Todd River Resources Ltd. (XRA) AI Stock Analysis

• Market Cap: AU$24.36M
• Dividend Yield: N/A
• Average Volume (3M): 173.29K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.19
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): -0.03
• Shares Outstanding: 60,900,368
• 10 Day Avg. Volume: 168,238
• 30 Day Avg. Volume: 173,291
• PEG Ratio: 0.03
• Price to Book (P/B): 0.20
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -0.76
• 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: 51 Neutral
• Price Target: AU$0.40 ▲(91.43% Upside)
• Action: Reiterated Date: 03/06/26
• Date: Action: Reiterated 03/06/26

The score is held back primarily by weak financial performance (no revenue, ongoing losses, and negative free cash flow), which increases funding and execution risk. This is partially offset by supportive technical momentum and a low-debt balance sheet, while valuation remains constrained by the lack of profitability.

Positive Factors

Low leverage

Very low reported leverage materially reduces near-term refinancing and interest-service risk for a pre-revenue explorer. This preserves optionality to allocate capital to drilling or strategic partnerships and improves solvency flexibility over the next several months relative to highly leveraged peers.

Improving cash burn trend

A year-over-year improvement in free cash flow signals incremental progress in managing cash outflows or timing of expenditures. If maintained, this trend can extend operational runway, reduce reliance on immediate raises, and reflect better spending discipline while the company pursues exploration milestones.

Exploration business model

As a mineral exploration specialist, the company benefits from a high-upside, scalable business model: a successful discovery or joint-venture can transform economics without the burden of large fixed operating baselines. This structural optionality underpins strategic partnership and capital-raising paths.

Negative Factors

Pre-revenue with widening losses

No operating revenue and materially widening net losses undermine the firm's ability to self-fund exploration. Sustained deficits deplete equity buffers, limit reinvestment capacity, and increase dependency on external capital, making operational plans contingent on successful financings or discovery outcomes.

Consistent negative free cash flow

Persistent negative free cash flow and negative operating cash flow indicate ongoing cash burn and structural inability to generate internal funds. Absent a pivot to revenue or major cost reduction, the company must secure external funding, which can be dilutive and uncertain, pressuring long-term sustainability.

Material equity erosion

A substantial drop in shareholders' equity signals that losses, dilution, or impairments are consuming the capital base. Reduced equity weakens the balance sheet cushion, constrains future funding capacity on favorable terms, and increases the risk that additional capital raises will be needed sooner.

Todd River Resources Ltd. Business Overview & Revenue Model

Company Description

Xenora Minerals Limited engages in exploration and evaluation of mineral resources in Australia and Canada. It explores for gold, uranium, lithium, copper, zinc, lead, nickel, base, and precious metals deposits. The company was formerly known as Trinex Minerals Limited and changed its name to Xenora Minerals Limited in September 2025. Xenora Minerals Limited was incorporated in 2014 and is based in Subiaco, Australia.

How the Company Makes Money

Todd River Resources Ltd. Financial Statement Overview

Summary

Pre-revenue with persistent, worsening losses and deeply negative EBITDA. Free cash flow remains negative (cash burn) despite some improvement, implying continued reliance on external funding. The main positive is very low leverage, but equity has declined materially, reflecting ongoing deficits.

Income Statement

The company reports no revenue across the provided annual periods, indicating it is still pre-commercial or not generating operating sales. Losses are persistent and sizable, with net income deteriorating from -3.1M (2023) to -4.9M (2024) and -6.9M (2025), alongside deeply negative EBITDA in each year. Profitability is therefore weak and volatile, and with no revenue base, there is limited visibility on operating leverage or a path to near-term earnings.

Balance Sheet

Leverage is very low, with debt-to-equity staying around ~0.8%–2.7% over the periods shown, which reduces refinancing and solvency risk. However, equity fell materially from 15.2M (2024) to 9.7M (2025), consistent with ongoing losses and/or dilution/asset write-downs. Returns on equity are strongly negative (roughly -32% to -71%), highlighting that the balance sheet is being consumed by recurring deficits despite modest debt levels.

Cash Flow

Cash generation is weak: free cash flow is consistently negative (about -2.5M in 2025 and -5.3M in 2024), reflecting ongoing cash burn. While free cash flow improved year-over-year in 2025 versus 2024, operating cash flow is still negative in 2025, and the business does not yet demonstrate self-funding operations. The cash profile suggests continued dependence on external funding (equity raises or other sources) unless spending is reduced or revenue begins.

