Altamin Limited (AZI) AI Stock Analysis

• Market Cap: AU$20.60M
• Dividend Yield: N/A
• Average Volume (3M): 193.41K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.76
• 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: 44 Neutral
• Price Target: AU$0.03 ▲(25.00% Upside)

The score is held down primarily by weak financial performance—small/declining revenue, heavy ongoing losses, and recurring cash burn—despite the benefit of having no debt. Technical indicators also lean bearish (below major moving averages and negative MACD), while valuation is constrained by negative earnings and no dividend support.

Positive Factors

Low leverage / No debt

Zero reported debt materially reduces refinancing and interest-rate risk and preserves optionality for an exploration company. This conservatively levered capital structure gives management flexibility to pursue farm-ins, JV funding or staged development without servicing debt over the medium term.

Flexible monetisation model

Altamin's typical explorer model—selling project stakes, securing JV/farm-in partners, or progressing to production—creates multiple exit routes to realise value. This structural flexibility lowers capital burden per project and supports asset-level value capture across cycles.

Positive gross profit at project level

Reported positive gross profit suggests project revenues can cover direct project costs, indicating underlying asset economics may be sound. Over 2–6 months this supports the view that cost-of-goods fundamentals exist even if overheads currently swamp profitability.

Negative Factors

Recurring negative operating cash flow

Persistent negative operating cash flow drains equity and forces reliance on external capital to fund exploration and development. Absent a durable shift to cash-generative operations or partner-funded programs, this pattern increases dilution and constrains project advancement.

Very small, volatile and declining revenue

Materially reduced and inconsistent revenue undermines the ability to scale operations and build sustainable margins. For an explorer, weak revenue limits reinvestment capacity and heightens dependence on capital markets or partners, affecting long-term project timelines.

Erosion of equity / capital base

Significant decline in shareholder equity reflects ongoing losses and cash burn, shrinking the balance-sheet buffer. Reduced capital headroom raises the likelihood of dilutive raises, asset disposals or delayed project work, weakening the company's financial resilience over months.

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

Income statement and cash flow quality are weak: very small and volatile revenue (down ~50% in FY2025), persistent multi-million-dollar losses with deeply negative margins, and ongoing operating/free-cash-flow burn. The main offset is a low-leverage profile (no debt), though equity has fallen materially, indicating capital erosion.

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	77.16K	77.16K	151.27K	79.79K	0.00	0.00
Gross Profit	76.34K	77.16K	151.27K	51.61K	-66.18K	-91.00K
EBITDA	-2.92M	-3.02M	-2.16M	-2.81M	-5.57M	-5.28M
Net Income	-4.96M	-4.96M	-3.69M	-2.83M	-5.66M	-5.38M
Balance Sheet
Total Assets	2.41M	2.41M	3.80M	5.17M	5.43M	5.29M
Cash, Cash Equivalents and Short-Term Investments	1.10M	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	985.24K	985.24K	633.03K	564.71K	1.42M	1.49M
Stockholders Equity	1.43M	1.43M	3.17M	4.60M	4.01M	3.81M
Cash Flow
Free Cash Flow	-3.15M	-3.15M	-2.02M	-3.83M	-5.14M	-4.94M
Operating Cash Flow	-3.15M	-3.15M	-2.02M	-3.82M	-5.09M	-4.92M
Investing Cash Flow	-96.49K	-96.49K	0.00	-4.74K	-50.55K	135.41K
Financing Cash Flow	3.10M	3.10M	2.25M	-13.34K	5.88M	6.65M

Altamin Limited Technical Analysis

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:AZI, the sentiment is Negative. 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 42.13 is Neutral, neither overbought nor oversold. The STOCH value of 30.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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%
NC1	52 Neutral	AU$35.57M	-47.32	-3.94%	―	―	84.36%
MGL	51 Neutral	AU$11.96M	-1.78	-16.74%	―	-28.07%	-29.81%
AR3	50 Neutral	AU$42.26M	-8.87	-15.50%	―	―	3.79%
VR8	48 Neutral	AU$14.37M	-5.11	-8.74%	―	―	-25.00%
RMI	47 Neutral	AU$23.86M	-11.25	-17.94%	―	―	55.56%
AZI	44 Neutral	AU$20.60M	-2.67	-213.22%	―	―	-15.38%

Altamin Limited Corporate Events

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.

Altamin Limited Director Acquires 10 Million Unlisted Options

Altamin Limited has announced a change in the interest of its director, Geraint Harris, involving the acquisition of 10,000,000 unlisted options. This change, which took place on December 1, 2025, did not involve any consideration and has an estimated value of $191,221. The acquisition of these options could potentially impact the company’s financial structure and stakeholder interests, as it reflects a significant increase in the director’s holdings.

Altamin Advances Lazio Project with Strategic Developments and Grant Support

Altamin Limited has announced significant progress in its Lazio Project, which is advancing according to planned development milestones. The project, which aims to utilize geothermal energy for brine processing, is supported by a substantial grant from the Italian Ministry of Environment and Energy Security. The Lazio Project is strategically aligned with Italy’s revised Mining Decree and the EU Critical Raw Materials Act, enhancing its potential to supply critical raw materials sustainably. Key developments include the advancement of technical and commercial workstreams, a scheduled Scoping Study, and collaboration with Italian research institutions, which collectively strengthen Altamin’s position in the market and its ability to realize the project’s full potential.

Altamin Limited AGM: All Resolutions Passed with Strong Shareholder Support

Altamin Limited, a company listed on the Australian Securities Exchange, held its Annual General Meeting where all proposed resolutions were passed by poll. The resolutions included the adoption of the remuneration report, re-election of directors, and issuance of performance-related options and shares to key personnel, indicating strong shareholder support for the company’s current management and strategic direction.

Altamin Appoints GBA Capital for Shortfall Securities Placement

Altamin Limited has appointed GBA Capital Pty Limited as the lead manager for the placement of shortfall securities under its recent entitlement offer. This strategic move aims to support Altamin’s projects in Italy by increasing engagement with shareholders interested in critical raw materials, potentially strengthening its market position in Europe.