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Iceni Gold Ltd. (AU:ICL)
ASX:ICL
Australian Market

Iceni Gold Ltd. (ICL) AI Stock Analysis

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AU:ICL

Iceni Gold Ltd.

(Sydney:ICL)

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Neutral 49 (OpenAI - 5.2)
Rating:49Neutral
Price Target:
AU$0.06
▲(0.00% Upside)
The score is primarily held back by weak financial performance driven by widening losses and ongoing cash burn, despite revenue growth. Technicals provide modest support with price trading above key moving averages, but valuation remains challenged due to negative earnings and no dividend yield data.
Positive Factors
Strong Balance Sheet
A strong balance sheet with no debt provides Iceni Gold with financial stability and flexibility, allowing it to focus on exploration without the burden of debt repayment.
Exploration Progress
Continued exploration progress at key sites like Guyer Trend indicates potential for future resource development, enhancing Iceni Gold's position in the gold exploration sector.
Director Confidence
Increased shareholding by directors signals confidence in Iceni Gold's future prospects, potentially boosting investor trust and market perception.
Negative Factors
Cash Flow Challenges
Negative cash flow indicates ongoing cash burn, necessitating external funding and potentially limiting Iceni Gold's ability to sustain operations without new capital.
Widening Losses
Widening losses and negative margins highlight profitability challenges, which could pressure Iceni Gold's financial health and investor confidence if not addressed.
Limited Revenue Base
A limited revenue base with high costs suggests Iceni Gold's operations are not yet self-sustaining, posing risks to long-term viability without significant revenue growth.

Iceni Gold Ltd. (ICL) vs. iShares MSCI Australia ETF (EWA)

Iceni Gold Ltd. Business Overview & Revenue Model

Company DescriptionIceni Gold Limited focuses on acquiring, exploring, and developing gold projects. Its principal property is the 14 Mile Well project that consists of 7 prospect areas comprising a tenement package of 850 square kilometers located in the Eastern Goldfields Province of the Yilgarn Craton in Western Australia. The company was incorporated in 2020 and is based in West Perth, Australia.
How the Company Makes MoneyIceni Gold Ltd. generates revenue primarily through the exploration and potential development of gold resources. The company's revenue model is centered around discovering economically viable gold deposits, which can then be sold, joint ventured, or developed into mining operations. Key revenue streams include capital raised from investors for exploration activities and potential revenue from selling or partnering on successful gold projects. The company may also benefit from partnerships with other mining companies to share the costs and risks associated with exploration. Additionally, Iceni Gold could generate income from any future gold production if exploration leads to the establishment of a mining operation.

Iceni Gold Ltd. Financial Statement Overview

Summary
Despite meaningful revenue growth in FY2025, profitability deteriorated sharply with a much wider net loss and deeply negative margins. Cash flow is also weak with ongoing operating and free cash flow burn, increasing funding reliance. The main offset is a strong, low-leverage balance sheet with effectively no debt.
Income Statement
18
Very Negative
Revenue increased meaningfully in FY2025 (annual) to ~291k from ~142k in FY2024, but profitability deteriorated sharply: net loss widened to about -3.49m (from about -0.23m), and margins are deeply negative (net margin roughly -12x revenue). Results suggest early-stage or non-producing operations with limited revenue base and high cost structure, creating elevated earnings risk despite top-line growth.
Balance Sheet
72
Positive
The balance sheet is a relative strength: debt is effectively zero in FY2025 and leverage has been low historically, with equity remaining sizeable (~29.6m) versus assets (~30.9m). The key weakness is ongoing value erosion from losses, reflected in negative returns on equity (around -12% in FY2025), which could pressure the capital base over time if losses persist.
Cash Flow
22
Negative
Cash generation is weak and worsening: operating cash flow is negative across all periods (about -1.38m in FY2025), and free cash flow is deeply negative (about -7.79m in FY2025), indicating continued cash burn. While free cash flow is larger than the net loss (suggesting significant investment or working-capital effects), the overall profile implies ongoing funding needs and limited self-sustainability from operations.
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue291.24K291.24K142.20K0.000.000.00
Gross Profit291.24K291.24K142.20K-17.12K-4.54K-757.00
EBITDA-3.59M-3.59M-952.35K-1.22M-1.23M-2.38M
Net Income-3.49M-3.49M-230.02K-1.30M-1.32M-2.39M
Balance Sheet
Total Assets30.85M30.85M28.32M24.96M27.33M25.25M
Cash, Cash Equivalents and Short-Term Investments4.35M4.35M3.45M1.16M7.95M17.52M
Total Debt0.000.00247.12K823.36K1.51M423.39K
Total Liabilities1.29M1.29M858.45K1.34M2.41M1.04M
Stockholders Equity29.56M29.56M27.46M23.62M24.92M24.21M
Cash Flow
Free Cash Flow-7.79M-7.79M-3.11M-6.03M-12.68M-3.95M
Operating Cash Flow-1.38M-1.38M-502.23K-1.14M-1.30M-1.24M
Investing Cash Flow-2.82M-2.82M-458.96K-4.97M-11.38M-2.86M
Financing Cash Flow5.10M5.10M3.25M-684.86K3.11M21.47M

