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Terramin Australia Limited (AU:TZN)
ASX:TZN
Australian Market

Terramin Australia Limited (TZN) AI Stock Analysis

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AU:TZN

Terramin Australia Limited

(Sydney:TZN)

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Neutral 41 (OpenAI - 5.2)
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Neutral 41 (OpenAI - 5.2)
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Neutral 41 (OpenAI - 5.2)
Rating:41Neutral
Price Target:
AU$0.03
▼(-3.33% Downside)
Action:ReiteratedDate:03/18/26
The score is driven primarily by very weak financial performance (persistent losses, cash burn, and high leverage). Technicals are also bearish with negative momentum and a downtrend versus longer-term averages, while valuation signals are limited due to negative earnings and no dividend yield provided.
Positive Factors
Diversified base‑metal exposure
Operating across zinc, lead and silver provides a multi-commodity revenue base and reduces reliance on a single metal cycle. This structural diversity can smooth revenues over time, allow payability offsets (silver credits) and improve optionality when negotiating offtake or processing terms.
Recent revenue improvement
Sequential revenue growth in 2024–2025, while from a small base, signals improving production or sales execution. Sustained top-line recovery is a prerequisite for converting to positive operating cash flow and can underpin longer-term project funding or attract JV/partner interest if maintained.
Project monetisation flexibility
A business model that explicitly contemplates asset sales, farm-outs and joint ventures gives management durable financing options beyond equity markets. That flexibility can transfer development risk, secure staged funding, and preserve cash — important given the firm's recurring cash needs.
Negative Factors
Persistent heavy losses
Sustained large losses and deeply negative margins erode the capital base and limit reinvestment capacity. Over multiple periods this undermines the ability to scale operations, reduces bargaining power with partners, and raises the likelihood of dilutive funding or asset disposals to remain solvent.
Extremely high leverage
Very elevated debt-to-equity restricts financial flexibility and amplifies refinancing risk, especially in a cyclical commodity business. High leverage limits capacity to fund development, increases interest burden sensitivity, and raises the chance that adverse commodity moves force asset sales or restructure.
Consistent negative cash generation
Persistent negative operating and free cash flow means the business burns cash to operate, requiring continual external funding or asset monetisation. Over the medium term this increases dilution and project execution risk, constraining capital allocation and jeopardising longer-term development plans.

Terramin Australia Limited (TZN) vs. iShares MSCI Australia ETF (EWA)

Terramin Australia Limited Business Overview & Revenue Model

Company DescriptionTerramin Australia Limited, together with its subsidiaries, explores for, evaluates, and develops base and precious metals, and other economic mineral deposits in Australia and Northern Africa. The company primarily explores for zinc, lead, gold, and copper deposits. Its flagship project is the 65% owned Tala Hamza Zinc project located on the Mediterranean coast of Algeria. The company was incorporated in 1993 and is based in Strathalbyn, Australia.
How the Company Makes MoneyTerramin makes money primarily through minerals-related cash flows tied to its projects, including: (1) Sales of mined and processed concentrates/metal-bearing product (typically zinc and lead concentrates, often with payable silver credits) to smelters or commodity trading counterparties under offtake or sales contracts; revenue is generally driven by production volumes, prevailing commodity prices, product payability terms, and treatment/refining charges. (2) Project-level income or value realization through transactions such as asset sales, farm-outs/joint ventures, or option agreements where another party funds development in exchange for an interest in a project; proceeds may be received as cash payments, staged milestone payments, and/or retained royalties (where applicable). (3) Ancillary/other income can occur from interest income and any government grants or rebates connected to operational or development activities, but specific recurring amounts are not publicly confirmable here and should be considered null in the absence of cited disclosures. Key factors influencing earnings include commodity price movements (zinc/lead/silver), operating costs, project performance, contract terms with customers/smelters, and the company’s ability to finance and progress development projects.

