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Nickelx Ltd (AU:SMX)
ASX:SMX
Australian Market

Nickelx Ltd (SMX) AI Stock Analysis

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AU:SMX

Nickelx Ltd

(Sydney:SMX)

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Neutral 47 (OpenAI - 5.2)
Rating:47Neutral
Price Target:
AU$0.02
▲(20.00% Upside)
The score is held down primarily by weak financial performance (pre-revenue, ongoing losses, and negative free cash flow) despite low debt. Technicals add support with price above the 200-day average and neutral-to-positive momentum indicators. Valuation remains a headwind because losses make the negative P/E hard to interpret and there is no dividend support.
Positive Factors
Low leverage / balance sheet solvency
A zero-debt capital structure reduces near-term solvency risk and interest burden, giving management flexibility to prioritize operational development or fundraising choices. Over 2–6 months this supports survival without immediate refinancing pressure, important for pre-revenue firms.
Improving free cash flow trend
A reduction in cash burn signals better operational control and marginally extended runway, lowering near-term dilution risk. If sustained, this trend improves capital durability and increases the odds management can reach key development milestones before needing large new financings.
Losses improved vs earlier years
Evident year-over-year improvement versus earlier periods suggests management is narrowing operating inefficiencies or advancing project milestones. Sustained progress would indicate trajectory toward eventual commercialization and better margin prospects over a multi-quarter horizon.
Negative Factors
Pre-revenue business model
Being pre-revenue means the core business model remains unproven and operational scalability is untested. Over several months this raises execution risk, limits visibility into recurring cash flows, and makes planning dependent on milestone delivery and external capital.
Persistent negative cash generation
Consistent negative operating and free cash flows force reliance on external financing for operations and capital needs. This structural cash deficit increases dilution risk, constrains reinvestment capacity, and limits strategic optionality absent sustained improvement or new funding.
Equity volatility and funding dependence
Volatile equity and deeply negative returns on equity reflect recurrent capital raises and past losses. Over the medium term this highlights funding continuity risk: the company may need further dilutive financings, which can impair shareholder value and restrict long-term strategic investments.

Nickelx Ltd (SMX) vs. iShares MSCI Australia ETF (EWA)

Nickelx Ltd Business Overview & Revenue Model

Company DescriptionStrata Minerals Ltd. is an exploration company, which engages in acquiring, exploring, and developing mineral projects. It focuses on gold, uranium, and rare earths. Its projects include Penny South Gold, Elliot Lake Uranium, Biranup, and Dalwallinu. The company was founded by Oliver Pierre Kreuzer on February 7, 2019 and is headquartered in Perth, Australia.
How the Company Makes Moneynull

Nickelx Ltd Financial Statement Overview

Summary
Very weak operating fundamentals: the company is effectively pre-revenue with persistent and widening losses in the latest year, plus consistently negative operating and free cash flow. The main offset is low leverage with no recent debt, but funding continuity and dilution risk remain high until revenue and cash flow improve.
Income Statement
12
Very Negative
The company is still effectively pre-revenue, with revenue at 0 in recent years and persistent operating losses. Losses widened in the latest year (annual net loss of ~3.30M vs ~2.11M prior year), indicating limited operating leverage and continued reliance on external funding. The main positive is that losses improved versus some earlier years (e.g., 2021), but overall profitability remains weak and visibility on monetization is low.
Balance Sheet
38
Negative
Leverage is low, with total debt at 0 in the last two annual periods and minimal debt historically, reducing near-term solvency risk. However, equity has been volatile (down sharply from 2023 to 2024, then partially rebuilt in 2025), and returns on equity are deeply negative due to ongoing losses. Overall, the balance sheet is not debt-stressed, but capital durability depends on continued funding and loss containment.
Cash Flow
22
Negative
Cash generation is weak, with negative operating cash flow and negative free cash flow across all periods. The latest year shows some improvement in free cash flow versus the prior year (less cash burn), but cash flow remains meaningfully negative, consistent with an early-stage business without revenue support. This profile implies ongoing dependence on financing to sustain operations.
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue0.000.000.000.000.0013.45K
Gross Profit0.000.00-12.38K-37.13K-35.33K3.12K
EBITDA-3.30M-3.30M-2.10M-2.74M-3.01M-2.02M
Net Income-3.30M-3.30M-2.11M-2.78M-3.05M-2.05M
Balance Sheet
Total Assets2.97M2.97M2.83M5.34M4.72M7.64M
Cash, Cash Equivalents and Short-Term Investments2.03M2.03M840.93K3.06M2.85M5.97M
Total Debt0.000.000.0012.68K50.42K28.98K
Total Liabilities100.96K100.96K317.24K703.57K317.40K214.91K
Stockholders Equity2.87M2.87M2.51M4.64M4.40M7.43M
Cash Flow
Free Cash Flow-2.13M-2.13M-2.19M-1.94M-3.10M-4.49M
Operating Cash Flow-2.13M-2.13M-1.89M-1.79M-3.10M-3.53M
Investing Cash Flow-64.18K-64.18K-296.70K-150.00K-1.50K-956.95K
Financing Cash Flow3.38M3.38M-29.77K2.14M-19.24K7.01M

Nickelx Ltd Technical Analysis

Technical Analysis Sentiment
Positive
Last Price0.02
Price Trends
50DMA
0.02
Positive
100DMA
0.02
Positive
200DMA
0.02
Positive
Market Momentum
MACD
<0.01
Negative
RSI
66.91
Neutral
STOCH
68.94
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:SMX, 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 above the 200-day MA of 0.02, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 66.91 is Neutral, neither overbought nor oversold. The STOCH value of 68.94 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:SMX.

