Cullen Resources Limited (CUL) AI Stock Analysis

• Market Cap: AU$5.55M
• Dividend Yield: N/A
• Average Volume (3M): 765.36K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.86
• Revenue Growth: N/A
• EPS Growth: 30.00%
• Country: AU
• Employees: 1
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): 0.00
• Shares Outstanding: 693,401,860
• 10 Day Avg. Volume: 765,363
• 30 Day Avg. Volume: 765,363
• PEG Ratio: 0.08
• Price to Book (P/B): 0.60
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -7.04
• 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$0.01 ▲(0.00% Upside)

The score is primarily held back by weak financial performance (zero revenue in FY2025, ongoing losses, and persistent cash burn). Low leverage provides some balance-sheet resilience, but valuation remains difficult due to negative earnings, and technicals cannot be confirmed due to missing indicators.

Positive Factors

Strategic Exploration Initiatives

The initiation of a maiden drilling program at the Killero Gold-Copper Project represents a strategic move to enhance resource potential, positioning Cullen Resources for long-term growth in the mineral exploration industry.

Joint Venture Partnerships

The collaboration with High Tech Metals for drilling at Mt Eureka demonstrates a strategic approach to leverage partnerships, enhancing geological confidence and supporting future resource updates, which could strengthen market positioning.

Shareholder Support and Governance

Strong shareholder support at the AGM, including the approval of a 10% placement facility, indicates confidence in management and provides financial flexibility for future capital raising, supporting long-term strategic initiatives.

Negative Factors

Zero Revenue and Persistent Losses

The absence of revenue and ongoing losses highlight significant challenges in achieving profitability, which could limit the company's ability to fund exploration activities and sustain operations in the long term.

Negative Operating Cash Flow

Consistently negative operating cash flow indicates recurring cash burn, suggesting that the company may face difficulties in sustaining operations without external funding, impacting long-term financial health.

Weak Operating Performance

The weak and deteriorating operating performance, with zero revenue and ongoing losses, reflects challenges in achieving a sustainable business model, potentially affecting long-term viability and investor confidence.

Cullen Resources Limited Business Overview & Revenue Model

Company Description

Cullen Resources Limited, together with its subsidiaries, engages in the mineral exploration activities in Western Australia and Finland. It primarily explores for gold, lithium, nickel, copper, iron ore, and platinum group element, as well as base metals. The company was incorporated in 1982 and is based in South Perth, Australia.

How the Company Makes Money

Cullen Resources Limited generates revenue through the exploration and development of mineral properties, aiming to discover commercially viable mineral deposits that can be sold or developed into profitable mining operations. The company may earn income through partnerships or joint ventures with other mining companies, selling exploration rights, or developing and selling mineral resources. Key factors contributing to its earnings include the successful discovery of valuable mineral deposits, strategic partnerships, and favorable market conditions for minerals and metals.

Cullen Resources Limited Financial Statement Overview

Summary

Cullen Resources Limited faces significant financial challenges with consistent losses and declining revenues impacting profitability. Despite a strong equity position and no debt, cash flow management remains a key concern. The company needs to focus on improving operational efficiencies and revenue growth to enhance financial stability.

Income Statement

Cullen Resources Limited exhibits a challenging financial position with declining revenues and persistent losses. The TTM shows a decreased total revenue compared to previous annual figures, coupled with negative EBIT and EBITDA margins, indicating substantial operational inefficiencies. Net profit margins remain deeply negative, emphasizing a need for significant operational improvements.

Balance Sheet

The company's balance sheet is relatively strong in terms of leverage, with no debt and a healthy equity base. However, the declining equity ratio over the years suggests increased reliance on liabilities. The return on equity is negative due to the company's consistent net losses, suggesting inefficiency in generating returns for shareholders.