Terramin Australia Limited Financial Statement Overview

Summary
Very weak fundamentals: small and volatile revenue, persistent heavy losses with deeply negative margins, and consistent negative operating/free cash flow. Balance sheet risk is elevated due to very high leverage and shrinking equity, increasing refinancing/dilution risk.
Income Statement
18
Very Negative
Revenue is very small in absolute terms and has been volatile, with only modest growth recently (2024: +1.4%, 2025: +14.5%). Profitability is the key weakness: the company has sustained heavy losses every year, with deeply negative operating and net margins (2025 net margin about -70.8%). Gross profit also swung from slightly positive in 2024 to materially negative in 2025, highlighting unstable cost structure and limited operating leverage.
Balance Sheet
22
Negative
Leverage is the major concern. Debt remains high while equity has compressed sharply, driving debt-to-equity to very elevated levels (2025: ~9.8x; 2024: ~18.1x), implying limited balance-sheet flexibility. Total assets are relatively stable, but returns on equity are strongly negative (2025 ROE about -2.11), consistent with ongoing losses and a weakening capital base.
Cash Flow
15
Very Negative
Cash generation is consistently negative: operating cash flow and free cash flow are below zero in every period provided, and free cash flow declined again in 2025 (growth about -13.3%). While free cash flow is roughly in line with net losses (i.e., losses are not being masked by positive cash flow), the persistent cash burn increases funding risk, especially given the leveraged balance sheet.
BreakdownDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue126.00K132.00K56.00K63.00K40.00K
Gross Profit-1.88M32.00K-67.00K-2.02M-406.00K
EBITDA-3.35M-3.48M-1.56M-16.89M-2.32M
Net Income-8.91M-8.87M-6.35M-7.45M-6.18M
Balance Sheet
Total Assets64.34M65.20M65.25M65.33M76.47M
Cash, Cash Equivalents and Short-Term Investments72.00K214.00K374.00K131.00K5.72M
Total Debt41.45M54.81M46.25M28.26M25.61M
Total Liabilities60.11M62.17M53.34M47.07M40.88M
Stockholders Equity4.23M3.03M11.90M18.26M22.46M
Cash Flow
Free Cash Flow-2.95M-4.98M-3.01M-2.58M-2.74M
Operating Cash Flow-2.95M-4.91M-3.01M-2.14M-2.13M
Investing Cash Flow-292.00K-65.00K249.00K-6.11M154.00K
Financing Cash Flow3.10M4.82M3.00M2.67M2.25M

Terramin Australia Limited Technical Analysis

Technical Analysis Sentiment
Negative
Last Price0.03
Price Trends
50DMA
0.03
Negative
100DMA
0.03
Negative
200DMA
0.04
Negative
Market Momentum
MACD
>-0.01
Negative
RSI
34.33
Neutral
STOCH
70.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:TZN, the sentiment is Negative. The current price of 0.03 is above the 20-day moving average (MA) of 0.03, below the 50-day MA of 0.03, and below the 200-day MA of 0.04, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 34.33 is Neutral, neither overbought nor oversold. The STOCH value of 70.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:TZN.

Terramin Australia 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
63
Neutral
AU$170.45M146.120.67%
61
Neutral
$10.43B7.12-0.05%2.87%2.86%-36.73%
61
Neutral
AU$490.84M3.2115.33%6.70%
46
Neutral
AU$135.40M-3.65-54.77%-52.90%61.27%
46
Neutral
AU$78.01M-0.66-342.18%-49.48%
41
Neutral
AU$71.63M-6.89-927.50%24.42%-18.42%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AU:TZN
Terramin Australia Limited
0.03
-0.05
-62.50%
AU:TLG
Talga Group
0.25
-0.19
-43.18%
AU:AIS
Aeris Resources Limited
0.44
0.26
141.67%
AU:RNU
Renascor Resources Limited
0.07
0.02
40.43%
AU:NMR
Native Mineral Resources Holdings Ltd.
0.07
>-0.01
-6.94%

Terramin Australia Limited Corporate Events

Terramin Releases Comprehensive 2025 Annual Report
Mar 17, 2026

Terramin Australia Limited has released its 2025 Annual Report, providing shareholders with a comprehensive view of the company’s performance and governance. The report includes the chair’s review, audited financial statements, directors’ and auditors’ declarations, and detailed disclosures on tenements, reserves and resources, and securities information, offering investors greater transparency into the company’s operational and financial position.

While, however, it is important to use personal funds wisely, the annual report’s detailed breakdown of assets, liabilities, and equity movements will help stakeholders assess Terramin’s balance sheet strength. The inclusion of tenement information and resource statements also highlights the underlying asset base that supports Terramin’s long-term prospects in the mining sector.

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

Terramin Files Updated Corporate Governance Statement with ASX
Mar 17, 2026

Terramin Australia Limited has lodged its updated corporate governance statement and accompanying Appendix 4G with the ASX for the financial year ended 31 December 2025. The statement, current as of 17 March 2026 and approved by the board, is accessible via the company’s annual report and website.

The filing confirms Terramin’s adherence to key ASX Corporate Governance Council principles, including maintaining a formal board charter, conducting checks on directors and senior executives, and using written agreements for appointments. It also affirms that the company secretary reports directly to the board, underscoring the company’s effort to demonstrate robust governance structures and compliance for investors and regulators.