Nickelx Ltd 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%
47
Neutral
AU$8.14M-1.69-122.65%28.93%
47
Neutral
AU$23.90M-9.80-22.90%-17.92%
43
Neutral
AU$4.99M-2.08-217.63%3.91%46.67%
37
Underperform
AU$809.46K-0.17
37
Underperform
AU$7.60M-26.58%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AU:SMX
Nickelx Ltd
0.03
>-0.01
-17.14%
AU:RC1
Redcastle Resources Limited
0.20
0.10
102.02%
AU:1TT
Wooboard Technologies Limited
0.01
0.00
0.00%
AU:SIS
Simble Solutions Ltd.
AU:ID8
Identitii Ltd.
0.01
0.00
0.00%

Nickelx Ltd Corporate Events

Strata Minerals Expands Zelica Gold Footprint and Launches Maiden Drilling Campaign
Jan 23, 2026

Strata Minerals has strengthened its position in Western Australia’s Eastern Goldfields by exercising an option to acquire 100% of the Zelica Gold Project and purchasing the adjoining Zelica South tenement, expanding the Zelica footprint fivefold to encompass about 8km of prospective gold strike. The company has commenced a maiden reverse circulation drilling program at Zelica to validate and extend historical high-grade oxide gold intercepts, is planning initial work programs at underexplored Zelica South, and has confirmed encouraging geological continuity at its Penny South Gold Project. Backed by a cash balance of $1.4 million and $1.1 million in recent equity funding earmarked for exploration, Strata is using its strengthened balance sheet to accelerate drilling and project evaluation, positioning the company for potential new gold discoveries and enhancing its exploration portfolio in a highly prospective gold district.

The most recent analyst rating on (AU:SMX) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on Nickelx Ltd stock, see the AU:SMX Stock Forecast page.

Strata Minerals Calls February General Meeting, Urges Shareholder Proxy Participation
Jan 19, 2026

Strata Minerals Limited has called a General Meeting of shareholders to be held in person in Perth on 19 February 2026, with the notice of meeting and explanatory materials made available online via the company’s website and ASX platform in line with current Corporations Act provisions. Shareholders are being urged to participate in the decision-making process, particularly those unable to attend in person, by lodging proxy forms with the company’s share registry by 17 February 2026, with the company indicating it will communicate any changes to meeting arrangements through ASX announcements and its website.

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

Strata Minerals Calls February Shareholder Vote on Acquisition and Capital Raisings
Jan 19, 2026

Strata Minerals Limited has called a general meeting for 19 February 2026 in Perth, where shareholders of record as at 17 February will vote on a series of resolutions relating to share issues and corporate approvals. The agenda includes approval to issue 3,486,238 consideration shares to Kalgoorlie Gold Mining Limited as part payment for an acquisition, ratification of two prior share placements totalling over 55 million shares issued under ASX Listing Rules 7.1 and 7.1A, and approvals to issue additional placement shares to related parties, including directors Jonathan Downes, Peter Woods and Richard Monti. Collectively, the resolutions are aimed at regularising past capital raisings, facilitating completion of the acquisition and enabling further equity participation by key insiders, with implications for shareholder dilution, governance oversight and the company’s funding and growth strategy within the mining sector.

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

Strata Minerals Secures $1.1m in First Tranche of Capital Raising
Dec 21, 2025

Strata Minerals Limited has completed the first tranche of its previously announced $1.175 million capital raising, securing $1.105 million through the placement of 55.25 million new shares at $0.02 each to new and existing institutional and sophisticated investors under its existing ASX placement capacity. The remaining balance of the raising is subject to shareholder approval at an upcoming general meeting, and the company has issued the required cleansing notice confirming regulatory compliance, a step that supports secondary trading of the new shares and underpins its funding position as it advances its Western Australian gold exploration portfolio.

Strata Minerals Seeks ASX Quotation for 55.25 Million New Shares
Dec 21, 2025

Strata Minerals Limited has applied to the ASX for quotation of 55,250,000 new fully paid ordinary shares under the ticker SMX, following previously announced transactions. The move significantly increases the company’s quoted share base as of 19 December 2025, potentially enhancing its market liquidity and signalling an important capital and corporate milestone for existing and prospective shareholders.

Strata Minerals Limited Announces Proposed Securities Issue
Dec 12, 2025

Strata Minerals Limited has announced a proposed issue of securities, including 8,000,000 unlisted options and 62,750,000 ordinary fully paid shares, set for issuance on February 12, 2026. This move is intended to strengthen the company’s financial position and support its ongoing projects, potentially impacting its market standing and offering new opportunities for stakeholders.

