Mandrake Resources Ltd (MAN) AI Stock Analysis

• Market Cap: AU$14.43M
• Dividend Yield: N/A
• Average Volume (3M): 1.05M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.72
• Revenue Growth: N/A
• EPS Growth: -233.33%
• Country: AU
• Employees: 13
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): 0.00
• Shares Outstanding: 627,259,950
• 10 Day Avg. Volume: 1,827,260
• 30 Day Avg. Volume: 1,045,582
• PEG Ratio: -0.08
• Price to Book (P/B): 0.47
• Price to Sales (P/S): 16.91
• P/FCF Ratio: -6.74
• 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: 53 Neutral
• Price Target: AU$0.02 ▲(15.00% Upside)

The score is held back primarily by weak financial performance (ongoing losses and structurally negative free cash flow), partially offset by a strong, debt-free balance sheet. Technicals are moderately supportive with price above major moving averages, while valuation is constrained by loss-making earnings and no dividend support.

Positive Factors

Debt-free balance sheet

A zero-debt capital structure with rising equity provides durable financial flexibility for an exploration company: it reduces solvency risk, supports funding of multi-stage drill programs or farm-outs without interest burdens, and preserves options for strategic partnerships over the next several months.

Positive operating cash flow trend

The shift to positive operating cash flow in consecutive years indicates improving near-term cash conversion from operations. For an explorer this suggests better cost control or project monetization that can help sustain activity between raises, improving resilience and lowering immediate funding pressure over 2–6 months.

Focused exploration business model

A concentrated exploration focus in gold allows the company to allocate limited capital efficiently toward high-impact drill targets and partner/joint-venture opportunities. This disciplined model can deliver outsized resource upside relative to spending and attract farm-ins or JV funding over a multi-month horizon.

Negative Factors

Widening net losses

Materially larger net losses weaken long-term sustainability by eroding equity and signaling that operating activities do not cover costs. Persistent losses increase reliance on external capital, elevate dilution risk, and constrain the company’s ability to advance multiple projects or respond to setbacks over the coming months.

Consistently negative free cash flow

Sustained negative free cash flow shows the business consumes cash to fund exploration and lacks internal financing of investment. This creates structural dependence on capital raises or asset transactions, which can delay programs, increase dilution risk, and limit strategic optionality across a 2–6 month planning horizon.

Very small, volatile revenue base

A tiny and inconsistent revenue stream leaves operating costs largely uncovered and margins vulnerable to single-event swings. Without stable revenue diversification or material project monetization, planning and investment decisions remain fund-raise dependent, limiting sustainable growth prospects in the medium term.

Mandrake Resources Ltd Business Overview & Revenue Model

Company Description

Mandrake Resources Limited engages in the exploration and evaluation of mineral resources. It explores for gold, silver, nickel, and copper deposits. The company's principal property is the Jimperding project consisting of 140 square kilometers exploration license application situated in the north east of Perth, Western Australia. It also owns a 100% interest in the Berinka Pine Creek project covering an area of 289 square kilometers located in the Pine Creek Orogen, Northern Territory. The company was formerly known as Bronson Group Limited and changed its name to Mandrake Resources Limited in August 2019. Mandrake Resources Limited was incorporated in 1986 and is based in West Perth, Australia.

How the Company Makes Money

Mandrake Resources Ltd makes money through the exploration and potential development of mineral resources. The company's revenue model is based on locating significant mineral deposits and advancing these projects to stages where they can attract investment or partnerships from larger mining companies or investors. Revenue streams include the sale or joint venture of successful exploration projects, as well as potential future income from any mining operations that may be established. Strategic partnerships with other mining companies or stakeholders can also play a significant role in funding and advancing Mandrake's projects, contributing to its earnings.

Mandrake Resources Ltd Financial Statement Overview

Summary

Balance sheet strength (zero debt and growing equity) is a key positive, but operating fundamentals are weak: revenue is small/volatile, the company remains loss-making with wider losses in 2025, and free cash flow is consistently negative, indicating ongoing reliance on external funding.

Income Statement

Revenue remains very small and volatile, with a sharp decline in 2025 (annual revenue down ~9.8% after a strong rebound in 2023 and modest growth in 2024). Profitability is weak: the company is consistently loss-making, and 2025 losses widened materially (net loss of ~-624k vs ~-198k in 2024), driving a deeply negative net margin (~-94% in 2025). A positive is the apparent 100% gross margin in years with revenue, but operating costs continue to overwhelm the revenue base.

Balance Sheet

The balance sheet is a relative strength: total debt is reported at zero across all periods, resulting in no leverage pressure and a clean capital structure. Equity is sizable and stable-to-growing over time (roughly ~18.9m in 2021 to ~23.9m in 2025), supporting financial flexibility. The main weakness is returns: return on equity remains negative due to ongoing net losses (about -2.6% in 2025 after being closer to breakeven in 2024).

