Cassius Mining Ltd (CMD) AI Stock Analysis

• Market Cap: AU$18.34M
• Dividend Yield: N/A
• Average Volume (3M): 508.17K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.24
• 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$0.02 ▼(-33.33% Downside)
• Action: Reiterated Date: 01/15/26
• Date: Action: Reiterated 01/15/26

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-debt balance sheet

A zero-debt capital structure is a durable solvency advantage: it eliminates interest burden, reduces near‑term default risk, and preserves flexibility to raise growth capital or withstand operating volatility. This structural strength buys time for turnaround and strategic options.

Revenue rebound from low base

A sharp revenue rebound from a very low base shows the business can generate demand and scale activity after prior disruption. If sustained, rising top line supports operational leverage and credibility with customers and financiers, underpinning a multi‑quarter recovery path.

Year-over-year free cash flow improvement

Improving free cash flow and margins indicate operations are moving toward efficiency and reduced cash burn. Even from a negative base, consistent FCF improvement is a durable signal that structural cost or pricing changes are taking hold, easing future funding pressure.

Negative Factors

Persistent net losses and cash burn

Sustained multi‑million losses and negative operating cash flow are fundamental constraints on long‑term viability. Ongoing cash burn forces reliance on external funding, limits reinvestment in operations, and risks dilution or restructuring if improvements are not sustained across multiple quarters.

Material equity erosion

A roughly halved equity base over two years weakens the company’s capital cushion against losses, reduces creditworthiness, and raises the probability of dilution when raising funds. This structural weakening constrains strategic optionality and increases long‑term financing risk.

Small, volatile revenue base

Revenue remains low and volatile, preventing scale economies and making margins fragile. With top line still modest, the firm lacks durable revenue streams to cover fixed costs, increasing the probability that shortfalls recur absent sustained commercial traction.

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	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	1.06K	103.02K	10.11K	2.62K	11.00	104.02K
Gross Profit	0.00	103.02K	10.11K	2.62K	11.00	104.02K
EBITDA	-873.01K	0.00	-1.51M	-783.66K	-361.88K	-230.47K
Net Income	-1.55M	-2.96M	-1.51M	-784.00K	-362.00K	-230.00K
Balance Sheet
Total Assets	2.77M	1.86M	3.01M	3.48M	1.52M	1.16M
Cash, Cash Equivalents and Short-Term Investments	1.29M	243.82K	608.86K	1.45M	94.81K	234.69K
Total Debt	207.05K	0.00	0.00	0.00	408.00K	0.00
Total Liabilities	685.20K	412.43K	104.98K	418.58K	596.62K	134.24K
Stockholders Equity	2.08M	1.45M	2.90M	3.06M	927.46K	1.03M
Cash Flow
Free Cash Flow	-1.91M	-1.87M	-2.17M	-1.15M	-809.07K	-139.16K
Operating Cash Flow	-1.91M	-1.81M	-1.02M	-88.77K	-303.98K	-139.16K
Investing Cash Flow	-61.16K	-66.48K	-1.16M	-1.06M	-505.09K	0.00
Financing Cash Flow	2.92M	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	70 Outperform	AU$20.93M	5.36	9.44%	8.14%	―	-16.82%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
BUX	48 Neutral	AU$14.15M	-1.92	-160.12%	―	―	10.34%
AUZ	47 Neutral	AU$30.76M	-8.50	-4.08%	―	―	74.51%
MEG	47 Neutral	AU$13.56M	-3.84	-48.85%	―	―	-464.29%
AKO	45 Neutral	AU$17.39M	-3.54	-14.48%	―	―	―
CMD	44 Neutral	AU$18.34M	-6.59	-87.78%	―	―	-79.31%

Cassius Mining Ltd Corporate Events

Cassius Mining Advances JV Talks on High-Purity Soalara Limestone Project

Cassius Mining’s quarterly activities update highlights continued engagement with an expanded pool of experienced potential joint venture partners to advance its 100%-owned Soalara Limestone Project in Madagascar toward revenue generation. The company is finalising detailed project information under confidentiality arrangements, preparing for imminent site visits and core sampling as part of due diligence, and facilitating introductory meetings between local authorities, community representatives and interested parties. The Soalara resource, estimated at 340–440 million tonnes at 97% limestone purity and still open in multiple directions, underpins strong interest from counterparties involved in cement manufacture and infrastructure development, aligning the project with Madagascar’s broader infrastructure expansion and enhancing its prospects as a large-scale, low-cost supplier of high-purity limestone.

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

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.