Strata Minerals Expands Gold Exploration with $1.175M Raise and Key Acquisition
Dec 12, 2025

Strata Minerals Limited has successfully raised $1.175 million through an equity placement to fund exploration activities across its gold portfolio, including a maiden drill program at the Zelica Gold Project. The company has also acquired the Zelica South Project, significantly expanding its exploration footprint by 400% and adding over 6km of gold mineralised corridor. This strategic acquisition in the Yundamindra region provides a major discovery opportunity, enhancing Strata’s positioning in a region with multiple million-ounce gold deposits.

Strata Minerals Initiates Trading Halt for Capital Raising and Acquisition
Dec 9, 2025

Strata Minerals Limited, listed on the ASX under the ticker SMX, has requested a trading halt on its securities pending an announcement related to a capital raising and acquisition. This halt will remain in effect until the company releases its announcement or until the start of normal trading on December 12, 2025. This move indicates potential strategic developments that could impact the company’s market position and investor interests.

Strata Minerals Advances Exploration at Penny South Gold Project
Dec 8, 2025

Strata Minerals Limited has completed its maiden three-hole diamond drilling program at the Penny South Gold Project, aiming to explore the southern extension of the mineralized system associated with high-grade gold deposits nearby. Although no significant gold assays were returned, the drilling confirmed key stratigraphic and structural relationships, indicating significant potential for a new gold discovery in the area. The company plans further exploration to test multiple high-priority targets, with the next phase of exploration already underway.

Strata Minerals Limited Successfully Passes All AGM Resolutions
Nov 20, 2025

Strata Minerals Limited announced that all resolutions presented at its Annual General Meeting on November 20, 2025, were successfully carried via a poll. This outcome supports the company’s strategic initiatives and governance, potentially strengthening its market position and stakeholder confidence.

Strata Minerals to Begin Drilling at Zelica Gold Project
Nov 20, 2025

Strata Minerals Limited has announced the commencement of its maiden drilling program at the Zelica Gold Project in Western Australia. The program aims to explore high-grade shallow oxide gold mineralization along a 1km strike zone, which remains open at depth and along strike. With historical drilling indicating significant gold potential and no exploration conducted in over a decade, the company sees an opportunity to add value through infill and step-out drilling. The project is situated on a granted mining license, and with current high gold prices, Strata is prioritizing the evaluation of near-term gold extraction opportunities, potentially enhancing shareholder value.

Strata Minerals Completes Strategic Share and Option Issuance
Nov 7, 2025

Strata Minerals Limited has completed the issuance of 11,875,000 fully paid ordinary shares as part of a Tenement Option agreement with SGMB Resources Pty Ltd, alongside 625,000 shares and 2,000,000 options as facilitator fees. Additionally, 375,000 shares were issued under an investor relations agreement, all utilizing the company’s existing placement capacity under ASX Listing Rules. The shares issued to SGMB and the investor relations contractor are subject to voluntary escrow periods of 12 and 6 months, respectively. This strategic issuance aims to bolster Strata’s resource development initiatives, potentially enhancing its market position and offering growth opportunities for stakeholders.

Strata Minerals Limited Issues New Shares for Investor Relations
Nov 7, 2025

Strata Minerals Limited has announced a new issuance of 375,000 ordinary shares at $0.02 per share, totaling $7,500, as part of an agreement for investor relations services. This strategic move aims to strengthen the company’s investor relations without impacting its cash reserves, potentially enhancing its market presence and stakeholder engagement.

Strata Minerals Issues Unlisted Options to Boost Financial Strategy
Nov 7, 2025

Strata Minerals Limited has announced the issuance of 2,000,000 unlisted options with an exercise price of $0.03, set to expire three years from the date of issue. This move is part of previously announced transactions and indicates the company’s strategic efforts to enhance its financial flexibility and potentially incentivize stakeholders, although these securities will not be quoted on the ASX.

Strata Minerals Limited Announces New Securities Quotation
Nov 7, 2025

Strata Minerals Limited has announced the issuance of 12,500,000 fully paid ordinary securities, which are set to be quoted on the Australian Securities Exchange (ASX) under the code SMX. This move is part of a previously announced transaction and aims to enhance the company’s capital structure, potentially impacting its market positioning and providing additional resources for operational expansion.

Strata Minerals Announces Director’s Interest Change
Nov 4, 2025

Strata Minerals Limited has announced a change in the director’s interest notice for Richard Monti, who holds indirect interests through Greatcity Corporation Pty Ltd. The notice details the expiry of 1,950,000 unlisted options with various exercise prices, leaving Monti with 1,250,000 unlisted options and 1,333,334 ordinary fully paid shares. This change reflects an adjustment in Monti’s investment portfolio, potentially impacting his influence and financial stake in the company.

Strata Minerals Limited Announces Expiry of Options
Oct 31, 2025

Strata Minerals Limited announced the cessation of 1,950,000 options due to their expiry on October 31, 2025. This development indicates a potential shift in the company’s capital structure, as these options expired without exercise or conversion, which may impact investor strategies and the company’s financial planning.

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: Jan 21, 2026