Corcel (CRCL) AI Stock Analysis

• Market Cap: £28.95M
• Dividend Yield: N/A
• Average Volume (3M): 29.37M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.98
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: UK
• Employees: 8
• Sector: Energy
• Sector Strength: 52
• Industry: Industrial Materials
• EPS (TTM): >-0.01
• Shares Outstanding: 8,515,476,000
• 10 Day Avg. Volume: 52,649,917
• 30 Day Avg. Volume: 29,369,533
• PEG Ratio: 0.13
• Price to Book (P/B): 4.14
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -4.64
• 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: 44 Neutral
• Price Target: 0.32p ▼(-15.79% Downside)

The score is primarily held down by weak financial performance (minimal revenue, expanding losses, and ongoing cash burn), with technical indicators also indicating a soft near-term trend (below key moving averages and negative MACD). Valuation provides limited support because the negative P/E reflects unprofitable operations and dividend yield data is unavailable.

Positive Factors

Low Leverage

Relatively low and improving leverage reduces near-term refinancing pressure and gives the company financial flexibility to fund development or bridge to commercial revenues. This durable balance-sheet strength lowers bankruptcy risk as losses continue.

Lean Cost Base

A very small headcount implies a lean operating structure and lower fixed overhead, enabling runway extension and more flexible spending decisions. Over months, a low fixed-cost base helps conserve cash while the company pursues commercialization.

Pre-commercial Stage Opportunity

Being in an early or pre-commercial phase means current losses reflect investment in development rather than failed demand. If commercialization succeeds, revenue could scale materially; this structural position preserves upside potential for months ahead.

Negative Factors

Persistent Cash Burn

Consistent and worsening operating cash outflows indicate the business is not generating internal funds and will need external financing to sustain operations. Over a multi-month horizon this raises dilution and execution risk if capital markets tighten.

Widening Losses

Materially increasing operating losses combined with effectively no revenue signal the core business is not yet sustainable. Persisting negative EBIT/EBITDA erodes reserves and makes multi-month operational continuity contingent on new funding or rapid commercial progress.

Eroding Equity and Negative ROE

A shrinking equity base and deeply negative returns on equity reflect cumulative losses that reduce the company's shock-absorbing capacity. Structurally, this increases vulnerability to funding stress and constrains strategic options over the coming months.

Corcel Business Overview & Revenue Model

Company Description

Corcel Plc engages in the exploration and development of natural resources and battery metals. The company owns a 41% in the Mambare nickel-cobalt project with license EL1390 covering 256 square kilometers near Kokoda in Papua New Guinea; and 50% interest in the Dempster vanadium project comprising 196 mineral claims covering an area of 40.96 square kilometers located in Yukon, as well as 100% interest in the WoWo Gap nickel-cobalt project in Papua New Guinea. It is also involved in the energy storage, and grid backup and trading activities, as well as develops energy storage and solar projects in the United Kingdom. The company was formerly known as Regency Mines Plc and changed its name to Corcel Plc in August 2020. Corcel Plc was incorporated in 2004 and is headquartered in London, the United Kingdom.

How the Company Makes Money

Corcel generates revenue through the exploration and production of natural resources, primarily focusing on energy-related projects. The company's key revenue streams include the sale of extracted resources such as minerals and energy products. Additionally, Corcel may engage in partnerships and joint ventures with other organizations to enhance project development and share the financial and operational responsibilities. The company's earnings are significantly influenced by market demand for energy resources, commodity price fluctuations, and regulatory policies impacting the energy sector.

Corcel Financial Statement Overview

Summary

Overall financial quality is weak: revenue is near-zero in most years, losses have widened materially (net income from -1.3M in 2023 to -6.8M in 2025), and operating cash burn remains high (operating cash flow worsening to about -2.9M in 2025). The main offset is a relatively low debt load, but equity has declined sharply, increasing financing risk.

Income Statement

The income statement is weak: revenue is effectively zero in most years (only 2023 shows a small revenue base), while losses have widened meaningfully, with net income deteriorating from -1.3M (2023) to -3.0M (2024) and -6.8M (2025). Operating results are consistently negative (EBIT and EBITDA losses every year), indicating the business is not yet operating at a sustainable scale. A modest positive is that low reported revenue also suggests the company is still in an early/pre-commercial phase rather than experiencing a clear demand collapse.

Balance Sheet

The balance sheet is comparatively more stable. Leverage is low-to-moderate, with debt-to-equity around 0.11–0.25 in most years and improving to ~0.17 in 2025 as debt fell to 0.6M. However, equity has declined sharply from 5.9M (2024) to 3.3M (2025), consistent with ongoing losses and potential dilution/asset changes. Returns on equity are deeply negative (notably ~-2.08 in 2025), highlighting that capital is not currently generating profits.

Cash Flow

Cash flow quality is weak and trending riskier: operating cash flow is persistently negative and has worsened recently (about -1.3M in 2023, -2.4M in 2024, and -2.9M in 2025), indicating rising cash burn. Free cash flow is also negative each year, though 2025 improved versus 2024 (less negative), suggesting some spending discipline. A key weakness is that cash generation does not support the income statement—losses are being funded externally rather than through operations.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	104.00K	0.00	0.00
Gross Profit	-168.00	0.00	-144.00K	-10.00K	-91.00	-121.00
EBITDA	-3.33M	-3.33M	-2.84M	-1.87M	-1.36M	-1.16M
Net Income	-6.78M	-6.78M	-3.04M	-1.26M	-2.13M	-1.23M
Balance Sheet
Total Assets	8.31M	8.31M	12.05M	6.83M	5.49M	4.26M
Cash, Cash Equivalents and Short-Term Investments	507.00K	507.00K	268.00K	257.00K	25.00K	420.00K
Total Debt	555.00K	555.00K	1.33M	602.00K	1.42M	883.00K
Total Liabilities	5.05M	5.05M	6.17M	1.32M	1.12M	985.00K
Stockholders Equity	3.27M	3.27M	5.88M	5.52M	3.12M	4.37M
Cash Flow
Free Cash Flow	-2.91M	-2.91M	-4.05M	-1.71M	-1.27K	-971.00K
Operating Cash Flow	-2.91M	-2.91M	-2.44M	-1.32M	-1.19K	-909.00K
Investing Cash Flow	-604.00K	-604.00K	-1.23M	779.00K	-257.00	-150.00K
Financing Cash Flow	3.77M	3.77M	3.70M	784.00K	1.09K	1.45M

