C29 Metals Limited (C29) AI Stock Analysis

• Market Cap: AU$3.66M
• Dividend Yield: N/A
• Average Volume (3M): 527.94K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.94
• 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: 42 Neutral
• Price Target: AU$0.02 ▼(-5.00% Downside)

The score is primarily constrained by weak financial performance—widening losses, extremely negative margins, and persistent cash burn—despite low leverage. Technicals add modest downside bias (below key moving averages with negative MACD), and valuation provides limited support due to negative earnings and no indicated dividend yield.

Positive Factors

Strategic Focus on Samsons Tank Copper Project

Focusing on the Samsons Tank Copper project and global expansion indicates a strategic approach to diversify and enhance exploration potential, potentially leading to future revenue streams and strengthening market position.

Low Leverage

Minimal debt reduces solvency risk, providing financial flexibility to pursue strategic initiatives without the burden of high interest costs, supporting long-term stability.

Shareholder Support

Strong shareholder support at the AGM reflects confidence in the company's strategic direction, enabling continued execution of its initiatives, including capital-raising capabilities.

Negative Factors

Persistent Cash Burn

Ongoing negative cash flow indicates reliance on external funding, which can strain resources and limit the company's ability to invest in growth opportunities, impacting long-term sustainability.

Widening Losses

Widening losses and negative cash flow highlight operational inefficiencies and financial strain, posing challenges to achieving profitability and requiring careful management to avoid further equity erosion.

Equity Erosion

Substantial equity decline due to ongoing losses reduces the capital base, increasing funding risks and potentially diluting shareholder value if additional equity is raised.

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

C29 Metals Limited faces significant financial challenges, marked by declining revenue and consistent losses. The company maintains a solid equity base with minimal debt, yet struggles with cash flow generation. Continued reliance on external financing could pose risks if operational performance does not improve.

Income Statement

C29 Metals Limited has shown declining revenue from 2022 to 2024 with zero revenue in 2021 and 2024. The gross profit margin is negative, indicating that the company is not covering its costs. Both EBIT and EBITDA margins are negative, and the net profit margin is deeply negative, reflecting significant losses.

Balance Sheet

The company has a strong equity position with a high equity ratio as stockholders' equity forms the majority of total assets. The debt-to-equity ratio is very low, indicating minimal leverage. However, the return on equity is negative due to sustained losses.

Cash Flow

Negative operating cash flow and free cash flow highlight challenges in generating cash from operations. The free cash flow to net income ratio is negative, indicating inefficiencies in cash flow management. Financing activities have been positive, suggesting reliance on external funding.

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: Negative
• Last Price: 0.02
• 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:C29, the sentiment is Negative. The current price of 0.02 is above the 20-day moving average (MA) of 0.02, below the 50-day MA of 0.02, and below the 200-day MA of 0.03, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 43.55 is Neutral, neither overbought nor oversold. The STOCH value of 16.67 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	46 Neutral	AU$9.01M	-2.20	-6.61%	―	―	69.66%
QXR	46 Neutral	AU$7.63M	―	-120.40%	―	―	-123.53%
FIN	45 Neutral	AU$11.62M	-12.22	-24.22%	―	―	83.93%
AOA	44 Neutral	AU$2.85M	―	-65.57%	―	―	-200.00%
C29	42 Neutral	AU$3.66M	-0.53	-126.15%	―	―	24.09%
PRL	38 Underperform	AU$5.91M	-5.45	-26.98%	―	―	4.35%

C29 Metals Limited Corporate Events

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.

C29 Metals Prioritizes Samsons Tank Copper Project and Seeks Global Expansion

C29 Metals Limited has prioritized its Samsons Tank Copper project in New South Wales as its top exploration target following a comprehensive geological review. The company plans to drill test two promising targets at this site while also relinquishing its Mayfield Copper & Gold project in Queensland due to its lack of further exploration potential. Additionally, C29 is actively seeking new acquisition opportunities worldwide to diversify its exploration portfolio and deliver value to shareholders.

C29 Metals Limited Announces Upcoming Annual General Meeting

C29 Metals Limited has announced its Annual General Meeting (AGM) scheduled for November 25, 2025, where shareholders will discuss and vote on key resolutions, including the adoption of the Remuneration Report for the financial year ending June 30, 2025. This meeting is crucial as it provides shareholders an opportunity to review the company’s financial performance and strategic direction, potentially impacting future governance and operational decisions.

C29 Metals to Commence Drilling at Sampson’s Tank Copper Project

C29 Metals Limited has announced plans to drill test two promising copper targets at its Sampson’s Tank Copper Project in New South Wales, following a comprehensive review of its Australian exploration assets. This initiative highlights the company’s strategic focus on expanding its exploration portfolio and delivering shareholder value, while also considering new acquisition opportunities globally.

C29 Metals Limited Director Increases Shareholding

C29 Metals Limited has announced a change in the director’s interest, specifically regarding Mr. James Myers. Mr. Myers, through Molo Capital Pty Ltd ATF Jamie Myers Family Trust, acquired 1,000,000 fully paid ordinary shares on 7 October 2025, increasing his total holdings to 9,400,000 shares. This acquisition was made through an on-market trade at a price of $0.02 per share. The announcement reflects a strategic move by Mr. Myers to increase his stake in the company, potentially signaling confidence in the company’s future prospects.

C29 Metals Limited Schedules 2025 Annual General Meeting

C29 Metals Limited has announced that its 2025 Annual General Meeting is expected to take place on or around November 25, 2025. The meeting will include the election of directors, with nominations closing on October 10, 2025. This announcement is part of the company’s compliance with ASX Listing Rules and provides stakeholders with essential information about upcoming governance activities.