Cassius Mining Ltd (CMD) AI Stock Analysis

• Market Cap: AU$21.27M
• Dividend Yield: N/A
• Average Volume (3M): 508.17K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.10
• Revenue Growth: N/A
• EPS Growth: -79.31%
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): >-0.01
• Shares Outstanding: 733,503,360
• 10 Day Avg. Volume: 433,546
• 30 Day Avg. Volume: 508,165
• PEG Ratio: -0.06
• Price to Book (P/B): 8.60
• Price to Sales (P/S): 120.74
• P/FCF Ratio: -6.64
• 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: 40 Underperform
• Price Target: AU$0.02 ▼(-20.00% Downside)

The score is driven primarily by weak financial performance (ongoing losses and sustained cash burn), with a bearish technical picture reinforcing downside risk. Low leverage (zero debt) provides some balance, but declining equity and negative cash flow keep the overall assessment low.

Positive Factors

Conservative capital structure (zero debt)

Zero reported debt meaningfully lowers solvency and interest-cost risk, giving management structural flexibility to prioritize operations or raise capital on its timeline. This durable balance-sheet characteristic cushions the business against cyclical shocks even amid weak operating results.

Revenue rebound from very low base

A sharp revenue rebound indicates operational recovery or re‑engagement with buyers, a positive structural signal versus multi‑year declines. If sustained, this can support scaling of fixed-cost absorption and improve long‑term unit economics, though absolute revenue remains small today.

Free cash flow improving year-over-year

Year‑over‑year FCF improvement suggests management is beginning to narrow the cash gap via higher revenues or cost controls. This trend is a durable positive if continued, as sustained FCF progress is the key pathway to self‑funding operations and reduced financing dependency.

Negative Factors

Persistent cash burn

Continued negative operating and free cash flow depletes liquidity and forces repeated external funding. Over months this undermines strategic optionality, increases dilution risk from equity raises, and constrains investment in growth or remediation efforts, threatening medium‑term viability.

Sustained net losses and weak profitability

Large, persistent net losses reflect structural inability to reach breakeven on current operations. This erodes retained capital and limits ability to self‑fund projects or absorb shocks; absent a durable shift in margins or revenue scale, losses will continue to pressure the business model.

Eroding equity increases funding risk

A material decline in shareholders' equity reduces the capital cushion against losses and raises solvency and refinancing risk. Over a multi‑month horizon this heightens the likelihood of dilutive capital raises or unfavorable financing terms, constraining long‑term strategic choices.

Cassius Mining Ltd Business Overview & Revenue Model

Company Description

Cassius Mining Limited engages in the mining and exploration of mineral properties in Australia and Africa. The company operates through two segments, Industrial Minerals Development and Mining Exploration. It holds 100% interest in the Soalara limestone project covering an area of 18.75 square kilometers located in the south-west of Madagascar. The company was formerly known as Gulf Industrials Limited and changed its name to Cassius Mining Limited in December 2017. Cassius Mining Limited was incorporated in 2005 and is based in Sydney, Australia.

How the Company Makes Money

Cassius Mining Ltd makes money through the exploration, extraction, and sale of mineral resources. The company's revenue model is centered on identifying and developing mineral-rich properties, conducting mining operations, and selling the extracted minerals, such as gold and other precious metals, in the global market. Key revenue streams include the direct sale of mined minerals to refineries, wholesalers, and other buyers in the commodities market. Additionally, CMD may engage in strategic partnerships or joint ventures with other mining companies to enhance its operational capabilities and expand its market reach. The company's earnings are significantly influenced by factors such as mineral market prices, operational efficiency, and successful exploration outcomes.

Cassius Mining Ltd Financial Statement Overview

Summary

Cassius Mining Ltd faces significant financial challenges with consistent net losses and negative cash flows. While the lack of debt provides some stability, the company struggles with profitability and efficient cash management. Improvement in operational performance and revenue generation is necessary for future financial health.

Income Statement

Cassius Mining Ltd has experienced significant volatility in revenue, with a small increase to $10,113 from $2,615 in the previous year. Despite this, the company remains unprofitable with a net loss of $1,506,649 and negative EBIT and EBITDA margins. Revenue growth has been inconsistent, and the persistent losses indicate challenges in achieving operational efficiency.

Balance Sheet

The company maintains a strong equity position with a debt-to-equity ratio of 0.00, indicating no financial leverage. However, the equity ratio has decreased over the years, reflecting potential asset utilization issues. The return on equity is negative, highlighting profitability challenges despite a solid equity base.

