C29 Metals Limited (C29) AI Stock Analysis

• Market Cap: AU$5.23M
• Dividend Yield: N/A
• Average Volume (3M): 527.94K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.90
• Revenue Growth: N/A
• EPS Growth: 24.09%
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): -0.03
• Shares Outstanding: 174,188,230
• 10 Day Avg. Volume: 518,389
• 30 Day Avg. Volume: 527,938
• PEG Ratio: >-0.01
• Price to Book (P/B): <0.01
• Price to Sales (P/S): 0.74
• P/FCF Ratio: >-0.01
• 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: 47 Neutral
• Price Target: AU$0.03 ▲(50.00% Upside)

The score is held down primarily by weak financial performance—widening losses, persistent cash burn, and declining equity—despite low debt. Technicals are supportive with price above major moving averages, but the extremely overbought RSI increases near-term risk. Valuation is also a drag due to negative earnings and no dividend yield.

Positive Factors

Low leverage

Very low debt reduces solvency risk and interest burden, giving management flexibility to allocate scarce capital toward exploration or partner-funded work. Over the next 2–6 months low leverage supports survival through funding cycles and preserves options for joint ventures or asset sales to progress projects.

Exposure to battery & critical metals

The company’s focus on battery and critical-metal projects aligns with multi-year structural demand from EVs and energy storage. This sector positioning improves long-term optionality: projects can attract strategic JV partners, offtake interest and targeted capital, supporting more durable pathways to monetisation.

Multiple monetisation pathways

As an early-stage explorer the company can pursue project sales, farm-outs/JVs, royalties or development plus equity funding. These durable monetisation routes provide strategic flexibility to advance assets without immediate operating profitability, reducing single-channel risk in capital-constrained periods.

Negative Factors

Persistent cash burn

Consistent negative operating and free cash flow indicate ongoing cash burn and a reliance on external financing. This structural funding dependency reduces runway, increases dilution risk from repeat equity raises, and limits the firm’s ability to self-fund drilling or resource definition over the medium term.

Eroding equity base

A marked decline in shareholders' equity weakens the balance sheet and reduces capacity to absorb further losses or secure non-dilutive financing. Over months this deterioration raises the likelihood of dilutive capital raises, constrains negotiating power with partners, and undermines financial resilience for project advancement.

Small, volatile revenue and large losses

A thin and inconsistent revenue base combined with a large 2025 loss means the business is far from operating break-even. Structurally this limits internal funding for exploration, makes planning contingent on external capital or partners, and increases the execution risk of progressing projects to resource status.

C29 Metals Limited Business Overview & Revenue Model

Company Description

C29 Metals Limited, a mining exploration company, focuses to identify, explore for, and develop copper, gold, and base metal assets in Australia. The company holds 100% interest in the Mayfield project comprising of one exploration licenses covering an area approximately 91 square kilometers located in Queensland. In addition, it owns interests in the Sampson Tank project that includes one granted exploration license covering approximately 93 square kilometers of ground located in New South Wales; and the Reedy Creek project comprising one granted exploration license totaling 40 square kilometers of ground located in New South Wales. The company also holds interests in the Torrens project consisting of two applications for exploration licenses covering approximately 1,700 square kilometers of ground located in South Australia; and the Stadlers project, which comprise one granted exploration license covering approximately 63.2 square kilometers of ground located in Western Australia. C29 Metals Limited was incorporated in 2020 and is based in Subiaco, Australia.

How the Company Makes Money

C29 Metals Limited makes money through the exploration and development of mineral resources. The company's primary revenue streams include the sale of extracted minerals, royalties from joint ventures, and potential future production agreements. By successfully discovering economically viable mineral deposits, C29 can either develop these resources into operational mines or sell its interests to larger mining companies. Strategic partnerships and joint ventures with other mining entities can also contribute to revenue, as these collaborations can provide additional capital and expertise for project development. The company's earnings are influenced by factors such as mineral prices, exploration success, and the cost-efficiency of its operations.

