Carbine Resources Limited (CRB) AI Stock Analysis

• Market Cap: AU$6.56M
• Dividend Yield: N/A
• Average Volume (3M): N/A
• Price to Earnings (P/E): ―
• Beta (1Y): 0.92
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: AU
• Employees: 5
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): >-0.01
• Shares Outstanding: 1,191,865,700
• 10 Day Avg. Volume: N/A
• 30 Day Avg. Volume: N/A
• PEG Ratio: 0.09
• Price to Book (P/B): 0.31
• Price to Sales (P/S): 86.15
• P/FCF Ratio: -3.34
• 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: ―
• Action: N/A Date: 01/04/26
• Date: Action: N/A 01/04/26

The score is primarily held down by weak financial performance—persistent losses, negative margins, a 2024 revenue step-down, and ongoing negative operating/free cash flow—partly offset by a debt-free balance sheet that reduces solvency risk. Technical and valuation inputs were not available in the provided data, limiting further differentiation.

Carbine Resources Limited Business Overview & Revenue Model

Company Description

Carbine Resources Limited engages in the exploration, evaluation, and development of mineral properties in Australia. It holds a 100% interest in the Muchea West silica sand project located to the northeast of Perth. Carbine Resources Limited was incorporated in 2006 and is based in Subiaco, Australia.

How the Company Makes Money

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Carbine Resources Limited Financial Statement Overview

Summary

Financials are weak overall: revenue is small and volatile with a sharp decline in 2024, the company remains consistently loss-making with deeply negative net margins and slightly negative gross profit in 2024, and operating/free cash flow are negative each year (ongoing cash burn). The main offset is a conservative balance sheet with no debt, though equity has trended down and ROE is persistently negative.

Income Statement

Revenue is very small and volatile, with a sharp decline in 2024 (down ~35% year over year after growth in 2022–2023). Profitability remains weak across the period: the company is consistently loss-making, with deeply negative net margins (about -29% in 2024 and roughly -22% in 2023, with even more severe losses in earlier years). Gross profit also turned slightly negative in 2024, reinforcing the lack of operating leverage and limited cost absorption at the current scale.

Balance Sheet

The balance sheet is conservatively structured with no debt reported in any year, which lowers financial risk and provides flexibility. However, equity has trended down from 2021 to 2024, consistent with ongoing losses, and returns on equity are persistently negative (roughly -10% to -16%), indicating shareholder capital is not generating profits and could continue to be diluted or eroded if losses persist.

Cash Flow

Cash generation is weak: operating cash flow and free cash flow are negative every year shown, indicating the business is consuming cash rather than funding itself internally. The cash burn improved in 2024 versus 2023, but free cash flow remains meaningfully negative, and the pattern suggests continued reliance on external funding or balance-sheet resources to sustain operations.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	13.90K	31.66K	59.46K	26.34K	11.67K	10.17K
Gross Profit	13.90K	-1.45K	59.46K	23.23K	7.73K	-2.00K
EBITDA	-778.06K	-925.16K	-1.29M	-1.48M	-1.77M	-742.00K
Net Income	-778.78K	-926.62K	-1.29M	-1.49M	-1.77M	-157.00K
Balance Sheet
Total Assets	10.01M	8.95M	9.77M	9.83M	11.61M	2.56M
Cash, Cash Equivalents and Short-Term Investments	1.50M	451.47K	1.27M	2.34M	3.65M	2.47M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	209.80K	56.87K	47.43K	106.01K	388.87K	23.63K
Stockholders Equity	9.80M	8.90M	9.72M	9.73M	11.22M	2.54M
Cash Flow
Free Cash Flow	-689.05K	-816.48K	-1.08M	-1.01M	-2.41M	-789.90K
Operating Cash Flow	-689.05K	-816.48K	-1.08M	-1.01M	-1.91M	-778.12K
Investing Cash Flow	0.00	0.00	0.00	-299.23K	1.17M	188.22K
Financing Cash Flow	1.34M	0.00	0.00	-1.28K	2.80M	0.00

Carbine Resources 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%
MRD	49 Neutral	AU$33.86M	-7.10	-99.27%	―	―	-36.36%
CRB	45 Neutral	AU$6.56M	-1.67	-8.33%	―	―	―
WSR	43 Neutral	AU$3.49M	-0.22	-164.84%	―	―	76.76%
RIE	42 Neutral	AU$4.92M	-5.50	-166.86%	―	―	47.88%
LRD	42 Neutral	AU$3.54M	-0.44	-109.35%	―	―	48.22%

Carbine Resources Limited Corporate Events

Carbine Advances Approvals and Planning Across High-Purity Silica Sand Portfolio

Carbine Resources reported that regulatory and approvals work continued at its flagship Muchea West Silica Sand Project in the December 2025 quarter, with discussions advancing with government departments, the Department of Defence and the Whadjuk Aboriginal Corporation following the grant of a new mining lease. While approvals are being finalised, the company is progressing desktop planning, scoping, and logistics studies for future mining of its 110Mt high-purity silica sand resource, and has also completed access agreements and planning for fieldwork to resume at its Down South Silica Sand Project in early 2026, supported by a solid cash position of more than $1.4 million.