Iceni Gold Ltd. Technical Analysis

Technical Analysis Sentiment
Negative
Last Price0.06
Price Trends
50DMA
0.06
Negative
100DMA
0.06
Negative
200DMA
0.06
Negative
Market Momentum
MACD
>-0.01
Positive
RSI
40.57
Neutral
STOCH
28.43
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:ICL, the sentiment is Negative. The current price of 0.06 is below the 20-day moving average (MA) of 0.07, below the 50-day MA of 0.06, and below the 200-day MA of 0.06, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 40.57 is Neutral, neither overbought nor oversold. The STOCH value of 28.43 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:ICL.

Iceni Gold Ltd. 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%
52
Neutral
AU$63.54M-10.00-20.41%400.00%21.71%
50
Neutral
AU$64.39M-16.06-184.34%40.17%
49
Neutral
AU$20.63M-5.61-12.25%-791.67%
49
Neutral
AU$38.12M-13.08-19.04%-4.00%
47
Neutral
AU$29.81M-8.08-77.71%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AU:ICL
Iceni Gold Ltd.
0.06
-0.02
-25.00%
AU:ODY
Odyssey Gold Limited
0.03
0.02
100.00%
AU:WGR
Western Gold Resources Ltd.
0.22
0.16
266.67%
AU:MVL
Marvel Gold Ltd.
0.02
0.01
90.91%
AU:KZR
Kalamazoo Resources Ltd.
0.22
0.14
182.05%

Iceni Gold Ltd. Corporate Events

Iceni Gold Advances Deep Drilling at 14 Mile Well and Welcome Creek
Jan 30, 2026

Iceni Gold reported an active December quarter centred on exploration at its 14 Mile Well Gold Project and the Welcome Creek Project, advancing drilling programs that target key geological structures believed to host significant gold and IOCG-style mineralisation. At the Guyer area within 14 Mile Well, the company completed two follow-up diamond drill holes totalling 612.62 metres to test granite- and basalt-hosted gold zones where earlier work returned notable high-grade intercepts, with assays from the latest drilling due in late February and likely to guide the next phase of exploration. Meanwhile, at Welcome Creek, a deep diamond hole (WCD001) has reached 1,475.5 metres towards a planned 1,500 metres, intersecting structurally complex zones with minor sulphides and broad oxidation but not yet resolving the source of a large geophysical anomaly, underscoring both the technical potential and exploration risk of the IOCG-style target. The company closed the quarter with cash reserves of $1.53 million, providing limited but ongoing funding capacity for further drilling and assessment of these exploration plays.

The most recent analyst rating on (AU:ICL) stock is a Hold with a A$0.06 price target. To see the full list of analyst forecasts on Iceni Gold Ltd. stock, see the AU:ICL Stock Forecast page.

Iceni Pushes Deep Drilling at Welcome Creek IOCG Target in Officer Basin
Jan 28, 2026

Iceni Gold has provided an update on ongoing deep diamond drilling at its Welcome Creek copper-gold project in Western Australia, where hole WCD001 has reached 1,475.5 metres and is advancing toward a planned depth of at least 1,500 metres to test a large, coincident gravity-magnetic anomaly interpreted as a potential IOCG-style target. While drilling has intersected thick Neoproterozoic sedimentary and evaporitic rocks, structurally complex zones with minor sulphides and broad oxidation, the source of the geophysical anomaly remains unexplained; core is now undergoing detailed scanning and analysis in Perth, and the program—co-funded by the state’s Exploration Incentive Scheme—will provide one of the deepest holes in the Officer Basin, potentially reshaping the geological model for this underexplored region and informing future exploration strategy.

The most recent analyst rating on (AU:ICL) stock is a Hold with a A$0.06 price target. To see the full list of analyst forecasts on Iceni Gold Ltd. stock, see the AU:ICL Stock Forecast page.

