Timah Resources Ltd (TML) AI Stock Analysis

• Market Cap: AU$4.17M
• Dividend Yield: N/A
• Average Volume (3M): 6.94K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.19
• Revenue Growth: 5.31%
• EPS Growth: -489.74%
• Country: AU
• Employees: N/A
• Sector: Utilities
• Sector Strength: 65
• Industry: Renewable Utilities
• EPS (TTM): 0.00
• Shares Outstanding: 88,759,760
• 10 Day Avg. Volume: 6,757
• 30 Day Avg. Volume: 6,936
• PEG Ratio: -3.22
• Price to Book (P/B): 0.55
• Price to Sales (P/S): 1.68
• P/FCF Ratio: -101.06
• 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: 48 Neutral
• Price Target: AU$0.05 ▲(15.00% Upside)
• Action: Reiterated Date: 02/25/26
• Date: Action: Reiterated 02/25/26

The score is held down primarily by weak and volatile profitability and a very high P/E, despite historically solid operating cash flow (until the 2025 FCF decline). Technically, the stock is in an uptrend but shows extremely overbought signals, limiting the benefit of near-term momentum.

Positive Factors

Resilient operating cash flow

Consistent positive operating cash flow across prior years demonstrates durable cash generation that can fund operations and investment despite earnings volatility. Historically positive FCF through 2024 shows the business could self-fund capex and reduce reliance on external financing, supporting resilience over the medium term.

Manageable leverage after asset growth

An improved leverage profile and a larger asset base in 2024 strengthen balance-sheet flexibility, lowering refinancing and solvency risk. Moderate debt levels give the company room to fund near-term needs or investments without excessive financial strain, supporting stability across a 2–6 month horizon and improving access to capital if needed.

Exposure to structurally growing tin demand

Timah's focus on tin ties it to long-term secular demand drivers (electronics, automotive, construction). Strategic partnerships help access markets and technologies, potentially improving distribution and operational efficiency. Structural demand for tin supports sustained revenue opportunities beyond short-term cyclical swings.

Negative Factors

Volatile and weak profitability

Recurrent negative or volatile operating results indicate the core business struggles to consistently convert revenue into sustainable profits. This undermines long-term return generation, complicates reinvestment decisions, and raises the risk that earnings cannot reliably support growth or shareholder returns over the coming months.

Free cash flow deterioration in 2025

The shift to negative free cash flow reduces internal funding for capex, working capital, or distributions and increases dependence on external capital. That reversal erodes a prior strength and constrains strategic flexibility, making the company more vulnerable to funding stress or forced asset sales in the medium term.

Equity swings and inconsistent returns on equity

Sharp year-to-year equity swings and negative or inconsistent ROE signal that the asset base has not generated reliable shareholder value. This can impair investor confidence and raise the cost of raising new equity, complicating long-term planning and capital allocation decisions over the 2–6 month outlook.

Timah Resources Ltd Business Overview & Revenue Model

Company Description

Timah Resources Limited, through its subsidiary, Mistral Engineering Sdn Bhd., generates biogas renewable energy in Australia and Malaysia. It owns and operates a biogas power plant with approximately 4.0 megawatts situated in Sabah, Malaysia. The company was incorporated in 2007 and is based in North Sydney, Australia. Timah Resources Limited is a subsidiary of Cash Nexus (M) Sdn. Bhd.

How the Company Makes Money

Timah Resources Ltd generates revenue through the extraction and sale of tin and other mineral products. The company primarily earns income from selling tin concentrates to various industrial clients, including manufacturers in electronics and construction sectors. Additionally, TML may have contracts or agreements with other companies for the joint development of mining projects, which can provide a share of profits or royalties. The company's revenue model is supported by strategic partnerships that enable it to access new markets and technologies, optimize production costs, and increase output. Factors such as global tin prices, operational efficiency, and regulatory compliance also significantly influence its profitability.

Timah Resources Ltd Financial Statement Overview

Summary

Overall financials indicate unstable profitability despite comparatively resilient historical cash generation. The income statement is weak and volatile (revenue down ~19% YoY in 2025, gross profit slightly negative, operating earnings negative in multiple years), while the balance sheet looks moderate on leverage but shows meaningful equity swings. Cash flow has been a relative strength (positive operating cash flow in all provided years; FCF positive through 2024) but deteriorated with negative FCF in 2025.

