Caspin Resources Ltd. (CPN) AI Stock Analysis

• Market Cap: AU$26.92M
• Dividend Yield: N/A
• Average Volume (3M): 1.48M
• Price to Earnings (P/E): ―
• Beta (1Y): -0.33
• Revenue Growth: N/A
• EPS Growth: 24.25%
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): -0.01
• Shares Outstanding: 244,690,370
• 10 Day Avg. Volume: 2,059,657
• 30 Day Avg. Volume: 1,479,764
• PEG Ratio: 0.10
• Price to Book (P/B): 2.31
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -2.88
• 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: 45 Neutral
• Price Target: AU$0.11 ▲(33.75% Upside)

The score is primarily constrained by pre-revenue financials with continued losses and negative free cash flow, despite improved burn rates and low leverage. Technical indicators are also weak (price below key moving averages with negative MACD). Valuation remains challenged due to unprofitability and no dividend support.

Positive Factors

Low leverage

Very low debt reduces financial risk and interest obligations, giving management flexibility to prioritize exploration spending or pursue strategic transactions. Over months this improves survival odds during negative cash flow periods and lowers refinancing pressure.

Improving cash burn

A marked reduction in cash burn and losses versus FY2023 reflects tighter cost control and more disciplined capital deployment. Sustained improvement lengthens runway, reduces near-term funding frequency, and raises the chance of reaching value-driving exploration milestones.

Focused exploration asset base

A clear, asset-focused exploration model concentrates capital on discovery and project advancement, enabling value creation via drill results or JV/sale outcomes. Over multiple months this focus supports milestone-driven re-rating potential independent of short-term market noise.

Negative Factors

Pre-revenue operations

Zero revenue means the business relies entirely on capital markets and financing events rather than operating cash generation. Over the medium term this elevates execution risk, heightens dilution risk from raises, and limits ability to self-fund exploration or development.

Consistent negative cash generation

Persistent negative operating and free cash flow necessitates recurrent external funding. Structurally, this raises financing and dilution risk, can delay or scale back programs if markets tighten, and constrains the timing and scope of exploration activities.

Equity volatility and negative returns

Volatile equity levels and deeply negative ROE reflect past losses, potential dilution or impairments, and limited capital efficiency. Over months this can weaken investor confidence, reduce access to non-dilutive partners, and hamper strategic options for project advancement.

Caspin Resources Ltd. Business Overview & Revenue Model

Company Description

Caspin Resources Limited explores for and develops mineral properties in Australia. The company focuses on gold, nickel, copper, and cobalt minerals. Its flagship properties include the 80% owned Yarawindah Brook Project covering approximately 400 square kilometers, as well as 100% owned Mount Squires Gold Project that covers a land holding of 750 square kilometers located in the northeast of Perth, Western Australia. The company was incorporated in 2020 and is based in West Perth, Australia.

How the Company Makes Money

Caspin Resources Ltd. generates revenue through the exploration and potential development of mineral resources. Its primary revenue streams come from the successful discovery and subsequent sale or joint venture of its mineral projects, particularly in nickel, copper, and gold. The company may enter into partnerships or joint ventures with larger mining companies to fund exploration activities, share technological expertise, or expedite the development of its projects. Additionally, Caspin Resources may earn income through royalties or by selling stakes in its projects to investors or strategic partners. The value creation from its exploration efforts significantly depends on the discovery of economically viable mineral deposits and favorable market conditions for these minerals.

Caspin Resources Ltd. Financial Statement Overview

Summary

Caspin Resources Ltd. faces significant financial challenges characterized by lack of revenue, consistent losses, and negative cash flows. Although the company maintains a solid equity base with low debt levels, the inability to generate revenue and positive cash flow are major concerns. Future prospects heavily depend on the company’s ability to achieve market penetration and improve operational efficiency.

Income Statement

Caspin Resources Ltd. shows persistent losses with negative EBIT and net income over the years. The company has zero revenue, indicating challenges in generating sales. The net profit margin is negative, and there is no revenue growth, reflecting a lack of market penetration or product commercialization.

