Zuleika Gold Limited (ZAG) AI Stock Analysis

• Market Cap: AU$38.93M
• Dividend Yield: N/A
• Average Volume (3M): 437.03K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.64
• Revenue Growth: N/A
• EPS Growth: -860.00%
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): >-0.01
• Shares Outstanding: 926,879,940
• 10 Day Avg. Volume: 661,423
• 30 Day Avg. Volume: 437,031
• PEG Ratio: <0.01
• Price to Book (P/B): 1.32
• Price to Sales (P/S): 141.73
• P/FCF Ratio: -7.25
• 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: 54 Neutral
• Price Target: AU$0.04 ▼(-16.00% Downside)
• Action: Reiterated Date: 12/30/25
• Date: Action: Reiterated 12/30/25

The score is held back primarily by weak financial performance (recurring losses and ongoing cash burn), partially offset by a low-debt balance sheet. Technicals are the main positive, showing an uptrend and constructive momentum, while valuation remains constrained due to negative earnings and no dividend.

Positive Factors

Low leverage

Essentially no debt gives the company durable financial flexibility: lower fixed interest costs and reduced refinancing risk allow management to prioritize exploration and operational fixes rather than servicing creditors, supporting solvency over the next several quarters.

Improving free cash flow trend

An improving free cash flow trend, even from negative levels, indicates the company is narrowing cash burn through cost or operational improvements. If sustained, this reduces reliance on external funding and strengthens the path to break-even over a multi-quarter horizon.

Reduced near-term solvency risk

Low leverage and a conservatively financed balance sheet materially lower short-term insolvency probability. That structural buffer gives management time to execute exploration or operational plans without immediate pressure to raise debt, aiding medium-term strategy execution.

Negative Factors

Recurring losses

A sizable FY2025 net loss following volatile prior results signals persistent inability to generate sustainable operating profits. Continued losses erode retained equity and undermine internal funding for growth, forcing repeated external financing or cuts to investable projects.

Weak cash generation

Consistent negative operating and free cash flow create structural dependency on external capital. Over multiple quarters this raises dilution risk, limits ability to fund exploration or sustain operations internally, and increases vulnerability if markets tighten.

Equity erosion

Material decline in shareholder equity reflects cumulative losses and reduces the firm's capital buffer. Lower equity weakens financial resilience against shocks, can constrain future financing options, and makes any required equity raises more dilutive.

Zuleika Gold Limited Business Overview & Revenue Model

Company Description

Zuleika Gold Limited engages in the exploration and development of gold properties in Australia. Its flagship project is the Zuleika gold project that covers an area of approximately 240 square kilometers located to the northwest of Kalgoorlie. The company was formerly known as Dampier Gold Limited and changed its name to Zuleika Gold Limited in February 2021. Zuleika Gold Limited was incorporated in 2010 and is based in West Perth, Australia.

How the Company Makes Money

Zuleika Gold Limited generates revenue primarily through the exploration and development of gold mining projects. The company's revenue model is based on the discovery and subsequent sale or joint venture of gold deposits. Zuleika engages in exploration activities to increase its resource base, which, once proven viable, attracts investment from larger mining companies or financial institutions. These partnerships or joint ventures often involve upfront payments, funding commitments, and royalty agreements, providing Zuleika with financial returns. Additionally, the sale of exploration data, as well as any direct gold sales from operational sites, contribute to its revenue streams. Key factors influencing earnings include the success of exploration efforts, gold market prices, and strategic partnerships with major players in the mining industry.

Zuleika Gold Limited Financial Statement Overview

Summary

Operating fundamentals are weak: revenue is small and volatile, FY2025 swung to a sizable net loss, and cash generation remains negative with consistently negative free cash flow. The main offset is a conservatively financed balance sheet with essentially no debt, reducing near-term solvency risk despite equity erosion.

Income Statement

Revenue is small and volatile (down ~31% in FY2025 vs FY2024), and profitability deteriorated sharply: FY2025 swung to a sizable net loss (-$2.8m) after a modest profit in FY2024. Margins have been highly unstable across the period, with multiple years of deep losses, indicating the business has not yet demonstrated consistent earnings power despite occasional improvements.

Balance Sheet

The balance sheet is conservatively financed with essentially no debt in recent years (debt-to-equity near zero), which reduces solvency risk. However, equity fell meaningfully in FY2025 (to ~$8.4m from ~$11.2m in FY2024) and returns on equity turned negative again, reflecting ongoing value erosion from losses despite the low leverage.

Cash Flow

Cash generation is weak: operating cash flow was negative in FY2025 (-$0.75m) and has been negative in most years shown, while free cash flow is consistently negative (FY2025 -$1.53m). Although FY2025 free cash flow improved versus FY2024, the company still requires funding to sustain operations and investment, and cash flow does not yet provide reliable support for profitability.

