Battery Minerals Ltd. (WTM) AI Stock Analysis

• Market Cap: AU$180.92M
• Dividend Yield: N/A
• Average Volume (3M): 1.24M
• Price to Earnings (P/E): ―
• Beta (1Y): 3.60
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): -0.03
• Shares Outstanding: 309,261,170
• 10 Day Avg. Volume: 1,784,484
• 30 Day Avg. Volume: 1,239,494
• PEG Ratio: -0.01
• Price to Book (P/B): 2.76
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -5.51
• 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: AU$0.95
• Price Target Upside: 61.02% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: AU$0.50 ▼(-14.92% Downside)

The score is primarily held down by weak financial performance (minimal revenue, larger losses, and ongoing cash burn, despite low leverage). Technical indicators are neutral-to-mixed and provide limited offset. Valuation is also constrained by negative earnings and the absence of dividend yield.

Positive Factors

Low leverage / reduced solvency risk

Very low leverage is a durable financial strength: limited debt lowers default and covenant risk, preserves optionality during extended development phases, and gives management more time to execute strategy without immediate refinancing pressure, supporting long-term solvency.

Prior positive operating cash flow (2022)

A prior year of positive operating cash flow indicates the business has demonstrated operational cash-generation ability under some conditions. That historical precedent supports the view that management can potentially return to positive cash conversion if execution or market conditions improve.

Improving cash burn trend versus 2021

An improving cash-burn trend is a meaningful operational signal: reduced outflows versus past peaks lower near-term financing needs, extend runway, and indicate improving cost control. This trend, if sustained, helps stabilize operations while pursuing commercialization.

Negative Factors

Minimal or no revenue / early-stage profile

Near-zero revenue in the latest period signals an early-stage or non-commercial profile, limiting intrinsic cash generation and making margin sustainability irrelevant. Without recurring revenue, the company remains highly dependent on capital raises to fund development and operations.

Deepening net losses and value erosion

A sharp increase in net losses materially erodes shareholder equity and signals persistent operating deficiencies. Continued widening losses reduce financial flexibility, increase dilution risk from future raises, and undermine the firm's ability to self-fund growth or capital projects.

Persistent negative operating and free cash flow

Sustained negative operating and free cash flow creates an ongoing need for external financing. Over the medium term this raises liquidity and execution risk: continual outflows without revenue traction force reliance on capital markets or partners, which can constrain strategic choices.

Battery Minerals Ltd. Business Overview & Revenue Model

Company Description

Waratah Minerals Limited operates as a diversified minerals exploration company. It explores for copper, gold, and nickel deposits. The company holds a 100% interest in the Spur Project, consisting of EL5238 located in central western New South Wales; Stavely-Stawell Project comprising a single exploration license, EL6871 located in western Victoria, Australia; and the Azura Project that consists of three granted exploration licenses, E80/4944, E80/5116, and E80/5347, and one application license, E80/5348, covering an area of approximately 258 square kilometers located in Western Australia. It also engages in investing activities in Australia. The company was formerly known as Battery Minerals Limited and changed its name to Waratah Minerals Limited in December 2023. Waratah Minerals Limited was incorporated in 2011 and is based in Orange, Australia.

How the Company Makes Money

Battery Minerals Ltd. Financial Statement Overview

Summary

Overall fundamentals are weak: minimal/zero revenue, materially larger net losses in 2024, and negative operating profit. Cash flow remains negative with ongoing free-cash-flow burn, while the balance sheet benefit of low leverage is offset by a sharp decline in equity and strongly negative returns.

Income Statement

Operating performance is weak and volatile. Revenue is effectively minimal (2024 shows zero revenue; only small revenue in 2020 and 2023), while losses have deepened materially in 2024 (net loss of ~24.1M vs ~8.1M in 2023) with very negative operating profit. Margins are not meaningful in several years due to near-zero revenue, highlighting an early-stage/no-commercialization profile. A positive net profit in 2022 appears non-recurring given the return to sizable losses thereafter.

Balance Sheet

Leverage is very low, which reduces solvency risk (debt is small relative to equity across the period, including 2024). However, equity has declined sharply from 2023 to 2024 (from ~24.1M to ~9.9M), consistent with heavy losses and potential write-downs or capital structure changes. Returns on equity are strongly negative in the latest period, signaling value erosion despite the low debt load.

