NICO Resources Limited (NC1) AI Stock Analysis

• Market Cap: AU$23.63M
• Dividend Yield: N/A
• Average Volume (3M): 97.36K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.50
• Revenue Growth: N/A
• EPS Growth: 84.36%
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): >-0.01
• Shares Outstanding: 124,358,460
• 10 Day Avg. Volume: 124,526
• 30 Day Avg. Volume: 97,358
• PEG Ratio: 0.16
• Price to Book (P/B): 0.49
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -4.13
• 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$0.17 ▲(20.71% Upside)

The score is held down primarily by very weak financial performance (minimal revenue, ongoing losses, and negative free cash flow), despite a low-debt balance sheet and some FY25 improvement in loss and cash burn. Technicals are supportive with a clear uptrend, but momentum looks stretched (high RSI). Valuation is also constrained by negative earnings and no indicated dividend support.

Positive Factors

Low leverage / strong balance sheet

A near-zero debt profile and meaningful equity provide durable financial runway to fund project studies, permitting, and early development without immediate refinancing pressure. This reduces execution risk and supports strategic options such as partnerships or staged capital deployment over months.

Battery-metal strategic focus

Concentrating on nickel and cobalt aligns the company with structural, multi-year demand in battery supply chains for electrification. This strategic positioning enhances the long-term relevance of projects and improves prospects for strategic offtake, partnerships, or premium financing tied to battery-material markets.

Improving loss and cash burn trend

Material narrowing of net losses and reduced cash outflow in FY25 signals progress in cost control or de-risking activities. If sustained, this trend can extend the company’s runway, lower near-term funding needs, and increase flexibility to advance project milestones without rapid dilution.

Negative Factors

Effectively zero revenue

A lack of recurring revenue means the business model has not yet transitioned from explorer/developer to producer. This structural absence of top-line undermines self-funded growth, prolongs reliance on capital markets, and leaves project economics unproven until commercial production or binding offtake is secured.

Persistent negative cash flow

Sustained negative operating and free cash flow necessitates external financing to sustain operations and advance assets. This ongoing cash burn increases execution risk, the likelihood of dilutive equity raises or costly debt, and can delay project timelines or strategic investments critical to long-term value creation.

Negative returns on capital

Negative ROE indicates the company is not generating returns from shareholder capital, reflecting weak capital efficiency and unproven project economics. Persistently poor returns make it harder to attract long-term investors and suggest the need for material operational progress to justify continued capital allocation.

NICO Resources Limited Business Overview & Revenue Model

Company Description

NICO Resources Limited engages in the exploration, development, and production of mineral properties in Australia. It owns a 100% interest in the Wingellina Nickel-Cobalt project and Claude Hills project located in Western Australia. NICO Resources Limited was incorporated in 2021 and is based in Perth, Australia.

How the Company Makes Money

NICO Resources Limited generates revenue primarily through the exploration and potential extraction of nickel resources. The company invests in identifying and developing nickel-rich sites, with the goal of eventually mining and selling nickel ore to manufacturers and industrial clients. Revenue streams are largely dependent on successful discovery and development of nickel deposits, and the company may also engage in strategic partnerships or joint ventures with other mining companies to share costs and risks. Additionally, NICO Resources might earn income from selling exploration rights or licensing agreements related to its projects.

NICO Resources Limited Financial Statement Overview

Summary

NICO Resources Limited struggles with revenue generation and profitability, as evidenced by negative income metrics and consistent losses. The balance sheet shows a strong equity position with no debt, offering some financial stability. However, the lack of positive cash flow from operations and negative free cash flow highlight significant challenges in cash flow management.

Income Statement

NICO Resources Limited has faced challenges in generating revenue over the years, with consistent negative gross profit and net income figures. The absence of revenue in recent years indicates a struggle to achieve operational efficiency and profitability. The company's EBIT and EBITDA margins are negative, reflecting operational losses. These factors contribute to a low score, highlighting the need for strategic improvements to enhance revenue generation and manage expenses.

Balance Sheet

The balance sheet portrays a relatively stable financial position with no debt, which is a positive indicator for the company's financial health. The equity ratio is strong, showing that the company is primarily financed through equity rather than debt. However, the return on equity (ROE) is negative due to the persistent net losses, indicating inefficiencies in generating profits from shareholders' equity. The company's strong equity position and absence of debt are key strengths, though profitability remains a concern.

Cash Flow

Cash flow analysis reveals that NICO Resources Limited is experiencing negative free cash flow, indicating more cash is being spent on capital expenditures than generated from operations. The operating cash flow to net income ratio is negative, further reflecting operational challenges. While financing activities have provided some cash influx, the overall cash flow management needs improvement to achieve positive free cash flow and sustainable operations.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	5.94K
Gross Profit	-20.77K	-20.77K	-181.91K	-197.82K	-29.99K	5.94K
EBITDA	-944.27K	98.66K	-3.77M	-3.60M	-1.75M	5.94K
Net Income	-786.00	-702.66K	-3.62M	-3.82M	-6.87M	-25.50K
Balance Sheet
Total Assets	18.42M	18.42M	18.33M	14.04M	16.46M	16.00M
Cash, Cash Equivalents and Short-Term Investments	3.51M	3.51M	4.76M	4.61M	10.11M	11.31M
Total Debt	18.78K	18.78K	0.00	158.41K	322.57K	0.00
Total Liabilities	344.98K	344.98K	712.50K	818.50K	604.35K	1.42M
Stockholders Equity	18.07M	18.07M	17.62M	13.22M	15.85M	14.58M
Cash Flow
Free Cash Flow	-2.16K	-2.16M	-6.55M	-5.46M	-2.40M	-1.10M
Operating Cash Flow	-938.00	-573.93K	-2.33M	-2.19M	-981.71K	4.58K
Investing Cash Flow	-816.41K	-2.68M	-4.23M	6.11M	-1.11M	-1.11M
Financing Cash Flow	1.03M	1.03M	6.71M	-166.38K	12.19M	1.09M

NICO Resources Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.14
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:NC1, the sentiment is Positive. The current price of 0.14 is above the 20-day moving average (MA) of 0.11, above the 50-day MA of 0.12, and above the 200-day MA of 0.10, indicating a bullish trend. The MACD of 0.01 indicates Negative momentum. The RSI at 78.27 is Negative, neither overbought nor oversold. The STOCH value of 71.79 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:NC1.

