AusQuest Limited (AQD) AI Stock Analysis

• Market Cap: AU$72.39M
• Dividend Yield: N/A
• Average Volume (3M): 2.25M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.61
• Revenue Growth: N/A
• EPS Growth: -20.00%
• Country: AU
• Employees: 8
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): >-0.01
• Shares Outstanding: 1,626,671,000
• 10 Day Avg. Volume: 2,246,962
• 30 Day Avg. Volume: 2,249,340
• PEG Ratio: 0.07
• Price to Book (P/B): 3.83
• Price to Sales (P/S): 128.09
• P/FCF Ratio: -7.79
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 44 Neutral
• Price Target: AU$0.04 ▼(-18.00% Downside)
• Action: Reiterated Date: 02/13/26
• Date: Action: Reiterated 02/13/26

The score is constrained primarily by ongoing losses and significant cash burn despite a low-debt, strengthened balance sheet. Technical indicators also lean negative with the price below key moving averages and weak momentum readings. Valuation is not supportive given the negative P/E and lack of dividend yield data.

Positive Factors

Balance Sheet Strength

Zero reported debt and a meaningful equity increase strengthen financial flexibility for an exploration company. This reduced leverage lowers insolvency risk and makes it easier to fund drilling or farm-outs via equity or partner deals, supporting project advancement over months.

Asset- and Tenement-based Model

A business model centered on tenement acquisition, exploration and monetizing discoveries via sales or farm-outs creates asymmetric upside potential. Tangible project holdings provide optionality and multiple paths to value realization that remain relevant as targets are progressed.

Revenue Rebound Indicates Progress

A 75% revenue increase suggests the company converted exploration activity into monetizable outcomes (e.g., milestone payments or sales). While not a guarantee of sustainability, improving top-line receipts indicate growing capability to generate project-related cashflows over the coming months.

Negative Factors

Persistent Negative Free Cash Flow

Deep and persistent negative free cash flow forces reliance on external funding rounds or partner capital. Recurrent cash burn constrains continuous exploration, increases dilution risk for shareholders, and remains a material funding risk over a 2–6 month horizon absent a monetization event.

Consistently Negative Operating Profit

Sustained operating losses mean the company cannot self-fund growth and must rely on capital markets or JV partners. Negative margins also reflect that overheads and exploration costs outstrip revenues, a structural constraint until a material resource is defined or sold.

No Recurring Revenue / Non-producing Status

Absence of producing assets makes cashflows binary and transaction-dependent, increasing financing and execution risk. Over the medium term, this structural lack of steady revenues amplifies sensitivity to exploration success and capital availability for project progression.

AusQuest Limited Business Overview & Revenue Model

Company Description

AusQuest Limited explores and evaluates mineral resources in Australia and Peru. The company explores for copper, iron oxide, gold, zinc, and nickel deposits. It holds approximately 7,300km² of exploration title within Australia, which includes 6,800km² within Western Australia and 500km² within Queensland. The company was incorporated in 2000 and is based in Ardross, Australia.

How the Company Makes Money

AusQuest Limited makes money primarily through its exploration activities by identifying and developing mineral deposits that may be sold or optioned to major mining companies. The company engages in joint venture partnerships, notably with South32, a key partner that provides funding for exploration projects in exchange for potential future interest in the discoveries. Revenue is generated when mineral exploration projects are optioned, sold, or advanced to a stage where larger mining companies take interest and invest in further development. AusQuest's financial model relies on successful exploration outcomes and strategic partnerships to monetize its mineral discoveries.

AusQuest Limited Financial Statement Overview

Summary

Balance sheet strength (no debt and higher equity) is outweighed by weak operating performance: EBIT/EBITDA remain negative, net margin fell to -3.26% in FY2025, and cash flow is a key risk with persistent operating cash burn and deeply negative free cash flow (~-8.13M in FY2025).

Income Statement

Revenue rebounded strongly in FY2025 (up 75.27% year over year), but profitability remains weak and volatile. EBIT and EBITDA have been consistently negative across all periods shown, and FY2025 net profit margin deteriorated sharply to -3.26% (from +1.27% in FY2024). While gross margin appears unusually high (near 100% in FY2024–FY2025), operating losses suggest overheads and project/exploration-type costs continue to outweigh the revenue base.

Balance Sheet

The balance sheet is a clear relative strength with minimal leverage: total debt is 0 in FY2025 and the debt-to-equity ratio is effectively negligible across the history provided. Equity increased meaningfully in FY2025 (to ~16.6M from ~7.8M), supporting financial flexibility. The main weakness is returns: return on equity fell to -9.73% in FY2025, reflecting that the capital base is not currently generating sustainable earnings.

