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Eon NRG Limited (AU:VSR)
ASX:VSR
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Eon NRG Limited (VSR) AI Stock Analysis

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AU:VSR

Eon NRG Limited

(Sydney:VSR)

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Neutral 49 (OpenAI - 5.2)
Rating:49Neutral
Price Target:
AU$0.05
▼(-23.33% Downside)
The score is held back mainly by weak underlying financial performance (zero reported revenue, negative gross profit/operating results, and consistently negative free cash flow) despite a stronger balance sheet and improved 2024 net income/operating cash flow. Technicals are a positive contributor given strong trend and MACD, but extremely overbought RSI/Stoch increases near-term reversal risk. Valuation is constrained by a negative P/E and no dividend support.
Positive Factors
Balance Sheet Strength
Zero reported debt and a rebuilt equity base (~A$11M in 2024) provide durable financial flexibility. This reduces insolvency risk, supports funding of exploration or working capital without immediate refinancing, and gives management optionality to pursue strategic investments or partnerships.
Operating Cash Flow Recovery
A return to positive operating cash flow in 2024 signals improving core cash generation that can sustain near-term operations. Sustained OCF helps reduce reliance on external financing, improves liquidity management, and is a necessary step toward self-funding capital needs over the medium term.
Net Income Turnaround
The swing to reported net income in 2024 indicates progress toward profitability and improved earnings quality. If maintained, positive net income can rebuild retained earnings, support reinvestment, and improve credibility with investors and lenders for longer-term growth initiatives.
Negative Factors
No Reported Revenue
Consistently reporting zero revenue means the company lacks recurring sales from core operations, leaving results dependent on non-operating items or one-off events. This undermines business model sustainability and makes long-term cash generation and valuation highly uncertain.
Negative Gross Profit & Operating Losses
Persistent negative gross margins and operating losses point to structural weaknesses in project economics or cost base. Without demonstrable improvement in operational margins, the company faces prolonged profitability challenges and limited ability to generate durable returns on capital.
Persistent Negative Free Cash Flow
Negative free cash flow every year means the business is not self-funding after investments, forcing reliance on external capital. Over time this constrains reinvestment, increases refinancing or dilution risk, and limits the company’s ability to scale or weather commodity and cycle volatility.

Eon NRG Limited (VSR) vs. iShares MSCI Australia ETF (EWA)

Eon NRG Limited Business Overview & Revenue Model

Company DescriptionVoltaic Strategic Resources Limited explores for minerals in Nevada, the United States. The company holds 100% interests in the Paddys Well Project comprising one exploration licence and five exploration licence applications covering an area of 1,300 square kilometre; the Ti Tree Project comprising one exploration licence and two exploration licence applications covering an area of 212 square kilometre; the Talga project comprising one granted exploration licence and one exploration licence application covering an area of 252 square kilometre; and the Kooline project comprising one exploration licence application covering an area of 303 square kilometre located in Western Australia. It also holds 100% in the Bluebird South project comprising one exploration licence application covering an area of 70 square kilometre; and the Cue Project comprising one exploration licence covering an area of 70 square kilometre, as well as 80% interests in the Kooline project comprising two exploration licences and three prospecting licences covering an area of 126 square kilometre located in Western Australia. In addition, the company the company holds interests in the nickel-copper-cobalt project, including Gilberts silver, gold, and lead mine located in Stillwater Range, Nevada. The company was formerly known as Eon NRG Limited and changed its name to Voltaic Strategic Resources Limited. The company was incorporated in 2009 and is based in West Perth, Australia.
How the Company Makes Money

