Xstate Resources Limited (AU:XST)
ASX:XST
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Xstate Resources Limited
(Sydney:XST)
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Rating:45Neutral
Price Target:
AU$0.02
â–²(0.00% Upside)
Action:ReiteratedDate:01/10/26
The score is driven primarily by weak financial performance (sharp 2024 revenue decline, negative operating profitability, and recurring cash burn), partially offset by a low-leverage balance sheet. Technicals are neutral-to-mixed, and valuation is constrained by a negative P/E and no dividend yield.
Positive Factors
Low leverage / conservative balance sheet
Essentially no debt and very low leverage materially reduces solvency and refinancing risk. This gives management durable flexibility to fund exploration or cover operating shortfalls over months, preserving optionality during commodity or cycle volatility.
Negative Factors
Sharp revenue collapse
An ~85% revenue decline in 2024 undermines scale and recurring cash generation, reducing operating leverage and impairing investment capacity. Such a steep structural drop increases execution risk and makes multi-month planning and recovery dependent on external events or capital raises.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / conservative balance sheet
Essentially no debt and very low leverage materially reduces solvency and refinancing risk. This gives management durable flexibility to fund exploration or cover operating shortfalls over months, preserving optionality during commodity or cycle volatility.
Read all positive factors
Xstate Resources Limited (XST) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$9.43M
Dividend YieldN/A
Average Volume (3M)7.88M
Price to Earnings (P/E)―
Beta (1Y)-0.37
Revenue Growth-92.71%
EPS Growth-220.72%
CountryAU
Employees1
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)N/A
Shares Outstanding428,680,820
10 Day Avg. Volume19,269,683
30 Day Avg. Volume7,880,549
Financial Highlights & Ratios
PEG Ratio-0.01
Price to Book (P/B)0.85
Price to Sales (P/S)4.68
P/FCF Ratio-1.82
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Xstate Resources Limited Business Overview & Revenue Model
Company Description
Xstate Resources Limited, together with its subsidiaries, engages in the exploration and production of oil and natural gas properties in the United States. The company holds a 25% working interest (WI) in Red Earth and 35% WI in Alberta Plains loc...
How the Company Makes Money
Xstate Resources Limited generates revenue primarily through the sale of crude oil and natural gas extracted from its exploration and production activities. The company operates in various oil and gas fields, where it owns and develops reserves. R...
Xstate Resources Limited Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
71
Positive
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 317.77K | 618.38K | 7.81M | 19.41M | 8.42M | 60.81K |
| Gross Profit | -215.83K | 65.41K | 2.01M | -2.81M | -3.26M | 80.81K |
| EBITDA | -4.29M | -384.18K | 2.52M | 773.68K | -2.79M | -619.33K |
| Net Income | -5.29M | 1.18M | 1.40M | -3.48M | -4.64M | -652.43K |
Balance Sheet | ||||||
| Total Assets | 3.13M | 4.53M | 12.73M | 31.82M | 40.39M | 1.09M |
| Cash, Cash Equivalents and Short-Term Investments | 2.49M | 3.56M | 995.26K | 814.46K | 724.39K | 814.88K |
| Total Debt | 0.00 | 0.00 | 4.89K | 0.00 | 4.92K | 65.68K |
| Total Liabilities | 504.11K | 1.12M | 10.54M | 31.12M | 36.54M | 388.73K |
| Stockholders Equity | 2.63M | 3.40M | 2.20M | 698.84K | 3.85M | 704.30K |
Cash Flow | ||||||
| Free Cash Flow | -1.78M | -1.59M | -923.83K | 100.94K | -4.79M | -1.08M |
| Operating Cash Flow | -1.78M | -1.59M | -78.23K | 100.94K | -3.05M | -1.05M |
| Investing Cash Flow | 1.98M | 4.12M | 279.33K | 0.00 | -1.74M | -32.40K |
| Financing Cash Flow | -126.92K | -4.89K | -42.93K | -4.92K | 4.65M | 1.36M |
Xstate Resources Limited Technical Analysis
Negative
0.02
Price Trends
0.02
Negative
Market Momentum
>-0.01
Positive
32.17
Neutral
11.11
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:XST, the sentiment is Negative. The current price of 0.02 is above the 20-day moving average (MA) of 0.02, below the 50-day MA of 0.02, and equal to the 200-day MA of ―, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 32.17 is Neutral, neither overbought nor oversold. The STOCH value of 11.11 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:XST.
