Altamin Limited (AZI) AI Stock Analysis

• Market Cap: AU$22.19M
• Dividend Yield: N/A
• Average Volume (3M): 193.41K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.96
• Revenue Growth: N/A
• EPS Growth: -15.38%
• Country: AU
• Employees: 6
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): >-0.01
• Shares Outstanding: 792,384,770
• 10 Day Avg. Volume: 208,583
• 30 Day Avg. Volume: 193,410
• PEG Ratio: -0.09
• Price to Book (P/B): 6.22
• Price to Sales (P/S): 115.15
• P/FCF Ratio: -2.82
• 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: 45 Neutral
• Price Target: AU$0.03 ▲(25.00% Upside)
• Action: Reiterated Date: 02/04/26
• Date: Action: Reiterated 02/04/26

The score is held down primarily by weak financial performance (very small/declining revenue, heavy losses, and ongoing cash burn despite zero debt). Technical indicators are broadly neutral with slightly negative momentum, and valuation is difficult to justify on earnings due to a negative P/E and no dividend support.

Positive Factors

Low financial leverage (zero debt)

Zero total debt across FY2023–FY2025 reduces fixed financing obligations and lowers solvency risk, giving management flexibility to pursue exploration, farm‑outs or timed capital raises. For a junior explorer, low leverage preserves optionality to partner assets without debt servicing constraints.

Positive gross profit in recent years

Reported positive gross profit implies project or direct activity economics can cover variable costs, suggesting underlying assets have economic potential. If operating overheads are controlled or shifted to partners, this gross margin base could be the foundation for scalable profitability as projects advance.

Monetisation/farm‑in business model

Altamin’s stated model—advancing exploration assets and monetising via sales, farm‑ins or partner funding—is a durable strategy for juniors. It enables risk transfer and capital efficiency: partners fund expensive development stages, preserving cash while allowing the company to realise value without full project financing.

Negative Factors

Persistent operating cash burn

Recurring negative operating cash flow demonstrates ongoing cash consumption to fund operations and exploration. Because free cash flow tracks net losses (~1x), losses are generating real funding needs, forcing reliance on external capital or partners and increasing dilution or project delay risk over the medium term.

Eroding equity base increases funding risk

Material decline in equity shrinks the company’s capital buffer, limiting capacity to self‑fund exploration or absorb adverse outcomes. With little retained capital, management must secure external financing more frequently, likely under dilutive terms or via asset sales, which raises execution and continuity risk.

Volatile, declining revenue and deep losses

A sharp revenue decline and a large net loss with ~-64% margin indicate the company lacks scaled commercial operations and cannot self‑fund activities. Persistent negative margins mean structural change—successful asset monetisation, partner funding, or cost base reduction—is required to reach sustainable operations.

Altamin Limited Business Overview & Revenue Model

Company Description

Altamin Limited engages in the exploration and evaluation of mineral properties in Australia and Italy. It primarily explores for zinc, lead, cobalt, and silver deposits. The company holds interest in the Gorno zinc project located in the Lombardy region of northern Italy; and Punta Corna project located in Piedmont, Italy. The company was formerly known as Alta Zinc Limited and changed its name to Altamin Limited in November 2021. Altamin Limited was incorporated in 1997 and is based in South Perth, Australia.

How the Company Makes Money

Altamin Limited makes money through the exploration, development, and sale of zinc and other extracted minerals. The company generates revenue by selling these minerals to industrial clients and manufacturers that require raw materials for production. Key revenue streams include the sale of mined zinc ore and other by-products obtained during the extraction process. Additionally, strategic partnerships with other mining companies, as well as off-take agreements with buyers, significantly contribute to its earnings by securing sales channels and enhancing operational capabilities.

Altamin Limited Financial Statement Overview

Summary

Financial performance is weak: revenue is very small and volatile (down ~50% in FY2025), profitability is deeply negative (FY2025 net loss ~A$5.0m; net margin ~-64%), and operating/free cash flow remain negative (FY2025 operating cash flow ~-A$3.1m). The key offset is low financial leverage with zero debt in FY2023–FY2025, but equity has fallen materially (~A$4.6m to ~A$1.4m), increasing sustainability and funding risk.

