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Venture Minerals Limited (AU:CRI)
ASX:CRI

Venture Minerals Limited (CRI) AI Stock Analysis

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AU:CRI

Venture Minerals Limited

(Sydney:CRI)

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Neutral 48 (OpenAI - 5.2)
Rating:48Neutral
Price Target:
AU$0.03
▲(70.00% Upside)
The score is primarily constrained by weak financial fundamentals (no revenue, ongoing losses, and negative free cash flow), despite a low-leverage balance sheet and some improvement in loss magnitude. Technicals offer partial support with the price above major moving averages, but negative MACD and sub-neutral RSI temper the outlook, while valuation remains difficult to justify on earnings due to continued unprofitability.
Positive Factors
Low leverage
Low reported leverage provides balance-sheet flexibility to pursue exploration and development without a heavy interest burden. Over a 2–6 month horizon this reduces refinancing pressure and improves ability to fund work programs via staged financings or JV structures.
Improving cash burn
The trend of reduced losses and lower absolute cash burn versus prior peaks reflects improving cost discipline and operational control. Sustained improvement increases runway, raises the odds of hitting project milestones, and makes the company more attractive to partners or strategic investors.
Asset-based exploration model
A clear focus on identifying, evaluating and advancing mineral projects gives the company asset-based optionality. Over months this allows value creation via project advancement, farm-outs, JV deals or asset sales if milestones are demonstrably achieved.
Negative Factors
No revenue
No reported revenue means the company lacks an operating income base and remains reliant on capital markets or partners. This structurally increases dilution and execution risk until projects produce cash flow or alternative funding arrangements are secured.
Negative cash flow
Material negative operating and free cash flow demonstrates persistent cash burn. Absent a clear cash-flow inflection, the company will likely need external financing to sustain exploration and development, increasing dilution risk and potentially delaying project timelines.
Persistent losses and weak returns
Ongoing net losses and deeply negative ROE indicate weak profitability and poor capital efficiency. Over the medium term this undermines investor returns and raises the likelihood of repeated capital raises or strategic restructuring if operating performance does not turn positive.

Venture Minerals Limited (CRI) vs. iShares MSCI Australia ETF (EWA)

Venture Minerals Limited Business Overview & Revenue Model

Company DescriptionCritica Limited engages in the exploration and development of mineral resources in Australia. The company explores for thorium, uranium, zinc, lithium, bismuth, antimony, copper, gold, nickel, tin, and tungsten, as well as platinum grade and rare earth elements. Its flagship project is the 100% owned the Jupiter and the Brothers project located in Yalgoo, Western Australia. The company was formerly known as Venture Minerals Limited and changed its name to Critica Limited in September 2024. Critica Limited was incorporated in 2006 and is based in West Perth, Australia.
How the Company Makes Money

