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NickelSearch Ltd. (AU:AM5)
ASX:AM5
Australian Market

NickelSearch Ltd. (AM5) AI Stock Analysis

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AU:AM5

NickelSearch Ltd.

(Sydney:AM5)

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Neutral 44 (OpenAI - 5.2)
Rating:44Neutral
Price Target:
AU$0.01
â–²(0.00% Upside)
The score is primarily held down by weak financial performance (no revenue, persistent losses, and negative free cash flow), despite the positive of zero debt. Technical indicators provide limited support given flat moving averages and mixed momentum signals, while valuation is constrained by a negative P/E and no dividend yield data.
Positive Factors
Low leverage
Zero reported debt in recent years materially reduces refinancing and interest-rate risk, giving management structural flexibility to fund operations or pivot strategy via equity or project financing. This durable balance-sheet strength supports survival during extended development phases.
Improving cash burn trend
A demonstrable reduction in cash burn signals tighter cost control and operational discipline, extending runway without immediate financing. If sustained over the next several quarters, this trend materially lowers near-term funding pressure and improves the outlook for achieving commercial milestones.
Narrowing net loss
A large reduction in annual net loss reflects effective expense management or one-off remediation, indicating management can arrest deterioration. Sustained narrowing over multiple reporting periods would indicate a durable path toward break-even and strengthen long-term viability prospects.
Negative Factors
No revenue base
Absence of reported revenue over multiple years is a core structural weakness: without product sales or contract revenue the firm relies on capital markets or partners. This undermines business-model validation and creates ongoing operational funding dependency over months to years.
Shrinking equity base
Rapid erosion of shareholders' equity signals cumulative losses and materially reduces the company's loss-absorbing capacity. A thin equity base heightens dilution and refinancing risk when external capital is required, limiting strategic options and investment capacity over the medium term.
Persistent negative free cash flow
Sustained negative free cash flow requires recurrent external funding to maintain operations, increasing dilution and execution risk. Even with recent improvement, ongoing negative FCF implies structural reliance on capital raises or JV funding, constraining long-term strategic autonomy.

NickelSearch Ltd. (AM5) vs. iShares MSCI Australia ETF (EWA)

NickelSearch Ltd. Business Overview & Revenue Model

Company DescriptionAntares 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 holds 100% interest in the Mt Isa North project, which covers an area of approximately 2,003 square kilometers located in the Mt Isa region, Northwest Queensland; it acquires 100% interest in the Quinns Gold Copper-Zinc VMS Project covering an area of 165 square kilometers located in Western Australia; and it also acquires 100% interest in Katanning Gold Project covering an area of 130 square kilometers located in Western Australia. The company was formerly known as NickelSearch Limited and changed its name to Antares Metals Limited in December 2024. Antares Metals Limited was incorporated in 2004 and is based in West Perth, Australia.
How the Company Makes Money

NickelSearch Ltd. Financial Statement Overview

Summary
Financial strength is weak: no revenue reported across 2022–2025, ongoing net losses, and consistently negative free cash flow. Positives include zero debt in 2024–2025 and a reduced loss/cash burn in 2025, but the sharply declining equity base signals elevated dilution/financing risk.
Income Statement
12
Very Negative
The company reports no revenue across the annual periods provided (2022–2025), while losses remain significant. Net income improved in 2025 (loss narrowed to -4.6M vs. -15.6M in 2024), but profitability is still deeply negative with negative operating earnings and EBITDA. With no demonstrated revenue base and persistent losses, income statement strength remains weak despite the recent reduction in cash burn/expenses implied by the smaller loss.
Balance Sheet
38
Negative
Leverage is low with total debt at 0 in 2024–2025 (and minimal debt in 2023), which is a clear balance-sheet positive. However, equity and assets have fallen materially over time (equity down to ~1.45M in 2025 from ~12.9M in 2023), reflecting ongoing losses and a shrinking capital base. Returns on equity are strongly negative (about -314% in 2025), highlighting continued value erosion and raising funding/dilution risk.
Cash Flow
18
Very Negative
Cash generation is weak: operating cash flow is negative in 2025 (-2.68M) and free cash flow is consistently negative (about -2.69M in 2025, -3.94M in 2024, -4.87M in 2023, -4.99M in 2022). The burn rate improved in 2025 versus prior years, but free cash flow remains meaningfully negative and still relies on external funding to sustain operations.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue0.000.000.000.000.00
Gross Profit-18.07K-18.07K0.000.000.00
EBITDA-5.07M-5.07M-15.53M-2.02M-1.87M
Net Income-4.57M-4.57M-15.62M-2.08M-1.88M
Balance Sheet
Total Assets3.87M3.87M4.88M15.96M14.31M
Cash, Cash Equivalents and Short-Term Investments1.37M1.37M1.68M1.90M4.61M
Total Debt0.000.000.00132.84K0.00
Total Liabilities2.42M2.42M2.63M3.09M1.89M
Stockholders Equity1.45M1.45M2.25M12.88M12.42M
Cash Flow
Free Cash Flow-2.69M-2.69M-3.94M-4.87M-4.99M
Operating Cash Flow-2.68M-2.68M0.000.000.00
Investing Cash Flow-53.66K-53.66K-1.65M-3.34M-3.34M
Financing Cash Flow2.42M2.42M3.42M2.16M9.09M