Income Statement

Revenue remains very small and volatile, falling ~50% in FY2025 after modest growth in FY2024. Profitability is weak with persistent heavy losses: FY2025 net loss of ~A$5.0m and deeply negative margins (net margin about -64%, with EBIT and EBITDA also materially negative). A key positive is reported gross profit being positive in recent years, but operating costs still overwhelmingly exceed revenue, indicating the business has not yet reached operating scale.

Balance Sheet

The balance sheet is conservatively levered with zero total debt in FY2023–FY2025 (and only minimal debt in earlier years), which reduces financial risk. However, equity has declined notably (from ~A$4.6m in FY2023 to ~A$1.4m in FY2025), and returns on equity are consistently negative, reflecting ongoing losses and erosion of capital over time. Asset base also shrank versus prior years, consistent with a business in cash-consumption mode.

Cash Flow

Cash generation is weak with operating cash flow negative every year, including ~-A$3.1m in FY2025 and ~-A$2.0m in FY2024; free cash flow is similarly negative. Free cash flow improved versus the prior year in FY2025 (positive growth rate), but the company still relies on external funding given recurring cash burn. Free cash flow broadly tracks net losses (free cash flow to net income ~1x), suggesting losses are translating into real cash outflows rather than being mainly non-cash.

Breakdown	TTM	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	0.00	77.16K	151.27K	79.79K	0.00	0.00
Gross Profit	-1.41K	77.16K	151.27K	51.61K	-66.18K	-91.00K
EBITDA	-4.60M	-3.02M	-2.16M	-2.81M	-5.57M	-5.28M
Net Income	-4.25M	-4.96M	-3.69M	-2.83M	-5.66M	-5.38M
Balance Sheet
Total Assets	5.78M	2.41M	3.80M	5.17M	5.43M	5.29M
Cash, Cash Equivalents and Short-Term Investments	3.91M	1.10M	1.23M	1.00M	4.84M	4.08M
Total Debt	0.00	0.00	0.00	0.00	63.27K	41.30K
Total Liabilities	1.03M	985.24K	633.03K	564.71K	1.42M	1.49M
Stockholders Equity	4.74M	1.43M	3.17M	4.60M	4.01M	3.81M
Cash Flow
Free Cash Flow	-4.45M	-3.15M	-2.02M	-3.83M	-5.14M	-4.94M
Operating Cash Flow	-4.45M	-3.15M	-2.02M	-3.82M	-5.09M	-4.92M
Investing Cash Flow	-94.59K	-96.49K	0.00	-4.74K	-50.55K	135.41K
Financing Cash Flow	5.14M	3.10M	2.25M	-13.34K	5.88M	6.65M

Altamin Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.02
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:AZI, the sentiment is Positive. The current price of 0.02 is below the 20-day moving average (MA) of 0.03, below the 50-day MA of 0.03, and below the 200-day MA of 0.02, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 51.75 is Neutral, neither overbought nor oversold. The STOCH value of 88.89 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:AZI.

Altamin 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%
VR8	48 Neutral	AU$12.49M	-13.13	-4.87%	―	―	-25.00%
RMI	47 Neutral	AU$25.56M	-5.03	-18.63%	―	―	55.56%
MGL	47 Neutral	AU$14.24M	-2.58	-11.39%	―	-28.07%	-29.81%
AR3	46 Neutral	AU$36.41M	-4.34	-19.53%	―	―	3.79%
AZI	45 Neutral	AU$22.19M	-2.31	-137.88%	―	―	-15.38%
NC1	45 Neutral	AU$23.26M	-9.14	-2.36%	―	―	84.36%

Altamin Limited Corporate Events

Altamin Lodges Interim Half-Year Report to ASX

Altamin Limited has released its half-yearly report for the six months ended 31 December 2025, prepared under ASX Listing Rule 4.2A and intended to be read alongside its 30 June 2025 annual report. The announcement formally updates the market on the company’s interim financial and corporate position but provides no additional operational or performance detail beyond standard corporate directory information.

