Blue Star Helium (AU:BNL)
ASX:BNL
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Blue Star Helium
(Sydney:BNL)
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Rating:42Neutral
Price Target:
AU$0.01
â–²(0.00% Upside)
Action:ReiteratedDate:04/09/26
The score is driven primarily by very weak financial performance—minimal revenue, sustained losses, negative cash flow, and higher leverage with shrinking equity. Valuation contributes little due to negative earnings and no dividend data, while technical signals are largely unavailable, limiting confirmation from price momentum.
Positive Factors
Pure-play helium focus
A dedicated helium exploration/development business model creates clear strategic focus and technical specialization. Over the medium term this supports targeted acreage selection, concentrated capital deployment and the ability to pursue farm-outs or JV structures to monetize discoveries.
Negative Factors
Persistently negative profitability
Widening and persistent net losses erode equity and demonstrate that operating activities are not yet commercially viable. Continued negative profitability limits internal funding for development, increases dependency on external capital, and raises execution risk for project delivery.
Read all positive and negative factors
Positive Factors
Negative Factors
Pure-play helium focus
A dedicated helium exploration/development business model creates clear strategic focus and technical specialization. Over the medium term this supports targeted acreage selection, concentrated capital deployment and the ability to pursue farm-outs or JV structures to monetize discoveries.
Read all positive factors
Blue Star Helium (BNL) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$37.56M
Dividend YieldN/A
Average Volume (3M)N/A
Price to Earnings (P/E)―
Beta (1Y)-0.22
Revenue Growth-42.73%
EPS Growth54.10%
CountryAU
Employees14
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding4,694,669,000
10 Day Avg. VolumeN/A
30 Day Avg. VolumeN/A
Financial Highlights & Ratios
PEG Ratio0.04
Price to Book (P/B)2.30
Price to Sales (P/S)3666.61
P/FCF Ratio-5.83
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$0.03Price Target Upside150.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)AU$8.83M
Blue Star Helium Business Overview & Revenue Model
Company Description
Blue Star Helium Limited operates as an independent helium exploration and production company in Australia. The company was formerly known as Big Star Energy Limited and changed its name to Blue Star Helium Limited in April 2020. Blue Star Helium ...
How the Company Makes Money
Blue Star Helium’s intended revenue model is to monetize helium resources discovered and developed on its acreage by moving projects through the upstream value chain: (1) acquire/hold exploration acreage, (2) conduct geophysical work and drill exp...
Blue Star Helium Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
22
Negative
Cash Flow
15
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 4.96K | 8.66K | 8.01K | 12.33K | 8.54K |
| Gross Profit | -1.12M | -86.19K | 113.46K | 12.33K | -406.08K |
| EBITDA | -3.05M | -12.32M | -3.19M | -6.04M | -1.39M |
| Net Income | -8.50M | -13.06M | -3.13M | -6.02M | -1.40M |
Balance Sheet | |||||
| Total Assets | 40.63M | 22.74M | 22.50M | 19.61M | 22.73M |
| Cash, Cash Equivalents and Short-Term Investments | 2.16M | 2.69M | 6.87M | 6.82M | 15.63M |
| Total Debt | 26.58M | 11.45M | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 32.72M | 12.32M | 583.18K | 878.04K | 818.71K |
| Stockholders Equity | 7.91M | 10.43M | 21.92M | 18.73M | 21.91M |
Cash Flow | |||||
| Free Cash Flow | -3.12M | -3.10M | -6.78M | -8.85M | -4.33M |
| Operating Cash Flow | -3.12M | -2.82M | -3.20M | -2.15M | -1.53M |
| Investing Cash Flow | -1.34M | -2.59M | -3.56M | -6.70M | -2.80M |
| Financing Cash Flow | 3.96M | 1.32M | 6.98M | -4.43K | 15.06M |
Blue Star Helium Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
58 Neutral | AU$59.47M | -6.85 | 11.28% | ― | 29.92% | 6000.00% | |
52 Neutral | AU$197.41M | -19.23 | -4.74% | ― | ― | -16.67% | |
49 Neutral | AU$99.36M | -5.55 | -39.21% | ― | ― | 25.71% | |
45 Neutral | AU$18.07M | -5.83 | -1.81% | ― | ― | 12.50% | |
42 Neutral | AU$37.56M | -0.96 | -67.38% | ― | -42.73% | 54.10% | |
42 Neutral | AU$65.25M | -54.89 | -1.80% | ― | ― | 50.00% |
* Energy Sector Average
AU:BNL
Blue Star Helium
0.01
0.00
0.00%
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22.22%
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0.01
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0.00%
AU:JGH
Jade Gas Holdings Limited
0.05
0.02
40.54%
Blue Star Helium Corporate Events
Blue Star Helium Issues Nearly 1 Billion New Shares Under Disclosure Exemption
Apr 8, 2026
Blue Star Helium Limited has issued 997,674,493 new fully paid ordinary shares on 8 April 2026, significantly expanding its share base. The shares were issued without a prospectus under provisions of the Corporations Act, with the company confirmi...
Blue Star Helium Seeks ASX Quotation for 879 Million New Shares
Apr 8, 2026
Blue Star Helium Limited has applied for quotation on the ASX of 879,041,948 ordinary fully paid shares under the code BNL, with an issue date of April 8, 2026. The large volume of securities to be quoted reflects the implementation of previously ...