Cash Flow

Cash generation is pressured. Operating cash flow and free cash flow are negative in 2024 (about -4.9M and -5.0M, respectively), indicating ongoing cash burn, though the burn rate improved versus 2021 and is similar magnitude to 2023. Cash flow was positive in 2022, but the company reverted to persistent outflows afterward, implying continued dependence on external funding if this trajectory persists.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	7.45K	0.00	0.00	117.50K
Gross Profit	0.00	-44.56K	7.45K	370.33K	-153.59K	117.50K
EBITDA	-24.45M	-20.32M	-4.11M	-4.65M	-4.75M	-6.40M
Net Income	-24.45M	-24.12M	-8.10M	866.52K	-5.95M	-6.29M
Balance Sheet
Total Assets	13.96M	10.50M	24.46M	23.52M	20.84M	21.15M
Cash, Cash Equivalents and Short-Term Investments	7.54M	4.23M	3.73M	693.08K	3.91M	7.30M
Total Debt	64.11K	87.90K	0.00	12.25K	195.79K	0.00
Total Liabilities	1.11M	612.32K	373.64K	451.14K	2.04M	356.96K
Stockholders Equity	12.85M	9.89M	24.08M	23.07M	18.80M	20.79M
Cash Flow
Free Cash Flow	-7.87M	-4.96M	-3.50M	955.12K	-5.80M	-3.95M
Operating Cash Flow	-7.82M	-4.87M	-3.50M	987.74K	-5.73M	-2.10M
Investing Cash Flow	-158.09K	16.33K	1.56M	214.73K	-207.36K	456.33K
Financing Cash Flow	12.89M	7.80M	2.51M	1.78M	2.51M	5.84M

Battery Minerals 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%
JLL	53 Neutral	AU$75.79M	-9.78	-27.44%	―	―	―
FLG	51 Neutral	AU$76.53M	-15.06	-18.96%	―	―	―
WTM	47 Neutral	AU$180.92M	-4.40	-135.79%	―	―	―

Battery Minerals Ltd. Corporate Events

Waratah Minerals Boosts Cash Reserves Through Equity Raising Despite Exploration Outflows

Waratah Minerals Limited reported its quarterly cash flow for the period ended 31 December 2025, showing net operating cash outflows of A$4.25 million driven primarily by exploration and evaluation expenditure and administration costs, and modest investing outflows largely related to property, plant and equipment. The company strengthened its liquidity position through significant equity raisings, generating A$16.98 million in net cash from financing activities for the quarter and lifting its cash balance from A$16.10 million to A$28.63 million, indicating continued investor support for its exploration strategy despite ongoing negative operating cash flow typical of early-stage resource companies.

The most recent analyst rating on (AU:WTM) stock is a Sell with a A$0.55 price target. To see the full list of analyst forecasts on Battery Minerals Ltd. stock, see the AU:WTM Stock Forecast page.

Waratah Minerals Extends High-Grade Gold Zones at Spur Project Amid Aggressive Drilling Push

Waratah Minerals reported a strong December quarter marked by aggressive exploration at its Spur gold project, where an 80,000-metre drilling program and seven active rigs at the Spur and Consols zones are delivering multiple high-grade gold intercepts, extending known mineralisation and improving geological understanding. The company is also running regional soil sampling and geophysical programs to generate new drill targets, while bolstering its technical team and board to support a transition toward development, underpinned by a robust cash position of $28.6 million that positions it to pursue its growth and value-creation strategy for shareholders into 2026.

The most recent analyst rating on (AU:WTM) stock is a Sell with a A$0.55 price target. To see the full list of analyst forecasts on Battery Minerals Ltd. stock, see the AU:WTM Stock Forecast page.

Waratah Minerals Launches 80,000m Drill Program to Accelerate Growth at Spur Gold Project

Waratah Minerals has commenced an 80,000-metre growth and discovery drilling campaign at its wholly owned Spur Gold Project in New South Wales, intensifying efforts to rapidly expand known gold mineralisation and make new high-grade discoveries beyond existing zones. Deploying seven diamond drill rigs, the program targets both shallow, near-surface mineralisation and deeper high-grade structures, supported by ongoing surface mapping, regional soil sampling and SAM geophysical surveys to generate additional drill targets. The initiative reflects management’s view that Spur has potential to host a globally significant gold deposit, and the stepped-up drilling is intended to significantly grow resources at Spur, enhance the project’s standing within the Lachlan Fold Belt, and build value for shareholders through a sustained pipeline of exploration results.

The most recent analyst rating on (AU:WTM) stock is a Hold with a A$0.49 price target. To see the full list of analyst forecasts on Battery Minerals Ltd. stock, see the AU:WTM Stock Forecast page.

Waratah Minerals Extends Gold Mineralisation at Spur as Six Rigs Drive Aggressive Drilling Campaign

Waratah Minerals has reported new diamond drilling assay results from its Spur Gold Project in New South Wales, with holes SPD012 and SPD013 returning multiple significant gold intercepts that extend mineralisation both down-dip and down-plunge within the Spur Zone. The company now has six rigs operating—two at Spur and four at the nearby Consols Zone—to accelerate drilling on both shallow, high-grade targets and deeper extensions, underscoring the potential scale and growth upside of the project and signalling an intensified exploration push that could underpin future resource expansion and strengthen Waratah’s position in the regional gold sector.

The most recent analyst rating on (AU:WTM) stock is a Buy with a A$0.95 price target. To see the full list of analyst forecasts on Battery Minerals Ltd. stock, see the AU:WTM Stock Forecast page.