Breakdown	Jun 2024	Jun 2023	Jun 2022	Jun 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00
Gross Profit	-77.29K	0.00	0.00	0.00
EBITDA	-6.79M	-4.81M	-3.02M	-5.73M
Net Income	-6.88M	-4.93M	-3.08M	-5.76M
Balance Sheet
Total Assets	10.30M	16.79M	9.33M	13.66M
Cash, Cash Equivalents and Short-Term Investments	1.16M	2.80M	2.67M	6.65M
Total Debt	81.81K	154.11K	229.68K	35.94K
Total Liabilities	599.83K	1.56M	679.19K	200.74K
Stockholders Equity	9.70M	15.23M	8.65M	13.27M
Cash Flow
Free Cash Flow	-2.50M	-5.32M	-3.08M	-2.52M
Operating Cash Flow	-2.50M	0.00	0.00	0.00
Investing Cash Flow	-32.47K	-1.91M	-139.54K	-181.15K
Financing Cash Flow	892.62K	5.59M	1.26M	7.53M

Todd River Resources 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%

Todd River Resources Ltd. Corporate Events

Xenora Minerals Director Increases Indirect Shareholding via On-Market Purchase

Xenora Minerals Limited has disclosed a change in the indirect holdings of director Peretz Schapiro, who holds interests through Saphires Holdings Pty Ltd and Breakout Star Holdings Pty Ltd. Schapiro acquired 75,000 additional fully paid ordinary shares in Xenora Minerals via an on-market trade at $0.275 per share, increasing his indirect holding in Breakout Star Holdings to 246,875 shares, while his existing share and option interests through Saphires Holdings remain unchanged; the company confirmed there were no related contract interest changes and the trade did not occur during a closed period requiring special clearance.

The most recent analyst rating on (AU:XRA) stock is a Hold with a A$0.25 price target. To see the full list of analyst forecasts on Todd River Resources Ltd. stock, see the AU:XRA Stock Forecast page.

Xenora Ramps Up Dudley Lithium Exploration After Geochemical Upgrade

Xenora Minerals has restarted on-ground exploration at its Dudley Lithium Project in South Australia following a detailed geochemical review that identified highly prospective zones for lithium-bearing pegmatites. The latest work program includes infill and extensional soil sampling over priority targets defined by advanced geochemical studies, which confirm strong LCT pegmatite fertility and highlight the main Dudley pegmatite and nearby anomalies as key drill targets. The company ended the December 2025 quarter with a strong cash position of A$2.69 million after completing a A$2.1 million placement, underpinning its ongoing exploration at Dudley and its broader strategy of reviewing additional resource opportunities to enhance shareholder value.

The most recent analyst rating on (AU:XRA) stock is a Hold with a A$0.34 price target. To see the full list of analyst forecasts on Todd River Resources Ltd. stock, see the AU:XRA Stock Forecast page.

Xenora Advances Dudley Lithium Farm-In as It Targets Majority Stake

Xenora Minerals has elected to proceed to Stage 1b of its farm-in agreement with South Australia Lithium Pty Ltd on the Dudley Lithium Project, paying A$37,500 in cash and issuing A$100,000 in shares, escrowed for six months, as part of its path to earn an initial 51% interest. The company must complete A$700,000 in total Stage 1 exploration expenditures by January 2027, with A$446,954 already spent, while progressing key permitting and access arrangements including an extended landowner access and compensation agreement and the imminent submission of an E-PEPR application for RC drilling planned for 2026. If Stage 1 conditions are met, Xenora can move to Stage 2 to lift its stake to 90% via further cash, share payments and aggregate exploration spending of A$1.4 million, positioning the company to secure a dominant interest in the project, though failure to advance would leave it with a smaller joint-venture interest or no stake at all.

The most recent analyst rating on (AU:XRA) stock is a Hold with a A$0.21 price target. To see the full list of analyst forecasts on Todd River Resources Ltd. stock, see the AU:XRA Stock Forecast page.

Xenora Minerals Issues 393,701 New Shares Under Corporations Act Notice

Xenora Minerals Limited has issued 393,701 fully paid ordinary shares on 9 January 2026, with the new securities to be quoted on the ASX under the code XRA. The company confirmed the shares were issued without a prospectus under the relevant Corporations Act provisions and stated it is up to date with its financial reporting and continuous disclosure obligations, with no excluded information, paving the way for secondary trading of the new shares and signalling routine capital management activity for stakeholders.

The most recent analyst rating on (AU:XRA) stock is a Hold with a A$0.21 price target. To see the full list of analyst forecasts on Todd River Resources Ltd. stock, see the AU:XRA Stock Forecast page.

Xenora Minerals Seeks ASX Quotation for 393,701 New Shares

Xenora Minerals Ltd, listed on the ASX under the code XRA, operates in the minerals exploration and resources sector, though this filing does not specify its particular commodity focus or project portfolio.

The company has applied for quotation of 393,701 new fully paid ordinary shares on the ASX, issued on 9 January 2026, as part of previously announced transactions, modestly increasing its quoted capital base and potentially supporting ongoing corporate or project-related activities.

The most recent analyst rating on (AU:XRA) stock is a Hold with a A$0.21 price target. To see the full list of analyst forecasts on Todd River Resources Ltd. stock, see the AU:XRA Stock Forecast page.