C29 Metals Limited Financial Statement Overview

Summary

Income statement and cash flow are very weak: small/volatile revenue, widening losses in the latest year, and persistent negative operating and free cash flow indicating ongoing cash burn and funding dependence. The balance sheet is a relative positive with very low leverage, but equity erosion from continued losses increases risk.

Income Statement

Revenue is small and volatile (including a year with zero revenue), with a sharp rebound in 2025 vs. 2024, but profitability has deteriorated meaningfully. In 2025, the company reported a large loss (net income of about -6.8M) and extremely negative profit margins, indicating costs are far outpacing the current revenue base. While gross profit is positive in revenue-generating years, the business remains far from operating break-even and the loss trend worsened materially in the most recent annual period.

Balance Sheet

Leverage is very low (debt is minimal relative to equity), which reduces solvency risk. However, equity has declined substantially over time (from ~7.4M in 2024 to ~3.3M in 2025), consistent with continued losses, and returns on equity are deeply negative in the latest year. Overall, the balance sheet is not heavily debt-burdened, but ongoing losses are eroding the capital base.

Cash Flow

Cash generation is weak, with negative operating cash flow every year shown and negative free cash flow throughout, reflecting persistent cash burn. Free cash flow usage worsened in 2025 (more negative than 2024), and operating cash flow did not improve materially, implying continued reliance on external funding to sustain operations. While free cash flow has at times been less negative than accounting losses, the overall trend remains unfavorable due to consistent outflows.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	43.74K	43.74K	0.00	20.07K	51.40K	0.00
Gross Profit	15.65K	43.74K	-562.00	20.07K	50.92K	0.00
EBITDA	-5.67M	-6.66M	-3.42M	-2.64M	-1.00M	-58.81K
Net Income	-6.76M	-6.76M	-3.42M	-2.64M	-1.00M	-58.81K
Balance Sheet
Total Assets	3.39M	3.39M	7.67M	4.87M	5.45M	409.16K
Cash, Cash Equivalents and Short-Term Investments	1.05M	1.05M	2.23M	1.31M	3.14M	402.66K
Total Debt	23.90K	23.90K	15.47K	0.00	0.00	0.00
Total Liabilities	115.74K	115.74K	234.19K	404.51K	86.82K	32.87K
Stockholders Equity	3.27M	3.27M	7.44M	4.46M	5.36M	376.29K
Cash Flow
Free Cash Flow	-2.63M	-3.40M	-2.29M	-2.86M	-1.84M	-32.44K
Operating Cash Flow	-1.40M	-1.40M	-1.44M	-570.08K	-781.82K	-30.36K
Investing Cash Flow	-2.01M	-2.01M	-842.64K	-2.29M	-1.05M	-2.08K
Financing Cash Flow	2.24M	2.24M	3.20M	1.02M	4.57M	652.65K

C29 Metals Limited Technical Analysis

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:C29, the sentiment is Positive. The current price of 0.02 is below the 20-day moving average (MA) of 0.02, below the 50-day MA of 0.02, and below the 200-day MA of 0.02, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 90.31 is Negative, neither overbought nor oversold. The STOCH value of 100.00 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:C29.

C29 Metals 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%
CZN	53 Neutral	AU$9.32M	-2.27	-6.61%	―	―	69.66%
C29	47 Neutral	AU$5.23M	-0.76	-126.15%	―	―	24.09%
QXR	46 Neutral	AU$9.54M	―	-120.40%	―	―	-123.53%
AOA	44 Neutral	AU$2.85M	―	-65.57%	―	―	-200.00%
FIN	42 Neutral	AU$11.62M	-12.22	-24.22%	―	―	83.93%
PRL	38 Underperform	AU$8.27M	-5.00	-26.98%	―	―	4.35%

C29 Metals Limited Corporate Events

C29 Metals Director’s 1.5 Million Options Lapse Unexercised

C29 Metals Limited has reported a change in the indirect securities interests of director Shannon Green, held via the Green Family A/C. The company advised that 1.5 million unquoted options previously held by Green, exercisable at $0.11 and expiring on 29 January 2026, have lapsed unexercised, leaving him with 2 million unquoted options exercisable at $0.11 and expiring on 29 January 2028, and that no trades occurred during a closed period requiring prior written clearance.

