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Scorpion Minerals Limited (AU:SCN)
ASX:SCN
Australian Market

Scorpion Minerals Limited (SCN) AI Stock Analysis

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AU:SCN

Scorpion Minerals Limited

(Sydney:SCN)

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Neutral 48 (OpenAI - 5.2)
Rating:48Neutral
Price Target:
AU$0.04
▲(5.00% Upside)
The score is weighed down primarily by very weak financial performance (minimal revenue, persistent losses, and ongoing cash burn). Technicals provide some support due to strong recent momentum and price above major moving averages, but overextended momentum signals add risk. Valuation is constrained by negative earnings and no dividend support.
Positive Factors
Improving leverage
A sustained reduction in debt-to-equity meaningfully lowers refinancing and solvency risk for an exploration company. With less leverage and positive equity, management has greater financial flexibility to fund exploration or weather further operating losses, improving resilience over the medium term.
Narrowing operating cash burn
The material reduction in operating outflows indicates improved cash discipline or lower operating intensity, extending runway and reducing immediate financing needs. Persistent improvement in cash burn is a durable indicator management can stretch resources while pursuing value-accretive exploration.
Operating loss trend improvement
Year-over-year improvement in operating loss suggests management is executing cost controls or optimizing operations. For an early-stage miner, consistent reductions in operating losses are a structural prerequisite to reach break-even and reduce reliance on frequent capital raises, aiding long-term viability.
Negative Factors
Minimal revenue base
A near-absent commercial revenue base means the business lacks internally generated cash to fund exploration or growth. Over months this forces dependence on external capital, increases execution risk, and leaves margins and profitability hypothetical until a material revenue source is established.
Persistent negative cash flow
Chronic negative operating and free cash flow compels repeated external financing, which can dilute shareholders and create funding uncertainty. Structurally, sustained cash burn limits the company's ability to invest in value-creating exploration or transition toward commercial operations without material capital raises.
Historical balance sheet fragility
Past episodes of negative equity reflect prior solvency strain and reliance on external support. Even with recent improvement, this history increases the risk that further losses could again erode capital, making counterparties and investors more cautious and raising the cost or availability of long-term funding.

Scorpion Minerals Limited (SCN) vs. iShares MSCI Australia ETF (EWA)

Scorpion Minerals Limited Business Overview & Revenue Model

Company DescriptionScorpion Minerals Limited engages in the exploration of mineral resources in Australia. The company holds interest in the Pharos lithium, gold and base metals project covering an area of 1,544 square kilometers located in the Murchison, Western Australia; and the Mt Mulcahy Copper located in the Murchison, Western Australia. The company was formerly known as Pegasus Metals Limited and changed its name to Scorpion Minerals Limited in November 2018. Scorpion Minerals Limited was incorporated in 2005 and is based in Balcatta, Australia.
How the Company Makes MoneyScorpion Minerals Limited makes money through the exploration and potential development of mineral resources. The company's revenue model is primarily based on discovering viable mineral deposits, which can be further developed or sold to mining companies. Key revenue streams include the sale of exploration rights, joint ventures with other mining companies, and the potential sale of extracted minerals if production is achieved. Significant factors contributing to its earnings include successful exploration outcomes, strategic partnerships with larger mining firms, and favorable market conditions for the minerals they target. However, as an exploration company, revenue generation is often speculative and dependent on the successful identification and development of economically viable resources.

