Zenith Minerals Limited (ZNC) AI Stock Analysis

• Market Cap: AU$55.16M
• Dividend Yield: N/A
• Average Volume (3M): 564.13K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.73
• Revenue Growth: -100.00%
• EPS Growth: 40.94%
• Country: AU
• Employees: 3
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): >-0.01
• Shares Outstanding: 593,113,340
• 10 Day Avg. Volume: 182,348
• 30 Day Avg. Volume: 564,129
• PEG Ratio: 0.11
• Price to Book (P/B): 0.97
• Price to Sales (P/S): 44.35
• P/FCF Ratio: -9.95
• 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): -0.02
• Revenue Forecast (FY): AU$231.21M

• Rating: 52 Neutral
• Price Target: AU$0.10 ▲(5.56% Upside)

The score is held back primarily by weak financial performance—declining revenue, persistent losses, and ongoing negative operating/free cash flow—despite the benefit of minimal debt. Technical indicators provide some near-term support (price above key moving averages with moderate momentum), while valuation remains constrained by negative earnings and no dividend yield data.

Positive Factors

Low leverage / debt-free balance sheet

A virtually debt-free balance sheet materially reduces refinancing and solvency risk, giving management time and optionality to pursue exploration or development without the immediate pressure of interest expense. This structural strength supports long-term survival through commodity cycles and funding gaps.

Lean operating structure

A very small headcount implies a lean cost base and low fixed payroll commitments, which can help extend the runway during prolonged cash burn. For a junior exploration company, low operating overhead improves flexibility to allocate capital to drilling or JV activity and to scale staffing as projects advance.

Improving free cash flow trend

The marked improvement in free cash flow versus the prior year signals progress toward stabilizing outflows and potentially narrowing funding needs. If sustained, this structural improvement reduces dilution risk from future equity raises and supports longer-term project advancement or partnerships.

Negative Factors

Declining revenue trend

Sharp and persistent revenue decline undermines the business model's ability to build scale and absorb fixed exploration and administrative costs. Over several quarters this erodes margins and increases dependence on external funding, complicating efforts to progress projects toward value-creating milestones.

Chronic negative operating cash flow

Consistent negative operating cash flow indicates ongoing cash burn and reliance on financing to sustain operations. Structurally, this weakens financial resilience, risks dilution from repeated capital raises, and constrains the company’s ability to fund exploration or transition projects to development without external support.

Persistent net losses and equity erosion

Ongoing net losses that erode shareholder equity reflect value destruction rather than asset appreciation. Persistently negative ROE and declining equity limit the firm's capacity to attract non-dilutive capital, impair long-term investor confidence, and signal structural profitability issues unless operational performance materially improves.

Zenith Minerals Limited Business Overview & Revenue Model

Company Description

Zenith Minerals Limited, together with its subsidiaries, engages in the exploration of mineral properties in Australia, Turkey, Europe, and the United States. The company explores for gold, lithium, base metal, manganese, tantalum, copper, zinc, lead, and silver deposits. It holds 100% interest in the Develin Creek Copper-Zinc project; Red Mountain gold project; the Privateer gold project; and the Auburn gold project located in Queensland. In addition, the company holds 100% interest in the Split Rocks gold project covering an area of 660 square kilometers; and the Earaheedy zinc project comprising six exploration licenses covering an area of 673 square kilometers located in Western Australia. It also holds interest the Cowarra gold project consisting of one exploration licenses located between Canberra and Cooma; the Waratah Well project located in Yalgoo, Western Australia; and the Mt Ida North project located in Leonora, Western Australia. The company was formerly known as Zinc Co Australia Limited and changed its name to Zenith Minerals Limited in November 2010. Zenith Minerals Limited was incorporated in 2006 and is headquartered in West Perth, Australia.

How the Company Makes Money

Zenith Minerals Limited generates its revenue primarily through the exploration and subsequent development of mineral properties. The company's revenue streams include the sale of extracted minerals and potential joint ventures or partnerships with other mining companies. Zenith Minerals may also earn income from the sale of exploration rights or interests in specific projects. Key factors contributing to its earnings include the successful discovery and development of mineral resources, fluctuations in commodity prices, and the ability to secure advantageous partnerships or investment opportunities in the mining sector.

Zenith Minerals Limited Financial Statement Overview

Summary

Financial performance is weak overall: revenues have been shrinking sharply, profitability is consistently negative, and operating cash flow/free cash flow remain negative (ongoing cash burn). The main offset is a conservative balance sheet with essentially no debt, which reduces solvency risk despite declining equity.

Income Statement

Revenue has been volatile and is shrinking recently (down ~45% in FY2025 after declines in FY2024), and profitability remains weak with negative operating profit and sizeable net losses in FY2023–FY2025. While gross profit margins appear unusually high, operating costs overwhelm the gross profit base, keeping operating and net margins firmly negative. The only bright spot is that losses narrowed versus FY2023, but the trajectory is still loss-making and deteriorated again in FY2025.