Balance Sheet

The company maintains a positive equity position, with a high equity ratio, suggesting a solid capital base. However, the lack of revenue and ongoing losses raise concerns about long-term viability. The debt-to-equity ratio is low, indicating less reliance on debt financing, which is a positive aspect for financial stability.

Cash Flow

Negative operating cash flows highlight ongoing operational challenges. The absence of positive free cash flow growth and high free cash flow to net income ratio reflect difficulties in generating cash from operations. Financing cash flows have been positive, indicating reliance on external funding.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-86.22K	-86.22K	-87.13K	-86.78K	-55.31K	0.00
EBITDA	-958.00	-2.51M	-2.43M	-11.10M	-6.37M	0.00
Net Income	-2.59M	-2.59M	-2.52M	-11.19M	-6.43M	-6.17M
Balance Sheet
Total Assets	3.53M	3.53M	1.64M	4.62M	9.40M	9.89M
Cash, Cash Equivalents and Short-Term Investments	1.89M	1.89M	1.42M	4.13M	8.94M	5.75M
Total Debt	36.84K	36.84K	46.86K	125.69K	201.94K	0.00
Total Liabilities	756.89K	756.89K	190.21K	1.26M	605.35K	173.47K
Stockholders Equity	2.77M	2.77M	1.45M	3.36M	8.79M	9.59M
Cash Flow
Free Cash Flow	-2.22M	-2.22M	-2.91M	-10.26M	-5.90M	-3.43M
Operating Cash Flow	-2.22M	-2.22M	-2.91M	-10.25M	-5.86M	-2.12M
Investing Cash Flow	-374.16K	-374.16K	0.00	-4.68K	-72.86K	-1.41M
Financing Cash Flow	3.06M	3.06M	200.49K	5.44M	9.13M	7.97M

Caspin Resources Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.08
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:CPN, the sentiment is Positive. The current price of 0.08 is below the 20-day moving average (MA) of 0.09, below the 50-day MA of 0.11, and above the 200-day MA of 0.08, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 59.53 is Neutral, neither overbought nor oversold. The STOCH value of 85.51 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:CPN.

Caspin Resources Ltd. 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%
BMG	53 Neutral	AU$29.97M	-19.29	-7.48%	―	―	87.39%
PVT	53 Neutral	AU$27.53M	-10.53	-11.09%	―	―	36.67%
MRR	49 Neutral	AU$20.61M	-8.64	-17.32%	―	―	45.00%
MRQ	46 Neutral	AU$14.36M	―	-10.45%	―	―	―
CPN	45 Neutral	AU$26.92M	-5.42	-122.97%	―	―	24.25%
CRR	45 Neutral	AU$30.09M	-11.11	-7.30%	―	―	―

Caspin Resources Ltd. Corporate Events

Caspin Resources Restructures Managing Director’s Equity Incentive Holding

Caspin Resources has disclosed a change in Managing Director Greg Miles’ interests in the company’s securities, with the acquisition of 1,250,000 ordinary fully paid shares and the simultaneous cancellation of 1,250,000 Class A performance rights that were previously issued under a director incentive package. The transaction, undertaken for nil cash consideration, represents an internal reclassification within Miles’ existing incentive structure rather than a market purchase or sale, and slightly reshapes the mix of his equity exposure from performance-based rights to ordinary shares while maintaining transparency around executive alignment with shareholders.

The most recent analyst rating on (AU:CPN) stock is a Hold with a A$0.08 price target. To see the full list of analyst forecasts on Caspin Resources Ltd. stock, see the AU:CPN Stock Forecast page.

Caspin Issues Over 3.2 Million Shares on Conversion of Employee Performance Rights

Caspin Resources has issued 3,235,748 fully paid ordinary shares following the conversion of an equivalent number of vested performance rights under its employee incentive plan, increasing its share base without undertaking a new capital raising. The company confirmed that the shares were issued without a disclosure document under Australian corporations law, while affirming its ongoing compliance with financial reporting and continuous disclosure obligations, signalling routine capital management and staff incentivisation rather than a change in strategic direction.