The report confirms the company’s continuing compliance with Australian reporting requirements and maintains transparency for shareholders regarding governance and listing status. With the disclosure largely administrative in nature, the immediate impact for investors is limited to affirming Altamin’s ongoing presence on the ASX and the stability of its corporate structure and oversight.

The most recent analyst rating on (AU:AZI) stock is a Sell with a A$0.02 price target. To see the full list of analyst forecasts on Altamin Limited stock, see the AU:AZI Stock Forecast page.

Altamin Wins Key Environmental Approval for Italian Gorno Zinc Project

Altamin has secured a positive retrospective Environmental Impact Assessment for the Cime exploration permit at its Gorno Project from Italy’s Ministry of Environment and Energy Security. The approval, which follows extensive consultation and incorporates favourable views from national, regional and cultural authorities, confirms the project’s environmental compliance and enhances its future permitting prospects.

The decree allows Altamin subsidiary Vedra Metals to continue approved exploration activities under conditions including ongoing water, biodiversity and geological monitoring. Management says the ruling materially strengthens Gorno’s regulatory position, supports applications for future exploration or mining licences and underpins a strategic process to divest or attract non-dilutive capital into the EU-located polymetallic project.

The most recent analyst rating on (AU:AZI) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on Altamin Limited stock, see the AU:AZI Stock Forecast page.

Altamin Advances Italian Critical Minerals Projects as Funding and Technical Work Ramp Up

Altamin’s December quarter report details steady technical and permitting progress across its Italian portfolio, led by the Lazio Project, where marketing, logistics and process plant engineering studies are advancing towards a scoping study targeted for the first half of 2026. The company has deepened collaboration with Italian institutions, including the National Research Council and the University of Rome Tre, supported by grants from Italy’s environment ministry and EU-aligned innovation programs, while post-quarter work includes independent marketing and logistics reports and development of a dynamic reservoir model to underpin scoping and permitting. At the Gorno zinc-silver project, Altamin is maintaining all permits in good standing as it works with adviser Argent Partners to attract a buyer or strategic partner, a process buoyed by stronger silver prices and the EU’s focus on critical raw material security. Financially, Altamin has strengthened its balance sheet with a fully subscribed entitlement offer and shortfall placement raising A$5.39 million before costs, ending the quarter with A$3.9 million in cash and signalling a strategy centred on de-risking its projects through technical work, permitting progress, partnerships and grant funding, which collectively enhance the longer-term development prospects of its Italian assets.

The most recent analyst rating on (AU:AZI) stock is a Sell with a A$0.02 price target. To see the full list of analyst forecasts on Altamin Limited stock, see the AU:AZI Stock Forecast page.

Altamin Seeks ASX Quotation for 40 Million New Shares

Altamin Limited has applied to the ASX for quotation of 40,120,000 new fully paid ordinary shares under its issuer code AZI, with an issue date of 19 December 2025. The application, lodged as a new Appendix 2A announcement, formalises the move to have these securities tradeable on the exchange, expanding the company’s quoted share base and potentially broadening its investor reach and liquidity profile.

Altamin Secures A$1 Million Placement to Advance Italian Metals Projects

Altamin Limited has raised A$1.003 million through the placement of 40.12 million shares at A$0.025 each, as part of the shortfall from its recent entitlement offer, bringing total funding under the offer to approximately A$5.39 million before costs. The new capital, alongside existing grant funding from the Mission Innovation 2.0 BRAIN project, will strengthen the company’s financial position to advance project development at its Lazio Project, support permitting and mine-maintenance activities at the Gorno Project while it pursues a potential joint venture or sale, and cover working capital and corporate expenses, with the company retaining the option to place additional shortfall securities until mid-January 2026.

Altamin Limited Secures $753,000 in Firm Commitments for Share Placement

Altamin Limited has secured firm commitments to raise $753,000 through a placement of 30,120,000 fully paid ordinary shares at $0.025 per share. The placement involves sophisticated and professional investors from the UK and Australia, including former institutional fund managers and a top 10 Altamin shareholder. The company retains the right to place the remaining shortfall securities, with settlement expected by 24 December 2025. This funding initiative is poised to enhance Altamin’s financial position, potentially impacting its operations and market presence in the mining industry.