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$0.03
â–²(65.00% Upside)
Action:ReiteratedDate:05/12/26
The score is primarily weighed down by weak financial performance, driven by revenue declining to zero and continued operating/free-cash-flow losses despite a low-debt balance sheet. Technicals are moderately supportive with the price holding above key moving averages, but valuation remains challenged due to losses (negative P/E) and no dividend yield data.
Positive Factors
Conservative capital structure / low leverage
Near-zero debt materially reduces near-term solvency and interest burdens, giving management flexibility to pursue exploration or withstand operating setbacks. A low-leverage structure is a durable buffer that preserves optionality for financing or strategic transactions over months.
Negative Factors
Revenue collapsed to zero in 2025
A drop to zero revenue removes internal funding for operations and capital programs, forcing reliance on external capital or asset sales. Over a multi-month horizon this materially increases financing risk and can delay or derail exploration and development timelines without new income sources.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative capital structure / low leverage
Near-zero debt materially reduces near-term solvency and interest burdens, giving management flexibility to pursue exploration or withstand operating setbacks. A low-leverage structure is a durable buffer that preserves optionality for financing or strategic transactions over months.
Read all positive factors
Xstate Resources Limited (XST) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$14.40M
Dividend YieldN/A
Average Volume (3M)7.88M
Price to Earnings (P/E)―
Beta (1Y)0.28
Revenue Growth-100.00%
EPS Growth9.93%
CountryAU
Employees1
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding479,892,940
10 Day Avg. Volume19,269,683
30 Day Avg. Volume7,880,549
Financial Highlights & Ratios
PEG Ratio-0.04
Price to Book (P/B)0.49
Price to Sales (P/S)0.00
P/FCF Ratio-2.03
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
null...
Xstate Resources Limited Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
62
Positive
Cash Flow
22
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 618.38K | 7.81M | 19.41M | 8.42M |
| Gross Profit | 0.00 | 65.41K | 2.01M | -2.81M | -3.26M |
| EBITDA | -1.78M | -384.18K | 2.52M | 773.68K | -2.79M |
| Net Income | -1.83M | 1.18M | 1.40M | -3.48M | -4.64M |
Balance Sheet | |||||
| Total Assets | 8.01M | 4.53M | 12.73M | 31.82M | 40.39M |
| Cash, Cash Equivalents and Short-Term Investments | 2.91M | 3.56M | 995.26K | 814.46K | 724.39K |
| Total Debt | 0.00 | 0.00 | 4.89K | 0.00 | 4.92K |
| Total Liabilities | 823.06K | 1.12M | 10.54M | 31.12M | 36.54M |
| Stockholders Equity | 7.19M | 3.40M | 2.20M | 698.84K | 3.85M |
Cash Flow | |||||
| Free Cash Flow | -1.74M | -1.59M | -923.83K | 100.94K | -4.79M |
| Operating Cash Flow | -1.74M | -1.59M | -78.23K | 100.94K | -3.05M |
| Investing Cash Flow | -4.40M | 4.12M | 279.33K | 0.00 | -1.74M |
| Financing Cash Flow | 5.54M | -4.89K | -42.93K | -4.92K | 4.65M |
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$14.40M | -0.63 | -37.28% | ― | -100.00% | 9.93% | |
45 Neutral | AU$10.35M | -1.66 | -27.80% | ― | ― | 33.67% | |
44 Neutral | AU$6.84M | -4.09 | 3.55% | ― | -17.60% | ― | |
42 Neutral | AU$10.87M | -0.96 | -4728.71% | ― | ― | 5.71% | |
41 Neutral | AU$9.63M | -2.52 | -5.53% | ― | -100.00% | 55.30% |
* Energy Sector Average
AU:XST
Xstate Resources Limited
0.03
0.01
70.00%
AU:CND
Global Oil & Gas
0.02
>-0.01
-33.33%
AU:GLL
Galilee Energy Limited
0.01
0.00
0.00%
AU:GAS
State Gas Ltd.
0.02
>-0.01
-30.00%
AU:SHE
Stonehorse Energy Ltd
0.01
0.00
0.00%
AU:TEE
Top End Energy Limited
0.04
-0.04
-50.00%
Xstate Resources Limited Corporate Events
Xstate advances Diona-1 testing as gas and condensate begin to flow
May 10, 2026
Xstate Resources has reported progress at its Diona-1 exploration well in Queensland’s Surat-Bowen Basin, where stimulation across the identified Permian gas pay has been completed and the well finished with tubing and sliding sleeve complet...
Xstate Advances Diona-1 Well Testing in Surat-Bowen Basin
May 3, 2026
Xstate Resources reported that stimulation and flow testing at its Diona-1 well in Queensland’s Surat-Bowen Basin are progressing according to schedule, with all zones successfully stimulated and equipment now being demobilised. During routi...