Scorpion Minerals Limited Financial Statement Overview

Summary
Financials reflect an early-stage/exploration profile: revenue is effectively zero in most years, losses are persistent and sizeable, and operating/free cash flow are negative every year (cash burn). Balance sheet leverage has improved (debt-to-equity down to ~0.15 by 2025 with positive equity), but ongoing losses and funding dependence remain the dominant risk.
Income Statement
12
Very Negative
The income statement remains very weak: revenue is effectively zero in most years (only 2022 shows revenue, and gross profit was near-zero), while losses are persistent and sizeable. Net losses widened versus 2022 (net income moved from about -0.9M in 2022 to roughly -3.2M to -3.8M in 2023–2025), indicating cost pressure without a commercial revenue base. A modest positive is that operating loss improved in 2025 versus 2024, but profitability and margin quality remain poor overall.
Balance Sheet
58
Neutral
The balance sheet is mixed but comparatively more stable than earnings and cash flow. Leverage is moderate in the last three annual periods, with debt-to-equity improving from ~0.30 (2023) to ~0.15 (2025) as debt declined and equity stayed positive. However, ongoing losses are translating into weak returns to shareholders (return on equity is materially negative in 2022–2025), and earlier periods (2020–2021) show negative equity, highlighting historical fragility and reliance on external funding if losses persist.
Cash Flow
18
Very Negative
Cash flow quality is weak: operating cash flow and free cash flow are negative every year shown, indicating continued cash burn to fund operations. There is a notable improvement in 2025 (operating cash flow loss narrowed to about -1.26M from about -2.80M in 2024), but free cash flow growth remains sharply negative in 2025, and cash generation is not yet self-sustaining. Overall, the company appears dependent on financing to support ongoing exploration/overheads until revenue ramps.
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue0.000.000.000.00960.00K0.00
Gross Profit0.000.000.000.00270.000.00
EBITDA-2.11M-3.78M6.71K-3.17M-868.00K0.00
Net Income-3.79M-3.79M-3.20M-3.24M-944.00K-2.24M
Balance Sheet
Total Assets5.18M5.18M5.92M4.97M5.59M2.33M
Cash, Cash Equivalents and Short-Term Investments680.68K680.68K367.77K389.09K3.36M133.87K
Total Debt572.45K572.45K719.14K904.81K1.20M1.28M
Total Liabilities1.33M1.33M1.67M1.98M1.90M2.68M
Stockholders Equity3.85M3.85M4.25M2.99M3.69M-347.57K
Cash Flow
Free Cash Flow-1.26M-1.26M-2.80M-2.42M-2.03M-1.39M
Operating Cash Flow-1.26M-1.26M-2.80M-2.32M-2.03M-1.39M
Investing Cash Flow-100.00K-100.00K0.00845.51K0.000.00
Financing Cash Flow1.67M1.67M2.78M-239.32K3.99M1.35M

Scorpion Minerals Limited Technical Analysis

Technical Analysis Sentiment
Positive
Last Price0.04
Price Trends
50DMA
0.03
Positive
100DMA
0.03
Positive
200DMA
0.03
Positive
Market Momentum
MACD
<0.01
Positive
RSI
68.35
Neutral
STOCH
16.67
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:SCN, the sentiment is Positive. The current price of 0.04 is below the 20-day moving average (MA) of 0.04, above the 50-day MA of 0.03, and above the 200-day MA of 0.03, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 68.35 is Neutral, neither overbought nor oversold. The STOCH value of 16.67 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:SCN.

Scorpion Minerals Limited 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%
53
Neutral
AU$21.28M-1.96-26.42%13.24%
48
Neutral
AU$22.38M-4.88-93.49%-4.88%
48
Neutral
AU$33.51M-9.50-42.05%-150.00%
48
Neutral
AU$9.33M-1.73-94.59%27.23%
46
Neutral
AU$10.52M-7.22-9.51%-17.39%
42
Neutral
AU$9.71M-4.40-53.65%-66.67%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AU:SCN
Scorpion Minerals Limited
0.04
0.03
147.06%
AU:ODE
Odessa Minerals Limited
0.02
<0.01
46.15%
AU:COY
Coppermoly Limited
0.01
>-0.01
-8.33%
AU:BRX
Belararox Ltd.
0.08
-0.07
-46.00%
AU:CBY
Canterbury Resources Ltd.
0.04
0.01
56.00%
AU:C1X
Cosmos Exploration Limited
0.09
0.02
26.47%

Scorpion Minerals Limited Corporate Events

Scorpion Minerals Director Increases Shareholding Through On-Market Purchase
Jan 28, 2026

Scorpion Minerals Limited has disclosed a change in director Peter Koller’s holdings, reporting the on-market acquisition of 880,000 fully paid ordinary shares between 23 and 28 January 2026 for a total consideration of $35,687.47. Following this transaction, Koller’s direct interest in the company increased to 18,461,963 fully paid shares while his option holdings and indirect shareholding via 16Psyche Pty Ltd remain unchanged, modestly strengthening insider ownership and potentially signaling confidence in the company’s prospects to shareholders and the market.