Waratah Minerals Restructures Leadership to Advance Gold and Copper Project

Waratah Minerals Limited announced a major board and management restructure to accelerate the development of its Spur Gold and Copper Project. Following a transformative year marked by successful drilling programs and capital raises, the company aims to leverage significant discoveries to further establish its position in the resource industry. The appointment of Dr. Andrew Stewart as Executive Chair is intended to drive the project through critical milestones and maximize shareholder value.

The most recent analyst rating on (AU:WTM) stock is a Buy with a A$0.95 price target. To see the full list of analyst forecasts on Battery Minerals Ltd. stock, see the AU:WTM Stock Forecast page.

Waratah Minerals Enhances Governance with Key Appointments

Waratah Minerals Limited has appointed MUFG Corporate Governance Pty Ltd to provide comprehensive governance and company secretarial services. This strategic move includes the appointment of Bill Hundy as the new Company Secretary, bringing extensive experience in corporate governance and compliance. The change aims to strengthen Waratah’s governance framework as it continues to grow and focus on the Spur Project, with Richard Willson transitioning to a corporate advisor role.

The most recent analyst rating on (AU:WTM) stock is a Buy with a A$0.95 price target. To see the full list of analyst forecasts on Battery Minerals Ltd. stock, see the AU:WTM Stock Forecast page.

Waratah Minerals Addresses ASX Price Query Amid Exploration Result Delays

Waratah Minerals Limited, a company involved in mineral exploration, has responded to an ASX price query regarding a significant drop in its share price and increased trading volume. The company revealed that the fluctuations were due to incomplete exploration results from its Spur Gold-Copper Project, which were not yet ready for market disclosure. To maintain confidentiality and prevent misinformation, Waratah requested a trading halt until all assay results are verified and complete, ensuring compliance with ASX Listing Rules.

Waratah Minerals Reports Significant Gold Mineralization at Spur and Consols Zones

Waratah Minerals Limited has announced significant new assay results from its ongoing drilling operations at the Spur and Consols Zones in New South Wales, Australia. The results indicate substantial gold mineralization, with notable intercepts in several drill holes. The company has expanded its drilling fleet to five rigs and adopted rapid Photon gold assaying to increase activity and news flow. Additionally, Waratah received a $250,000 grant from the NSW government to support its drilling efforts, highlighting the potential growth and significance of the Spur Gold Corridor.

Waratah Minerals Requests Trading Halt Pending Key Announcement

Waratah Minerals Limited, listed on the ASX under the ticker WTM, has requested a trading halt on its securities. This halt is pending the release of a response to an ASX Price & Volume Query and Exploration Results. The trading halt will remain until the announcement is made or until normal trading resumes on 13 November 2025. The halt is intended to ensure that the market is fully informed, and Waratah has indicated there is no reason for the halt not to be granted.

Waratah Minerals Expands Gold Footprint and Strengthens Financial Position

Waratah Minerals Limited reported significant progress in its exploration activities during the quarter ending September 2025, with extensional drilling at the Consols Zone revealing multiple zones of visible gold mineralization. The drilling results have expanded the known gold footprint, extending the Spur Gold Corridor by 500 meters and enhancing the company’s resource base. The company also raised A$30 million through a share placement to accelerate exploration activities, indicating a strong financial position with A$16.1 million in cash as of the end of the quarter. This development is expected to bolster Waratah’s industry positioning and provide potential benefits to stakeholders by enhancing resource estimates and future production capabilities.

Waratah Minerals Director Adjusts Investment Portfolio

Waratah Minerals Limited has announced a change in the interests of its director, Darryl Clark. The company, which operates in the minerals industry, reported that Clark has exercised options to acquire 500,000 ordinary shares, while disposing of an equivalent number of ZEPO options. This transaction increases Clark’s total holdings to 3,632,554 ordinary shares and reduces his ZEPO options to 500,000. The change reflects strategic adjustments in the director’s investment portfolio, potentially impacting the company’s governance and signaling confidence in the company’s future prospects.

Waratah Minerals Limited Announces Director’s Interest Change

Waratah Minerals Limited has announced a change in the director’s interest, specifically involving Peter Duerden. The change involves the exercise of options resulting in the acquisition of 583,334 ordinary shares by Duerden Investments Pty Limited, while an equal number of ZEPO options were disposed of. This adjustment in securities holdings reflects the director’s strategic financial decisions, potentially impacting the company’s stock and stakeholder interests.

Battery Minerals Ltd. Updates Share Information for Waratah Minerals

Battery Minerals Ltd. has announced a correction to the number of shares for Waratah Minerals Limited, with the updated information being submitted to the ASX. This adjustment is part of the company’s ongoing compliance with ASX listing rules, ensuring transparency and accuracy in its securities reporting.

Waratah Minerals Corrects Administrative Error in Option Conversion

Waratah Minerals Limited, a company listed on the Australian Securities Exchange, recently faced an administrative error involving the conversion of director-held options into shares. The company mistakenly converted twice the intended number of options into shares, which was later rectified by voiding the incorrect issuance and reinstating the original options. This incident highlights the importance of accurate compliance with terms of issue and has led the company to implement controls to prevent similar errors in the future.