The most recent analyst rating on (AU:CPN) stock is a Hold with a A$0.08 price target. To see the full list of analyst forecasts on Caspin Resources Ltd. stock, see the AU:CPN Stock Forecast page.

Caspin Resources Seeks ASX Quotation for 3.2 Million New Shares

Caspin Resources Ltd has applied to the ASX for quotation of 3,235,748 new ordinary fully paid shares under its ticker code CPN. The new securities, issued on 8 January 2026 following the exercise or conversion of existing options or other convertible securities, will expand the company’s quoted capital base and may modestly enhance liquidity for shareholders once admitted to trading.

The most recent analyst rating on (AU:CPN) stock is a Hold with a A$0.08 price target. To see the full list of analyst forecasts on Caspin Resources Ltd. stock, see the AU:CPN Stock Forecast page.

Caspin Resources to Launch Phase Two Drilling at Weethalle Gold Project

Caspin Resources Limited has announced plans for Phase Two of its drilling program at the Weethalle Gold Project, scheduled to commence in early 2026. The initial phase of drilling and soil geochemistry has revealed a large hydrothermal system and identified new targets for exploration, including a significant gold-in-soil anomaly. The company aims to extend its exploration efforts to the Euratha historical workings, with promising results indicating potential gold mineralization. This development could enhance Caspin’s position in the gold exploration sector and provide valuable insights for stakeholders.

Caspin Resources Announces Director’s Interest Change

Caspin Resources Ltd. has announced a change in the director’s interest, specifically involving Justin Tremain. The change includes the acquisition of 666,667 ordinary fully paid shares valued at $50,000, as part of a Tranche 2 placement approved by shareholders at the 2025 AGM. This adjustment in the director’s holdings reflects strategic participation in the company’s ongoing financial activities.

Caspin Resources Completes $2.1 Million Capital Raising Tranche

Caspin Resources Limited has successfully completed the second tranche of its $4.6 million capital raising, securing approximately $2.1 million through the placement of over 28 million shares at $0.075 each. This move, approved by shareholders, also included the issuance of broker options, enhancing the company’s financial position and supporting its exploration endeavors. The capital raised will aid Caspin in advancing its exploration projects, potentially strengthening its market position in the mineral exploration industry and offering significant opportunities for stakeholders.

Caspin Resources Announces Quotation of New Securities on ASX

Caspin Resources Ltd. has announced the quotation of 28,053,014 fully paid ordinary securities on the Australian Securities Exchange (ASX) as of December 1, 2025. This move is part of previously announced transactions and is expected to enhance the company’s financial flexibility and market presence, potentially impacting its operations and stakeholder interests positively.

Caspin Resources Issues Unlisted Options

Caspin Resources Ltd. announced the issuance of 4,600,000 unlisted options with an exercise price of $0.15, set to expire on December 1, 2027. This issuance is part of previously announced transactions and involves securities that are not quoted on the ASX, potentially impacting the company’s financial strategy and stakeholder interests.

Caspin Resources Ltd. Announces Change in Director’s Securities Holdings

Caspin Resources Ltd. announced a change in the director’s interest, specifically regarding Justin Tremain’s securities holdings. The change involved the expiry of 400,000 incentive options priced at $0.30, which were set to expire on November 23, 2025. This update reflects a reduction in Mr. Tremain’s indirect interest in the company’s securities, potentially impacting his stake and influence within the company.

Caspin Resources Ltd. AGM Resolutions Successfully Passed

Caspin Resources Limited announced the results of its Annual General Meeting held on 25 November 2025, where all resolutions were successfully carried via a poll. The resolutions included the adoption of the remuneration report, re-election of a director, ratification of prior share issues, approval of new share issues, and director participation in placements, indicating strong shareholder support for the company’s strategic decisions.