The most recent analyst rating on (AU:SCN) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Scorpion Minerals Limited stock, see the AU:SCN Stock Forecast page.

Scorpion Minerals Updates Director Peter Koller’s Share and Option Holdings
Jan 16, 2026

Scorpion Minerals Limited has disclosed a change in director Mr Peter Koller’s holdings in the company, detailing his direct and indirect interests in fully paid ordinary shares and various listed and unlisted options. The filing shows Koller acquired 80,000 fully paid ordinary shares at $0.042 each and undertook a restructuring involving 1,000,000 listed options at $0.001 per option, resulting in a modest increase in his direct shareholding while his overall option position was adjusted, offering investors updated transparency on insider ownership levels and alignment of director incentives with shareholder interests.

The most recent analyst rating on (AU:SCN) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on Scorpion Minerals Limited stock, see the AU:SCN Stock Forecast page.

Scorpion Minerals Director Increases Shareholding via On-Market Purchase
Dec 29, 2025

Scorpion Minerals Limited has reported a change in director Peter Koller’s interests, disclosing an on-market purchase of 450,000 fully paid ordinary shares on 23 December 2025 for a consideration of $14,100. Following this transaction, Koller’s direct holding in fully paid ordinary shares increased to 17,501,963, with no changes to his various option holdings or to the shares held indirectly through 16Psyche Pty Ltd, signalling a modest increase in insider ownership that may be interpreted by investors as a vote of confidence in the company.

Scorpion Minerals Director Increases Indirect Shareholding Through On-Market Purchase
Dec 28, 2025

Scorpion Minerals has disclosed a change in director Michael Kitney’s interests, with the director indirectly acquiring 65,000 additional fully paid ordinary shares via the Emdale Family account in an on-market purchase valued at $2,015. Following the transaction, Kitney’s indirect holding of ordinary shares in the company has increased to 1,015,000, while his existing holdings of various classes of unlisted options remain unchanged, signalling a modest increase in his equity exposure and potentially reinforcing perceptions of board alignment with investor interests.

Scorpion Minerals Issues Cleansing Prospectus to Lift Trading Restrictions
Dec 23, 2025

Scorpion Minerals Limited has issued a cleansing prospectus for an offer of up to 10,000 new shares at $0.025 per share, primarily to remove trading restrictions on all shares issued or quoted on the ASX by the company prior to the closing date. The transaction-specific prospectus, prepared under section 713 of the Corporations Act and for the purposes of section 708A(11), is largely administrative in nature, aimed at ensuring existing and future shareholders can freely trade previously issued shares on the ASX, thereby supporting liquidity in the company’s stock rather than raising significant new capital.

Scorpion Minerals Seeks ASX Quotation for 4.15 Million New Shares
Dec 23, 2025

Scorpion Minerals Limited has applied to the ASX for quotation of 4,150,000 new ordinary fully paid shares, to be issued on 23 December 2025. The additional securities, arising from the exercise or conversion of existing instruments, will modestly increase the company’s listed share capital and may provide incremental funding flexibility and liquidity for shareholders, though without further detail the immediate strategic impact appears limited.

Scorpion Minerals Flags Major Share Placement of Up to 83.3 Million Shares
Dec 23, 2025

Scorpion Minerals Limited has lodged a notice of a proposed securities issue with the ASX, outlining plans to issue up to 83,333,333 new ordinary fully paid shares via a placement or similar capital-raising mechanism. The proposed issuance, scheduled for December 23, 2026, signals a significant potential capital raise that could fund future corporate or project activities while diluting existing shareholders, and may influence the company’s financial flexibility and market positioning depending on final pricing, demand and use of proceeds, which were not detailed in the filing.