Breakdown	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	78.20K	72.83K	38.48K	8.82K	11.63K
Gross Profit	78.20K	72.83K	18.31K	-63.84K	-32.53K
EBITDA	-945.63K	205.54K	-1.03M	-3.30M	-6.13M
Net Income	-2.81M	198.18K	-1.05M	-3.37M	-6.18M
Balance Sheet
Total Assets	8.75M	11.41M	8.44M	9.55M	9.41M
Cash, Cash Equivalents and Short-Term Investments	1.16M	2.69M	823.30K	3.74M	4.89M
Total Debt	0.00	0.00	14.75K	0.00	0.00
Total Liabilities	323.05K	192.38K	509.02K	627.84K	1.51M
Stockholders Equity	8.43M	11.22M	7.93M	8.92M	7.90M
Cash Flow
Free Cash Flow	-1.53M	-1.13M	-2.90M	-4.15M	-3.27M
Operating Cash Flow	-750.06K	10.79K	-1.04M	-1.73M	-1.08M
Investing Cash Flow	-777.94K	-1.14M	-1.86M	-2.41M	-2.19M
Financing Cash Flow	0.00	3.00M	-13.52K	2.99M	5.98M

Zuleika Gold Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.05
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:ZAG, the sentiment is Negative. The current price of 0.05 is above the 20-day moving average (MA) of 0.05, above the 50-day MA of 0.04, and above the 200-day MA of 0.03, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 42.87 is Neutral, neither overbought nor oversold. The STOCH value of 94.44 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:ZAG.

Zuleika Gold Limited 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%
GML	55 Neutral	AU$188.15M	13.06	8.62%	―	―	―
ZAG	54 Neutral	AU$38.93M	-11.05	-28.59%	―	―	-860.00%
MAN	53 Neutral	AU$15.05M	-24.00	-2.67%	―	―	-233.33%
SNG	52 Neutral	AU$29.70M	-2.77	-45.51%	―	―	―
NWM	52 Neutral	AU$20.55M	-5.28	-7.82%	―	―	-28.57%
NSM	51 Neutral	AU$11.58M	-10.33	-5.25%	―	―	75.81%

Zuleika Gold Limited Corporate Events

Zuleika Gold Strengthens Balance Sheet and Grows Resources at Zuleika Project

Zuleika Gold Limited reported a transformative December 2025 quarter marked by the settlement of its Plutonic Mine litigation and the receipt of $46 million in cash and shares from Catalyst Metals, with a further $2 million due by May 2026, leaving the company debt-free and with approximately $45.9 million in cash and liquid assets. Operationally, the company advanced geological reviews and resource growth at its Credo Well, Paradigm East, and Browns Dam areas, upgrading the Credo Well Mineral Resource to 22,500 ounces, announcing a maiden inferred 12,600-ounce gold resource at Paradigm East after quarter-end, and bringing total inferred and indicated resources at Credo Well and Paradigm East to 35,200 ounces while progressing mining lease applications for both projects.

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

Zuleika Gold Unveils Maiden Resource at Paradigm East in Kalgoorlie Region

Zuleika Gold Limited has announced a maiden inferred mineral resource for its Paradigm East deposit, reporting 12,600 ounces of gold at a 0.5 g/t cut-off, equating to 288,000 tonnes at 1.36 g/t gold. This new estimate, prepared under the JORC 2012 Code following drilling completed since 2020 and Zuleika’s 2024 earn-in to the project, lifts the company’s combined inferred and indicated resources at Credo Well and Paradigm East to 35,200 ounces, or 577,000 tonnes at 1.90 g/t gold. With a mining lease application under way and further resource development and improvement drilling being planned, the Paradigm East resource underscores the exploration potential of the 2.5km structural corridor east of the Paradigm Gold Mine and marks a step toward advancing Zuleika’s assets in the Kalgoorlie region.

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

Zuleika Gold Issues New Performance Rights to Boost Employee Incentives

Zuleika Gold Limited has announced the issuance of unquoted equity securities in the form of Class A, B, and C Performance Rights, totaling 9,750,000 securities, as part of an employee incentive scheme. This move is likely aimed at motivating and retaining employees by aligning their interests with the company’s performance, which could enhance operational efficiency and strengthen its position in the competitive mining sector.

Zuleika Gold Limited Issues 80 Million New Securities on ASX

Zuleika Gold Limited has announced the issuance of 80,000,000 fully paid ordinary securities, which will be quoted on the Australian Securities Exchange (ASX) under the code ZAG. This move is part of the company’s strategy to leverage convertible securities, potentially strengthening its financial position and providing additional capital for its ongoing exploration and development activities. The issuance could impact Zuleika Gold’s operational capabilities and its standing in the competitive mining industry, offering potential benefits for stakeholders through increased resource development and exploration opportunities.

Zuleika Gold Announces Major Resource Upgrade at Credo Well Project

Zuleika Gold Limited has announced a significant upgrade to the mineral resources at its Credo Well Gold Project, increasing the total mineral resource to 22,500 ounces of gold. The company plans further drilling in 2026, anticipating continued resource growth. With a mining lease application in progress and mining studies set to commence in 2026, Zuleika aims to secure ore treatment arrangements with local processing facilities. This development marks a crucial step in Zuleika’s strategy to enhance its resource potential and strengthen its position in the Kalgoorlie region.