NickelSearch Ltd. Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
61
Neutral
$10.43B7.12-0.05%2.87%2.86%-36.73%
46
Neutral
AU$10.84M-3.54-48.72%―――
44
Neutral
AU$8.56M-0.81-246.93%―――
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AU:AM5
NickelSearch Ltd.
0.01
0.00
0.00%
AU:OB1
Woomera Mining Ltd.
0.02
>-0.01
-25.00%
DE:F1S0
OAR Resources Ltd
0.03
<0.01
50.00%
AU:RCM
Armada Metals Ltd.
0.07
0.04
125.00%
AU:TAT
R3D Resources Limited
0.05
<0.01
2.22%
AU:LAT
DiscovEx Resources Limited
0.13
0.10
271.43%

NickelSearch Ltd. Corporate Events

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 vendors as consideration for acquiring the Quinns and Katanning gold and copper projects. The company confirmed that these new shares were issued without a disclosure document, that it remains compliant with its continuous disclosure and financial reporting obligations, and that there is no excluded information requiring disclosure, thereby ensuring the newly issued securities can be freely tradeable and reinforcing regulatory transparency for investors.

The most recent analyst rating on (AU:AM5) stock is a Sell with a A$0.01 price target. To see the full list of analyst forecasts on NickelSearch Ltd. stock, see the AU:AM5 Stock Forecast page.

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 resources, enhancing the company’s exposure to gold and copper in established mining districts. At its Mt Isa North Project, Antares identified a previously unrecognised, district-scale copper mineralisation corridor at the Cromwell prospect with rock samples up to 22.5% copper, extended mineralisation with further sampling, and commenced a 1,000-metre drilling program at the Queens Gift Uranium Project, while also strengthening its balance sheet with a $2.0 million strategic placement and appointing Terence Topping as managing director to drive accelerated exploration and resource definition in 2026.

The most recent analyst rating on (AU:AM5) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on NickelSearch Ltd. stock, see the AU:AM5 Stock Forecast page.

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 previously announced transactions and represent a significant addition to the company’s unquoted equity base, potentially providing future capital inflows if exercised and further aligning stakeholders with the company’s long‑term growth plans.

The most recent analyst rating on (AU:AM5) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on NickelSearch Ltd. stock, see the AU:AM5 Stock Forecast page.

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 on the ASX, expand the company’s unquoted equity base and may provide additional future capital if exercised, with implications for dilution and ownership structure for existing stakeholders.

The most recent analyst rating on (AU:AM5) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on NickelSearch Ltd. stock, see the AU:AM5 Stock Forecast page.

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 transaction and not intended to be quoted on the ASX, represents a significant potential source of future equity capital and may influence the company’s capital structure and incentive arrangements over the medium term.

The most recent analyst rating on (AU:AM5) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on NickelSearch Ltd. stock, see the AU:AM5 Stock Forecast page.

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 exercisable at $0.02, for a total consideration of $5,000, increasing his indirect holding to 1,642,612 shares alongside existing options and performance rights. The transaction, which did not occur during a closed trading period, modestly increases director alignment with shareholders through additional equity exposure and reflects ongoing capital management activity within the company.

The most recent analyst rating on (AU:AM5) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on NickelSearch Ltd. stock, see the AU:AM5 Stock Forecast page.

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 performance. Topping also holds indirect interests through Kilonova Metals Pty Ltd and the TTJT Trust, which collectively control substantial parcels of fully paid ordinary shares and unlisted options in Antares Metals, underscoring his significant financial exposure to the company’s future and signalling a strengthened alignment between board leadership and shareholder interests.