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

Terramin Retracts Non-Compliant Resource Estimates for South Gawler Ranges Project
Mar 10, 2026

Terramin Australia has issued a retraction of certain technical information previously disclosed about the South Gawler Ranges Project exploration program. The company has withdrawn the earlier stated estimates of mass, composition and density for a conceptual target, advising investors not to rely on those figures as they were not compliant with the 2012 JORC Code requirements.

The move underscores heightened scrutiny on public resource estimates and highlights Terramin’s need to align its disclosures with recognised reporting standards. Investors and other stakeholders may reassess prior assumptions about the scale and quality of the SGRP target until compliant data is provided, potentially affecting sentiment around the project’s prospects.

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

Terramin Wins Appeal Returning Bird in Hand Gold Deposit to Its Licence
Mar 8, 2026

Terramin Australia Limited has regained effective control of its Bird in Hand gold deposit after the Court of Appeal set aside a 2023 South Australian government proclamation that had removed the deposit from key provisions of the Mining Act 1971. The ruling returns the deposit to Exploration Licence 6447 held by Terramin Exploration Pty Ltd, although the Court dismissed the company’s remaining appeal grounds, and Terramin now plans to review its options in light of the decision.

The judgment represents a significant legal and operational outcome for Terramin, restoring an important asset to its exploration portfolio and potentially strengthening its position in the state’s gold sector. However, the dismissal of other appeal elements suggests that while the company has secured a critical win on tenure, some regulatory or legal constraints may remain, and stakeholders will be watching how Terramin’s strategic response unfolds.

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

Terramin Halts Trading Ahead of Crucial Court Ruling on SA Gold Project
Mar 4, 2026

Terramin Australia Limited has requested a trading halt in its securities on the ASX, effective from the start of trading on 5 March 2026, as it awaits a key legal decision affecting one of its projects. The halt is expected to last until either an announcement is made or normal trading resumes on 9 March 2026, providing the market with clarity on the outcome.

The decision pending from the Supreme Court of South Australia’s Court of Appeal relates to a judicial review of the state energy and mining minister’s ruling on mining applications for Terramin’s Bird in Hand Gold Project. The outcome could significantly influence the project’s future and regulatory standing, making the trading halt a step to manage information flow and protect investors during this period of legal uncertainty.

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

Terramin Seeks ASX Quotation for 26.3 Million New Shares
Jan 12, 2026

Terramin Australia Limited has applied to the Australian Securities Exchange for quotation of 26,315,789 new fully paid ordinary shares under its ticker TZN. The new securities, issued on 12 January 2026 as part of a previously announced transaction, will expand the company’s quoted share capital and potentially provide additional funding flexibility, with implications for existing shareholders through increased equity on issue and possible dilution of holdings.

The most recent analyst rating on (AU:TZN) stock is a Sell with a A$0.03 price target. To see the full list of analyst forecasts on Terramin Australia Limited stock, see the AU:TZN Stock Forecast page.

Terramin Director Feng Sheng Boosts Stake Through Rights Issue Underwriting
Dec 29, 2025

Terramin Australia Limited has disclosed a significant change in director Feng Sheng’s holdings, with his direct and indirect interests in the company’s ordinary fully paid shares increasing through an issue of new shares. The additional 361,933,820 shares were acquired at $0.038 per share under a Shortfall Partial Underwriting and Debt Discharge Deed associated with a non-renounceable rights issue, materially lifting Feng Sheng’s stake and reinforcing his financial alignment with the company, which may be interpreted by investors as a sign of confidence in Terramin’s capital structure and future direction.

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

Terramin Seeks ASX Quotation for 235 Million New Shares
Dec 29, 2025

Terramin Australia Limited has lodged an application with the ASX for quotation of 235,136,833 new ordinary fully paid shares under the code TZN, with the securities issued on 30 December 2025. The large volume of new shares, arising from previously announced transactions, expands the company’s quoted capital base and may have implications for existing shareholders through potential dilution while providing Terramin with additional equity to support its ongoing corporate or project funding needs.

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

Terramin Lifts Asipac Stake to 45% via Debt-Settling Share Issue
Dec 22, 2025

Terramin Australia Limited will issue 235,136,833 new shares at $0.038 per share on 30 December 2025 to Asipac Group Pty Ltd under a shortfall partial underwriting and debt discharge arrangement, extinguishing an equivalent amount of debt owed by its subsidiary Terramin Exploration Pty Ltd. The transaction will lift Asipac’s ownership to 45% of Terramin’s issued capital, while the company continues to seek investors for the remaining shortfall shares and has extended the shortfall offer closing date to 8 March 2026, a move that reshapes its capital structure and may influence future funding flexibility and control dynamics.

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

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: Mar 18, 2026