper-Zinc VMS Project and the Katanning Gold Project in Western Australia, both strategically located near operating mills and large gold...
Antares Metals Issues 30 Million Unquoted Options Under Existing Transactions
Jan 30, 2026
Antares Metals Limited has notified the market of the issuance of 30 million unquoted options with an exercise price of $0.02 and an expiry date of 31 January 2029. The new options, which are not intended to be quoted on the ASX, form part of prev...
Antares Metals Issues 29.2 Million Unquoted Options at $0.02 Exercise Price
Jan 30, 2026
Antares Metals Limited has notified the market of the issue of 29,166,667 unquoted options, exercisable at $0.02 and expiring on 31 January 2029. The options, which form part of previously announced transactions and are not intended to be quoted o...
Antares Metals Issues 126.9 Million Unquoted Options Expiring 2029
Jan 29, 2026
Antares Metals Limited has notified the market of the issue of 126,875,000 unquoted options with an exercise price of $0.02 and an expiry date of 31 January 2029. The large tranche of long-dated options, issued under a previously announced transac...
Antares Metals Director Increases Stake via Approved Placement
Jan 29, 2026
Antares Metals has disclosed a change in the security holdings of director Richard Maddocks following a director placement that was approved by shareholders. Maddocks acquired 625,000 fully paid ordinary shares and 312,500 unlisted options exercis...
Antares Metals Appoints Terence Topping as Director with Significant Equity Interests
Jan 29, 2026
Antares Metals Limited has appointed Mr Terence Topping as a director effective 29 January 2026, with an accompanying grant of 20 million performance rights expiring on 31 January 2029, aligning his incentives with the company’s long-term pe...
Antares Metals Director Increases Stake Through Approved Placement
Jan 29, 2026
Antares Metals has disclosed a change in the interests of director Mark Anthony Connelly following the issue of director placement securities approved by shareholders. Connelly acquired 2,500,000 fully paid ordinary shares and 1,250,000 options ex...
Antares Metals Closes WA Gold-Copper Deals, Raises $2m and Names New MD
Jan 29, 2026
Antares Metals has completed the acquisition of 100% interests in the Quinns Gold Copper-Zinc VMS Project and the Katanning Gold Project in Western Australia, consolidating 295km² of highly prospective tenure across the Meekatharra greenston...
Antares Metals Issues 20 Million Unquoted Performance Rights
Jan 29, 2026
Antares Metals Limited has notified the market that it has issued 20 million unquoted performance rights, expiring on 31 January 2029. The new securities, which will not be quoted on the ASX, form part of a previously announced transaction and are...
Antares Metals Seeks ASX Quotation for 87.5 Million New Shares
Jan 29, 2026
Antares Metals Limited has applied for quotation on the ASX of 87.5 million new ordinary fully paid shares, issued on 29 January 2026. The move significantly increases the company’s quoted share capital and reflects its ongoing use of equity...
Antares Metals Seeks ASX Quotation for 125 Million New Shares
Jan 29, 2026
Antares Metals Limited has applied to the ASX for quotation of 125,036,775 new fully paid ordinary shares, to be issued on 28 January 2026 under the company’s existing capital management program. The enlarged pool of quoted securities is exp...
Antares Metals Shareholders Back All Resolutions at General Meeting
Jan 20, 2026
Antares Metals Ltd announced that all ten resolutions put to its general meeting of shareholders on 20 January 2026 were passed by poll, reflecting strong investor support across the agenda. The approvals include ratification of prior share placem...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.