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): 0.63
• 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: 49 Neutral
• Price Target: AU$0.02 ▲(10.00% Upside)

The score is primarily held back by weak financial performance (widening losses and consistently negative free cash flow), partially offset by a clean, zero-debt balance sheet. Technical indicators are neutral-to-soft, and valuation provides limited support due to negative earnings and no dividend yield data.

Positive Factors

Strategic Partnerships

The partnership with DISA Technologies for uranium recovery in Utah positions Mandrake to benefit from U.S. government backing, enhancing its strategic mineral production capabilities and long-term growth prospects.

Lithium Supply Agreement

The agreement with Stardust Power for lithium supply strengthens Mandrake's role in the U.S. battery supply chain, aligning with energy independence goals and enhancing its market position in the critical minerals sector.

Balance Sheet Health

A zero-debt balance sheet provides Mandrake with financial flexibility and stability, allowing it to pursue growth opportunities without leverage pressure, supporting long-term operational resilience.

Negative Factors

Revenue Volatility

The volatility and decline in revenue highlight challenges in achieving consistent income streams, which can impact Mandrake's ability to sustain operations and fund exploration activities long-term.

Consistent Losses

Ongoing losses and negative net margins indicate operational inefficiencies and financial strain, potentially limiting Mandrake's capacity to invest in growth and innovation over time.

Negative Free Cash Flow

Persistent negative free cash flow suggests reliance on external funding, which may constrain Mandrake's financial flexibility and ability to self-fund projects, affecting long-term sustainability.

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

Mandrake Resources Ltd is showing revenue growth and maintains a strong equity base with no debt. However, the company faces challenges in achieving profitability and generating positive cash flow. Continued focus on improving operational efficiency and cash flow generation will be essential for future stability and growth.

Income Statement

Mandrake Resources Ltd has shown a notable improvement in revenue growth, increasing from AUD 23,679 in 2022 to AUD 736,583 in 2024. Despite this growth, the company is struggling with profitability, as evidenced by negative EBIT and net profit margins. The gross profit margin remains positive, but net income remains negative, indicating ongoing operational challenges.

Balance Sheet

The company's balance sheet displays a strong equity position with no debt, resulting in a favorable debt-to-equity ratio. The equity ratio is robust, indicating a solid financial foundation. However, the company has yet to translate this stability into profitability, as net income remains negative.

Cash Flow

Mandrake Resources Ltd's cash flow statement reveals a challenging environment with negative free cash flow in recent years. However, there is a positive operating cash flow in the most recent period, suggesting potential for improvement. The company needs to enhance cash generation to support its operations sustainably.

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: Positive
• Last Price: 0.02
• 50DMA: Positive
• 100DMA: Positive
• 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 Positive. 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 bullish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 53.68 is Neutral, neither overbought nor oversold. The STOCH value of 58.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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$39.86M	-11.32	-28.59%	―	―	-860.00%
MAN	49 Neutral	AU$14.43M	-23.00	-2.67%	―	―	-233.33%
NSM	45 Neutral	AU$12.32M	-11.00	-5.25%	―	―	75.81%
NWM	44 Neutral	AU$12.36M	-3.33	-7.82%	―	―	-28.57%
AHK	40 Underperform	AU$37.16M	-24.07	-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.

Mandrake Resources Identifies High-Grade Lithium ‘Sweet Spots’ at Utah Project

Mandrake Resources Limited has announced the results of a comprehensive Lithium Brine Flow Modelling Study at its Utah Lithium Project. The study identified two high-grade lithium ‘sweet spots’ within the Leadville Formation, which present significant opportunities for low-cost re-entry and testing of existing wells. This development enhances Mandrake’s exploration capabilities and positions the company to capitalize on potential high-grade lithium brine resources, potentially impacting its market positioning and stakeholder interests.

Mandrake Resources Advances Utah Lithium Project with Promising Resource Estimates

Mandrake Resources Limited has reported significant progress in its Utah Lithium Project, which hosts an inferred resource estimate of 3.3 million tonnes of Lithium Carbonate Equivalent, positioning it as a top-tier lithium brine asset in the US. The company has completed a brine flow model study to identify areas with high lithium concentrations, enhancing exploration efficiency. With a strong cash position and no debt, Mandrake continues to explore both organic and inorganic growth opportunities to enhance shareholder value.

Mandrake Resources Schedules 2025 AGM and Opens Director Nominations

Mandrake Resources Limited has announced its upcoming Annual General Meeting (AGM), scheduled for November 26, 2025. The company has also set October 8, 2025, as the deadline for director nominations. This announcement is part of Mandrake’s compliance with its constitution and ASX Listing Rules, ensuring transparency and stakeholder engagement in its governance processes.