Eon NRG Limited Financial Statement Overview

Summary
Balance sheet strength (zero reported debt in 2022–2024 and equity rebuilt to ~11.0M in 2024) and a 2024 turn to positive net income and operating cash flow are meaningful improvements. However, core operations remain weak with revenue reported at zero, negative gross profit, ongoing operating losses, and persistently negative free cash flow, keeping the score low.
Income Statement
28
Negative
Profitability has been volatile and structurally weak: revenue is consistently reported at zero, gross profit is negative in each year shown, and operating profit is deeply negative from 2021–2024. The key positive is a swing to positive net income in 2024 (after sizable losses in 2022–2023), but the quality of earnings looks mixed given ongoing operating losses.
Balance Sheet
66
Positive
The balance sheet is relatively supportive: total debt is reported at zero in 2022–2024 and equity has rebuilt to about 11.0M in 2024 from negative equity in 2021, indicating meaningful recapitalization/recovery. The main weakness is low underlying profitability (return on equity was negative in 2022–2023 and only modestly positive in 2024), suggesting the improved capital base is not yet consistently generating returns.
Cash Flow
38
Negative
Cash flow trends improved but remain uneven. Operating cash flow turned positive in 2024 (after large outflows in 2020–2023), which is a notable step-up in near-term liquidity. However, free cash flow is still negative in every year provided, including 2024, indicating the business has not yet become self-funding after investment and other cash needs.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue0.000.000.000.000.000.00
Gross Profit-29.13K-58.63K-31.84K-973.000.00-8.63K
EBITDA162.88K134.28K-1.71M-2.09M-412.61K-309.62K
Net Income234.85K75.66K-1.74M-2.10M-434.68K943.07K
Balance Sheet
Total Assets11.49M11.17M10.73M5.38M174.60K122.97K
Cash, Cash Equivalents and Short-Term Investments2.21M5.59M6.02M3.13M1.54K15.69K
Total Debt0.000.000.000.0039.19K0.00
Total Liabilities170.74K205.69K206.60K237.45K650.13K53.75K
Stockholders Equity11.32M10.96M10.53M5.14M-475.52K69.22K
Cash Flow
Free Cash Flow-228.90K-326.43K-3.82M-2.28M-52.55K-2.28M
Operating Cash Flow-189.29K461.68K-1.33M-1.78M-43.50K-2.26M
Investing Cash Flow-3.04M-1.04M-2.53M118.14K-9.05K-868.28K
Financing Cash Flow0.000.006.74M4.79M38.05K314.03K

Eon NRG Limited Peers Comparison

Overall Rating
UnderperformOutperform
Sector (65)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
65
Neutral
$15.17B7.614.09%5.20%3.87%-62.32%
49
Neutral
AU$26.11M-146.67-1.49%
49
Neutral
AU$5.64M-4.05%12.37%66.67%
43
Neutral
AU$11.79M-3.02-7.92%16.52%
* Energy Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
AU:VSR
Eon NRG Limited
0.04
0.03
238.46%
ASTTF
Australis Oil & Gas
AUNXF
AXP Energy
0.01
>-0.01
-42.11%
GBBLF
Provaris Energy Ltd
AU:GGE
Grand Gulf Energy Limited
AU:GAS
State Gas Ltd.
0.03
-0.01
-32.56%

Eon NRG Limited Corporate Events

Voltaic Strategic Resources Grants Performance Rights to Director Under LTIP
Jan 23, 2026

Voltaic Strategic Resources has disclosed a change in director Richie Yang’s interests, with Yang’s indirect holding now including 6 million performance rights (across Classes 3A, 3B and 3C) in addition to 3.05 million ordinary shares held via Vs Capital Investments Pty Ltd as trustee for The Exponential Family Trust. The new performance rights were allotted at nil consideration under the company’s long term incentive plan approved by shareholders on 19 January 2026, underscoring Voltaic’s continued use of equity-based incentives to align director remuneration with long-term shareholder value and company performance, and signalling confidence in the company’s future trajectory to the market and stakeholders.

The most recent analyst rating on (AU:VSR) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Eon NRG Limited stock, see the AU:VSR Stock Forecast page.

Voltaic Strategic Resources Restructures Director’s Performance Rights Under LTIP
Jan 23, 2026

Voltaic Strategic Resources Ltd has adjusted the equity-based incentives held indirectly by director Michael Walshe through Satinka Consulting Pty Ltd, without changing his ordinary shareholding in the company. The move forms part of the company’s long-term incentive framework for senior leadership. The company has issued Walshe 6 million new performance rights across three new classes (3A, 3B and 3C) and cancelled 13 million existing performance rights across four earlier classes, all on a nil-consideration basis and in line with shareholder approvals granted on 19 January 2026. The reshaping of his incentive package refocuses management remuneration on updated performance hurdles and aligns executive rewards more closely with the company’s current strategic priorities, while keeping overall equity exposure transparent to the market.

The most recent analyst rating on (AU:VSR) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Eon NRG Limited stock, see the AU:VSR Stock Forecast page.

Voltaic Strategic Resources Grants Performance Rights to Director Under LTIP
Jan 23, 2026

Voltaic Strategic Resources Ltd has updated the market on a change in director Daniel Raihani’s interests, following the allotment of new performance-based securities under the company’s long-term incentive plan. Through his indirect holding vehicle, 7 Enterprises Pty Ltd, Raihani has been granted a total of 12 million nil-consideration performance rights across three classes (3A, 3B and 3C), in addition to his existing 70.5 million ordinary shares and 33 million listed options, with the awards reflecting shareholder approval of the incentive scheme on 19 January 2026 and underscoring the company’s emphasis on aligning executive rewards with long-term performance outcomes.