Cash Flow

Cash generation is pressured. Operating cash flow has been negative in most years (including FY2024 and FY2025), indicating ongoing cash burn from operations. Free cash flow is deeply negative every year shown and worsened to about -8.13M in FY2025 (from about -4.52M in FY2024), implying heavier spending and/or weaker working-capital dynamics. Although free cash flow growth is positive in FY2025, the absolute level remains a key risk given the continued need for funding support.

Breakdown	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	494.59K	201.94K	1.09M	648.66K	1.02M
Gross Profit	494.59K	201.94K	995.81K	529.64K	966.15K
EBITDA	-1.31M	-1.59M	-480.00K	-2.28M	-2.09M
Net Income	-1.61M	256.73K	361.98K	-1.46M	-1.28M
Balance Sheet
Total Assets	18.61M	8.48M	9.65M	8.49M	9.39M
Cash, Cash Equivalents and Short-Term Investments	7.20M	1.07M	3.73M	3.88M	5.41M
Total Debt	0.00	89.59K	0.00	87.68K	23.20K
Total Liabilities	2.05M	686.40K	1.34M	1.05M	1.48M
Stockholders Equity	16.56M	7.80M	8.31M	7.43M	7.92M
Cash Flow
Free Cash Flow	-8.13M	-4.52M	-8.00M	-7.24M	-6.15M
Operating Cash Flow	-833.91K	-964.09K	103.48K	-339.70K	53.23K
Investing Cash Flow	-2.85M	-1.61M	-184.90K	-1.18M	-95.11K
Financing Cash Flow	9.82M	-93.00K	-90.00K	-90.57K	2.77M

AusQuest Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
SGQ	50 Neutral	AU$514.30M	-5.29	-77.68%	―	―	22.73%
IMA	47 Neutral	AU$61.99M	-2.33	-12.99%	―	―	―
DME	45 Neutral	AU$34.78M	-13.48	-13.23%	―	―	-86.89%
AQD	44 Neutral	AU$72.39M	-39.33	-13.23%	―	―	-20.00%
ARL	44 Neutral	AU$128.60M	-13.89	-5.35%	―	―	58.54%

AusQuest Limited Corporate Events

AusQuest Extends Cangallo Copper Discovery Beyond 1.5km With Strong New Drilling Results

AusQuest has reported initial Stage 3 drilling results from its Cangallo porphyry copper-gold project in Peru, significantly extending the known mineralised system to more than 1,500 metres in length. Early assays from 10 of 20 reverse circulation drill holes show broad copper intersections from near surface to depths beyond 400 metres, with mineralisation remaining open to the north, south and east.

The company plans a further 5,000 metres of RC drilling from early March to expand mineralisation in strongly mineralised zones, alongside deep diamond drilling from April to test for depth extensions of copper sulphide mineralisation. The results support the potential for a substantial near-surface copper oxide resource in a favourable location close to the coast and key infrastructure, underscoring Cangallo’s emerging importance in AusQuest’s project portfolio.

The most recent analyst rating on (AU:AQD) stock is a Hold with a A$0.06 price target. To see the full list of analyst forecasts on AusQuest Limited stock, see the AU:AQD Stock Forecast page.

AusQuest Issues 20 Million Unquoted Options Expiring 2029

AusQuest Limited has issued 20 million unquoted options, each exercisable at $0.0705 and expiring on 6 February 2029, under previously announced arrangements. The move expands the company’s pool of unlisted equity instruments, potentially providing additional incentive mechanisms or future capital-raising capacity without immediately diluting existing shareholders on the market, as the options are not quoted and are not intended to be quoted on the ASX.

The most recent analyst rating on (AU:AQD) stock is a Hold with a A$0.06 price target. To see the full list of analyst forecasts on AusQuest Limited stock, see the AU:AQD Stock Forecast page.

AusQuest Shareholders Back All Resolutions at General Meeting

AusQuest Limited reported the results of its 4 February 2026 general meeting, where shareholders strongly backed all resolutions put to the vote. Investors approved the ratification of shares previously issued to placement participants, the issue of participation shares to directors as related parties, and the issue of broker options, each by decisive poll margins exceeding 97% support. The outcome confirms solid shareholder endorsement for the company’s recent capital-raising and incentive structures, reinforcing board alignment with investors and supporting AusQuest’s ongoing funding and exploration plans.

The most recent analyst rating on (AU:AQD) stock is a Hold with a A$0.06 price target. To see the full list of analyst forecasts on AusQuest Limited stock, see the AU:AQD Stock Forecast page.

