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): 0.78
• Revenue Growth: N/A
• EPS Growth: -233.33%
• Country: AU
• Employees: 13
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): >-0.01
• 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)
• Action: Reiterated Date: 01/24/26
• Date: Action: Reiterated 01/24/26

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

Zero reported debt and growing equity (roughly ~18.9m in 2021 to ~23.9m in 2025) provide durable financial flexibility. A clean capital structure reduces solvency risk and preserves optionality to raise capital or farm-out projects without servicing leverage, aiding multi‑period exploration plans.

Operating cash flow turned positive

Two consecutive years of positive operating cash flow represent a structural improvement in cash generation versus earlier years. While level fell in 2025, sustained positive OCF reduces near-term dependency on external financing and supports ongoing small-scale exploration programs and G&A for several quarters.

Focused exploration business model

A clear exploration-focused model provides scalable upside: targeted programs (mapping, sampling, geophysics, drilling) allow value creation through discovery or farm‑outs. The lean structure (13 employees) keeps fixed costs low, preserving runway for project advancement with limited overhead.

Negative Factors

Consistent net losses

Widening net losses and a deeply negative net margin (~-94% in 2025) indicate structural profitability weakness. Persistent losses erode returns on equity and require external funding for operations and exploration, limiting the company’s ability to self‑fund project advancement over multiple reporting cycles.

Consistently negative free cash flow

Material negative free cash flow signals the company consumes cash to fund exploration and investment, creating an ongoing need for capital raises or asset deals. Over the medium term this increases dilution risk, constrains timing of drill programs, and can slow project development without new financing.

Small, volatile revenue base

A tiny, fluctuating revenue base limits the firm’s ability to absorb fixed exploration and admin costs, making margins highly sensitive to single events. Structural revenue instability means long‑term returns depend heavily on exploration success or asset transactions rather than operating cash generation.

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 does not have publicly available, specific disclosed operating revenue streams in the provided context; null. Generally, as an exploration-stage mining company, it would typically fund activities through capital raisings (e.g., equity placements/rights issues) and may generate funds via asset transactions such as farm-outs/joint ventures, project sales, or option agreements; however, Mandrake’s specific revenue model, key revenue streams, and significant partnerships contributing to earnings cannot be confirmed here and are therefore null.

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

Mandrake Resources Ltd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.02
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• 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 Positive momentum. The RSI at 48.04 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$148.66M	-21.30	-3.54%	―	―	―
ZAG	54 Neutral	AU$34.29M	0.22	-32.20%	―	―	-860.00%
MAN	53 Neutral	AU$14.43M	-1.06	-15.52%	―	―	-233.33%
NSM	51 Neutral	AU$11.21M	-4.25	-5.08%	―	―	75.81%
NWM	48 Neutral	AU$14.06M	-4.44	-6.21%	―	―	-28.57%
AHK	46 Neutral	AU$28.57M	29.28	-1.78%	―	―	1.38%

Mandrake Resources Ltd Corporate Events

Mandrake Resources Confirms Lapse of 5 Million Performance Rights

Mandrake Resources Ltd has notified the market of the cessation of 5,000,000 performance rights, which lapsed after the underlying conditions were not met or became incapable of being satisfied as of 8 March 2026. The lapse reduces the company’s pool of outstanding performance rights, slightly simplifying its capital structure and signaling that certain performance hurdles tied to these rights were not achieved, which may be relevant for investors assessing management incentives and past operational targets.

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

Mandrake Resources Files Interim Financial Report for Half-Year 2025

Mandrake Resources Limited has released its interim financial report for the half-year ended 31 December 2025, outlining its consolidated financial performance, position, cash flows and changes in equity. The document includes the directors’ report, auditor’s independence declaration and independent auditor’s review, providing stakeholders with a formal, regulatory-compliant snapshot of the company’s mid-year financial status and governance oversight.

This interim report helps investors and regulators assess Mandrake’s financial health and capital structure at the half-year mark, ahead of its full-year accounts. By detailing audited review outcomes and directors’ declarations, the company reinforces transparency and accountability, which are key for market confidence and ongoing access to capital markets.

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

Mandrake Wins US DoE Backing for Utah Lithium Work

Mandrake Resources has joined a consortium with Idaho National Laboratory, the National Laboratory of the Rockies and the University of Utah that has secured US$1 million in funding from the US Department of Energy to characterise and estimate lithium and other critical mineral reserves in Utah’s Paradox Basin. The grant, awarded under the DoE’s Geothermal Technologies Office, validates the potential of Mandrake’s Utah Lithium Project and provides access to leading US scientific expertise and laboratories, supporting detailed geological, hydrological and environmental studies of direct lithium extraction while the company prepares to re-enter existing wells for brine testing and sampling, a move that could enhance project economics and further embed Mandrake in US domestic lithium supply efforts.

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