The most recent analyst rating on (AU:VSR) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Eon NRG Limited stock, see the AU:VSR Stock Forecast page.

Voltaic Strategic Resources Cuts 20 Million Performance Rights, Trimming Future Dilution
Jan 23, 2026

Voltaic Strategic Resources has announced the cessation of a total of 20.25 million performance rights, comprising 10.5 million rights that lapsed after vesting conditions were not, or could no longer be, satisfied, and 9.75 million rights cancelled by mutual agreement with the holder. The move effectively reduces the company’s potential future equity dilution and may reflect a reassessment of performance hurdles or incentive structures, with implications for capital structure management and the alignment of management and shareholder interests.

The most recent analyst rating on (AU:VSR) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Eon NRG Limited stock, see the AU:VSR Stock Forecast page.

Voltaic Strategic Resources Grants 36 Million Unquoted Performance Rights Under Incentive Plan
Jan 23, 2026

Voltaic Strategic Resources Ltd has issued 36 million unquoted performance rights under an employee incentive scheme, with the securities created on 22 January 2026 and not intended to be quoted on the ASX. The move strengthens the company’s equity-based remuneration structure, aligning employee incentives with long-term corporate performance and potentially aiding retention and engagement as it advances its strategic resource activities.

The most recent analyst rating on (AU:VSR) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Eon NRG Limited stock, see the AU:VSR Stock Forecast page.

Voltaic Strategic Resources Wins Shareholder Backing for Executive Performance Rights at EGM
Jan 19, 2026

Voltaic Strategic Resources Limited has reported the results of its Extraordinary General Meeting held on 19 January 2026, where shareholders approved a suite of resolutions relating to equity-based incentives for directors and the company secretary. All resolutions, decided by poll, passed comfortably as ordinary resolutions, including the issuance of new performance rights to directors Daniel Raihani, Michael Walshe and Richie Yang, the issuance of performance rights to the company secretary, and the cancellation of existing performance rights held by director Michael Walshe. The approvals consolidate Voltaic’s executive and board remuneration framework around performance-linked equity, signalling continued shareholder support for aligning management incentives with company performance and potentially enhancing governance and retention of key personnel in a competitive resources sector.

The most recent analyst rating on (AU:VSR) stock is a Hold with a A$0.05 price target. To see the full list of analyst forecasts on Eon NRG Limited stock, see the AU:VSR Stock Forecast page.

Voltaic Strategic Resources Director Increases Indirect Shareholding
Jan 6, 2026

Voltaic Strategic Resources has disclosed a change in director Michael Walshe’s indirect interest, with his associated entity Satinka Consulting Pty Ltd acquiring 560,615 additional ordinary shares via an on‑market purchase at $0.056 per share. Following this transaction, Walshe’s indirect holding has increased to 13,383,573 ordinary shares alongside existing options and performance rights, signalling a strengthened personal stake in the company that may be viewed by investors as a vote of confidence in Voltaic’s strategic direction and prospects.

The most recent analyst rating on (AU:VSR) stock is a Hold with a A$0.06 price target. To see the full list of analyst forecasts on Eon NRG Limited stock, see the AU:VSR Stock Forecast page.

Voltaic Strategic Resources Director Increases Indirect Shareholding
Jan 6, 2026

Voltaic Strategic Resources Ltd, an ASX-listed company, has disclosed a change in the relevant interests of one of its directors, Daniel Raihani, in accordance with market disclosure requirements.

The company reported that Raihani, through indirect holdings via 7 Enterprises Pty Ltd, acquired 500,000 additional ordinary shares on 6 January 2026 via an on-market purchase at A$0.0587 per share, increasing his total holding to 70.5 million ordinary shares while his 33 million listed options remain unchanged, signaling continued insider confidence without any related contract changes or trades during a closed period.

The most recent analyst rating on (AU:VSR) stock is a Hold with a A$0.06 price target. To see the full list of analyst forecasts on Eon NRG Limited stock, see the AU:VSR Stock Forecast page.

