Bulletin Resources Limited (BNR) AI Stock Analysis

• Market Cap: AU$17.03M
• Dividend Yield: N/A
• Average Volume (3M): 468.68K
• Price to Earnings (P/E): 9.8
• Beta (1Y): -1.49
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: AU
• Employees: 5
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): <0.01
• Shares Outstanding: 293,613,300
• 10 Day Avg. Volume: 398,977
• 30 Day Avg. Volume: 468,678
• PEG Ratio: -0.03
• Price to Book (P/B): 1.18
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -13.90
• 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: 50 Neutral
• Price Target: AU$0.06 ▼(-8.33% Downside)

The score is held back mainly by weak and inconsistent fundamentals—revenue deterioration to zero, persistently negative EBIT, and negative operating/free cash flow—despite a strong low-risk balance sheet with zero debt. Technicals are neutral-to-mildly constructive, and valuation looks low on P/E, but business and cash generation instability limits the overall score.

Positive Factors

Balance Sheet Strength

A zero-debt balance sheet reduces financial risk and enhances financial stability, providing flexibility for future investments or downturns.

Strategic Focus on Gold Prospects

Focusing on key gold prospects can improve operational efficiency and potentially enhance long-term revenue from more promising assets.

Expansion of Gold Project

Expanding gold projects increases exploration potential, which could lead to significant resource discoveries and long-term growth.

Negative Factors

Revenue Deterioration

A collapse in revenue indicates severe operational challenges, affecting the company's ability to generate sustainable earnings and cash flow.

Negative Cash Flow

Negative cash flow suggests the company struggles to fund operations internally, potentially leading to liquidity issues or reliance on external financing.

Inconsistent Profitability

Persistent negative EBIT reflects ongoing operational inefficiencies, limiting the company's ability to achieve consistent profitability and growth.

Bulletin Resources Limited Business Overview & Revenue Model

Company Description

Bulletin Resources Limited operates as a minerals exploration company in Australia. The company primarily explores for gold, lithium, and nickel deposits. It holds interest in the Lake Rebecca gold project comprising eight granted exploration license covering an area of 600 square kilometers located to the north-east of Kalgoorlie, Western Australia; Chifley gold project covering an area of 79 square kilometers located in Western Australia; Ravensthorpe lithium project covering an area of 130 square kilometers; and Duketon North project located to the north-northwest of Laverton. The company was incorporated in 2010 and is headquartered in Perth, Australia.

How the Company Makes Money

Bulletin Resources Limited generates revenue primarily through the exploration and development of its mineral assets. The company's key revenue streams include the sale of extracted minerals, particularly gold, from its mining operations. Additionally, BNR may engage in joint ventures or partnerships with other mining companies to share the financial and operational risks associated with large-scale mining projects. These collaborations can also provide additional sources of revenue through shared production or royalties. The company's earnings are influenced by factors such as commodity prices, exploration success, and operational efficiency in its mining projects.

Bulletin Resources Limited Financial Statement Overview

Summary

Balance sheet strength (zero debt, higher equity) is a key positive, but operating performance is unstable: revenue collapsed to zero in 2025, EBIT is negative across all years shown, and cash flow quality is weak with negative operating and free cash flow in 2024–2025.

Income Statement

Revenue has been highly volatile and recently deteriorated sharply, falling to zero in 2025 (annual) after dropping in 2024. Profitability is inconsistent: net income swung from a loss in 2024 to a profit in 2025, but operating results remain weak, with EBIT negative in every year shown. While some years show very high gross profitability, the lack of stable revenue and persistent operating losses limit earnings quality and predictability.

Balance Sheet

The balance sheet is a clear strength: the company reports zero debt across all periods provided, which materially reduces financial risk. Equity has grown significantly versus earlier years, and return on equity is positive in 2025 (annual) after being negative in 2024, indicating an improving trend. The key weakness is that returns have been uneven year-to-year, suggesting underlying business performance is still unstable despite the low-leverage capital structure.