Caspin Resources Reaffirms Commitment to Mineral Exploration at AGM

Caspin Resources Ltd. held its Annual General Meeting, where the company reiterated its commitment to mineral exploration and development. The announcement highlighted the company’s ongoing efforts to evaluate and report on mineral resources, with assurances from competent persons on the accuracy of the exploration results. The company emphasized its transparency in reporting and its adherence to industry standards, which is crucial for maintaining stakeholder trust and ensuring regulatory compliance.

Caspin Resources Announces Cessation of Securities

Caspin Resources Ltd. announced the cessation of 2,000,000 securities, specifically options expiring on November 23, 2025, due to their expiry without exercise or conversion. This development may impact the company’s capital structure and could influence investor perceptions regarding the company’s financial strategies and future growth prospects.

Caspin Resources to Release 10 Million Shares from Escrow

Caspin Resources Limited announced the release of 10 million fully paid ordinary shares from voluntary escrow, effective December 4, 2025, which does not alter the company’s issued capital. This strategic move is part of Caspin’s broader efforts to enhance its market positioning and capitalize on its diverse mineral projects, particularly in the burgeoning tin market, which is crucial for technology and electrification industries.

Caspin Resources Corrects Broker Options Expiry Date in AGM Notice

Caspin Resources Limited has issued an addendum to its Notice of Annual General Meeting to correct an error regarding the expiry date of Broker Options intended for Bell Potter. The original notice incorrectly stated the expiry date as 31 December 2026, but the correct date is two years from the date of issue. This amendment is crucial for shareholders as it impacts the terms under which they are voting, and the company advises shareholders to read the addendum thoroughly and seek professional advice if needed.

Caspin Resources Begins Drilling at Promising Weethalle Gold Project

Caspin Resources Limited has commenced Phase 1 of its drilling program at the Weethalle Gold Project in New South Wales. The project targets a newly defined 2,000-meter-long geophysical anomaly with potential for high-grade gold mineralization, similar to the 10Moz Hemi deposit. The drilling aims to explore the potential of Intrusion Related Gold Systems, with further targets planned for testing in late 2025 or early 2026. This initiative could significantly enhance Caspin’s position in the gold exploration industry, leveraging the project’s excellent location and access.

Caspin Resources Reports Promising Developments in Tin and Gold Projects

Caspin Resources Limited has announced significant developments in its exploration projects for the quarter ended September 2025. The company has reported a maiden tin resource estimate at the Kelpie Deposit within the Bygoo Tin Project, indicating a high-grade tin deposit with potential for further expansion. Additionally, Caspin has secured an option to earn an 80% interest in the Weethalle Gold Project, which features a large-scale gold target with historical high-grade mining. The company also raised $4.6 million in equity, which will support ongoing exploration and development efforts.

Caspin Resources Schedules 2025 Annual General Meeting

Caspin Resources Limited has announced its 2025 Annual General Meeting, scheduled for November 25, 2025, in Perth, Western Australia. The meeting will be held in person at BDO Australia, and shareholders are encouraged to participate by voting on resolutions either in person or by proxy. The Notice of Meeting and related materials are available on Caspin’s website and the ASX platform. Shareholders are advised to ensure their proxy forms are submitted by November 23, 2025, and to contact the company for any queries.

Caspin Resources Updates on Exploration and Resource Estimates

Caspin Resources Ltd has released a presentation providing updates on their exploration results and mineral resource estimates. The report confirms that there is no new information affecting previous exploration results, and it highlights the company’s adherence to the JORC Code for reporting. This announcement underscores Caspin’s commitment to transparency and accuracy in their exploration activities, potentially reinforcing their reputation in the mining sector.

Caspin Resources Hosts Investor Webinar on Strategic Projects

Caspin Resources Limited announced an investor briefing webinar hosted by Managing Director Greg Miles, focusing on the Bygoo Tin Project and upcoming drilling at the Weethalle Gold Project. The webinar aims to provide insights into the company’s future plans and allow investors to engage through a Q&A session. This initiative highlights Caspin’s commitment to transparency and stakeholder engagement, potentially strengthening its position in the mineral exploration industry.