Sultan Resources Ltd. (SLZ) AI Stock Analysis

• Market Cap: AU$8.78M
• Dividend Yield: N/A
• Average Volume (3M): 3.59M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.79
• Revenue Growth: N/A
• EPS Growth: -349.06%
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): -0.02
• Shares Outstanding: 585,162,050
• 10 Day Avg. Volume: 5,195,614
• 30 Day Avg. Volume: 3,586,613
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.30
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -2.63
• 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: 43 Neutral
• Price Target: AU$0.01 ▲(40.00% Upside)

The score is held down primarily by weak financial performance (inconsistent revenue, larger 2025 loss, and ongoing cash burn despite a debt-free balance sheet). Technicals add risk due to extreme overbought readings (RSI/Stoch at 100) alongside high beta volatility. Valuation is also challenged by a negative P/E reflecting unprofitable operations.

Positive Factors

Debt-Free Balance Sheet

A debt-free balance sheet reduces refinancing and interest-rate risk, providing financial flexibility to invest in growth opportunities.

Strategic Expansion

Acquiring new projects in Namibia and Western Australia positions the company for growth in the gold and critical minerals sector, enhancing its market position.

Capital Raising

The successful capital raising enhances the company's exploration capabilities and strengthens its financial position for future growth initiatives.

Negative Factors

Inconsistent Revenue

Inconsistent revenue makes it difficult to achieve scale and operating leverage, hindering long-term profitability and financial stability.

Persistent Losses

Ongoing losses indicate challenges in achieving profitability, which can strain resources and limit the ability to fund future projects.

Negative Cash Flow

Negative cash flow suggests reliance on external funding, which can be unsustainable and limit operational flexibility over time.

Sultan Resources Ltd. Business Overview & Revenue Model

Company Description

Sultan Resources Limited explores for and develops mineral properties in Australia. It primarily explores for gold, copper, nickel, and cobalt deposits. The company holds interest in the Lachlan fold belt project comprising granted exploration licenses EL8734, EL8704, and EL8735, which covering a total area of approximately 330 square kilometers located in Central New South Wales; the East Tallering project comprising one granted tenement covering 67 square kilometers located to the northeast of Geraldton, Western Australia; and the Dalwallinu project that covers an area of 167 square kilometers located to the northeast of Perth, Western Australia. It also holds interest in the Thaduna project comprising two granted tenements covering 22 square kilometers located to the northeast of Meekatharra; and the Lake Grace project comprising five tenement applications covering 690 square kilometers located to the southeast of Perth, Western Australia. Sultan Resources Limited was incorporated in 2018 and is based in Subiaco, Australia.

How the Company Makes Money

Sultan Resources Ltd. generates revenue primarily through the exploration and eventual sale or joint venture of mineral deposits. The company invests in early-stage exploration projects, aiming to discover commercially viable mineral resources. Once significant mineral deposits are identified, Sultan Resources may either sell these assets to larger mining companies or enter into joint ventures or partnerships to develop the resources further. Additionally, they might earn income through strategic alliances and the sale of non-core assets, leveraging their expertise in mineral exploration to create value from their portfolio.

Sultan Resources Ltd. Financial Statement Overview

Summary

Overall financial quality is weak: revenue is limited/inconsistent (including years at $0 and a -100% revenue change in 2025), losses persist and worsened sharply in 2025 (net loss ~-5.47M vs ~-0.88M in 2024), and operating/free cash flow are consistently negative (ongoing cash burn). The main offset is a debt-free balance sheet, but equity has fallen materially (~9.96M in 2023 to ~4.43M in 2025), reducing capital resilience.

Income Statement

The business shows very limited and inconsistent revenue (including multiple years at $0, and a -100% revenue change in 2025), which makes scale and operating leverage hard to achieve. Profitability is weak, with losses every year and a sharp deterioration in 2025 (net loss of ~-5.47M vs ~-0.88M in 2024). While 2020–2024 losses were relatively contained in absolute terms, the 2025 step-down suggests higher spending without corresponding revenue traction.

Balance Sheet

The balance sheet is conservatively levered with no reported debt across the period, which reduces refinancing and interest-rate risk. However, equity has fallen materially (from ~9.96M in 2023 to ~4.43M in 2025), consistent with ongoing losses and implying weakening capital resilience. Returns on equity are negative throughout and extremely weak in 2025, highlighting that shareholder capital is not currently generating profits.

