Cassius Mining Ltd (CMD) AI Stock Analysis

• Market Cap: AU$19.80M
• Dividend Yield: N/A
• Average Volume (3M): 508.17K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.36
• 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: 44 Neutral
• Price Target: AU$0.03 ▼(-10.00% Downside)

The score is primarily held down by weak financial performance—ongoing losses, continued cash burn, and shrinking equity—despite the benefit of a zero-debt balance sheet. Technicals are mixed but lean bearish with price below key moving averages and a negative MACD. Valuation provides limited support because the company is loss-making (negative P/E) and no dividend yield is available.

Positive Factors

Zero net debt / conservative leverage

Zero gross debt meaningfully lowers solvency and interest expense risk, giving management flexibility to prioritize operations or strategic fixes without immediate refinancing. This durable low-leverage position extends the company’s runway across a multi-month recovery or restructuring period.

Revenue rebound from very low base

A sharp revenue increase from an extremely low base suggests renewed commercial traction or resumed production. If this trend persists, incremental revenue can absorb fixed costs and support margin recovery over several quarters, making profitability achievable with continued execution.

Improving free cash flow trend

Year‑over‑year FCF improvement indicates cost control or higher realized revenues and reduces near‑term financing pressure. While still negative, a sustained improvement in FCF is a durable sign management can move toward self‑funding operations and lower dilution risk over months.

Negative Factors

Persistent net losses

A ~A$3.0m FY2025 net loss and ongoing unprofitability erode retained capital and limit reinvestment capacity. Continued losses make the business dependent on external funding, increasing execution risk and the need for sustained revenue/margin improvements to reach durable breakeven.

Material equity erosion

Shareholders' equity roughly halved over two years, shrinking the capital buffer against operational shocks. A reduced equity cushion heightens the chance of dilutive raises, restricts shock absorption capacity, and weakens long‑term resilience absent sustained profitability or cash generation.

Sustained negative operating and free cash flow

Meaningful negative OCF and FCF in FY2025 reflect ongoing cash burn to fund operations. Persistent negative cash generation requires repeated financing, increasing execution and dilution risk, and undermines the company’s ability to self‑fund growth or absorb adverse industry shifts over the medium term.

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

Overall financial quality is weak: persistent net losses (FY2025 net loss ~-3.0m) and sustained negative operating/free cash flow (FY2025 OCF ~-1.8m; FCF ~-1.9m) indicate continued cash burn and funding dependence. The balance sheet is helped by zero debt in recent years, but equity has fallen materially (FY2023 ~3.1m to FY2025 ~1.45m), showing ongoing value erosion.

Income Statement

Revenue is highly volatile: it rebounded sharply from a very low base in FY2023–FY2025 (FY2025 revenue ~103k vs ~10k in FY2024), but it is still down slightly year-over-year in FY2025. Profitability remains weak with persistent losses: FY2025 net loss (~-3.0m) and deeply negative operating earnings, despite an unusually high reported gross margin. Margins have improved versus the extreme negative levels seen in earlier years, but the company is still far from breakeven and earnings quality is pressured by continued operating losses.

Balance Sheet

Leverage appears conservative: total debt is zero in recent years (FY2023–FY2025) and debt-to-equity is 0.0, reducing solvency risk. However, equity has fallen materially (from ~3.1m in FY2023 to ~1.45m in FY2025), reflecting ongoing losses and weakening capital cushion. Returns on equity remain strongly negative in FY2025, indicating continued value erosion despite the low-debt structure.

Cash Flow

Cash generation is consistently negative, with operating cash flow and free cash flow remaining meaningfully below zero (FY2025 operating cash flow ~-1.8m; free cash flow ~-1.9m), implying ongoing cash burn to fund operations. While free cash flow improved year-over-year in FY2025 (positive growth rate), it is improving from a deeply negative base and remains a financing risk. Cash flow trends do not yet show a clear path to self-funding operations.

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	72 Outperform	AU$21.58M	11.24	9.77%	8.14%	―	-16.82%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
AUZ	51 Neutral	AU$36.91M	-13.85	-4.02%	―	―	74.51%
BUX	48 Neutral	AU$15.19M	-2.12	-127.11%	―	―	10.34%
MEG	46 Neutral	AU$23.24M	-2.28	-51.02%	―	―	-464.29%
AKO	45 Neutral	AU$14.74M	-5.48	-14.33%	―	―	―
CMD	44 Neutral	AU$19.80M	-5.19	-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.