NICO 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%
MGL	51 Neutral	AU$12.53M	-1.86	-16.74%	―	-28.07%	-29.81%
AR3	50 Neutral	AU$54.46M	-11.33	-15.50%	―	―	3.79%
NC1	49 Neutral	AU$23.63M	-32.14	-3.94%	―	―	84.36%
WIN	45 Neutral	AU$29.14M	-0.41	-121.41%	―	―	-1034.67%
VR8	45 Neutral	AU$14.37M	-5.11	-8.74%	―	―	-25.00%
VML	41 Neutral	AU$44.97M	-6.76	-5.81%	―	-67.81%	-244.10%

NICO Resources Limited Corporate Events

Nico Resources Secures A$366,174 R&D Tax Refund for Wingellina Project

Nico Resources Limited has received a A$366,174 tax refund under the Australian Government’s R&D tax incentive scheme for research and development activities undertaken during the 2025 financial year at its Wingellina nickel-cobalt project in Western Australia. The rebate strengthens the company’s funding for ongoing R&D work at this large-scale critical minerals project and, with Nico expecting to continue eligible activities and claim future offsets, underscores the role of government incentives in supporting the development and de-risking of long-life nickel-cobalt supply for the energy transition.

Nico Resources Updates Director’s Shareholding

Nico Resources Limited has announced a change in the director’s interest notice, specifically regarding Peter Cook. The change involves the acquisition of 453,944 fully paid ordinary shares issued in lieu of directors’ fees, increasing his total holdings to 11,455,039 shares. This adjustment in shareholding reflects the company’s ongoing governance and compensation strategies, potentially impacting shareholder perceptions and the company’s market positioning.

Nico Resources Limited Issues New Shares and Options

Nico Resources Limited has announced the issuance of 907,888 fully paid ordinary shares and 3,000,000 unquoted options, completed on December 2, 2025. This strategic financial move, conducted without disclosure to investors under Part 6D.2 of the Corporations Act, signifies the company’s compliance with relevant legal provisions and its proactive approach in managing its financial resources, potentially impacting its market positioning and stakeholder interests.

NICO Resources Limited Issues 3 Million Unquoted Options

NICO Resources Limited announced the issuance of 3,000,000 unquoted options with an exercise price of $0.174, set to expire on November 26, 2028. This issuance is part of previously announced transactions and reflects the company’s strategic efforts to manage its equity and enhance its financial positioning, potentially impacting its market operations and stakeholder interests.

NICO Resources Limited Announces Quotation of New Securities on ASX

NICO Resources Limited has announced the quotation of 907,888 ordinary fully paid securities on the Australian Securities Exchange (ASX) under the code NC1, effective December 2, 2025. This move is part of previously announced transactions, indicating a strategic step in the company’s financial operations, potentially enhancing its market presence and providing liquidity options for stakeholders.

NICO Resources Limited Announces Proposed Securities Issue

NICO Resources Limited has announced a proposed issue of securities, including 3,000,000 unquoted options with an exercise price of $0.131 expiring on November 26, 2028, and 907,888 ordinary fully paid shares. The proposed issue date is November 27, 2025. This announcement reflects the company’s strategic move to potentially enhance its capital structure and market position, which may have implications for its stakeholders and market operations.

Nico Resources Limited Announces AGM Details and Voting Instructions

Nico Resources Limited has announced its upcoming Annual General Meeting (AGM) for shareholders, scheduled to take place on November 27, 2025, in Perth, Western Australia. The company emphasizes the importance of the Notice of Meeting (NOM) and encourages shareholders to vote online or via proxy, highlighting the shift towards electronic communication and the availability of documents on their website.

NICO Resources Limited Announces Details for 2025 Annual General Meeting

NICO Resources Limited has announced the details of its upcoming Annual General Meeting (AGM), which will be held as a physical meeting at the Boardroom, Mezzanine Floor, 190 St George’s Terrace, Perth, Western Australia, on Thursday, 27 November 2025, at 3:00pm WST. Shareholders are encouraged to participate by voting via proxy forms, which must be submitted by 3:00pm WST on Tuesday, 25 November 2025. The meeting will follow ASX guidelines, with resolutions decided by poll based on proxy votes and votes from shareholders in attendance.

Nico Resources Advances Wingellina Project Amid Market Challenges

Nico Resources Limited reported on its activities for the quarter ending September 2025, highlighting progress at its Wingellina nickel-cobalt project. Despite weak market conditions for nickel, the company is advancing its project through planning and approvals for an infill drilling program and reviewing metallurgical data to optimize ore preparation. The company is also assessing the impact of Chinese export controls on scandium and exploring extraction alternatives. These efforts aim to enhance the project’s efficiency and adapt to market challenges, potentially affecting future pricing and production strategies.