Venture Minerals Limited Financial Statement Overview

Summary
Financial performance is weak due to no reported revenue, persistent losses (TTM net income -3.75M), and continued cash burn (TTM operating cash flow -6.18M; FCF -6.20M). A modest positive is that losses have narrowed versus prior years and leverage is low (debt-to-equity ~0.05), but funding risk remains until revenue and sustainable cash flow emerge.
Income Statement
12
Very Negative
The company is still in a loss-making phase with no reported revenue across the annual periods provided, which limits visibility into underlying business traction. Losses remain material, with EBITDA negative in every year (2021–2025) and TTM (Trailing-Twelve-Months) net income at -3.75M, though the loss narrowed versus 2024 (-6.33M) and 2023 (-9.11M). Overall, profitability and operating leverage remain weak, but the recent reduction in net loss is a modest positive.
Balance Sheet
48
Neutral
Leverage is low, with TTM (Trailing-Twelve-Months) debt-to-equity around 0.05 and total debt only ~0.25M versus equity of ~5.33M, which provides some balance-sheet flexibility. However, equity has been volatile (down sharply in 2024 vs prior years, then higher in 2025), and returns on equity are deeply negative due to continued losses. The balance sheet looks lightly levered, but still exposed to ongoing burn and potential future capital needs.
Cash Flow
18
Very Negative
Cash generation remains weak: TTM (Trailing-Twelve-Months) operating cash flow is -6.18M and free cash flow is -6.20M, indicating ongoing cash burn. Free cash flow improved versus 2024 (-4.65M) and materially versus 2022 (-19.97M), but it is still solidly negative, implying continued reliance on external funding if the current run-rate persists. A positive sign is that free cash flow is roughly in line with net loss in TTM (Trailing-Twelve-Months), but the absolute level of cash outflow remains a key risk.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue0.000.000.000.000.000.00
Gross Profit-126.64K-126.64K0.000.000.000.00
EBITDA-6.53M-6.53M-5.93M-9.01M-17.64M-11.70M
Net Income-3.75M-3.75M-6.33M-9.11M-17.76M-11.75M
Balance Sheet
Total Assets6.54M6.54M3.40M4.73M11.13M16.01M
Cash, Cash Equivalents and Short-Term Investments4.15M4.15M1.64M3.14M9.43M9.49M
Total Debt252.06K252.06K141.27K34.38K68.08K0.00
Total Liabilities1.20M1.20M2.54M1.63M2.17M4.49M
Stockholders Equity5.33M5.33M861.01K3.10M8.97M11.52M
Cash Flow
Free Cash Flow-6.20M-6.20M-4.65M-9.30M-19.97M-11.17M
Operating Cash Flow-6.18M-6.18M0.000.000.000.00
Investing Cash Flow2.68M2.68M-252.91K-671.66K-9.11M-6.43M
Financing Cash Flow6.01M6.01M3.16M3.00M15.19M19.69M

Venture Minerals Limited Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
61
Neutral
$10.43B7.12-0.05%2.87%2.86%-36.73%
48
Neutral
AU$72.36M-24.29-210.98%
48
Neutral
AU$75.25M150.000.85%-16.97%-94.15%
46
Neutral
AU$73.94M-8.89-3.86%21.74%
43
Neutral
AU$55.26M-15.33-16.10%36.62%
42
Neutral
AU$26.23M-2.64-27.12%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AU:CRI
Venture Minerals Limited
0.03
0.02
100.00%
AU:MSV
Mitchell Services Limited
0.38
0.04
13.64%
AU:ADN
Andromeda Metals Limited
0.02
<0.01
60.00%
AU:VRX
VRX Silica Ltd.
0.07
0.02
40.82%
AU:MNB
Minbos Resources Limited
0.02
-0.03
-52.94%

Venture Minerals Limited Corporate Events

Critica Links Share Trading Spike to Release of Commissioned Research Report
Jan 28, 2026

Critica Limited has responded to an ASX query over recent price and volume movements in its shares, stating it is not aware of any undisclosed information that could explain the trading activity and confirming that it is complying with its continuous disclosure obligations, including Listing Rule 3.1. The company attributed the increased trading interest to the release of a commissioned research report by East Coast Research, which was based solely on information already made public, and noted that its board has authorised the responses provided to the exchange.

The most recent analyst rating on (AU:CRI) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on Venture Minerals Limited stock, see the AU:CRI Stock Forecast page.

Critica Director Increases Indirect Stake Through Participation in Share Placement
Jan 22, 2026

Critica Limited has disclosed a change in the indirect securities interests of director Timothy Gordon Armstrong Lindley, held via Lindley Family Investment Pty Ltd and Lindley Family Super Pty Ltd, in accordance with ASX listing rules. Lindley participated in the company’s Tranche 2 Placement approved at a 15 January 2026 general meeting, acquiring 7,692,307 ordinary fully paid shares and an equal number of unlisted options at A$0.043, for a total consideration of A$200,000. Following the transaction, his indirect holdings comprise existing ordinary shares, a substantial parcel of unlisted zero exercise priced options and share rights subject to vesting, plus the newly acquired shares and options. The move underscores increased financial commitment by the director and is likely to be viewed as a signal of confidence in the company’s outlook and capital-raising strategy by investors and other stakeholders.

The most recent analyst rating on (AU:CRI) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on Venture Minerals Limited stock, see the AU:CRI Stock Forecast page.