Voltaic Director Increases Indirect Shareholding via On‑Market Purchase
Dec 24, 2025

Voltaic Strategic Resources Ltd has disclosed a change in director Daniel Raihani’s indirect holdings, lodged under ASX listing rule requirements. Through 7 Enterprises Pty Ltd, Raihani acquired 3 million ordinary shares in the company via on‑market purchases over 23 and 24 December 2025, lifting his indirect stake to 70 million ordinary shares while maintaining 33 million listed options, in a move that signals increased financial commitment from the director and may be viewed by investors as a vote of confidence in the company’s prospects.

Voltaic Strategic Resources Director Increases Indirect Shareholding
Dec 22, 2025

Voltaic Strategic Resources Ltd has disclosed a change in director Daniel Raihani’s indirect interest in the company’s securities, reporting the on-market purchase of 1.5 million ordinary shares on 22 December 2025 via 7 Enterprises Pty Ltd for approximately A$71,258. Following this transaction, Raihani’s indirect holdings increased to 67 million ordinary shares while his 33 million listed options (with an exercise price of A$0.08 and expiring 30 June 2026) remained unchanged, signaling a modest vote of confidence in the company’s prospects from within its boardroom and providing transparency to shareholders in line with ASX reporting requirements.

Voltaic Strategic Resources Director Increases Indirect Share and Option Holdings
Dec 18, 2025

Voltaic Strategic Resources Ltd has disclosed a change in the indirect holdings of director Daniel Raihani, who holds his interest through 7 Enterprises Pty Ltd. On 18 December 2025, Raihani acquired 1,000,000 ordinary shares and 1,500,001 listed options in the company via on-market purchases, lifting his total indirect stake to 65,500,000 ordinary shares and 33,000,000 listed options. The transaction, valued at $40,500 for the shares and $7,500 for the options, signals an increased financial commitment by the director and marginally strengthens insider ownership, which can be interpreted by investors as a sign of confidence in the company’s prospects.

Voltaic Strategic Resources Ltd Director Increases Holdings
Dec 18, 2025

Voltaic Strategic Resources Ltd announced a change in the interests of one of its directors, Daniel Raihani, involving the acquisition of additional ordinary shares and listed options. These transactions increase Mr. Raihani’s holdings, reflecting on-market purchases valued at approximately $57,144 for shares and $2,500 for options. The update highlights a potential indication of confidence from company leadership, which could positively influence stakeholder sentiment while aligning with the company’s strategic goals.

Voltaic Strategic Resources Announces Extraordinary General Meeting
Dec 17, 2025

Voltaic Strategic Resources Limited has announced an Extraordinary General Meeting (EGM) to be held on January 19, 2026, at their West Perth location. The company has opted for a physical meeting and will not send printed notices unless specifically requested. Shareholders can access meeting materials online or via email if they have opted for electronic communications. Voting will be conducted by a poll, and shareholders are encouraged to submit proxy forms in advance if they cannot attend.

Voltaic Confirms Significant REE Anomaly at Paddys Well Project
Dec 11, 2025

Voltaic Strategic Resources Limited, a company focused on exploring rare earth elements and gallium, has confirmed a significant surface rare earth element (REE) anomaly at its Paddys Well Project in Western Australia’s Gascoyne region. The discovery of a 1.2km REE anomaly at the Soren site, along with a higher-grade zone, marks the second large-scale REE-Ga target in the area, highlighting the project’s potential to host multiple mineralized corridors. The company plans further exploration and drill targeting in 2026, supported by a strong financial position and strategic exploration framework.

Voltaic Confirms Significant REO and Gallium Systems at Paddys Well
Nov 23, 2025

Voltaic Strategic Resources Limited, operating in the mining and resources sector, has confirmed the presence of two distinct mineral systems containing rare earth oxides (REO) and gallium within a 2.5km corridor at its Paddys Well Project in Western Australia’s Gascoyne region. This discovery includes significant surface intercepts and suggests a scalable clay-hosted system with potential primary basement sources. The company plans further exploration, supported by a strong financial position, to capitalize on this growth opportunity.

Voltaic Strategic Resources Identifies New Gold Targets at Meekatharra
Nov 5, 2025

Voltaic Strategic Resources Ltd, operating in Western Australia’s gold mining sector, has identified a promising gold system at its Meekatharra Project. The company has delineated an 850-meter Ark Corridor with over ten high-priority gold targets, alongside the Noa Corridor, which has shown significant surface gold anomalies. Historical drilling in the area missed key mineralization zones, presenting new opportunities for exploration. Voltaic plans a 5,000-meter RC drilling program in Q1 2026 to explore these high-impact targets, potentially enhancing its position in the gold mining industry.

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 04, 2026