Balance Sheet

The balance sheet is conservatively positioned with essentially no debt (debt-to-equity near 0 across the period), which materially reduces financial risk and refinancing pressure. However, shareholder equity has fallen sharply from FY2022 to FY2025, consistent with continued losses, and returns on equity are negative in most recent years (FY2023–FY2025), indicating value erosion despite low leverage.

Cash Flow

Cash generation is a key weakness: operating cash flow is negative every year shown (including sizeable outflows in FY2022–FY2023), and free cash flow is also consistently negative. Free cash flow improved markedly in FY2025 versus FY2024, but it remains below zero, implying ongoing cash burn and continued reliance on funding sources (e.g., equity raises) to sustain operations.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	298.72K	298.72K	649.81K	1.64M	1.12M	247.24K
Gross Profit	285.23K	298.72K	668.32K	1.62M	1.11M	226.98K
EBITDA	-1.43M	-1.43M	-59.07K	-6.73M	-868.21K	820.57K
Net Income	-2.90M	-2.90M	-4.47M	-9.31M	1.47M	2.01M
Balance Sheet
Total Assets	14.42M	14.42M	14.47M	19.30M	26.82M	13.32M
Cash, Cash Equivalents and Short-Term Investments	1.52M	1.52M	2.86M	6.58M	15.37M	6.47M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	725.00K	725.00K	435.43K	881.53K	303.81K	340.68K
Stockholders Equity	13.70M	13.70M	14.04M	18.42M	26.52M	12.98M
Cash Flow
Free Cash Flow	-1.33M	-1.33M	-3.36M	-6.36M	-5.65M	-4.39M
Operating Cash Flow	-1.33M	-1.33M	-838.17K	-6.30M	-5.65M	-4.38M
Investing Cash Flow	-1.76M	-1.76M	-280.44K	375.17K	-45.08K	492.13K
Financing Cash Flow	2.54M	2.54M	0.00	273.68K	11.77M	4.76M

Zenith Minerals Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.09
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:ZNC, the sentiment is Positive. The current price of 0.09 is above the 20-day moving average (MA) of 0.09, above the 50-day MA of 0.09, and above the 200-day MA of 0.07, indicating a bullish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 56.98 is Neutral, neither overbought nor oversold. The STOCH value of 73.64 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:ZNC.

Zenith Minerals Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GUL	72 Outperform	AU$21.58M	11.12	9.77%	8.14%	―	-16.82%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
CAV	53 Neutral	AU$55.04M	-12.86	-27.97%	―	―	-208.82%
ZNC	52 Neutral	AU$55.16M	-12.40	-21.11%	―	-100.00%	40.94%
CMD	44 Neutral	AU$19.80M	-5.19	-136.26%	―	―	-79.31%

Zenith Minerals Limited Corporate Events

Zenith Minerals Advances Flagship Gold Projects and Secures Cornerstone Funding

Zenith Minerals reported a defining quarter marked by its largest-ever drilling campaign at the Consolidated Dulcie Gold Project and significant geological advances at the Red Mountain Gold Project, while also bolstering its balance sheet via a A$7.65 million strategic placement. At Dulcie, 12,621 metres of RC drilling across the six-kilometre corridor on granted mining leases confirmed broad, shear-hosted gold mineralisation with strong continuity, broadly consistent with the existing 0.3–0.8 Moz exploration target and supporting a clear pathway to a maiden JORC-compliant mineral resource expected in mid-February 2026 and potential low-capex development. At Red Mountain, deep diamond and RC drilling confirmed a large, vertically extensive intrusion-related gold system with visible gold and multiple high-grade zones, extending the mineralised footprint laterally and at depth, while the strategic placement to Ida Metal Investments, which becomes a 10.18% cornerstone shareholder, strengthens funding certainty to sustain and accelerate drilling and exploration across both flagship gold projects.

The most recent analyst rating on (AU:ZNC) stock is a Hold with a A$0.08 price target. To see the full list of analyst forecasts on Zenith Minerals Limited stock, see the AU:ZNC Stock Forecast page.

Zenith Minerals Discloses Final Director Interest Following Andrew Grove’s Board Exit

Zenith Minerals Limited has announced that director Andrew Grove ceased to be a director of the company on 23 January 2026, triggering the lodgement of a Final Director’s Interest Notice with the ASX. The filing discloses Grove’s indirect interests held through Rockfrog Holdings Pty Ltd , including 714,285 ordinary shares and a suite of options with various exercise prices and expiries, providing clarity to shareholders on his residual equity exposure to the company following his departure from the board.

