Bubalus Resources Ltd. (BUS) AI Stock Analysis

• Market Cap: AU$6.99M
• Dividend Yield: N/A
• Average Volume (3M): 469.89K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.01
• Revenue Growth: N/A
• EPS Growth: -242.34%
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): -0.02
• Shares Outstanding: 69,888,010
• 10 Day Avg. Volume: 474,945
• 30 Day Avg. Volume: 469,889
• PEG Ratio: -0.01
• Price to Book (P/B): 0.73
• Price to Sales (P/S): 45.68
• P/FCF Ratio: -2.32
• 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$0.11 ▼(-23.57% Downside)
• Action: Reiterated Date: 02/06/26
• Date: Action: Reiterated 02/06/26

The score is primarily constrained by weak financial performance (shrinking revenue, widening losses, and worsening cash burn), partially offset by a strong solvency position with no debt. Technical signals are bearish with the price below major moving averages and negative MACD. Valuation is difficult to support given the negative P/E and lack of dividend information.

Positive Factors

Zero debt solvency

A zero-debt capital structure is a durable strength for an exploration company: it lowers fixed financing obligations, preserves covenant flexibility, and increases ability to raise capital on favorable terms or survive prolonged exploration cycles without imminent creditor pressure.

Sizeable equity cushion

Equity roughly matching reported assets implies very low leverage and a meaningful book cushion. That structural balance supports solvency through multi-quarter losses, provides underwriting capacity for future financings, and reduces short-term liquidation risk for stakeholders.

High gross margin on reported revenue

Gross profit equaling revenue suggests low direct costs on reported sales, indicating potential project-level economics are favorable. If overheads are controlled or revenues scale, operational leverage could translate this structural gross margin into sustained operating profitability.

Negative Factors

Sharply falling revenue

A ~42% revenue decline is a substantive, structural warning: lower top-line receipts reduce ability to absorb fixed costs, signal weaker project monetization or demand, and undermine pathways to profitability absent new contract wins or project successes.

Widening net losses

Net losses expanded materially year-over-year, eroding retained equity and reducing financial flexibility. Persistent widening losses indicate current operating model is unsustainable without structural changes, increasing reliance on external funding or dilutive capital raises.

Persistent cash burn

Deepening negative operating and free cash flow creates a multi-month funding imperative. Continued cash burn constrains exploration activity, heightens refinancing risk, and makes long-term project advancement contingent on successful capital raises or rapid cash-flow improvement.

Bubalus Resources Ltd. Business Overview & Revenue Model

Company Description

Bubalus Resources Limited engages in acquiring, exploring, evaluating, and exploiting mineral resource projects. The company engages in Amadeus project prospective for manganese and base metals; Nolans East project prospective for light rare earths; Coomarie project prospective for heavy rare earths; and Pargee project prospective for heavy rare earths located in the Northern Territory and Western Australia. Bubalus Resources Limited was incorporated in 2021 and is based in Perth, Australia.

How the Company Makes Money

null

Bubalus Resources Ltd. Financial Statement Overview

Summary

Balance sheet strength (zero debt and sizeable equity) supports solvency, but operating performance is weak: revenue is small and fell ~42% in 2025, losses widened materially, and operating/free cash flow remained negative with worsening cash burn in 2025.

Income Statement

Revenue remains very small and volatile, with the latest year down ~42% (2025 vs. 2024). Losses widened materially in 2025 (net loss of ~1.67M vs. ~0.39M prior year), driving a sharply weaker net margin. A positive is that reported gross profit equals revenue (high gross margin), but the business is still heavily loss-making at the operating level, suggesting overhead and operating costs dominate the income statement.

Balance Sheet

The balance sheet is conservatively positioned with zero debt across all reported periods and a sizeable equity base relative to total assets (2025 equity ~6.0M vs. assets ~6.1M). The main weakness is ongoing negative profitability, reflected in negative returns on equity that worsened in 2025, which can erode the equity cushion over time if losses persist.

Cash Flow

Cash generation is weak: operating cash flow is consistently negative and worsened in 2025 (about -0.92M vs. -0.33M in 2024). Free cash flow is also deeply negative and deteriorated in 2025 (about -1.89M), indicating continued cash burn. A relative positive is that free cash flow has generally tracked the loss level (free cash flow to net income above 1x), but the company still depends on external funding or existing cash reserves to sustain operations.