The most recent analyst rating on (AU:AM5) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on NickelSearch Ltd. stock, see the AU:AM5 Stock Forecast page.

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 exercisable at $0.02 and expiring in January 2029 for a total consideration of $20,000, increasing his holding to 3,277,778 shares along with a range of options and performance rights, in a transaction that was not conducted during a closed trading period and reflects further alignment of the director’s interests with those of shareholders.

The most recent analyst rating on (AU:AM5) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on NickelSearch Ltd. stock, see the AU:AM5 Stock Forecast page.

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 greenstone belt and the southern Yilgarn Craton. The Quinns project, near existing processing mills, is an underexplored historic gold field that also hosts the historic Austin VMS deposit, while Katanning lies along strike from Ausgold’s 2.44Moz Katanning gold resource. Alongside the acquisitions, Antares has closed a $2.03m capital raising to fully fund near-term exploration and appointed experienced geologist Terence Topping as managing director, with fieldwork, data compilation, target generation and maiden drilling programs now underway at Quinns and Katanning, and assay results pending from copper and uranium exploration at its Mt Isa North project. These moves materially expand Antares’ landholding in established mineral provinces, strengthen its leadership and balance sheet, and set up a busy exploration pipeline that could reshape the company’s growth profile if forthcoming drilling and assay outcomes are positive.

The most recent analyst rating on (AU:AM5) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on NickelSearch Ltd. stock, see the AU:AM5 Stock Forecast page.

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 likely intended to support long-term incentives or capital management, signaling ongoing alignment of management and stakeholders with the company’s future performance.

The most recent analyst rating on (AU:AM5) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on NickelSearch Ltd. stock, see the AU:AM5 Stock Forecast page.

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 markets to fund operations and growth initiatives, with potential implications for existing shareholders through capital structure changes and dilution.

The most recent analyst rating on (AU:AM5) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on NickelSearch Ltd. stock, see the AU:AM5 Stock Forecast page.

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 expected to support the company’s funding capacity and liquidity in the market, potentially enhancing its ability to advance ongoing projects and strengthening its position among ASX-listed junior resource companies.

The most recent analyst rating on (AU:AM5) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on NickelSearch Ltd. stock, see the AU:AM5 Stock Forecast page.

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 placements, authorisation for a second tranche of placement shares, the issue of placement options, and the issuance of placement securities to related parties on the board, consolidating the company’s capital-raising activities and board-aligned participation, which together strengthen its funding position and governance backing for future initiatives.

The most recent analyst rating on (AU:AM5) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on NickelSearch Ltd. stock, see the AU:AM5 Stock Forecast page.

Antares Metals Limited Announces General Meeting for Shareholders
Dec 16, 2025

Antares Metals Limited has announced a General Meeting for its shareholders, scheduled for January 20, 2026, at its registered office in West Perth, Western Australia. The company emphasizes the importance of shareholders voting, either in person, by proxy, or through a corporate representative, and encourages the use of online voting prior to the meeting. This announcement highlights Antares Metals Limited’s commitment to engaging with its shareholders and ensuring their participation in the company’s decision-making process.

Antares Metals Limited Announces General Meeting for Shareholder Approvals
Dec 16, 2025

Antares Metals Limited has announced a general meeting scheduled for January 20, 2026, in West Perth, WA. The meeting’s agenda includes ratifying the prior issue of Tranche 1 Placement Shares and approving the issuance of Tranche 2 Placement Shares and Placement Options. These resolutions aim to secure shareholder approval for past and future share placements, which are crucial for the company’s capital raising efforts.

Antares Metals Completes First Tranche of A$2 Million Placement
Dec 11, 2025

Antares Metals Ltd, an exploration company listed on the ASX, has successfully completed the first tranche of a two-part placement, raising approximately A$2 million through the issue of new shares. The funds will be used for exploration and assessment work on newly acquired projects, continuation of exploration at the Mt Isa North Project, and general corporate expenses. This strategic move aims to strengthen Antares Metals’ exploration capabilities and position in the mining sector.

Antares Metals Issues New Shares to Tranche 1 Participants
Dec 11, 2025

Antares Metals Ltd, listed on the ASX under the ticker AM5, announced the issuance of 128,713,225 fully paid ordinary shares to Tranche 1 Placement Participants. This move was made without disclosure to investors under Part 6D.2 of the Corporations Act 2001. The company confirmed its compliance with relevant sections of the Act and stated that there is no ‘excluded information’ to disclose. This announcement reflects Antares Metals’ commitment to maintaining transparency while expanding its shareholder base.