The most recent analyst rating on (AU:ZNC) stock is a Hold with a A$0.08 price target. To see the full list of analyst forecasts on Zenith Minerals Limited stock, see the AU:ZNC Stock Forecast page.

Zenith Minerals Reshapes Board and Sharpens Focus on Dulcie and Red Mountain Gold Projects

Zenith Minerals has announced a board transition, with non-executive director Andrew Grove stepping down as the company reshapes its governance to support its evolution from explorer to gold developer and begins a formal search for an independent chair and additional non-executive directors with gold development, financing and project execution experience. Operationally, the company is pushing ahead with a maiden JORC mineral resource estimate for its flagship Consolidated Dulcie Gold Project in February 2026, underpinned by recent drilling that confirms corridor-scale mineralisation and emerging stand-alone development options, while continued deep drilling at the Red Mountain project offers potential company-making upside, a recent A$7.65 million strategic placement has strengthened its funding to progress resource, drilling and technical studies, and the appointment of experienced geologist James Major as exploration manager is expected to accelerate resource definition and project advancement across its portfolio.

The most recent analyst rating on (AU:ZNC) stock is a Hold with a A$0.08 price target. To see the full list of analyst forecasts on Zenith Minerals Limited stock, see the AU:ZNC Stock Forecast page.

Zenith Minerals Seeks ASX Quotation for Additional Ordinary Shares

Zenith Minerals Limited has applied to the ASX for quotation of 70 new fully paid ordinary shares, to be issued on 12 January 2026 under the company’s ZNC ticker. The small-scale issuance, arising from the exercise or conversion of existing securities, represents a routine adjustment to the company’s capital structure with minimal immediate impact on overall valuation but reflects ongoing housekeeping of its listed securities.

The most recent analyst rating on (AU:ZNC) stock is a Hold with a A$0.09 price target. To see the full list of analyst forecasts on Zenith Minerals Limited stock, see the AU:ZNC Stock Forecast page.

Zenith Minerals Confirms Scale at Dulcie as High-Grade Drilling Results Support Resource Push

Zenith Minerals has reported encouraging reverse circulation drilling results from its Consolidated Dulcie Gold Project in Western Australia, with about half of assays from a 12,621m program now received and broadly supporting its previously outlined exploration target of 0.3–0.8 million ounces of gold. The campaign has delivered the project’s highest-grade intercept to date and identified additional lodes beyond the current exploration target footprint, reinforcing the scale and continuity of mineralisation across the six-kilometre Dulcie Shear Zone that Zenith consolidated in mid-2025. The company is expediting remaining assays to deliver a maiden JORC-compliant mineral resource estimate targeted for late February 2026 and, backed by a recent $7.6 million capital raising, is funded to continue drilling and technical work that could further expand resources and strengthen its position in one of Western Australia’s most active gold belts.

The most recent analyst rating on (AU:ZNC) stock is a Hold with a A$0.09 price target. To see the full list of analyst forecasts on Zenith Minerals Limited stock, see the AU:ZNC Stock Forecast page.

Zenith Minerals Director Increases Stake with New Options

Zenith Minerals Limited has announced a change in the interests of its director, Euan Jenkins. On December 16, 2025, Jenkins acquired 1,111,111 options, increasing his total holdings to 2,628,311 options, all exercisable at $0.077 and expiring on July 31, 2027. This change follows shareholder approval at the company’s Annual General Meeting, indicating a strategic move to align director interests with company performance.

Zenith Minerals Announces Quotation of New Options on ASX

Zenith Minerals Limited has announced the quotation of 2,777,777 new options on the Australian Securities Exchange, set to expire on July 31, 2027. This move is part of a previously announced transaction, potentially impacting the company’s market position by enhancing its financial flexibility and offering stakeholders new investment opportunities.

Zenith Minerals Expands Gold System at Red Mountain Project

Zenith Minerals Limited has announced the completion of gold assays from its October 2025 reverse circulation drilling program at the Red Mountain Gold Project, revealing the expansion of the gold system to the north and west. The results indicate that gold mineralization remains open at depth and along a northwest-trending corridor. The company has commenced diamond drilling to further explore the breccia-hosted gold system, aiming to unlock deeper mineralization potential. This development is crucial for Zenith’s strategic positioning in the gold mining sector, as it demonstrates the scale and continuity of a large intrusion-related gold system, potentially enhancing stakeholder value.

Zenith Minerals Issues New Shares Amid Compliance Assurance

Zenith Minerals Limited has issued 194,476 ordinary shares following the conversion of options at $0.077, set to expire on July 31, 2027. This strategic move is part of the company’s ongoing compliance with the Corporations Act 2001, ensuring transparency and adherence to regulatory standards, which may enhance investor confidence and company operations.

