Blackstone Minerals Ltd (BSX) AI Stock Analysis

• Market Cap: AU$92.08M
• Dividend Yield: N/A
• Average Volume (3M): 5.33M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.13
• Revenue Growth: N/A
• EPS Growth: 53.31%
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): >-0.01
• Shares Outstanding: 1,689,704,700
• 10 Day Avg. Volume: 4,308,831
• 30 Day Avg. Volume: 5,333,678
• PEG Ratio: 0.11
• Price to Book (P/B): 0.65
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -9.22
• 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$0.05 ▼(-6.00% Downside)

The score is driven primarily by weak financial performance (minimal revenue, persistent losses, and ongoing cash burn), only partly offset by very low debt. Technical indicators also point to a weak longer-term trend, while valuation is difficult to assess given the negative P/E and lack of dividend yield data.

Positive Factors

Low leverage / strong balance sheet

Very low debt materially reduces refinancing and interest-rate risk and gives flexibility to fund capital-intensive exploration and development timelines. Structurally, this balance sheet strength supports multi-stage project advancement without immediate debt pressures or forced asset sales.

Strategic focus on battery metals (nickel) for EV supply chains

The company’s emphasis on nickel and downstream processing aligns with enduring electrification and EV battery supply-chain demand. Structural exposure to battery metals positions Blackstone to capture value if nickel demand and processing capabilities for batteries expand over the medium term.

Improving cash burn and smaller net loss

A meaningful reduction in cash burn and a smaller net loss indicate improving operational discipline and execution. If sustained, this trend lengthens runway, reduces near-term funding pressure, and increases the feasibility of advancing development milestones without immediate large capital raises.

Negative Factors

Minimal, volatile revenue and pre-commercial operations

The absence of stable, meaningful revenue shows the business remains pre-commercial and not yet generating recurring cash from operations. This structural lack of revenue means long-term value depends on successful project development and commodity market outcomes rather than operational scale.

Consistent negative operating and free cash flow

Persistent negative operating and free cash flows mean the company consumes cash to run and develop assets. Structurally, ongoing cash burn elevates execution and financing risk, requiring repeated external funding and increasing vulnerability if capital markets tighten.

Shareholder value erosion / dilution risk

Repeated losses and fluctuating equity suggest reliance on capital raises to fund operations, which dilutes existing holders and erodes long-term returns unless projects convert to sustained, profitable production. This structural financing dynamic raises investor risk over time.

Blackstone Minerals Ltd Business Overview & Revenue Model

Company Description

Blackstone Minerals Limited engages in the exploration and development of mineral properties. The company primarily explores for nickel, cobalt, copper, gold, platinum, and palladium deposits. It holds a 100% interest in the Gold Bridge project, which covers an area of 367 square kilometers located in the British Columbia, Canada. The company also holds a 90% interest in the Ta Khoa project located in Son La Province, Vietnam. Blackstone Minerals Limited was incorporated in 2016 and is based in West Perth, Australia.

How the Company Makes Money

Blackstone Minerals Ltd generates revenue primarily through the exploration and development of its mineral resources, with a particular focus on nickel, which is a critical component in the production of electric vehicle batteries. The company's revenue model is centered around advancing its mining projects to the stage where they can be commercially viable, either through selling the extracted minerals directly or through partnerships and joint ventures with other companies. Blackstone also aims to enter into strategic partnerships with battery manufacturers and technology companies to secure long-term supply agreements. Additionally, the company may generate income through the sale or option of its non-core assets and exploration joint ventures.

Blackstone Minerals Ltd Financial Statement Overview

Summary

Overall financial performance is weak: revenue is minimal/volatile with persistent losses and negative gross profit, and operating/free cash flow are negative each year (cash-burning). The main offset is a comparatively strong balance sheet with very low leverage, and some improvement in cash burn and net loss in the latest year.

Income Statement

The income statement remains very weak: revenue is minimal and volatile (2025 revenue is effectively zero after small sales in prior years), while losses are persistent. Profitability is consistently negative with gross profit below zero each year and sizeable operating losses, indicating the business is still in a heavy investment/overhead phase rather than scaling a revenue base. The one positive is that the latest year shows a smaller net loss than 2024, but overall there is no sustained revenue trajectory or margin improvement yet.