Xstate Resources Limited Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
45 Neutral | AU$9.43M | -0.52 | -175.50% | ― | -92.71% | -220.72% | |
45 Neutral | AU$3.12M | -1.77 | -46.86% | ― | -32.65% | -66.67% | |
44 Neutral | AU$6.30M | -0.39 | 1758.56% | ― | ― | ― | |
44 Neutral | AU$3.14M | -0.67 | -26.79% | ― | -26.88% | 24.00% | |
43 Neutral | AU$6.84M | -4.09 | 3.55% | ― | -16.79% | -205.26% |
* Energy Sector Average
AU:XST
Xstate Resources Limited
0.02
<0.01
10.00%
AU:AOK
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―
―
―
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Bounty Oil & Gas NL
―
―
―
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Winchester Energy Ltd
―
―
―
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Stonehorse Energy Ltd
0.01
0.00
0.00%
Xstate Resources Limited Corporate Events
Xstate Corrects Director Interest Notice After Reporting Error
Dec 29, 2025
Xstate Resources Limited has lodged a corrected Appendix 3Y with the ASX for director Andrew Bald after identifying an error in the previously reported closing balance of his securities. The updated notice confirms an indirect acquisition of 500,0...
Xstate Resources Director Andrew Bald Increases Indirect Shareholding
Dec 23, 2025
Xstate Resources Limited has reported a change in the indirect holdings of director Andrew Bald, who holds securities through Hera Investments Pty Ltd and Bald Superannuation Pty Ltd. The company notified the market that Bald acquired 500,000 full...
Xstate Director Greg Channon Increases Indirect Shareholding
Dec 18, 2025
Xstate Resources Limited has reported a change in the indirect shareholding of director Greg Channon through his associated entity Ruby Lloyd Pty Ltd. Channon acquired 280,000 fully paid ordinary shares on-market for $5,040 on 18 December 2025, in...
Xstate Director Andrew Childs Increases Direct Shareholding via On-Market Purchase
Dec 18, 2025
Xstate Resources Limited has disclosed a change in director Andrew Childs’ holdings, with the director acquiring 666,666 fully paid ordinary shares in an on-market purchase valued at $11,078. Following this transaction, Childs’ direct ...
Xstate issues 68 million unlisted options exercisable at $0.04
Dec 17, 2025
Xstate Resources Limited (ASX: XST) is an Australian-listed resources company engaged in mineral exploration and development. The company has issued 68,046,402 unlisted options exercisable at $0.04 each until 17 December 2029 as part of previously...
Xstate issues 18.85m unlisted options exercisable at $0.04
Dec 17, 2025
Xstate Resources Limited (ASX: XST) is the issuing entity; the release does not disclose the company’s industry, primary products or services, or market focus.
Xstate has issued 18,853,564 unlisted options on 17 December 2025, each exercisab...
Xstate applies for ASX quotation of 3.5 million ordinary shares
Dec 17, 2025
Xstate Resources Limited has applied to quote 3,500,000 fully paid ordinary shares issued on 17 December 2025 as part of a previously announced corporate transaction. The admission of these shares to ASX quotation increases the company’s iss...
Xstate Resources Seeks Quotation for 136 Million New Ordinary Shares on ASX
Dec 17, 2025
Xstate Resources Limited (ASX: XST) is an ASX-listed resources company focused on mineral resources and exploration. The company has applied for quotation of 136,092,826 ordinary fully paid shares issued on 17 December 2025, which will be quoted o...
Xstate Resources Advances in Taroom Trough Gas Exploration
Dec 17, 2025
Xstate Resources Limited has announced significant progress in its gas exploration efforts in the Taroom Trough, with the successful drilling and casing of the Diona-1 well. The well has shown promising results with significant gas shows over a 18...