Income Statement

Results are volatile and profitability is weak. Revenue fell sharply in 2025 (down ~19% YoY) after a one-off step-up in 2024, and gross profit turned slightly negative in 2025. Operating earnings were negative in multiple years (2022, 2023, 2025) and 2024 showed a very large net loss despite higher revenue, pointing to inconsistent cost structure and/or significant non-operating items. A modest net profit returned in 2025, but it was achieved alongside negative operating profit, so the quality and durability of earnings look limited.

Balance Sheet

Leverage looks manageable-to-moderate with debt broadly similar to equity in most years (debt-to-equity around ~1.0–1.3 historically, improving to ~0.42 in 2024). Total assets materially increased in 2024, which strengthened the balance sheet optics, but equity appears to have stepped down sharply by 2025 versus 2024, suggesting notable year-to-year swings in capital base. Returns on equity have been inconsistent and often negative, which reduces confidence that the asset base is producing reliable shareholder value.

Cash Flow

Cash generation has been a relative bright spot: operating cash flow has been positive every year provided and was especially strong in 2022–2023. Free cash flow was positive in 2020–2024, indicating the business was generally funding investment needs from internal cash, though free cash flow turned negative in 2025 and declined versus 2024. Where available, cash flow compared favorably to reported earnings (operating cash flow exceeded net income in 2022–2024), supporting earnings quality despite income statement volatility.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.38M	9.10M	2.81M	2.68M	2.82M
Gross Profit	-19.56K	1.11M	123.52K	-265.48K	549.29K
EBITDA	-227.44K	912.57K	1.16M	770.94K	1.76M
Net Income	12.31K	-3.52M	138.43K	-732.18K	115.06K
Balance Sheet
Total Assets	17.55M	49.80M	17.27M	19.71M	21.06M
Cash, Cash Equivalents and Short-Term Investments	1.88M	2.85M	2.35M	3.09M	2.54M
Total Debt	7.28M	8.11M	7.36M	9.25M	9.85M
Total Liabilities	10.26M	30.37M	9.93M	11.87M	12.51M
Stockholders Equity	7.19M	19.43M	7.34M	7.84M	8.55M
Cash Flow
Free Cash Flow	-39.48K	550.39K	1.28M	1.40M	854.63K
Operating Cash Flow	125.31K	610.70K	1.68M	1.66M	890.30K
Investing Cash Flow	-164.78K	-60.31K	-400.61K	-257.61K	-35.68K
Financing Cash Flow	-891.65K	-153.09K	-1.81M	-777.74K	-884.52K

Timah Resources Ltd Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.04
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:TML, the sentiment is Positive. The current price of 0.04 is below the 20-day moving average (MA) of 0.05, below the 50-day MA of 0.04, and above the 200-day MA of 0.04, indicating a bullish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 100.00 is Negative, neither overbought nor oversold. The STOCH value of 133.33 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:TML.

Timah Resources Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CUE	76 Outperform	AU$97.97M	3.94	12.05%	13.04%	10.44%	-55.67%
Sector *	66 Neutral	$17.65B	18.10	5.60%	3.62%	6.62%	11.55%
TML	48 Neutral	AU$4.17M	―	0.17%	―	5.31%	-489.74%
ERG	48 Neutral	AU$4.36M	134.83	0.29%	―	7.44%	―
14D	44 Neutral	AU$7.07M	-0.61	-108.64%	―	―	-15.24%
DEL	43 Neutral	AU$20.05M	-4.53	-129.44%	―	-29.97%	-284.16%
JNS	34 Underperform	AU$15.21M	0.06	-31.05%	―	―	91.54%

Timah Resources Ltd Corporate Events

Timah Resources Rebounds to Profit Despite Major Biogas Plant Outage

Timah Resources reported a sharp turnaround for 2025, moving from a prior-year loss to a small profit despite a 24% drop in revenue, as EBITDA rose 63% on improved operational efficiency. A major flashover at the main busbar switchgear forced a 112-day shutdown, cutting power exports and causing an estimated RM1.2 million net loss from the incident, but repairs enabled operations to resume in September and net tangible assets per share to return to positive territory.

The group is pursuing an insurance claim of RM313,199 for repair costs and has implemented long-term mitigation, including added spare units for critical systems, to reduce future outage risk. While POME feedstock intake fell 12%, the plant’s average energy conversion efficiency rose 31% due to the effective use of a new digester tank, and management says it remains focused on restoring a stronger profitability trajectory and exploring opportunities to enhance shareholder returns.

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