Cash Flow

Cash generation is mixed and generally weak. Operating cash flow turned positive in 2024 and 2025, but it fell sharply in 2025 (~65k vs ~241k in 2024), and it has been negative in several earlier years. Free cash flow is consistently negative and remained meaningfully cash-consuming in 2025 (~-1.67m), with worsening free cash flow growth in 2025. Overall, the company appears reliant on funding sources outside internally generated free cash flow to sustain operations and investment.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	664.42K	664.42K	736.58K	402.02K	23.68K	0.00
Gross Profit	664.42K	664.42K	736.58K	402.02K	23.68K	0.00
EBITDA	-419.06K	0.00	-179.00K	-292.00K	-415.00K	-3.11M
Net Income	-623.66K	-623.71K	-198.00K	-311.00K	-560.00K	-3.11M
Balance Sheet
Total Assets	23.98M	23.98M	23.88M	23.64M	19.87M	19.25M
Cash, Cash Equivalents and Short-Term Investments	13.25M	13.25M	14.92M	16.81M	16.26M	16.06M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	102.23K	102.23K	166.80K	138.66K	185.26K	367.59K
Stockholders Equity	23.87M	23.87M	23.72M	23.50M	19.68M	18.88M
Cash Flow
Free Cash Flow	-1.67M	-1.67M	-1.88M	-3.35M	-1.16M	-1.54M
Operating Cash Flow	65.45K	65.45K	240.81K	-105.31K	-418.35K	-341.16K
Investing Cash Flow	-1.73M	-1.73M	-2.12M	-3.24M	-738.70K	-1.20M
Financing Cash Flow	-3.06K	-3.06K	-5.06K	3.89M	1.36M	14.30M

Mandrake Resources Ltd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.02
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:MAN, the sentiment is Negative. The current price of 0.02 is below the 20-day moving average (MA) of 0.02, below the 50-day MA of 0.02, and below the 200-day MA of 0.02, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 49.11 is Neutral, neither overbought nor oversold. The STOCH value of 33.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:MAN.

Mandrake 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%
GML	55 Neutral	AU$162.60M	11.29	8.62%	―	―	―
ZAG	54 Neutral	AU$48.20M	-13.68	-28.59%	―	―	-860.00%
MAN	53 Neutral	AU$14.43M	-23.00	-2.67%	―	―	-233.33%
NSM	48 Neutral	AU$13.08M	-11.67	-5.25%	―	―	75.81%
NWM	47 Neutral	AU$22.71M	-5.83	-7.82%	―	―	-28.57%
AHK	40 Underperform	AU$33.96M	-21.96	-18.96%	―	―	1.38%

Mandrake Resources Ltd Corporate Events

Mandrake Resources Updates Director’s Securities Interests

Mandrake Resources Limited has announced a change in the interests of its director, Lloyd Flint, in the company’s securities. On December 15, 2025, Flint’s performance rights were adjusted, with 5,000,000 rights expiring and an equal number of new rights being granted, maintaining his total at 10,000,000 performance rights. This change was approved at the Annual General Meeting held on November 26, 2025.

Mandrake Resources Issues 30 Million Performance Rights

Mandrake Resources Ltd has issued 30,000,000 Performance Rights following shareholder approval at its 2025 Annual General Meeting. The company has notified the ASX that these securities can be traded under the exemption provided by section 708A(5) of the Corporations Act 2001, ensuring compliance with relevant legal and disclosure requirements.

Mandrake Resources Announces Cessation of 30 Million Performance Rights

Mandrake Resources Ltd announced the cessation of 30 million performance rights due to the expiry of options or other convertible securities without exercise or conversion. This development may affect the company’s capital structure and could have implications for its financial strategy and stakeholder interests.

Mandrake Resources Partners with DISA for Uranium Recovery in Utah

Mandrake Resources Limited has signed a binding agreement with DISA Technologies Inc. to recover uranium and other critical minerals from mine waste dumps in their Utah Project. This collaboration involves the use of DISA’s High Pressure Slurry Ablation technology, with Mandrake receiving a gross revenue share from the sale of recovered minerals. The agreement is supported by strong U.S. government backing for domestic mineral recovery, highlighting its potential impact on the company’s operations and contribution to the strategic mineral production in the U.S.

Mandrake Resources Ltd Successfully Passes All Resolutions at AGM

Mandrake Resources Ltd held its Annual General Meeting on November 26, 2025, where all resolutions were successfully passed. These resolutions included the adoption of the remuneration report, re-election of a director, approval of a mandate, confirmation of the auditor’s appointment, renewal of takeover provisions, and issuance of performance rights to related parties. The successful passing of these resolutions indicates strong shareholder support and positions the company for continued operational stability and governance.

Mandrake Resources Secures Strategic Lithium Supply Deal with Stardust Power

Mandrake Resources Limited has signed a non-binding Letter of Intent with Stardust Power Inc., a U.S.-based lithium refinery developer, to supply 7,500 metric tons of lithium chloride annually from its Utah Lithium Project. This agreement underscores the strategic importance of Mandrake’s project in strengthening the U.S. battery supply chain and aligns with the broader goal of achieving energy independence by domesticating critical mineral supply chains. Stardust Power is constructing a lithium refinery in Oklahoma, with significant state support, to bolster the U.S. industrial base.