Breakdown	Jun 2025	Jun 2024	Jun 2023	Jun 2022
Income Statement
Total Revenue	96.04K	114.77K	99.34K	0.00
Gross Profit	96.04K	114.77K	99.34K	0.00
EBITDA	0.00	-391.84K	-653.84K	-119.95K
Net Income	-1.67M	-392.00K	-654.00K	-120.00K
Balance Sheet
Total Assets	6.12M	4.71M	4.79M	305.17K
Cash, Cash Equivalents and Short-Term Investments	3.25M	2.90M	3.89M	304.55K
Total Debt	0.00	0.00	0.00	0.00
Total Liabilities	122.42K	86.27K	141.43K	75.30K
Stockholders Equity	6.00M	4.63M	4.65M	229.87K
Cash Flow
Free Cash Flow	-1.89M	-986.21K	-1.04M	-91.30K
Operating Cash Flow	-921.95K	-331.54K	-539.75K	-91.30K
Investing Cash Flow	-966.21K	-654.67K	-500.68K	0.00
Financing Cash Flow	2.24M	-6.52K	4.63M	548.13K

Bubalus Resources Ltd. Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.14
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:BUS, the sentiment is Neutral. The current price of 0.14 is above the 20-day moving average (MA) of 0.10, above the 50-day MA of 0.11, and above the 200-day MA of 0.12, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 46.67 is Neutral, neither overbought nor oversold. The STOCH value of 10.78 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:BUS.

Bubalus Resources Ltd. 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%
BMG	54 Neutral	AU$43.25M	-6.25	-7.48%	―	―	87.39%
BUS	45 Neutral	AU$6.99M	-2.63	-31.37%	―	―	-242.34%
HLX	45 Neutral	AU$5.35M	-5.04	-7.78%	―	―	―
EM2	45 Neutral	AU$12.28M	-0.22	―	―	―	-80.38%
SVY	40 Underperform	AU$9.59M	-1.26	-56.10%	―	―	44.90%
SRN	37 Underperform	AU$8.05M	-0.61	-26.26%	―	―	78.57%

Bubalus Resources Ltd. Corporate Events

Bubalus Director Brendan Borg Increases Indirect Shareholding via On-Market Buy

Bubalus Resources has reported a change in the indirect holdings of director Brendan Borg, in line with ASX disclosure requirements. The notice details his interests held through a family super fund and a private company structure.

Borg acquired 100,000 fully paid ordinary shares via an on-market purchase for $9,500, increasing his holding to 2.3 million shares while retaining 3 million performance rights expiring in May 2028. The transaction, conducted outside a closed period, signals increased director exposure to the company’s equity without any disposals or contract-related changes.

The most recent analyst rating on (AU:BUS) stock is a Hold with a A$0.10 price target. To see the full list of analyst forecasts on Bubalus Resources Ltd. stock, see the AU:BUS Stock Forecast page.

Bubalus Resources Director Increases Indirect Shareholding via On‑Market Purchase

Bubalus Resources Limited has disclosed a change in director Brendan Borg’s indirect interests, with Borg acquiring 200,000 fully paid ordinary shares on-market for A$20,000 through entities associated with his family super fund and a private company. Following the transaction, Borg’s holdings increase to 2.2 million fully paid ordinary shares and 3 million performance rights expiring in May 2028, signalling a modest uplift in director alignment with shareholders while not involving any change to contractual interests or trading during a closed period.

The most recent analyst rating on (AU:BUS) stock is a Hold with a A$0.11 price target. To see the full list of analyst forecasts on Bubalus Resources Ltd. stock, see the AU:BUS Stock Forecast page.

Bubalus Confirms Gold-Bearing System at Avon Plains, Shifts Focus to Higher-Grade Projects

Bubalus Resources has confirmed a gold-bearing mineralised system at its Avon Plains prospect in Victoria following a maiden 15-hole reverse circulation drilling campaign, with 14 holes intersecting quartz reefs and grades of up to 1.26 g/t gold. While the initial gold grades are modest, the program establishes the presence and orientation of a northwest-trending quartz reef that remains open along strike and at depth, prompting the company to evaluate further infill and extension drilling, additional geochemical sampling, and testing of untested anomalies, even as operational focus shifts to its higher-grade Wilson’s Hill gold project and the Amadeus Critical Minerals Project, which has already delivered encouraging gallium results.

The most recent analyst rating on (AU:BUS) stock is a Hold with a A$0.11 price target. To see the full list of analyst forecasts on Bubalus Resources Ltd. stock, see the AU:BUS Stock Forecast page.

Bubalus Resources Adjusts Company Secretarial Roles as Acomb Takes Leave

Bubalus Resources Limited has announced that Anthea Acomb has resigned from her role as Joint Company Secretary, effective 30 January 2026, as she commences maternity leave. The company has confirmed that Melanie Ross will continue as Company Secretary and will remain responsible for communications with the ASX, indicating continuity in its corporate governance and regulatory liaison despite the change in its secretarial team.

The most recent analyst rating on (AU:BUS) stock is a Sell with a A$0.12 price target. To see the full list of analyst forecasts on Bubalus Resources Ltd. stock, see the AU:BUS Stock Forecast page.

Bubalus Resources Calls February General Meeting, Shifts to Online Meeting Materials

Bubalus Resources Ltd has called a general meeting of shareholders to be held on 26 February 2026 in Perth, Western Australia, and will make meeting materials available electronically in line with corporate law requirements rather than issuing hard-copy notices by default. Shareholders are being urged to participate in governance by attending in person or lodging proxy forms by 24 February 2026, underscoring the company’s focus on formal shareholder engagement and compliance with updated regulatory and disclosure practices.