Critica Completes $8m Placement to Accelerate Jupiter Rare Earth Project
Jan 22, 2026

Critica Limited has completed the second tranche of its previously announced $8 million two-tranche placement, issuing 92,321,731 fully paid ordinary shares at $0.026 per share, together with an equal number of free attaching options exercisable at $0.043 and expiring in two years. Directors also participated on the same terms, subscribing for over 12.3 million shares with corresponding options, reinforcing internal support for the funding. The capital raise is intended to accelerate operational activities at the company’s Jupiter Rare Earth Project, strengthening Critica’s ability to advance this key asset and potentially enhancing its position in the rare earths sector, while a cleansing notice confirms compliance with Australian corporate disclosure requirements for the new securities.

The most recent analyst rating on (AU:CRI) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on Venture Minerals Limited stock, see the AU:CRI Stock Forecast page.

Critica Issues Over 104 Million Unlisted Options Expiring in 2028
Jan 22, 2026

Critica Limited has notified the market of the issue of a substantial tranche of unquoted equity securities in the form of options. The company will issue 104,629,423 unlisted options with an exercise price of A$0.043 and an expiry date of 22 January 2028, which are not intended to be quoted on the ASX, signalling a significant potential source of future equity that could influence capital structure and shareholder dilution depending on future exercise.

The most recent analyst rating on (AU:CRI) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on Venture Minerals Limited stock, see the AU:CRI Stock Forecast page.

Critica Limited Seeks Quotation for Over 104 Million New Shares on ASX
Jan 22, 2026

Critica Limited, listed on the ASX under the code CRI, has applied for quotation of additional ordinary fully paid shares, expanding its listed securities base. The company has lodged an Appendix 2A announcing that 104,629,423 new ordinary shares will be quoted from 22 January 2026, formalising the market admission of securities previously issued under an Appendix 3B and potentially increasing liquidity and free float for existing and new investors.

The most recent analyst rating on (AU:CRI) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on Venture Minerals Limited stock, see the AU:CRI Stock Forecast page.

Critica Launches Scoping Study for Jupiter Rare Earth Project with Sedgman Appointment
Jan 19, 2026

Critica Limited has appointed engineering group Sedgman to lead a Scoping Study for its flagship Jupiter Rare Earth Project in Western Australia, supported by Snowden Optiro on mining and SRK Consulting on resource updates. The study will integrate a beneficiation-first flowsheet with mining, processing and infrastructure concepts to define a base-case development pathway, establish baseline project economics and set initial capital and operating cost assumptions, marking a key shift from technical validation to structured economic assessment. Parallel technical work, including metallurgical testing with ANSTO, pilot-scale beneficiation with GAVAQ and planning for targeted drilling, is underway to refine flowsheet design, optimise product specifications and de-risk the project ahead of planned pre-feasibility and definitive feasibility studies, positioning Jupiter as a potentially large-scale, capital-efficient rare earths development in a low-risk jurisdiction.

The most recent analyst rating on (AU:CRI) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on Venture Minerals Limited stock, see the AU:CRI Stock Forecast page.

Critica Shareholders Back All Resolutions at General Meeting, Approving Capital Placements
Jan 15, 2026

Critica Limited has confirmed that all resolutions presented at its latest general meeting of shareholders were approved by poll. The resolutions covered the ratification of previously issued Tranche 1 placement securities under listing capacity, the issue of Tranche 2 placement securities to placement investors, and the approval of director participation in the placement for three board members. The strong support for the placement-related resolutions, including director subscriptions, effectively endorses the company’s recent capital-raising initiatives and governance decisions, providing Critica with shareholder-backed flexibility to deploy new equity capital in support of its ongoing corporate and operational objectives.

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

Critica Limited Issues Equity Compensation to Director
Dec 18, 2025

Critica Limited has disclosed a change in the interest of its director, Timothy Gordon Armstrong Lindley, in accordance with ASX listing obligations. Mr. Lindley has been issued 3,652,960 unlisted share rights in lieu of up to 100% of his director fees from July 2025 to June 2026, following shareholder approval during the company’s AGM. This move aligns with broader corporate strategies to remunerate leadership using equity-related instruments, potentially signaling a focus on sustaining shareholder value and ensuring alignment between directors and investor interests.