The most recent analyst rating on (AU:C29) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on C29 Metals Limited stock, see the AU:C29 Stock Forecast page.

C29 Metals Options Lapse, Trimming Potential Future Dilution

C29 Metals Limited has announced the expiry of two tranches of listed options on the ASX—5 million options exercisable at $0.25 and 1.7 million options exercisable at $0.11, both lapsing on 29 January 2026 without being exercised. The cessation of these 6.7 million unexercised options reduces the company’s potential future equity dilution, slightly simplifying its capital structure and clarifying the outstanding securities profile for current and prospective shareholders.

The most recent analyst rating on (AU:C29) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on C29 Metals Limited stock, see the AU:C29 Stock Forecast page.

C29 Metals Plans Placement of Over 5.3 Million New Shares

C29 Metals Limited has lodged details with the ASX for a proposed placement of up to 5,357,143 new ordinary fully paid shares, with an expected issue date of 30 June 2026. The capital raising, conducted via a placement or similar structure, is aimed at expanding the company’s equity base and may support its ongoing operational and exploration activities, potentially strengthening its financial position and flexibility within the competitive metals and resources sector.

The most recent analyst rating on (AU:C29) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on C29 Metals Limited stock, see the AU:C29 Stock Forecast page.

C29 Metals Advances Samsons Tank Drill Plans and Secures Director Funding Amid Portfolio Review

C29 Metals’ latest quarterly report shows the explorer concentrating on its Australian asset base, progressing drill planning at the Samsons Tank Copper project in New South Wales and preparing renewal applications for its tenements, while also actively reviewing global acquisition opportunities to diversify its portfolio. The company ended the December quarter with $211,000 in cash, incurred modest exploration spending mainly on geological reviews and drill planning, reported no substantive mining production, and strengthened short-term funding through a $150,000 interest-free convertible loan from a director, underlining a focus on sustaining exploration momentum despite its limited balance sheet.

The most recent analyst rating on (AU:C29) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on C29 Metals Limited stock, see the AU:C29 Stock Forecast page.

C29 Metals Announces Director’s Change in Securities

C29 Metals Limited announced a change in the director’s interest, specifically concerning Mr. James Myers. The change involved the expiry of 750,000 unquoted options, which were exercisable at $0.115 and expired on December 12, 2025. This adjustment leaves Mr. Myers with 9,400,000 fully paid ordinary shares and 1,500,000 unquoted options. The announcement reflects the company’s ongoing management of its securities and director interests, which may impact its governance and stakeholder relations.

C29 Metals Limited Announces Director’s Interest Change

C29 Metals Limited announced a change in the director’s interest notice involving Mr. David Lees. The change reflects the expiry of 500,000 unquoted options, which were exercisable at $0.115 and expired on December 12, 2025. Following this change, Mr. Lees holds 141,667 fully paid ordinary shares and 500,000 unquoted options exercisable at $0.110, expiring on January 29, 2028. This update is part of the company’s compliance with ASX listing rules and provides transparency regarding the director’s securities holdings.

C29 Metals Limited Successfully Passes All AGM Resolutions

C29 Metals Limited announced that all resolutions at its Annual General Meeting were successfully passed by poll. This outcome reflects strong shareholder support and positions the company to continue its strategic initiatives, including the approval of a 10% placement facility, which could enhance its capital-raising capabilities.

C29 Metals Director’s Interest Update

C29 Metals Limited announced a change in the interests of its director, Mr. David Lees. The company reported that 700,000 unquoted options held indirectly by Mr. Lees through Peninsula Investments (WA) Pty Ltd have expired. Following this change, Mr. Lees holds 141,667 fully paid ordinary shares and 1,000,000 unquoted options with varying exercise prices and expiration dates. This update reflects a reduction in Mr. Lees’ indirect holdings, potentially impacting his influence or financial interest in the company.

C29 Metals Limited Announces Cessation of Securities

C29 Metals Limited announced the cessation of 2,750,000 securities due to the expiry of options that were not exercised or converted by November 8, 2025. This development may impact the company’s capital structure and could influence investor perceptions regarding the company’s financial strategies and market positioning.