The most recent analyst rating on (AU:BUS) stock is a Sell with a A$0.12 price target. To see the full list of analyst forecasts on Bubalus Resources Ltd. stock, see the AU:BUS Stock Forecast page.

Bubalus Resources Calls General Meeting to Ratify Placements and Approve Broker Options

Bubalus Resources Ltd has called a general meeting of shareholders in Perth on 26 February 2026 to consider several capital management resolutions. Only shareholders registered as at 4:00pm WST on 24 February 2026 will be entitled to vote.

The meeting will seek shareholder ratification of two prior share placements totaling 12.5 million shares issued under different ASX Listing Rule capacities, and approval to issue 2.5 million options to broker Inyati or its nominees. These approvals would regularise past capital raisings, preserve the company’s placement capacity under listing rules, and formalise performance-based incentives for its corporate adviser, with implications for existing shareholders’ dilution and the company’s future funding flexibility.

The most recent analyst rating on (AU:BUS) stock is a Sell with a A$0.12 price target. To see the full list of analyst forecasts on Bubalus Resources Ltd. stock, see the AU:BUS Stock Forecast page.

Bubalus Completes Maiden Drilling Program at Avon Plains

Bubalus Resources Limited announced the successful completion of its maiden Reverse Circulation (RC) drilling program at the Avon Plains Gold Project in Central Victoria. The program included drilling 15 holes, targeting historically mined gold-bearing reefs and other mineral anomalies, with assay results expected by February 2026. This milestone signifies progress in the company’s exploration efforts and positions it closer to realizing the site’s potential resource value.

Bubalus Resources Issues New Shares and Updates on Drilling Program

Bubalus Resources Ltd. has issued 12.5 million fully paid ordinary shares without disclosure to investors under specific provisions of the Corporations Act. The company is conducting its first drilling program at the Avon Plains Gold Project, but has not yet gathered sufficient data to report on the results. An update will be provided once reliable information is available.

Bubalus Resources Launches Drilling at Avon Plains Gold Project

Bubalus Resources Ltd. has initiated a Reverse Circulation (RC) drilling program at the Avon Plains Gold Project in Central Victoria, aiming to explore and delineate gold-bearing reefs. This project, situated in a historically significant yet underexplored area, could reveal new gold deposits, enhancing the company’s position in the gold mining sector and potentially benefiting stakeholders through increased resource identification.

Bubalus Resources Ltd. Announces Proposed Securities Issue

Bubalus Resources Ltd. has announced a proposed issue of 12,500,000 ordinary fully paid securities, with an anticipated issue date of December 12, 2025. This move is part of a placement or other type of issue, and the company has submitted the necessary information to the Australian Securities Exchange (ASX) for the potential quotation of these securities. This announcement indicates a strategic effort by Bubalus Resources Ltd. to potentially raise capital, which could impact its market positioning and provide opportunities for stakeholders.

$1.5 Million Raised by Bubalus Resources to Boost Gold and Critical Minerals Projects

Bubalus Resources Ltd. has successfully raised $1.5 million through a share placement to advance its gold and critical minerals projects. The funds will be used to expedite the company’s Victorian Gold Projects and Northern Territory Critical Minerals Projects, with a maiden drilling program at the Avon Plains Gold Project set to begin soon. This financial boost strengthens Bubalus’s position in the mineral exploration industry and supports its strategic initiatives for growth.

Bubalus Resources Initiates Trading Halt for Capital Raising Announcement

Bubalus Resources Limited has requested a trading halt on its securities pending an announcement about a proposed capital raising. The trading halt is expected to last until the announcement is made or until the start of normal trading on December 4, 2025. This move indicates a potential strategic financial maneuver by the company, which could impact its market position and stakeholder interests.

Bubalus Resources Confirms Gold-Bearing System at Crosbie North

Bubalus Resources Ltd. has announced promising results from its maiden drilling program at the Crosbie North gold prospect, located in the Victorian goldfields. The drilling has confirmed a gold-bearing system, with significant gold mineralization associated with quartz veining and sulphides. Encouraged by these results, the company plans further exploration activities to test previously inaccessible targets and refine geophysical data, potentially enhancing its position in the gold mining sector.

Bubalus Resources Advances Northern Territory Projects with Promising Mineral Findings

Bubalus Resources Ltd. has conducted a site visit to its key Northern Territory projects, the Nolans East Rare Earths Project and the Amadeus Battery/Base Metals Project. The visit assessed logistics and geology ahead of exploration programs, including a maiden drilling program at Nolans East. A review of historical data from Amadeus revealed significant gallium, manganese, and cobalt mineralization, enhancing the project’s potential for critical metals and highlighting the complexity of the mineral systems present.