AusQuest Highlights Strong Cash Position and Tight Register Ahead of Exploration Push

AusQuest Limited has outlined its current corporate position ahead of an Extraordinary General Meeting, highlighting a market capitalisation of about $96.2 million at a 6.0 cent share price, 1.6 billion shares on issue, and an enterprise value of $86.2 million supported by approximately $10 million in cash as at 31 December 2025. The company’s capital structure is dominated by top-20 shareholders holding nearly half of the register, including directors with 18.8%, and it maintains a sizeable pool of unlisted options, signalling ongoing funding flexibility as it advances exploration activities across its projects in Peru and Australia.

The most recent analyst rating on (AU:AQD) stock is a Hold with a A$0.06 price target. To see the full list of analyst forecasts on AusQuest Limited stock, see the AU:AQD Stock Forecast page.

AusQuest Seeks ASX Quotation for 3.5 Million New Shares

AusQuest Limited has applied to the ASX for quotation of 3,501,203 new ordinary fully paid shares, expanding its listed capital base under the code AQD. The new securities, issued on 30 January 2026 following the exercise or conversion of existing options or other convertible instruments, modestly increase the company’s free float and could enhance liquidity for investors, signalling continued shareholder engagement and support for the company’s activities.

The most recent analyst rating on (AU:AQD) stock is a Hold with a A$0.07 price target. To see the full list of analyst forecasts on AusQuest Limited stock, see the AU:AQD Stock Forecast page.

AusQuest Expands Cangallo Copper-Gold System and Secures Funding for Accelerated Drilling

AusQuest Limited advanced its flagship Cangallo copper-gold project in Peru during the December 2025 quarter, with Stage 3 reverse circulation drilling extending the porphyry system more than 500 metres to the south and diamond drilling confirming mineralisation to depths exceeding 800 metres, including a 555-metre intercept grading 0.26% copper and 0.06g/t gold from near surface. The company raised $10 million in a placement to accelerate and expand drilling at Cangallo, initiated permitting for further RC drilling and additional Peruvian copper prospects, and progressed a suite of Australian projects, including new drill programs at Balladonia, high-grade magnetite results at Morrisey, planned IOCG drilling at Coober Pedy in Q2 2026, and reconnaissance drilling at Mt Davis, while also extending its Strategic Alliance Agreement with South32 to December 2027, underscoring continued funding support and exploration momentum across its portfolio.

The most recent analyst rating on (AU:AQD) stock is a Hold with a A$0.07 price target. To see the full list of analyst forecasts on AusQuest Limited stock, see the AU:AQD Stock Forecast page.

AusQuest Seeks ASX Quotation for Additional Ordinary Shares

AusQuest Limited has applied to the ASX for quotation of 7,000 new fully paid ordinary shares, to be traded under its existing code AQD. The modest issuance arises from the exercise or conversion of existing options or other convertible securities, slightly increasing the company’s quoted capital base and providing a small incremental boost to equity without materially altering its market position or capital structure.

The most recent analyst rating on (AU:AQD) stock is a Hold with a A$0.06 price target. To see the full list of analyst forecasts on AusQuest Limited stock, see the AU:AQD Stock Forecast page.

AusQuest Expands Scale of Copper-Gold Mineralisation at Cangallo in Peru

AusQuest Limited reports that recent diamond and reverse circulation drilling at its 100%-owned Cangallo porphyry copper-gold discovery in Peru has substantially expanded the known extent of copper mineralisation. Diamond drilling has extended the mineralised vein system to depths of over 800 metres, while Stage 3 RC drilling has intersected copper oxides and sulphides more than 500 metres south of earlier work, increasing the strike length of the porphyry system to more than one kilometre north–south. Copper occurs in stockwork veins, veinlets and mineralised porphyry dykes, with oxide minerals logged to depths beyond 300 metres and sulphides beyond 800 metres. Samples from the RC program have been dispatched for laboratory analysis, with assay results expected later in January to guide the next phase of diamond drilling, potentially influencing AusQuest’s resource definition strategy and the project’s future development pathway.

The most recent analyst rating on (AU:AQD) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on AusQuest Limited stock, see the AU:AQD Stock Forecast page.

AusQuest Lets 3 Million Performance Rights Expire, Trimming Capital Structure

AusQuest Limited has announced the cessation of 3,000,000 performance rights (ASX code AQDAF) following their expiry on 31 December 2025 without being exercised or converted. The lapse of these securities reduces the company’s pool of outstanding performance rights, modestly simplifying its capital structure and potentially altering future dilution dynamics for existing shareholders.