Zenith Minerals Limited Announces Quotation of New Securities

Zenith Minerals Limited announced the quotation of 194,476 fully paid ordinary securities on the Australian Securities Exchange (ASX), effective December 10, 2025. This move is part of the company’s strategy to enhance its capital structure, potentially impacting its market positioning and providing opportunities for stakeholders to engage with its growth trajectory.

Zenith Minerals Limited Announces New Options Offering

Zenith Minerals Limited has issued a prospectus for the offering of new options, specifically targeting certain parties who sub-underwrote the Entitlement Offer and a small number of new options at a set price. The company emphasizes that the offers are speculative and not underwritten, with participation limited to invited investors. This move is part of a transaction-specific prospectus under the Corporations Act, aimed at raising funds while adhering to regulatory requirements. The announcement highlights the speculative nature of the investment and the legal restrictions on distribution, particularly excluding the United States, which could impact the company’s market engagement and investor base.

Zenith Minerals Confirms Gold System Continuity at Dulcie

Zenith Minerals Limited has announced promising initial assay results from its Dulcie Drilling Programme in Western Australia, confirming the continuity and scale of the gold system in line with their Exploration Target. The results from the first eight holes indicate broad zones of shear-hosted gold mineralization, supporting the potential for JORC-compliant Inferred Resources and demonstrating a strong foundation for future growth in the Dulcie corridor.

Zenith Minerals Unveils Promising Gold Grades at Red Mountain Project

Zenith Minerals Limited has announced significant findings from its reverse circulation drilling at the Red Mountain Gold Project in Queensland, revealing increased gold grades to the north. The results, including a notable intersection of 122 meters at 1.28 g/t gold, enhance the understanding of the mineralised system’s geometry and lateral extent. This advancement strengthens the company’s geological model and supports future drilling efforts, positioning Zenith to further explore and expand this promising gold system.

Zenith Minerals Initiates Trading Halt for Red Mountain Results

Zenith Minerals Limited has requested a trading halt on its securities pending the release of initial reverse-circulation assay results from its Red Mountain drilling program. This trading pause is intended to provide the company time to prepare and disseminate important information that could impact its market position and stakeholder interests.

Zenith Minerals Announces AGM Results and Director Retirement

Zenith Minerals Limited held its Annual General Meeting where shareholders voted on various resolutions, including the adoption of the remuneration report and the re-election of a director. All resolutions were carried with significant support. Additionally, the company announced the retirement of Director Geoff Rogers, acknowledging his contributions to the board and wishing him well in future endeavors.

Zenith Minerals Reaffirms Exploration Focus at Noosa Conference

Zenith Minerals Limited presented at the Noosa Mining Investor Conference, emphasizing their ongoing commitment to mineral exploration and development. The presentation reiterated previously disclosed exploration results, confirming no new material changes. The announcement highlights the company’s strategic positioning in the mining sector and the stability of its exploration activities, which may reassure stakeholders about the company’s consistent operational focus.

Zenith Minerals Expands with New Share Issuance

Zenith Minerals Limited has issued 60,000,000 ordinary shares following a successful placement to Ida Metals Investments Pty Ltd. This strategic move is expected to enhance the company’s financial position and support its ongoing exploration and development activities, potentially strengthening its market position and benefiting stakeholders.

Zenith Minerals Limited Issues 60 Million New Securities

Zenith Minerals Limited has announced the issuance of 60 million ordinary fully paid securities, which will be quoted on the Australian Securities Exchange (ASX) under the code ZNC. This move is part of a previously disclosed transaction, potentially enhancing the company’s capital structure and supporting its growth initiatives in the mineral exploration sector.

Zenith Minerals Gains Shareholder Approval for Share Placement

Zenith Minerals Limited announced that its shareholders have approved the placement of shares to Ida Metal Investments Pty Ltd at a recent general meeting. This approval is expected to strengthen the company’s financial position and potentially enhance its market presence, reflecting positively on its strategic operations and stakeholder interests.

Zenith Minerals Issues Over One Million New Shares

Zenith Minerals Limited has issued over one million ordinary shares following the conversion of options, with these shares being issued without disclosure under the Corporations Act. The company confirms compliance with relevant legal provisions and assures that there is no undisclosed information that would affect investors’ assessments of the company’s financial position or the rights attached to the shares.

Zenith Minerals Advances Gold Projects and Strengthens Financial Position

Zenith Minerals Limited reported significant progress in its gold exploration projects during the quarter ending September 2025. The company confirmed the Intrusion-Related Gold System model at the Red Mountain Gold Project and initiated a major drilling campaign at the Consolidated Dulcie Gold Project. Financially, Zenith strengthened its position through a strategic placement and a rights issue, raising funds to accelerate exploration activities. The completion of a Turkish asset sale further bolstered its resources, allowing the company to focus on its Australian projects. These developments are expected to enhance Zenith’s operational momentum and industry positioning.