Balance Sheet

The balance sheet is a relative strength due to very low leverage: debt is small versus equity (debt-to-equity is near zero in 2025 and remains low historically). This reduces refinancing risk and provides flexibility to fund development. The key weakness is shareholder value erosion from repeated losses (returns on equity are materially negative), and equity levels have fluctuated significantly year to year, suggesting capital raises and/or valuation movements rather than earnings-driven compounding.

Cash Flow

Cash flow quality is weak: operating cash flow and free cash flow are negative every year, meaning the company is consistently consuming cash to operate. Cash burn improved meaningfully in 2025 versus 2024 and 2023, but the business is still not self-funding. Free cash flow is roughly in line with net loss, which suggests losses are largely cash-backed rather than accounting-only, keeping funding needs elevated.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	55.53K	312.87K	35.90K	77.25K
Gross Profit	-869.34K	-869.34K	-1.11M	-996.49K	-1.12M	-727.00K
EBITDA	-6.58M	-10.09M	-20.72M	-34.58M	-34.84M	-16.91M
Net Income	-9.72M	-9.72M	-17.33M	-32.15M	-31.94M	-15.88M
Balance Sheet
Total Assets	83.65M	83.65M	19.25M	36.72M	70.13M	36.20M
Cash, Cash Equivalents and Short-Term Investments	582.89K	582.89K	4.16M	12.56M	40.75M	21.80M
Total Debt	241.60K	241.60K	1.12M	436.92K	699.23K	296.27K
Total Liabilities	3.67M	3.67M	2.99M	6.33M	6.62M	5.49M
Stockholders Equity	84.14M	84.14M	20.06M	31.52M	62.65M	26.82M
Cash Flow
Free Cash Flow	-5.94M	-5.94M	-14.97M	-27.98M	-36.42M	-15.31M
Operating Cash Flow	-5.94M	-5.94M	-13.72M	-27.91M	-35.82M	-15.00M
Investing Cash Flow	-811.42K	-811.42K	-723.88K	-249.46K	-10.19M	-312.26K
Financing Cash Flow	3.19M	3.19M	6.20M	-294.24K	65.03M	30.35M

Blackstone Minerals Ltd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.05
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:BSX, the sentiment is Negative. The current price of 0.05 is below the 20-day moving average (MA) of 0.06, above the 50-day MA of 0.05, and below the 200-day MA of 0.07, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 37.43 is Neutral, neither overbought nor oversold. The STOCH value of 37.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:BSX.

Blackstone Minerals Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MLG	62 Neutral	AU$152.61M	11.51	8.79%	―	15.32%	10.05%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
PSC	52 Neutral	AU$317.28M	-33.93	-20.60%	―	―	7.28%
AGE	51 Neutral	AU$195.23M	-30.00	-8.25%	―	―	-55.56%
LIN	50 Neutral	AU$694.48M	-46.25	-15.51%	―	―	-90.48%
BSX	45 Neutral	AU$92.08M	-2.96	-18.67%	―	―	53.31%
EQR	43 Neutral	AU$975.70M	-11.21	-84.61%	―	149.43%	1.20%

Blackstone Minerals Ltd Corporate Events

Blackstone Minerals Adds Former Red 5 Chief Mark Williams to Board

Blackstone Minerals has strengthened its board with the appointment of experienced mining executive Mark Williams as a Non-Executive Director. Williams, the former Managing Director of Red 5, brings more than three decades of global mining experience and a strong track record in operational turnarounds and growth, including transforming Red 5 from a A$40 million company into a A$1.5 billion mid-tier gold producer before its merger to form Vault Minerals. His extensive in-country experience in the Philippines and current role as Chair of US-focused gold explorer Sentinel Metals are expected to bolster Blackstone’s efforts to advance its flagship Mankayan copper-gold project, with the board highlighting his technical, commercial and operational expertise as critical to realising the asset’s potential.