Xstate Resources Announces Proposed Securities Issue
Dec 12, 2025
Xstate Resources Limited has announced a proposed issue of 3,500,000 ordinary fully paid securities, with the issue date set for December 17, 2025. This move is part of a placement or other type of issue, and the company has applied for the quotat...
Xstate Resources Limited Announces New Options and Share Offerings
Dec 12, 2025
Xstate Resources Limited has announced a prospectus offering new options and shares to raise capital. The company is offering up to 86,899,977 new options to placement participants, 10,000,000 new options to certain contractors, and 1,000 new shar...
Xstate Resources Completes General Meeting and Transaction
Dec 10, 2025
Xstate Resources Limited announced the successful completion of its General Meeting, with all resolutions passed by a poll. The company also completed the transaction to dispose of its Californian Project, marking a significant step in its strateg...
Xstate Resources Divests Californian Projects to Focus on Diona Gas Project
Dec 7, 2025
Xstate Resources Limited has announced the disposal of its Californian projects to Australian Oil and Gas Co Limited, allowing Xstate to focus on its Diona project. This strategic move eliminates Xstate’s accrued liabilities and operational ...
Xstate Resources Clarifies Seismic Image Use in Presentation
Nov 18, 2025
Xstate Resources Limited issued a clarification regarding a seismic image from a historical survey in their recent presentation. The image, originally from a 1984 survey by Bridge Oil Limited, was included to meet ASX Listing Rule 5.29 requirement...
Xstate Resources Limited Announces General Meeting and Digital Notice Distribution
Nov 10, 2025
Xstate Resources Limited has announced a General Meeting of shareholders scheduled for 10 December 2025, where important decisions affecting shareholders will be discussed. The company has opted for digital distribution of the Notice of Meeting, e...
Xstate Resources Limited Issues New Securities for ASX Quotation
Nov 10, 2025
Xstate Resources Limited has announced the issuance of 37,707,129 ordinary fully paid securities, which are set to be quoted on the ASX. This move is part of a previously announced transaction and is expected to impact the company’s market o...
Xstate Resources Limited Issues Cleansing Prospectus to Enhance Share Liquidity
Nov 10, 2025
Xstate Resources Limited has issued a cleansing prospectus to offer up to 1,000 new shares at a price of $0.022 per share, aiming to raise $22. This prospectus is primarily intended to remove trading restrictions on previously issued shares, there...
Xstate Resources Unveils Promising Gas Discovery in Diona Project
Oct 31, 2025
Xstate Resources Limited announced significant developments in its Diona project in Queensland, with the drilling of the Diona-1 well revealing a substantial gas column across multiple formations. This discovery suggests a potential Basin Centred ...
Xstate Resources Limited Announces Proposed Securities Issue
Oct 31, 2025
Xstate Resources Limited has announced a proposed issue of securities, including 68,046,413 unlisted options and 136,092,826 ordinary fully paid shares. The issuance is set for December 9, 2025, and aims to enhance the company’s financial po...
Xstate Resources Limited Announces Proposed Securities Issue to Bolster Growth
Oct 31, 2025
Xstate Resources Limited has announced a proposed issue of securities, including 18,853,564 unlisted options and 37,707,129 ordinary fully paid shares, scheduled for issuance on November 7, 2025. This strategic move aims to raise capital to suppor...
Xstate Resources Secures $3.82 Million for Diona-1 Well Development
Oct 31, 2025
Xstate Resources Limited announced a successful capital raising of $3.82 million through a two-tranche placement of shares, aimed at advancing the appraisal and production testing of its Diona-1 well. This funding will support further exploration ...
Xstate Resources Initiates Trading Halt for Capital Raising Announcement
Oct 29, 2025
Xstate Resources Limited has requested a trading halt on its securities, effective from 29 October 2025, pending an announcement regarding a capital raising. This move indicates that the company is likely seeking to secure additional funding, whic...
Xstate Resources Advances Diona-1 Well with Promising Gas Shows
Oct 22, 2025
Xstate Resources Limited announced the successful drilling, casing, and suspension of the Diona-1 well in October 2025, with significant gas shows over a 181-meter gross interval and 23 meters of net pay across three zones in the Permian. The disc...
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.