Aminex plc (AEX) AI Stock Analysis

• Market Cap: £100.58M
• Dividend Yield: N/A
• Average Volume (3M): 10.23M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.29
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: UK
• Employees: 5
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Exploration & Production
• EPS (TTM): 0.00
• Shares Outstanding: 4,470,001,000
• 10 Day Avg. Volume: 20,541,583
• 30 Day Avg. Volume: 10,232,433
• PEG Ratio: -0.03
• Price to Book (P/B): 2.11
• Price to Sales (P/S): 1494.24
• P/FCF Ratio: -24.07
• 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: 49 Neutral
• Price Target: 2.00 p ▲(8.70% Upside)
• Action: N/A Date: 01/04/26
• Date: Action: N/A 01/04/26

The score is held back mainly by weak operating performance and persistent cash burn, despite a comparatively strong low-debt balance sheet. Technicals are supportive with the price above key moving averages and positive MACD, but momentum appears stretched (RSI > 70). Valuation is constrained by a negative P/E that reflects ongoing losses and no stated dividend yield.

Positive Factors

Low-leverage balance sheet

Very low debt gives Aminex durable financial flexibility: it can fund operations, engage in JV negotiations or pursue asset monetization without immediate refinancing pressure. This reduces short-term solvency risk and lengthens the runway while the company seeks to stabilise operations.

Strategic gas assets (Ruvuma Basin)

Ownership of Ruvuma Basin gas interests (Ntorya discovery) is a durable strategic advantage: proven hydrocarbon assets underpin long-term value if development proceeds. Gas demand dynamics and project partnership options mean these licences can support future production and revenue upside.

Demonstrated cash-generation potential

Historical positive operating and free cash flow in 2021 indicates the business can be cash-generative under the right conditions. That track record supports the view that operational improvements or favorable project milestones could restore sustainable cash generation without relying solely on external capital.

Negative Factors

Declining revenue and deep losses

Sharp revenue declines and persistent large losses undermine the firm's ability to self-fund development and sustain operations. Continued negative margins limit reinvestment, strain stakeholder confidence, and make long-term project execution dependent on external financing or asset sales.

Persistent negative cash flow

Repeated negative operating and free cash flows indicate structural cash burn, increasing reliance on funding or asset monetisation. This erodes liquidity over time, constrains capital allocation for development, and raises execution risk for multi-year projects without clear financing plans.

Equity base at risk from losses

Even with low leverage today, sustained losses can gradually erode shareholders' equity, reducing the company's cushion against shocks. That deterioration would weaken credit optionality, limit future funding choices, and increase the probability of dilutive financing or asset disposals to meet obligations.

Aminex plc Business Overview & Revenue Model

Company Description

Aminex PLC, together with its subsidiaries, engages in the exploration, appraisal, development, and production of oil and gas assets, reserves, and resources. The company operates through Producing Oil and Gas Properties, Exploration Activities, and Oilfield Services segments. Its properties include the Ruvuma PSA, Kiliwani South, and Nyuni Area PSA exploration licenses located primarily in Tanzania. Aminex PLC was incorporated in 1979 and is based in Dublin, Ireland.

How the Company Makes Money

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Aminex plc Financial Statement Overview

Summary

Overall fundamentals are weak: the income statement shows sharp revenue decline and deep losses (income statement score 14), and cash flow reflects ongoing cash burn with negative operating/free cash flow in recent years (cash flow score 26). The main offset is a relatively strong, low-leverage balance sheet (balance sheet score 68) that provides flexibility but is at risk of erosion if losses persist.

Income Statement

Operating performance is weak and volatile. Revenue is small and declined sharply in 2024 versus 2023 (-25%), after modest growth in 2023. Profitability remains deeply negative: 2024 shows negative gross profit and very large losses at the operating and net level, materially worse than 2023. While losses narrowed versus the extreme 2021 result, the overall trajectory is still structurally unprofitable with inconsistent margins.

Balance Sheet

The balance sheet is a relative strength due to very low leverage. Debt is minimal across the period (near-zero debt-to-equity), and equity remains sizable versus total assets, providing financial flexibility. The main weakness is persistent losses, reflected in consistently negative returns on equity, which can erode the equity base over time if not reversed.

Cash Flow

Cash generation is pressured, with negative operating cash flow in 2024, 2023, 2022, and 2020, and negative free cash flow in most years; free cash flow also deteriorated in 2024 versus 2023. A notable positive is 2021, when operating and free cash flow turned positive, showing the business can generate cash in certain periods. However, the more recent pattern points to ongoing cash burn and reliance on funding or asset monetization if sustained.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Jun 2021
Income Statement
Total Revenue	35.00K	39.00K	112.00K	64.00K	143.00K	384.00K
Gross Profit	-5.00K	-12.00K	30.00K	-220.00K	-149.00K	-419.00K
EBITDA	-4.99M	-5.14M	-957.00K	-3.16M	-8.27M	-3.46M
Net Income	-5.45M	-5.30M	-1.12M	-4.06M	-8.56M	-6.14M
Balance Sheet
Total Assets	41.35M	41.54M	42.62M	45.18M	44.21M	52.99M
Cash, Cash Equivalents and Short-Term Investments	952.00K	1.13M	3.04M	5.80M	4.68M	449.00K
Total Debt	0.00	376.00K	0.00	0.00	450.00K	223.00K
Total Liabilities	15.15M	13.92M	10.01M	11.80M	11.46M	11.63M
Stockholders Equity	26.21M	27.62M	32.61M	33.38M	32.75M	41.36M
Cash Flow
Free Cash Flow	-1.93M	-2.42M	-2.92M	-2.37M	3.98M	-4.03M
Operating Cash Flow	-1.71M	-2.16M	-2.65M	-1.89M	4.89M	-2.66M
Investing Cash Flow	-228.00K	-259.00K	-264.00K	-482.00K	-904.00K	630.00K
Financing Cash Flow	1.13M	452.00K	0.00	3.73M	238.00K	1.82M