Iceni Gold Options Lapse, Trimming Potential Future Dilution
Jan 13, 2026

Iceni Gold Limited has confirmed the expiry and cessation of 19,218,819 listed options (ICLAQ) with an exercise price of $0.15, which lapsed unexercised on 31 December 2025. The expiration of these options reduces the company’s potential future share dilution and simplifies its capital structure, a development that may affect the outlook for existing shareholders and the company’s flexibility in using equity-linked instruments for future funding.

The most recent analyst rating on (AU:ICL) stock is a Hold with a A$0.07 price target. To see the full list of analyst forecasts on Iceni Gold Ltd. stock, see the AU:ICL Stock Forecast page.

Iceni Gold Advances Exploration Projects at Guyer and Welcome Creek
Dec 17, 2025

Iceni Gold Limited has completed a diamond drilling program at the Guyer Trend within its 14 Mile Well Gold Project and is advancing another deep diamond drillhole at Welcome Creek. The Guyer drilling targeted high-priority gold mineralisation areas, while Welcome Creek aims to uncover a possible IOCG system through a challenging 1,500m deep drill core. These efforts underscore Iceni’s commitment to advancing exploration models and positioning itself as a leading player in discovering new mineral deposits.

Iceni Gold Launches Follow-Up Drilling at 14 Mile Well Project
Dec 2, 2025

Iceni Gold Limited has commenced a follow-up diamond drilling program at the Guyer site within its 14 Mile Well Gold Project. This initiative aims to evaluate high-priority targets identified in previous drilling campaigns, with significant gold intercepts already reported. The program is expected to refine the understanding of mineralized zones and set the foundation for future resource-focused work, potentially enhancing the company’s position in the gold mining sector.

Iceni Gold Announces Expiration of Quoted Options
Dec 2, 2025

Iceni Gold Limited has announced the expiration of its quoted options, which are exercisable at $0.105, set to expire on 29 December 2025. Option holders have the choice to exercise, sell, or let their options lapse, with the current market price of shares being lower than the exercise price, potentially impacting the decision-making of stakeholders.

Iceni Gold Ltd. Advances Exploration with Promising Gold Discoveries
Nov 26, 2025

Iceni Gold Ltd. has released information regarding its ongoing exploration activities, highlighting significant progress in identifying high-grade gold intersections at various sites, including the Guyer Gold Trend. The announcement underscores the company’s strategic focus on expanding its gold resource base, which could enhance its market position and offer potential value to stakeholders.

Iceni Gold Ltd. Reports Significant Gold Exploration Progress
Nov 20, 2025

Iceni Gold Ltd., a company listed on the Australian Securities Exchange under the ticker ASX:ICL, has released a document for informational purposes regarding its recent activities. The company has been actively involved in gold exploration, with recent drilling programs highlighting significant gold intersections at the Guyer Gold Trend. These developments suggest a strengthening of the gold system in the area, potentially enhancing the company’s operational focus and positioning within the gold exploration industry.

Iceni Gold Ltd. Issues New Unquoted Equity Securities
Nov 12, 2025

Iceni Gold Ltd. announced the issuance of 3,772,000 unquoted equity securities in the form of options exercisable at $0.10 each, expiring on November 11, 2028. This move is part of an employee incentive scheme, potentially enhancing employee engagement and aligning their interests with the company’s long-term goals, which may positively impact its operational efficiency and market positioning.

Iceni Gold Director Increases Shareholding
Nov 10, 2025

Iceni Gold Limited announced a change in the interest of its director, Brian Rodan, who acquired 26,525 fully paid ordinary shares through an on-market purchase. This acquisition increases Rodan’s total holdings to 89,393,937 shares, along with various unquoted options. The transaction reflects a modest increase in director holdings, potentially signaling confidence in the company’s prospects.

Iceni Gold Director Increases Stake with Share Acquisition
Nov 7, 2025

Iceni Gold Limited announced a change in the director’s interest, with Wade Johnson acquiring an additional 175,000 fully paid ordinary shares through an on-market purchase, increasing his total shareholding to 1,688,333 shares. This acquisition reflects a strategic move by the director to increase his stake in the company, potentially signaling confidence in the company’s future prospects and stability, which could positively impact stakeholder perceptions and market positioning.

Iceni Gold Director Increases Stake, Signaling Confidence in Future Prospects
Nov 7, 2025

Iceni Gold Ltd. has announced a change in the director’s interest, specifically regarding Brian Rodan, who acquired 320,475 shares through an on-market purchase. This acquisition reflects a strategic move to strengthen his position within the company, potentially signaling confidence in the company’s future prospects and impacting shareholder perception positively.

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: Dec 30, 2025