Blue Star Helium Seeks ASX Quotation for 118.6 Million New Shares
Apr 8, 2026
Blue Star Helium Limited has applied for quotation on the ASX of 118,632,545 new fully paid ordinary shares under the code BNL, with an issue date of April 8, 2026. The quotation of these additional securities, issued as part of previously announc...
Blue Star Helium Sets Date for 2026 AGM and Director Nomination Deadline
Apr 2, 2026
Blue Star Helium has scheduled its 2026 Annual General Meeting for Friday, 22 May 2026, with a formal notice to be released to shareholders in early April. The meeting will include the election of directors, and the company has set 5:00 p.m. AWST ...
Blue Star Helium Files Updated Corporate Governance Statement with ASX
Mar 31, 2026
Blue Star Helium has lodged its corporate governance disclosures with the ASX for the financial year ended 31 December 2025, confirming that its current corporate governance statement is available on its website as at 31 March 2026 and has been ap...
Blue Star Helium Updates Corporate Governance Framework and Board Charter
Mar 31, 2026
Blue Star Helium has released an updated Corporate Governance Statement, dated 31 March 2026, outlining how it applies the ASX Corporate Governance Council’s Principles and Recommendations. The document details the board’s responsibili...
Blue Star Helium Releases 2025 Annual Report
Mar 31, 2026
Blue Star Helium Limited and its controlled entities have released their annual report for the year ended 31 December 2025, providing shareholders with a comprehensive overview of the group’s financial performance and position. The report in...
Blue Star Helium Boosts Capital with New Share Issue Under Disclosure Exemption
Mar 30, 2026
Blue Star Helium has issued 32,143,000 fully paid ordinary shares on 30 March 2026 without a prospectus, relying on an exemption from disclosure requirements under Australia’s Corporations Act. The company states it is up to date with its fi...
Blue Star Helium Seeks ASX Quotation for 32 Million New Shares
Mar 30, 2026
Blue Star Helium Limited has applied to the ASX for quotation of 32,143,000 new ordinary fully paid shares under its ticker BNL. The new securities, issued on March 30, 2026, will expand the company’s quoted share capital, potentially enhanc...
Blue Star Helium raises A$10m to accelerate Galactica and Pegasus projects
Mar 29, 2026
Blue Star Helium has secured firm commitments to raise A$10 million through an oversubscribed institutional placement of 1.67 billion new shares at A$0.006 each to institutional, sophisticated and high net worth investors. The strong domestic and ...
Blue Star Helium Seeks Trading Halt Ahead of Capital Raising Announcement
Mar 25, 2026
Blue Star Helium Limited has requested and been granted a trading halt on its securities on the ASX, effective 26 March 2026, as it prepares to release an announcement related to a capital raising. Trading in the company’s shares is expected...
Blue Star Helium Issues 5 Million Shares Under Disclosure Exemption
Mar 24, 2026
Blue Star Helium has issued 5,000,000 fully paid ordinary shares on 24 March 2026, using provisions that allow the issuance without a formal prospectus-style disclosure to investors. The company stated it is up to date with its financial reporting...
Blue Star Helium Seeks ASX Quotation for 5 Million New Shares
Mar 24, 2026
Blue Star Helium Limited has applied to the ASX for quotation of 5,000,000 new fully paid ordinary shares under its issuer code BNL. The new securities, issued on 24 March 2026 following the exercise or conversion of existing options or other conv...
Blue Star Helium Starts Integrated Output at Pinon Canyon Plant
Mar 4, 2026
Blue Star Helium has begun integrated operations at its Pinon Canyon Plant, where an amine unit is now removing carbon dioxide from raw gas and feeding a helium-enriched stream into the Helium Recovery Unit for refinement. The facility is currentl...
Blue Star Helium Director Increases Indirect Shareholding via Entitlement Issue
Feb 2, 2026
Blue Star Helium has disclosed a change in director Neil Rinaldi’s interests, with Rinaldi increasing his indirect holding in the company through the Rinaldi Super Fund by acquiring 606,061 ordinary fully paid shares at $0.005 per share in a...
Blue Star Helium Seeks ASX Quotation for 212.7 Million New Shares
Feb 2, 2026
Blue Star Helium Limited has applied to the ASX for quotation of 212,741,476 new fully paid ordinary shares under its code BNL, with an issue date of 2 February 2026. The substantial share quotation, issued as part of previously announced transact...
Blue Star Helium Delivers First Production at Galactica and Ramps Up Colorado Operations
Jan 29, 2026
Blue Star Helium has achieved first helium production at its Galactica Project in Colorado following the rapid construction, installation and commissioning of the Pinon Canyon processing plant in the December 2025 quarter. Initial production from ...
Blue Star Helium Raises A$1.06m in Entitlement Offer, Leaves A$4.4m Shortfall for Placement
Jan 29, 2026
Blue Star Helium has completed its 10-for-33 non-renounceable entitlement offer, raising approximately A$1.06 million before costs through applications for 212.7 million new shares, including a significant portion via a top-up facility, representi...
Blue Star Helium Ramps Up Galactica Project as Pinon Canyon Plant Enters Commercial Phase
Jan 19, 2026
Blue Star Helium has begun optimizing operations and ramping up commercial production at its newly commissioned Pinon Canyon processing plant for the Galactica Project, following the successful production of refined helium in December 2025. Techni...
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.