Cash Flow

Cash generation is weak and inconsistent. Operating cash flow and free cash flow were negative in 2025 and 2024, following a strong positive year in 2023, indicating an unreliable funding profile from operations. Free cash flow also declined in 2025 versus 2024, and recent negative operating cash flow contrasts with reported net income in 2025, raising concerns about earnings translating into cash.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	213.54K	0.00	211.30K	3.11M	357.83K	1.85M
Gross Profit	213.54K	-14.29K	211.30K	3.10M	353.97K	1.85M
EBITDA	-1.44M	2.51M	-2.19M	185.86K	-1.43M	4.42M
Net Income	87.58K	1.75M	-647.20K	563.58K	462.69K	3.55M
Balance Sheet
Total Assets	12.79M	15.12M	12.48M	12.76M	10.76M	6.54M
Cash, Cash Equivalents and Short-Term Investments	11.23M	14.76M	10.92M	11.17M	8.21M	3.68M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	502.30K	1.23M	525.01K	856.10K	344.78K	1.43M
Stockholders Equity	12.29M	13.89M	11.96M	11.90M	10.41M	5.11M
Cash Flow
Free Cash Flow	-1.50M	-1.18M	-1.56M	1.41M	-1.90M	-146.16K
Operating Cash Flow	-1.50M	-1.18M	-1.56M	1.41M	-1.84M	-145.38K
Investing Cash Flow	950.99K	1.04M	1.02M	43.86K	3.78M	-43.98K
Financing Cash Flow	183.59K	183.59K	2.22K	0.00	4.37M	0.00

Bulletin Resources Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.06
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:BNR, the sentiment is Positive. The current price of 0.06 is above the 20-day moving average (MA) of 0.06, above the 50-day MA of 0.05, and above the 200-day MA of 0.06, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 55.69 is Neutral, neither overbought nor oversold. The STOCH value of 76.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:BNR.

Bulletin Resources 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%
HAW	56 Neutral	AU$45.23M	-135.00	-2.49%	―	―	37.50%
KZR	52 Neutral	AU$63.54M	-10.00	-20.41%	―	400.00%	21.71%
BNR	50 Neutral	AU$17.03M	9.83	13.41%	―	―	―
ODY	49 Neutral	AU$38.12M	-13.08	-19.04%	―	―	-4.00%
KAL	43 Neutral	AU$20.51M	-7.76	-12.57%	―	―	88.21%

Bulletin Resources Limited Corporate Events

Bulletin Resources Sells Non-Core Tenements to Focus on Key Gold Prospects

Bulletin Resources Limited has sold three non-core tenements of its Lake Rebecca Gold Project to Ramelius Resources Limited for $500,000. This strategic move allows Bulletin to concentrate on its more promising Northern and Western landholdings, enhancing its focus on the recently acquired 509 square kilometers of gold-prospective ground. The sale is expected to streamline Bulletin’s operations and strengthen its financial position, with the company remaining well-funded with cash and investments totaling $18.85 million.

Bulletin Resources Announces Director’s Change in Securities Interest

Bulletin Resources Limited announced a change in the director’s interest, specifically regarding Neville Bassett’s holdings. The announcement detailed the expiration of 500,000 unlisted options exercisable at 18.5 cents each, which were set to expire on November 30, 2025. As a result, the director now holds 500,000 unlisted options exercisable at 25 cents each, expiring on November 30, 2026. This change reflects a reduction in the director’s potential financial exposure and may impact the company’s governance and strategic decision-making processes.

Bulletin Resources Expands Gold Project Amidst Lithium Project Challenges

Bulletin Resources Limited has expanded its Lake Rebecca Gold Project to 1,100 square kilometers through a strategic acquisition of seven gold tenements, enhancing its exploration potential in a region near significant gold operations. Despite a setback in the Ravensthorpe Lithium Project due to a dismissed appeal for a Native Vegetation Clearing Permit, the company maintains a strong financial position with $18.85 million in cash and investments, allowing it to explore further opportunities and manage its existing projects.

Bulletin Resources Limited Announces Upcoming AGM

Bulletin Resources Limited has announced its Annual General Meeting (AGM) scheduled for November 25, 2025, in Perth, Western Australia. Shareholders are encouraged to participate either in person or via proxy, with the company emphasizing the importance of reviewing the Notice of Meeting available on its website. This move reflects Bulletin’s commitment to maintaining transparent communication with its stakeholders, ensuring they are informed and involved in the company’s governance processes.