Critica Limited Issues Unquoted Securities Under Employee Incentive Scheme
Dec 18, 2025

Critica Limited has issued a total of 3,652,960 unquoted equity securities under an employee incentive scheme, which will not be listed on the ASX. This issuance highlights the company’s effort to incentivize its workforce, potentially aligning their interests with the company’s performance and fostering engagement with stakeholders.

Critica Limited Issues 50 Million Employee Incentive Options
Dec 18, 2025

Critica Limited has announced the issuance of 50,000,000 unquoted Zero Exercise Price Options as part of an employee incentive scheme. This move demonstrates the company’s strategy to reward and retain employees, which could strengthen its workforce and potentially enhance its operational performance.

Critica Limited Secures $1 Million R&D Refund to Propel Jupiter Project Forward
Dec 15, 2025

Critica Limited has received a $1 million cash refund from the Australian Government’s R&D Tax Incentive Program, which will support the advancement of its Jupiter Rare Earth Project. This financial boost, along with recent and proposed placements, positions Critica to continue its strategy of becoming a leading rare earth developer in Australia, enhancing its market position and stakeholder value.

Critica Limited Announces General Meeting for Shareholders
Dec 12, 2025

Critica Limited has announced a General Meeting for its shareholders to be held on January 15, 2026, in Perth, Australia. The meeting will be conducted physically, and shareholders can participate in person or by proxy. The company has opted for electronic distribution of the Notice of Meeting and related materials, which can be accessed via their website or the ASX market announcements page. Shareholders are encouraged to vote by proxy, with instructions to be submitted by January 13, 2026.

Critica Limited Advances Rare Earth Production with Second High-Grade Product
Dec 1, 2025

Critica Limited, a company operating in the rare earth elements industry, has announced the successful production of a second high-grade Mixed Rare Earth Product (MREP) from its Jupiter Project in Western Australia. This achievement highlights the project’s scalability and the significant upgrades in key magnet rare earths and yttrium, which are critical in various high-tech applications and predominantly controlled by China. The development strengthens Critica’s position as a potential major player in the rare earth market, aligning with Western supply chain diversification initiatives.

Critica Limited Announces Investor Webinar for December 3, 2025
Dec 1, 2025

Critica Limited, a company listed on the ASX under the ticker CRI, has announced an upcoming investor webinar. The event, scheduled for December 3, 2025, will feature CEO Jacob Deysel providing updates on the company’s recent activities and future outlook, with a live Q&A session to follow. This webinar represents an opportunity for stakeholders to gain insights into Critica’s strategic direction and operational progress.

Critica Limited Completes First Tranche of $8 Million Placement
Nov 21, 2025

Critica Limited, listed on the ASX under the ticker CRI, has successfully completed the first tranche of an $8 million placement to boost activities at its Jupiter rare earths project. The company issued over 203 million shares at $0.026 each, along with free attaching options, to fund this initiative. The completion of the second tranche is pending shareholder approval, expected in January 2026, which will further support the company’s operational expansion.

Critica Limited Issues Unlisted Options
Nov 21, 2025

Critica Limited announced the issuance of 203,062,884 unlisted options with an exercise price of $0.043, set to expire on November 21, 2027. This issuance is part of previously announced transactions and is not intended to be quoted on the ASX, potentially impacting the company’s financial strategy and stakeholder interests.

Critica Limited’s 2025 AGM Resolutions Passed
Nov 19, 2025

Critica Limited announced that all resolutions proposed at its 2025 Annual General Meeting were successfully passed. The meeting included resolutions on remuneration, re-election and election of directors, and the issuance of share rights and options, reflecting strong shareholder support and potentially impacting the company’s governance and strategic direction.

Critica Limited Advances Australia’s Largest Clay-Hosted Rare Earth Resource
Nov 19, 2025

Critica Limited is advancing its position in the rare-earth industry by focusing on Australia’s largest clay-hosted magnet rare earth resource. The company is delivering its first mineral resource estimate and validating the recovery of additional critical elements, which positions it as a significant player in the integrated clay-hosted rare-earth resource sector with multi-metal potential.

