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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 42 (OpenAI - 5.2)
Rating:42Neutral
Price Target:
AU$0.01
▲(0.00% Upside)
The score is driven primarily by weak financial performance (no revenue, ongoing losses and negative free cash flow, and a shrinking equity base), which elevates funding risk despite low debt. Technical indicators also point to weak momentum, while valuation metrics provide limited support due to the loss-making profile and no dividend.
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
Income Statement
Balance Sheet
Cash Flow
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%
44
Neutral
AU$10.84M-3.54-48.72%
42
Neutral
AU$7.08M-0.81-246.93%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AU:AM5
NickelSearch Ltd.
0.01
-0.01
-50.00%
AU:OB1
Woomera Mining Ltd.
0.02
>-0.01
-25.00%
DE:F1S0
OAR Resources Ltd
0.03
0.02
200.00%
AU:RCM
Armada Metals Ltd.
0.07
0.04
118.75%
AU:TAT
R3D Resources Limited
0.05
>-0.01
-4.17%
AU:LAT
DiscovEx Resources Limited
0.08
0.03
69.57%

NickelSearch Ltd. Corporate Events

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.

Antares Metals Reports Significant Discoveries at Mt Isa North Project
Oct 28, 2025

Antares Metals Ltd has reported significant progress in its exploration activities at the Mt Isa North Copper-Uranium Project for the quarter ending September 2025. The company announced a 200m extension to the Surprise Copper Project and the discovery of a new large-scale Marvel zone. High-grade copper results were found across various sites, and a new district-scale copper mineralisation zone, Cromwell Copper Prospect, was identified. Additionally, the company’s uranium exploration efforts have advanced, identifying high-priority targets with promising surface grades. These developments enhance the potential of Antares’ projects and position the company for further growth.

NickelSearch Ltd. Reports Quarterly Cash Flow with Focus on Operations
Oct 28, 2025

NickelSearch Ltd. has released its quarterly cash flow report, indicating a net cash outflow from operating activities of $567,000 for the quarter ending September 30, 2025. The report highlights that there were no significant cash flows from investing or financing activities during this period, suggesting a focus on maintaining current operations rather than expansion or new investments.

Antares Metals Reports High-Grade Copper Results at Cromwell Discovery
Oct 27, 2025

Antares Metals Ltd, a company listed on the ASX under the ticker AM5, has announced promising results from its Cromwell discovery within the Mount Isa North Project. The latest rock chip samples from the Cromwell site have revealed high-grade copper results, with the ‘D’ shear zone showing up to 20.5% copper, extending the mineralisation eastward. These findings, along with previous results from the ‘A’ shear zone, underscore the significant potential of the site. The company plans further exploration, including geophysical surveys, to identify drill targets and enhance its exploration efforts. This development strengthens Antares Metals’ position in the mining industry and provides a solid foundation for future value creation.

Antares Metals Limited Announces Annual General Meeting
Oct 22, 2025

Antares Metals Limited has announced its upcoming annual general meeting, scheduled for November 25, 2025, at its registered office in West Perth, WA, and via teleconference. The meeting will cover the company’s annual report, including financial, directors’, remuneration, and auditor’s reports. Key resolutions include the adoption of the Remuneration Report and the re-election of Mr. Mark Connelly as a director. These resolutions aim to address corporate governance and leadership continuity, impacting stakeholders by ensuring transparency and stability in the company’s management.

Antares Metals Limited Announces Digital-First Approach for Upcoming AGM
Oct 22, 2025

Antares Metals Limited is convening its Annual General Meeting on November 25, 2025, at its registered office in West Perth, WA. The company has opted not to send hard copies of the meeting notice unless requested by shareholders, encouraging them to access the document online. Shareholders are urged to vote online or by proxy ahead of the meeting to ensure their participation. This approach reflects a push towards digital engagement, potentially streamlining shareholder communication and participation processes.

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 09, 2026