Xstate Seeks Shareholder Approval for Share and Option Issues at 2026 General Meeting
Apr 30, 2026
Xstate Resources Limited has called a general meeting for 29 May 2026 in Subiaco, Western Australia, to seek shareholder approvals for a series of capital markets transactions. The board is asking investors to ratify a prior placement of 51,277,12...
Xstate Resources advances Diona-1 well and raises $1.69m for near-term development
Apr 28, 2026
Xstate Resources reported that quarterly activities were dominated by preparations for drilling and testing the Diona-1 well in the Taroom Trough on ATP 2077 in Queensland, targeting three gas-condensate bearing Permian formations with a staged st...
Elixir Energy Starts Diona-1 Testing to Unlock Taroom Trough Gas Potential
Apr 27, 2026
Elixir Energy has begun rigging up stimulation equipment at the Diona-1 well in the ATP2077 Diona sub-block joint venture in Queensland, where it holds 49% alongside operator Xstate Resources with 51%. The well targets three zones of measured Perm...
Xstate Resources Expands ASX-Quoted Share Base with New Issue
Apr 23, 2026
Xstate Resources Limited has applied to the ASX for quotation of 38,772,726 ordinary fully paid shares, expanding its listed securities on the Australian exchange. The new securities, issued on 23 April 2026, mark a material increase in the compan...
Xstate Resources to List 12.4 Million New Shares on ASX
Apr 22, 2026
Xstate Resources Limited has applied to the ASX for quotation of 12,439,396 new ordinary fully paid shares, with an issue date of 22 April 2026. The move expands the company’s quoted capital base and may provide additional funding flexibilit...
Xstate Resources Plans Small Equity Placement on ASX
Apr 22, 2026
Xstate Resources Limited has notified the ASX of a proposed issue of up to 1,000 ordinary fully paid shares. The new securities are to be issued under a placement or similar structure, with an expected issue date of 24 April 2026.The modest size o...
Xstate defines high-risk target market for new ASX-listed options
Apr 22, 2026
Xstate Resources Limited has issued a target market determination for a series of option offers linked to its shares, including placement options to investors, broker options to joint lead managers, and consultant options in lieu of certain obliga...
Xstate Resources Launches Option Offers to Support Capital-Raising and Advisory Costs
Apr 22, 2026
Xstate Resources Limited has released a prospectus outlining several equity-related offers, including a small share issue as a cleansing offer and multiple tranches of new options. These options are earmarked for placement participants, joint lead...
Xstate Resources Corrects Option Numbers in Updated ASX Securities Notice
Apr 20, 2026
Xstate Resources Limited has updated its disclosure to the ASX regarding a proposed issue of securities under an Appendix 3B filing. The company clarified that the update corrects the total number of options to be issued under the placement or oth...
Xstate Resources Corrects Details on Proposed ASX Securities Issue
Apr 20, 2026
Xstate Resources Limited has lodged an updated Appendix 3B with the ASX, detailing a proposed issue of securities via a placement or similar structure. The filing confirms that the securities are intended to be quoted on the exchange, with the com...
Xstate Resources plans issue of 17 million options to bolster capital flexibility
Apr 19, 2026
Xstate Resources Limited, an ASX-listed resources company trading under ticker XST, has announced a proposed issue of new securities as part of its ongoing capital management activities. The company operates within the broader resources sector, th...
Xstate Resources Plans Large Capital Raising Through Share and Option Issue
Apr 19, 2026
Xstate Resources Limited has announced a proposed issue of new securities on the ASX, comprising up to 51,277,122 ordinary fully paid shares and 17,092,374 options. The options are exercisable at $0.06 and are set to expire on 30 April 2029, with ...
Xstate Resources Halts ASX Trading Ahead of Capital Raising Announcement
Apr 16, 2026
Xstate Resources Limited has requested a halt in trading of its securities on the ASX, effective 17 April 2026, as it prepares a market announcement regarding a proposed capital raising. The trading halt will remain in place until the earlier of n...
Xstate Resources files Appendix 4G and updates corporate governance disclosures
Mar 30, 2026
Xstate Resources Limited has lodged its Appendix 4G and confirmed that its corporate governance statement for the year ended 31 December 2025 is available on its website, in line with ASX Listing Rules. The board-approved statement outlines how th...
Xstate Resources Outlines 2025 Corporate Governance Framework and Board Structure
Mar 30, 2026
Xstate Resources Limited has released its 2025 Corporate Governance Statement, outlining the governance framework and practices applied across the group for the 2025 financial year. The board affirms its commitment to high governance standards in ...
Xstate Resources Tables 2025 Annual Financial Report
Mar 30, 2026
Xstate Resources Limited has released its annual financial report for the year ended 31 December 2025, outlining the standard suite of corporate disclosures including the chairman’s address, review of operations, directors’ report, and...
Xstate Resources Plans New Performance Rights Issue on ASX
Mar 4, 2026
Xstate Resources Limited has notified the ASX of a proposed issue of new securities in the form of performance rights as part of a placement or similar capital initiative. The company plans to issue up to 10 million performance rights with a vesti...
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.