Aminex plc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AET	76 Outperform	£174.14M	4.32	42.05%	―	50.35%	48.07%
CASP	72 Outperform	£51.84M	-8.77	12.09%	―	-58.10%	100.00%
PHAR	66 Neutral	£114.27M	-10.05	1.89%	6.46%	-9.43%	―
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
TLW	56 Neutral	£189.10M	-1.99	57.02%	―	-32.47%	-1490.91%
AEX	49 Neutral	£100.58M	-11.57	-20.24%	―	―	―

Aminex plc Corporate Events

Aminex Discloses Intragroup Transfer of Major Stake Linked to Director

Aminex plc disclosed that Eclipse Investments LLC, a company closely associated with non-executive director Sultan Al-Ghaithi, has transferred its entire holding of 1,225,598,100 Aminex ordinary shares to another associated entity, ARA Offshore Investment Company Limited. The internal transfer, conducted at nil consideration as part of a reorganisation within The Zubair Corporation, does not alter Al-Ghaithi’s overall connected interest but clarifies the corporate vehicle holding a substantial stake, with the company stressing compliance with U.K. market abuse disclosure rules.

The transaction, executed on 5 March 2026 in Muscat, Oman, represents a significant block of stock moving between related parties rather than an open-market sale. For shareholders, the announcement signals continuity of the strategic investor’s exposure to Aminex while enhancing transparency over beneficial ownership, which may be relevant for governance monitoring and assessing future corporate actions involving The Zubair Corporation’s interests.

The most recent analyst rating on (GB:AEX) stock is a Hold with a £2.00 price target. To see the full list of analyst forecasts on Aminex plc stock, see the GB:AEX Stock Forecast page.

Aminex Issues New Shares After Option Exercise, Updates Voting Rights

Aminex plc has issued 1.5 million new ordinary shares following the exercise of options by a former employee under its share option scheme, raising £21,000 for general working capital. The move slightly enlarges the company’s share capital and reinforces its use of equity-based incentives as a funding and remuneration tool.

The new shares are expected to be admitted to the FCA’s Official List and commence trading on the London Stock Exchange’s main market on 6 March 2026, bringing total voting rights to 4,470,001,044. This updated share count provides the new reference point for investors assessing disclosure thresholds under the FCA’s transparency rules, with no shares held in treasury.

The most recent analyst rating on (GB:AEX) stock is a Hold with a £2.00 price target. To see the full list of analyst forecasts on Aminex plc stock, see the GB:AEX Stock Forecast page.

Aminex Advances Ntorya Gas Development as Civil Works and Procurement Gather Pace

Aminex has reported that civil works for the Ntorya gas development in Tanzania started on schedule at the end of January 2026, with engineering and surveying contracts for the hook-up of the Ntorya-2 well already awarded and work underway. The operator, ARA Petroleum Tanzania, has also advanced the procurement process for a drilling rig to drill the Chikumbi-1 well and work over the Ntorya-1 well, while Tanzania’s national oil company TPDC has delivered line pipe to site for the pipeline linking Ntorya to the Madimba gas processing facility, underscoring the project’s priority status for Tanzanian authorities and marking a significant step toward commercial gas production from the field.

The most recent analyst rating on (GB:AEX) stock is a Hold with a £2.00 price target. To see the full list of analyst forecasts on Aminex plc stock, see the GB:AEX Stock Forecast page.

Aminex Receives Pipe for Ntorya–Madimba Gas Pipeline as Tanzanian Project Advances

Aminex plc has announced the arrival at Mtwara port, Tanzania, of pipe imported from China for the construction of the Ntorya-to-Madimba gas pipeline, with groundwork and pipelaying scheduled to begin in February 2026. The ahead-of-schedule delivery underlines the commitment of Tanzania’s state-owned TPDC and the government to advancing the project, which is intended to feed gas from the Ntorya field into the domestic market and support the country’s energy transition, while Aminex benefits from a carried interest expected to take it through to first commercial gas production at no cost to the company.

The most recent analyst rating on (GB:AEX) stock is a Hold with a £2.00 price target. To see the full list of analyst forecasts on Aminex plc stock, see the GB:AEX Stock Forecast page.

Aminex Announces Progress on Ntorya Gas Development in Tanzania

Aminex has announced significant progress in its Ntorya gas development project in Tanzania, with key milestones like the pipeline delivery, well pad construction, and advanced service contract negotiations. The Ntorya development is poised to supply Tanzania’s growing domestic gas market, marking a notable step forward for both Aminex’s operations and the country’s energy security and economic growth.