The most recent analyst rating on (AU:AQD) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on AusQuest Limited stock, see the AU:AQD Stock Forecast page.

AusQuest Uncovers Early Signs of Sediment-Hosted Base Metals at Mt Davis

AusQuest Limited has reported encouraging early assay results from a nine-hole, 1,884-metre reconnaissance reverse circulation drilling program at its Mt Davis Project in Western Australia, where anomalous lead, copper and silver values indicate potential for sediment-hosted base metal mineralisation. Three holes intersected notable base metal anomalies in weathered carbonaceous cherty mud rocks associated with a VTEM electromagnetic conductor and soil geochemical anomalies, including a peak lead value of 2.8% at 80 metres depth, and the company will now work with partner South32 to determine next exploration steps, underscoring the project’s emerging prospectivity in a largely under-drilled area of the Earaheedy Basin.

AusQuest Seeks ASX Quotation for 1 Million New Ordinary Shares

AusQuest Limited has applied to the ASX for quotation of 1,000,000 new ordinary fully paid shares, to be listed under its existing ticker AQD. The new securities, issued on 19 December 2025, will increase the company’s quoted share capital, modestly expanding its equity base and potentially enhancing liquidity for existing and new shareholders.

AusQuest Limited Announces General Meeting and Progress Update

AusQuest Limited has announced a General Meeting scheduled for February 4, 2026, to be held in Perth, Australia. The company encourages shareholders to review the Notice of Meeting, which is available online, and to participate through proxy voting if they cannot attend in person. During the meeting, the Managing Director will provide an update on the company’s activities, reflecting its ongoing commitment to transparency and stakeholder engagement.

AusQuest Limited Completes Major Share Placement

AusQuest Limited has successfully completed the issuance of 189,787,234 fully paid ordinary shares as part of a placement announced earlier in December 2025. This move, conducted without the need for disclosure under certain sections of the Corporations Act, indicates the company’s compliance with regulatory requirements and its strategic efforts to strengthen its financial position, potentially impacting its operational capabilities and stakeholder interests.

AusQuest Limited Announces Quotation of New Securities on ASX

AusQuest Limited announced the quotation of 1,000,000 ordinary fully paid securities on the Australian Securities Exchange (ASX), effective December 11, 2025. This move reflects the company’s strategic efforts to leverage financial markets for capital, potentially impacting its operational capacity and market positioning.

AusQuest and South32 Extend Strategic Alliance for Exploration Projects

AusQuest Limited has extended its Strategic Alliance Agreement with South32 Limited for an additional two years, continuing their collaboration until December 2027. This partnership allows AusQuest to advance exploration projects to a drill-ready stage with funding from South32, which can earn a 70% interest in each project by investing US$4.5 million. The extension of this agreement highlights the successful collaboration between the two companies and reinforces AusQuest’s position in the exploration industry, potentially benefiting shareholders through continued project development and exploration success.

AusQuest Limited Announces Proposed Issue of 20 Million Unquoted Options

AusQuest Limited has announced a proposed issue of 20 million unquoted options, each exercisable at $0.0705 and expiring three years from the issue date. This move is part of a placement or other type of issue, with the proposed issue date set for February 9, 2026. The announcement signifies AusQuest’s strategic effort to raise capital, potentially impacting its exploration activities and financial positioning in the mining sector.

AusQuest Limited Announces Proposed Securities Issue

AusQuest Limited has announced a proposed issue of 22,978,724 ordinary fully paid securities, with the issue date set for February 9, 2026. This move is part of a placement or other type of issue, which could potentially enhance the company’s capital structure and support its exploration activities, thereby impacting its operations and positioning within the mining industry.

AusQuest Limited Announces Major Securities Issue

AusQuest Limited has announced a proposed issue of 189,787,234 fully paid ordinary securities, scheduled for December 12, 2025. This move is part of the company’s strategy to raise capital, potentially impacting its financial standing and offering new opportunities for stakeholders as it seeks to strengthen its market position.

AusQuest Secures $10M for Cangallo Project Expansion

AusQuest Limited announced a successful capital raising of A$10 million through a placement of approximately 212.8 million new shares, supported by both new and existing shareholders, including international resource-focused institutions. The funds will be used to expand Stage 3 drilling at the Cangallo Copper-Gold Project in Peru, aiming to extend mineralization and locate the center of the porphyry system, potentially enhancing copper grades. This strategic move is seen as a pivotal step in AusQuest’s growth strategy, reflecting strong market confidence in the project’s potential and marking a transformative phase for the company.