Cash Flow

Operating cash flow remains negative at -$1,015,369, reflecting cash outflows from operations. Free cash flow has deteriorated, indicating increased capital expenditure without corresponding revenue growth. The reliance on financing activities to cover deficits poses a risk to long-term sustainability.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	103.02K	103.02K	10.11K	2.62K	11.00	104.02K
Gross Profit	101.96K	103.02K	10.11K	2.62K	11.00	104.02K
EBITDA	-2.78M	0.00	-1.51M	-783.66K	-361.88K	-230.47K
Net Income	-2.96M	-2.96M	-1.51M	-784.00K	-362.00K	-230.00K
Balance Sheet
Total Assets	1.86M	1.86M	3.01M	3.48M	1.52M	1.16M
Cash, Cash Equivalents and Short-Term Investments	243.82K	243.82K	608.86K	1.45M	94.81K	234.69K
Total Debt	0.00	0.00	0.00	0.00	408.00K	0.00
Total Liabilities	412.43K	412.43K	104.98K	418.58K	596.62K	134.24K
Stockholders Equity	1.45M	1.45M	2.90M	3.06M	927.46K	1.03M
Cash Flow
Free Cash Flow	-1.85M	-1.87M	-2.17M	-1.15M	-809.07K	-139.16K
Operating Cash Flow	-1.81M	-1.81M	-1.02M	-88.77K	-303.98K	-139.16K
Investing Cash Flow	-66.48K	-66.48K	-1.16M	-1.06M	-505.09K	0.00
Financing Cash Flow	1.51M	1.51M	1.33M	2.50M	669.20K	275.00K

Cassius Mining Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GUL	74 Outperform	AU$22.89M	11.80	9.77%	8.14%	―	-16.82%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
MEG	46 Neutral	AU$18.08M	-1.77	-51.02%	―	―	-464.29%
AUZ	45 Neutral	AU$38.96M	-14.62	-4.02%	―	―	74.51%
BUX	45 Neutral	AU$11.39M	-1.73	-127.11%	―	―	10.34%
AKO	45 Neutral	AU$14.57M	-5.29	-14.33%	―	―	―
CMD	40 Underperform	AU$21.27M	-4.81	-136.26%	―	―	-79.31%

Cassius Mining Ltd Corporate Events

Cassius Mining Issues 39.3 Million New Shares Under Disclosure Exemption

Cassius Mining Limited has issued 39,284,401 new fully paid ordinary shares without a disclosure document under the Australian Corporations Act provisions that allow such placements, indicating it is using available exemptions to raise capital or complete transactions efficiently. The company stated it is fully compliant with its financial reporting and continuous disclosure obligations and confirmed there is no undisclosed price-sensitive information, signaling to investors and regulators that the share issue should not be interpreted as being based on hidden information and that governance and transparency standards are being maintained.

Cassius Mining Seeks ASX Quotation for 39.3 Million New Shares

Cassius Mining Ltd has applied to the ASX for quotation of 39,284,401 new fully paid ordinary shares under its CMD ticker. The new securities, issued on 22 December 2025 following a previously announced transaction, will expand the company’s quoted capital base and may enhance liquidity for existing and new shareholders.

Cassius Mining Issues New Shares in Compliance with Regulatory Standards

Cassius Mining Limited has announced the issuance of 38,784,400 ordinary fully paid shares without a disclosure document, in compliance with the Corporations Act 2001. This strategic move is authorized by the company’s board and reflects its adherence to regulatory requirements, potentially impacting its financial positioning and stakeholder interests.

Cassius Mining Announces Proposed Securities Issue

Cassius Mining Limited has announced a proposed issue of 38,784,400 ordinary fully paid securities, with the issuance date set for December 22, 2025. This move is part of a placement or other type of issue, potentially impacting the company’s capital structure and market presence. The issuance aims to enhance the company’s financial flexibility and support its operational goals, which could have implications for stakeholders and the company’s positioning in the mining sector.

Cassius Mining Secures $1.1M for Project Expansion and Litigation

Cassius Mining Limited announced a successful capital raise of $1.1 million through a placement of new shares to sophisticated and professional investors. The funds will be allocated to the Soalara project in Madagascar, support ongoing litigation in Ghana, and for general working capital, potentially enhancing the company’s operational capabilities and market positioning.

Cassius Mining Initiates Trading Halt for Capital Raising Announcement

Cassius Mining Limited has requested a trading halt on its securities pending an announcement related to a significant capital raising effort. This move indicates a strategic financial maneuver that could impact the company’s market position and stakeholder interests, with trading expected to resume by December 17, 2025, or upon the announcement’s release.

Cassius Mining Limited’s AGM Resolutions Passed

Cassius Mining Limited held its Annual General Meeting on 28 November 2025, where all resolutions were passed by a poll. The resolutions included the adoption of the remuneration report, the re-election of a director, and the approval of an additional 10% placement capacity. These outcomes reflect strong shareholder support and could enhance the company’s operational flexibility and governance structure.

Cassius Mining Advances Soalara Limestone Project Amid Madagascar’s Political Stability

Cassius Mining Limited reported that despite recent unrest in Madagascar, their Soalara Limestone Project remains unaffected, and discussions with potential joint venture partners are progressing. The project, which boasts a significant mineral resource estimate of high-purity limestone, is strategically positioned to support Madagascar’s expanding infrastructure network. The company is planning site visits and community engagement to further develop the project, which has the potential to significantly increase its resource size.

Cassius Mining Limited Announces 2025 AGM Details

Cassius Mining Limited has announced its 2025 Annual General Meeting (AGM) scheduled for November 28, 2025, in Sydney, Australia. The AGM will cover ordinary business, including the adoption of the remuneration report and the re-election of a director, as well as special business involving the approval of an additional 10% placement facility. This meeting is significant for shareholders as it addresses key governance and financial strategies that could impact the company’s operational and market positioning.