Critica Limited: Transformational Year in Rare Earths Sector
Nov 19, 2025

Critica Limited has made significant strides in 2025, transitioning from an explorer to a developer in the rare earths sector. The company achieved several milestones, including confirming its Jupiter project as Australia’s largest clay-hosted rare earth deposit and producing its first Mixed Rare Earth Product. The company’s successful $8 million equity raise and strategic positioning in the Western rare earth supply chain highlight its growing importance in the industry. Critica aims to further develop its projects and engage with Western-aligned partners to ensure a sustainable and independent supply chain for critical minerals.

Lion Selection Group Invests in Critica’s Strategic Jupiter REE Project
Nov 17, 2025

Lion Selection Group Limited has invested $0.5 million in Critica Limited as part of an $8 million placement to advance the Jupiter Rare Earth project. The project is strategically positioned to diversify the REE supply chain away from China, with its large-scale resource and favorable mining conditions in Western Australia. This investment positions Lion as a 2.4% shareholder in Critica, underscoring the potential strategic importance of the Jupiter project in the global REE market.

Critica Limited Announces Proposed Securities Issue
Nov 17, 2025

Critica Limited has announced a proposed issue of securities, including unlisted options with an exercise price of $0.043 and a two-year expiry, totaling 203,062,884 securities. This move is part of a placement or other type of issue, with the proposed issue date set for November 21, 2025. The announcement indicates a strategic effort to raise capital, which could impact Critica Limited’s market positioning and provide opportunities for stakeholders.

Critica Limited Announces Proposed Securities Issue
Nov 17, 2025

Critica Limited has announced a proposed issue of securities, including unlisted options and ordinary fully paid shares, scheduled for issuance on January 21, 2026. This move is part of a placement or other type of issue, which could potentially impact the company’s market positioning by increasing its capital base and providing more liquidity for its operations.

Critica Limited Secures $8 Million to Boost Jupiter Project
Nov 17, 2025

Critica Limited has successfully raised approximately A$8 million through an oversubscribed placement to accelerate operational activities at its Jupiter rare earths project. The funds, along with existing cash and an expected R&D rebate, will support the Jupiter REE Scoping Study and related activities. The placement was strongly backed by institutional and sophisticated investors, with board directors also participating, demonstrating confidence in the company’s strategy. Critica aims to advance the project through systematic de-risking and technical development, positioning itself as a key player in the critical minerals market.

Critica Limited Advances Gallium Extraction in Rare Earth Resource
Nov 17, 2025

Critica Limited has announced advancements in its Jupiter flowsheet, confirming that gallium can be extracted as a valuable by-product from its 1.8 billion tonnes rare earth resource. The metallurgical analysis indicates a 63% leach recovery rate for gallium oxide, highlighting the strategic importance of this resource given China’s dominance in the global gallium market. This development positions Critica favorably within the industry, as it leverages its existing infrastructure without altering its project scope, and plans further evaluations of other by-products.

Critica Limited Initiates Trading Halt for Capital Raising Announcement
Nov 13, 2025

Critica Limited, listed on the ASX under the ticker CRI, has requested a trading halt on its securities pending an announcement regarding a proposed capital raising. This halt is set to remain in effect until the announcement is made or normal trading resumes on November 17, 2025. The move indicates a significant financial maneuver by Critica, potentially impacting its market position and stakeholder interests.

Critica Limited Advances Gallium Recovery in Rare Earth Operations
Nov 10, 2025

Critica Limited has announced a significant advancement in its Mixed Rare Earth Product (MREP) program, achieving a 63% gallium leach recovery from its Jupiter Resource. This development underscores the strategic importance of Critica’s operations, as it strengthens its position in the global supply chain for critical minerals, particularly gallium, which is vital for next-generation technologies and is predominantly controlled by China. The company’s ability to extract gallium as a by-product without altering its existing process circuit highlights its commitment to maintaining a stable and low-risk supply chain.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jan 29, 2026