Antares Metals Limited Announces Quotation of New Securities on ASX
Dec 11, 2025

Antares Metals Limited has announced the quotation of 128,713,225 ordinary fully paid securities on the Australian Securities Exchange (ASX) under the code AM5. This move is part of a previously announced transaction, and the issuance of these securities is expected to enhance the company’s market presence and liquidity, potentially benefiting stakeholders by increasing the company’s visibility and accessibility in the financial markets.

Antares Metals Limited Expands Portfolio with Strategic Acquisitions
Dec 8, 2025

Antares Metals Limited (ASX: AM5) is a company involved in the acquisition of gold and base metals portfolios in established mineral provinces in Western Australia. The company is focused on projects such as the Katanning and Quinns projects, aiming to enhance its resource base and market positioning. The recent announcement highlights the company’s strategic acquisition efforts, although it cautions that the proposed acquisitions and capital raising are subject to conditions and may not proceed as planned. The announcement also emphasizes the uncertainty in mineral resource estimates reported under older JORC codes, indicating potential challenges in aligning with current standards.

Antares Metals Limited Announces Proposed Securities Issue
Dec 8, 2025

Antares Metals Limited has announced a proposed issue of securities, which includes 29,166,667 unquoted options and 87,500,000 ordinary fully paid shares. This issuance is part of a placement or other type of issue, with the proposed issue date set for January 23, 2026. The announcement indicates a strategic move by Antares Metals Limited to potentially raise capital and expand its market presence, which could impact its operations and industry positioning.

Antares Metals Limited Announces Proposed Securities Issue
Dec 8, 2025

Antares Metals Limited has announced a proposed issue of securities, specifically 20,000,000 performance rights set to expire on January 31, 2029. This issuance is scheduled for January 23, 2026, and is part of the company’s efforts to potentially enhance its financial positioning and operational capabilities.

Antares Metals Ltd Resumes Trading Post Acquisition Announcement
Dec 8, 2025

Antares Metals Ltd, listed on the ASX under the ticker AM5, has announced the lifting of its trading suspension following a significant announcement concerning a proposed acquisition and capital raising. This development is expected to impact the company’s operational strategy and market positioning, potentially influencing investor sentiment and stakeholder engagement.

Antares Metals Expands Portfolio with Key WA Gold and Copper Acquisitions
Dec 8, 2025

Antares Metals Ltd, listed on the ASX under the ticker AM5, has announced the acquisition of two significant projects in Western Australia, focusing on gold and copper. The Quinns Gold & Copper-Zinc VMS Project and the Katanning Gold Project are strategically located near established mines and resources, enhancing the company’s portfolio in the region. The acquisition is expected to bolster Antares Metals’ exploration potential, with the Quinns project offering underexplored gold fields and proven high-grade copper-zinc mineralization. The Katanning project, situated along a significant geological structure, presents opportunities for gold exploration. The company has secured $2.0 million through strategic placement to fund these endeavors, positioning itself strongly in the market with a pro-forma valuation of approximately $6.8 million.

Antares Metals Limited Requests Trading Halt for Major Announcement
Dec 2, 2025

Antares Metals Limited, listed on the ASX under the ticker AM5, has requested a trading halt pending a significant announcement. The company plans to make a material announcement regarding a capital raise and project acquisition, which could have implications for its operations and market positioning. The halt is expected to last until the announcement is made or until normal trading resumes on 5 December 2025.

Antares Metals Limited Announces Successful AGM Resolutions
Nov 25, 2025

Antares Metals Limited, listed on the ASX under the ticker AM5, announced the successful passing of all resolutions at its Annual General Meeting. The resolutions included the approval of the remuneration report, the re-election of Mr. Mark Connelly, and the approval of an additional 10% placement capacity, indicating strong shareholder support and positioning the company for future growth.

Antares Metals Ltd to Commence Drilling at Queens Gift Uranium Project
Nov 4, 2025

Antares Metals Ltd, a company involved in the exploration of uranium and copper, is set to begin its first phase of drilling at the Queens Gift uranium project in northwest Queensland. This drilling program, which includes approximately 1,000 meters of Reverse Circulation drilling, aims to expand the uranium mineralization envelope and upgrade the existing resource classification from JORC 2004 to JORC 2012. The initiative is expected to enhance the project’s value and lay the groundwork for future exploration activities across Antares’ uranium portfolio.

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.Date of analysis: Jan 31, 2026