Cash Flow

Cullen Resources Limited's cash flow is under pressure with negative free cash flow and operating cash flow, highlighting cash usage issues. The free cash flow growth rate is negative, and while the company maintains a reasonable cash balance, the operating cash flow to net income ratio indicates inefficiencies in operational cash generation relative to net income.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	119.88K	84.60K	55.66K	69.50K
Gross Profit	-319.00	-319.00	119.88K	-12.65K	-12.65K	67.73K
EBITDA	-902.00K	-902.00K	-286.00K	-1.15M	-1.37M	-1.34M
Net Income	-902.32K	-902.32K	-1.14M	-1.17M	-1.38M	-1.35M
Balance Sheet
Total Assets	4.82M	4.82M	4.87M	5.40M	5.38M	6.22M
Cash, Cash Equivalents and Short-Term Investments	7.38K	7.38K	91.93K	588.11K	594.56K	1.41M
Total Debt	60.00K	60.00K	0.00	0.00	0.00	0.00
Total Liabilities	285.38K	285.38K	164.25K	166.38K	144.29K	164.32K
Stockholders Equity	4.54M	4.54M	4.70M	5.23M	5.24M	6.06M
Cash Flow
Free Cash Flow	-383.53K	-383.53K	-1.06M	-1.17M	-1.43M	-1.22M
Operating Cash Flow	-383.53K	-383.53K	-438.65K	-387.51K	-353.90K	-351.09K
Investing Cash Flow	-500.39K	-500.39K	-617.53K	-777.63K	-1.08M	-872.23K
Financing Cash Flow	799.37K	799.37K	560.00K	1.16M	560.00K	2.37M

Cullen 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%
CPM	51 Neutral	AU$4.47M	-7.01	-5.47%	―	14.85%	65.47%
QXR	46 Neutral	AU$7.63M	―	-120.40%	―	―	-123.53%
CUL	44 Neutral	AU$5.55M	-7.14	-19.53%	―	―	30.00%
AOA	44 Neutral	AU$2.85M	―	-65.57%	―	―	-200.00%
APC	43 Neutral	AU$5.68M	-1.23	-430.00%	―	―	-255.77%
WYX	42 Neutral	AU$5.03M	-2.48	-39.25%	―	―	21.34%

Cullen Resources Limited Corporate Events

Cullen Resources Advances Finnish Gold-Copper Exploration with Capella

Cullen Resources Limited has announced that Capella Minerals Limited, the manager of their joint venture, has commenced a maiden diamond drilling program at the Killero Gold-Copper Project in northern Finland. This initiative marks the first drilling at the site, focusing on the Killerö E gold-copper target, which is part of a former Anglo American project. The program aims to test significant gold-copper anomalies identified in the area and is expected to enhance the project’s potential, positioning Cullen and its partners strategically within the mineral exploration industry.

Cullen Resources Advances Exploration at Mt Eureka with New Drilling Program

Cullen Resources Limited, through its joint venture with High Tech Metals, has commenced a 3,000-meter drilling program at the high-grade Wagtail deposit within the Mt Eureka Gold Project in Western Australia. The program aims to enhance geological confidence and support future resource updates, with multiple high-grade gold targets identified for further exploration. This initiative is part of a broader strategy to advance the project to a Final Investment Decision, potentially impacting the company’s operational and market positioning.

Cullen Resources AGM Resolutions Passed with Strong Support

Cullen Resources Limited announced the results of its Annual General Meeting, where all resolutions were passed by a poll. Key resolutions included the adoption of the Remuneration Report, the re-election of Wayne Kernaghan as a Director, and the approval of an additional 10% placement facility, indicating strong shareholder support and potential for future capital raising.

Cullen Resources Targets Growth with Yardilla Gold Project and Joint Ventures

Cullen Resources Limited has highlighted its Yardilla Gold Project, which targets a potential Tropicana lookalike, and its involvement in three active joint ventures. This strategic focus on exploration and partnerships could enhance the company’s position in the mining sector, potentially offering significant opportunities for growth and value creation for its stakeholders.

Cullen Resources Advances Killaloe Gold Project with New Drilling Plans

Cullen Resources Limited, in partnership with Lachlan Star Ltd, has announced further drilling plans at the Killaloe Gold Project in Western Australia following promising assay results. The recent drilling at Duke Main confirmed a broad gold system, with significant gold intercepts, and plans are underway to explore further potential in the area. The project has received a government grant to support diamond drilling, highlighting its potential for significant gold discoveries. The Killaloe project remains under-explored, with multiple gold zones identified, suggesting promising opportunities for future exploration and development.

Cullen Resources Schedules AGM with Key Resolutions

Cullen Resources Limited has announced its upcoming Annual General Meeting scheduled for November 27, 2025, in Sydney. The meeting will cover the adoption of financial statements, a non-binding vote on the remuneration report, the re-election of Mr. Wayne Kernaghan as a director, and the approval of an additional 10% placement facility for equity securities. These resolutions aim to strengthen the company’s governance and financial flexibility, potentially impacting shareholder value and market positioning.