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

Blackstone Minerals Issues 45 Million Unquoted Securities Under Employee Incentive Scheme

Blackstone Minerals Limited has notified the market of the issue of several tranches of unquoted securities under an employee incentive scheme, which are not intended to be quoted on the ASX. The issuance, totaling 45 million securities across four tranches on 4 February 2026, reflects the company’s continued use of equity-based incentives to align employees’ interests with long-term corporate performance, potentially affecting future capital structure and dilution for existing shareholders.

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

Blackstone Minerals Details Scott Williamson’s Exit and Ongoing Equity Interests

Blackstone Minerals Limited has announced that managing director Scott Williamson ceased to be a director of the company on 31 January 2026. A final director’s interest notice lodged with the ASX shows that while Williamson holds no securities in his own name, his relevant interests are substantial through his spouse and associated entities, including millions of ordinary shares, zero exercise price options tied to short- and long-term incentives, and large tranches of unlisted options with expiries out to 2030, underscoring his continuing financial exposure to Blackstone despite his board departure.

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

Blackstone Balances Social Licence Wins and Work Halt at Mankayan as Leadership Shifts and Cash Remains Strong

Blackstone Minerals reported a mixed December quarter marked by both regulatory headwinds and key de-risking milestones at its flagship Mankayan copper-gold project in the Philippines. While the company secured a historic Certificate of Precondition from the National Commission on Indigenous Peoples confirming Free, Prior and Informed Consent from the Mankayan Indigenous People, as well as a two-year extension to its work program and a renewed Mineral Production Sharing Agreement to 2046, local community tensions prompted the Mankayan Mayor to issue a Cease & Desist order halting exploration until further notice. Blackstone is responding with intensified engagement, involving Philippine authorities, the Australian Embassy and local stakeholders, while also progressing prefeasibility metallurgical test work, signing a Community Access Agreement in Maggangan, relocating joint-venture partner CMDC’s registered office to Mankayan, and committing to community projects to reinforce its social licence. The quarter also brought significant board and management changes, a corporate cost review and a solid cash balance of $15.3 million plus listed investments, and in Vietnam the company advanced licensing by filing for a five-year extension of the BPNM underground mining licence, expected in early 2026, to provide a runway for permitting the Ta Khoa nickel project and associated refinery.

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

Blackstone Minerals Appoints New Director With Significant Equity Stake

Blackstone Minerals Limited has appointed Gregory Rolland Cunnold as a director effective 29 December 2025. Cunnold holds a substantial equity position in the company, including 3.7 million fully paid ordinary shares in his own name and a significant additional beneficial interest of more than 81.8 million fully paid ordinary shares and several tranches of unlisted options, underscoring a strong alignment between his personal financial interests and the company’s future performance.

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

Blackstone Minerals Reshapes Leadership as Managing Director Resigns

Blackstone Minerals has announced the resignation of Managing Director Scott Williamson, effective 31 January 2026, as part of a leadership transition at the company. To maintain continuity, existing Non-Executive Director Geoff Gilmour has been elevated to Executive Chairman with immediate effect, taking on executive leadership duties while the board conducts a search for a new Chief Executive Officer and/or Managing Director. The board has also strengthened its technical capability by appointing geologist Greg Cunnold, who brings experience with the Mankayan Copper-Gold Project in the Philippines, as a Non-Executive Director. Alongside these board changes, Blackstone continues to promote shareholder engagement via its Investor Hub, encouraging investors to interact directly with the company and stay informed during this period of governance transition.

Blackstone Minerals Ltd Secures Shareholder Approval at AGM

Blackstone Minerals Ltd announced that all resolutions proposed at its Annual General Meeting on November 28, 2025, were passed. The outcomes of the meeting, including the adoption of the remuneration report and the election of board members, signify strong shareholder support and are expected to positively impact the company’s governance and strategic direction.

Blackstone Minerals Ltd Issues 25 Million Unlisted Options

Blackstone Minerals Ltd announced the issuance of 25 million unlisted options, marking a significant move in their financial strategy. This issuance could potentially enhance the company’s capital structure and support its ongoing projects, thereby impacting its operational capabilities and market positioning positively.