Cash Flow

Cash generation is consistently negative: operating cash flow is outflow every year and free cash flow remains negative, indicating ongoing cash burn. There is improvement in 2025 versus 2024 in cash outflows (free cash flow about -0.50M vs -1.34M), but the business still relies on external funding or existing cash to sustain operations. The gap between cash flow and earnings is less concerning than the simple fact that both are firmly negative.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	22.55K	0.00	0.00	25.00K	0.00	15.50K
Gross Profit	22.55K	0.00	0.00	25.00K	0.00	15.50K
EBITDA	-712.71K	-5.47M	-820.85K	-1.73M	-623.66K	-888.85K
Net Income	-753.50K	-5.47M	-876.68K	-1.76M	-986.98K	-888.85K
Balance Sheet
Total Assets	9.71M	4.82M	9.82M	10.12M	7.68M	6.75M
Cash, Cash Equivalents and Short-Term Investments	336.22K	81.75K	584.70K	1.35M	1.62M	1.55M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	93.84K	389.52K	239.22K	161.30K	127.67K	199.00K
Stockholders Equity	9.61M	4.43M	9.58M	9.96M	7.56M	6.55M
Cash Flow
Free Cash Flow	-1.10M	-502.26K	-1.34M	-1.65M	-1.92M	-2.65M
Operating Cash Flow	-727.61K	-502.26K	-758.63K	-829.50K	-680.58K	-730.03K
Investing Cash Flow	-374.12K	-318.69K	-582.62K	-817.95K	-1.24M	-1.92M
Financing Cash Flow	897.92K	318.00K	579.92K	1.37M	1.99M	2.20M

Sultan 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%
MRD	49 Neutral	AU$43.73M	-10.67	-106.64%	―	―	-36.36%
RIE	48 Neutral	AU$8.99M	-0.64	-190.23%	―	―	47.88%
AIV	47 Neutral	AU$5.98M	-4.58	-38.30%	―	―	61.60%
KLR	45 Neutral	AU$23.58M	-51.61	―	―	―	―
AOA	44 Neutral	AU$2.85M	―	-65.57%	―	―	-200.00%
SLZ	43 Neutral	AU$8.78M	-0.63	-78.12%	―	―	-349.06%

Sultan Resources Ltd. Corporate Events

Sultan Resources Advances Porphyry Gold-Copper Targets in Lachlan Fold Belt

Sultan Resources’ December 2025 quarterly report outlines continued technical review and target generation across its three Lachlan Fold Belt tenements in New South Wales, covering 165 km² in the highly prospective Molong and Rockley-Gulgong volcanic belts of the Macquarie Arc. During the quarter, the company advanced its understanding of several gold-copper targets, notably the Ringaroo prospect in EL8735, where soil geochemistry, rock chip anomalies, magnetic data and IP chargeability/resistivity anomalies collectively suggest significant porphyry Au-Cu potential adjacent to Impact Minerals’ high-grade Apsley prospect, supporting Sultan’s strategic focus on building exposure to major copper-gold discoveries in a Tier-1 jurisdiction.

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

Sultan Resources Completes Major Share and Option Placement

Sultan Resources Ltd has announced the completion of a significant placement involving the issuance of 48,841,543 fully paid ordinary shares and 91,111,111 listed options. This move, previously announced in October 2025, was executed without disclosure to investors under specific provisions of the Corporations Act. The company has confirmed compliance with relevant legal requirements and stated there is no excluded information needing disclosure. This strategic financial maneuver is likely to impact the company’s capital structure and market positioning.

Sultan Resources Ltd. Announces Director’s Interest Change

Sultan Resources Ltd. announced a change in the director’s interest, specifically involving Mr. Lincoln Xi Victor Liu, who acquired performance rights through his associations with Wynton Capital Pty Ltd and Bay Financial Pty Ltd. These rights, which are part of an incentive plan approved by shareholders, aim to motivate and reward Mr. Liu, reflecting the company’s strategy to align director interests with shareholder value.

Sultan Resources Ltd Announces New Securities Quotation on ASX

Sultan Resources Ltd has announced the quotation of new securities on the Australian Securities Exchange (ASX), including 91,111,111 options expiring on March 12, 2027, and 48,841,543 fully paid ordinary shares. This move is part of previously announced transactions and is expected to enhance the company’s capital structure, potentially impacting its operational capabilities and market positioning.

Sultan Resources Cancels Proposed Securities Issue

Sultan Resources Ltd announced the cancellation of a previous proposal to issue securities due to the failure of a resolution at the Annual General Meeting. This decision impacts the company’s plans to issue consideration shares to Aldoro, affecting its strategic financial maneuvers and potentially altering stakeholder expectations.

Sultan Resources AGM Results: Key Resolution Not Carried

Sultan Resources Ltd. announced the results of its Annual General Meeting, where all resolutions were carried except for the approval to issue shares to Aldoro Resources Ltd. This decision affects the company’s previously announced acquisition of projects in Namibia and Western Australia. Despite this setback, Sultan Resources remains committed to pursuing value-accretive opportunities that align with its focus on critical minerals and gold, aiming to enhance shareholder value.

Wynton Capital Ceases to be a Substantial Holder in Sultan Resources

Sultan Resources Ltd. has announced that Wynton Capital Pty Ltd has ceased to be a substantial holder in the company as of October 21, 2025. This change is attributed to a dilution caused by a Rights Issue and Shortfall Placement, affecting 16,941,721 ordinary shares. The announcement signifies a shift in shareholder composition, which may influence the company’s strategic decisions and market perception.

Sultan Resources Expands with New Gold and Mineral Projects

Sultan Resources Ltd. announced its intention to acquire three significant gold and critical minerals projects in Namibia and Western Australia, including the Damara Gold Project in Namibia and the Niobe and Narndee projects in Western Australia. The company has secured funding through a strategic placement, positioning it well to complete these acquisitions and advance its strategic growth initiatives, potentially enhancing its market position and offering new opportunities for stakeholders.