Scorpion Minerals Moves to Consolidate High-Grade Ground at Pharos Gold Project
Dec 23, 2025

Scorpion Minerals has secured an exclusive option to acquire 100% of the Old Prospect North and South tenements from Ozz Resources, consolidating ownership over a highly prospective 5km trend from Cap Lamp to Middle Bore within its Pharos Gold Project. The Old Prospect area hosts a JORC 2012-compliant mineral resource of 312,400 tonnes at 2.15 g/t gold for 21,600 ounces, 72% of which is in the Indicated category, supported by multiple high-grade historic drill intercepts and mineralisation that remains open along strike and at depth; Scorpion plans follow-up drilling to infill and extend the known 650-metre mineralised zone. Together with its recent MOU giving access to Gylden Resources’ 2.1Mtpa Kirkalocka processing plant, the acquisition strengthens Scorpion’s strategic position as a leading gold explorer in the Murchison, enhances its potential development pathway for Pharos, and may improve the project’s attractiveness and optionality for shareholders and regional stakeholders.

OZZ Resources Grants Scorpion Minerals Exclusive Option Over Main Mining Assets
Dec 22, 2025

OZZ Resources Limited has entered into a binding option agreement granting Scorpion Minerals Limited an exclusive option to acquire 100% of OZZ’s interest in specified tenements and associated mining information, in a deal that includes an immediate $100,000 option fee and a further $2.5 million payable in cash or Scorpion shares upon satisfaction of conditions and exercise of the option before December 2026. The transaction, deemed a disposal of OZZ’s main undertaking and therefore subject to shareholder approval under ASX Listing Rule 11.2, comes while OZZ’s securities remain suspended from quotation, and the board says the deal offers attractive post‑tax value for shareholders as the company exits its main assets and continues to pursue new project and business acquisition opportunities while containing operational costs.

Scorpion Minerals Limited Announces Cessation of 7 Million Options
Dec 1, 2025

Scorpion Minerals Limited announced the cessation of 7,000,000 options that expired on December 1, 2025, without being exercised or converted. This cessation of securities could impact the company’s capital structure and may influence investor perception regarding the company’s future financial strategies.

Scorpion Minerals Announces Director’s Interest Change
Dec 1, 2025

Scorpion Minerals Limited announced a change in the director’s interest, with Mr. Peter Koller acquiring additional incentive options as approved at the company’s recent Annual General Meeting. This change reflects the company’s ongoing efforts to align management interests with shareholder value, potentially impacting the company’s operational strategies and stakeholder engagement.

Scorpion Minerals Announces Director’s Interest Change
Dec 1, 2025

Scorpion Minerals Limited announced a change in the director’s interest, specifically regarding Mr. Michael Kitney’s indirect interest in securities. The change involved the allotment of incentive options, as approved at the company’s Annual General Meeting on November 27, 2025. This move reflects the company’s strategy to incentivize its leadership, potentially impacting its operational dynamics and aligning the interests of its directors with shareholder value.

Scorpion Minerals Issues New Unquoted Equity Securities
Dec 1, 2025

Scorpion Minerals Limited has announced the issuance of unquoted equity securities, specifically options with varying expiration dates and exercise prices, as part of their financial strategy. This issuance is likely to impact the company’s capital structure and could influence its market positioning by providing incentives to employees and potentially affecting stakeholder interests.

Scorpion Minerals Limited Issues New Securities on ASX
Dec 1, 2025

Scorpion Minerals Limited has announced the issuance of 3,500,000 ordinary fully paid securities, which will be quoted on the ASX. This move is part of the company’s strategy to enhance its capital structure and potentially improve its market positioning, offering stakeholders an opportunity for increased investment engagement.

Scorpion Minerals Secures Shareholder Support at AGM
Nov 27, 2025

Scorpion Minerals Limited announced that all resolutions at their Annual General Meeting on November 27, 2025, were passed by a poll. This outcome reflects strong shareholder support for the company’s strategic decisions, including the re-election of directors and approval of placement facilities, which may enhance its operational capabilities and market position.

Scorpion Minerals Partners with GreatPower to Boost WA Lithium Ventures
Nov 11, 2025

Scorpion Minerals Limited has entered a strategic Memorandum of Understanding (MOU) with GreatPower Nickel and Cobalt Materials to advance its lithium business in Western Australia. The agreement involves GreatPower providing USD10 million in staged funding to help Scorpion establish and develop a lithium asset, with GreatPower receiving significant offtake rights. This partnership highlights Scorpion’s expertise in lithium project development and positions the company to capitalize on the growing demand for lithium, while also exploring new project opportunities.

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