Corcel Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.38
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:CRCL, the sentiment is Negative. The current price of 0.38 is above the 20-day moving average (MA) of 0.34, above the 50-day MA of 0.36, and above the 200-day MA of 0.35, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 40.16 is Neutral, neither overbought nor oversold. The STOCH value of 50.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:CRCL.

Corcel Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SML	67 Neutral	£56.37M	70.00	16.95%	―	53.42%	―
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
ZNWD	52 Neutral	£38.78M	-13.00	-7.78%	―	―	-19.57%
BRES	50 Neutral	£39.38M	-15.28	-6.07%	―	―	76.92%
80M	49 Neutral	£56.71M	-3.88	-8.18%	―	―	―
CRCL	44 Neutral	£28.95M	-2.13	-78.37%	―	―	―
FAR	43 Neutral	£38.86M	-4.89	-695.40%	―	9.40%	-11.81%

Corcel Corporate Events

Corcel Transforms Into High-Impact E&P Player With Dominant Kwanza Basin Position

Corcel reported a year of strategic transformation in which it moved from corporate repositioning to execution of a defined growth plan, underpinned by strengthened governance, a refreshed and more technically focused board, and increased personal investment from directors and management. The company now ends the financial year as a better-capitalised, more resilient business with a focused portfolio of oil and gas assets, a larger institutional shareholder base, and an executive team geared to manage its expanding operational footprint.

Operationally, Corcel has consolidated a commanding position in Angola’s onshore Kwanza Basin, increasing its net interest in Block KON-16 to 71.5% and securing 80% operated control via Atlas Petroleum Exploration, while progressing a full suite of technical work including basin-wide surveys, seismic reprocessing, environmental approvals, and permitting to support a planned 2026 exploration well. The company has also reactivated work on brownfield assets in KON-11 and KON-12 to pursue nearer-term production, entered a strategic alliance with Sintana Energy that brings development funding and validates asset value, and attracted global institutional investors as its market capitalisation and share price have risen sharply, positioning Corcel as an ambitious emerging E&P player with a more disciplined, shareholder-focused strategy.

Corcel PLC Secures £3 Million to Propel Strategic Growth

Corcel PLC has successfully raised £3 million through an equity placing, attracting two new shareholders with significant institutional investment experience. This fundraising supports Corcel’s strategic activities, including ongoing operations in its 2D seismic program at KON-16 and other growth opportunities in Angola and internationally. The company anticipates 2026 to be transformative, with key milestones expected to drive substantial growth in shareholder value.

Corcel PLC to Host Investor Presentation to Strengthen Stakeholder Engagement

Corcel PLC announced it will host a live investor presentation on December 3, 2025, via Investor Meet Company. This event is open to existing and potential shareholders, allowing them to engage with the company and submit questions. This initiative reflects Corcel’s efforts to maintain transparency and strengthen investor relations, potentially impacting its market positioning and stakeholder engagement.

Corcel PLC Successfully Passes Key Resolution at General Meeting

Corcel PLC announced the successful passing of a resolution at its General Meeting, with an overwhelming majority of 99.44% voting in favor. This development is expected to support Corcel’s strategic initiatives in its core markets of Angola and Brazil, potentially enhancing its operational capabilities and market position.

Corcel PLC Secures Environmental Licence for KON-16 Seismic and Drilling Operations

Corcel PLC has received the final ministerial approval for the Environmental Impact Assessment, granting an Environmental Licence for seismic acquisition and exploration drilling in the KON-16 Block, onshore Angola. This approval, along with a signed contract with BGP for seismic services, marks a significant operational milestone for Corcel, enabling the commencement of seismic acquisition operations. The acquisition of 2D seismic data is crucial for advancing towards drilling a high-impact well, enhancing Corcel’s exploration capabilities and positioning in the energy sector.

Corcel PLC Adopts New Incentive Plans to Align Leadership and Shareholder Interests

Corcel PLC has announced the adoption of a Founder Share Plan (FSP) and a Share Option Plan (SOP) aimed at recruiting, retaining, and incentivizing its directors and senior staff. These plans are designed to align the interests of the leadership team with shareholders by linking rewards to the creation of shareholder value. The FSP and SOP have been developed with independent expert advice and feedback from major shareholders, ensuring they align with market practices. The company is also considering establishing an employee benefit trust to support these plans and limit shareholder dilution.

Corcel PLC Secures £3.85 Million Through Warrant Exercise to Boost Exploration Efforts

Corcel PLC has successfully exercised all of its February 2025 Warrants, raising £3.85 million. This funding, along with anticipated funds from a transaction with Sintana Energy, positions Corcel to advance its exploration activities, particularly in the Kwanza Basin. The company’s issued share capital now comprises 7,630,333,138 Ordinary shares, reflecting the total voting rights. This development marks a significant step in Corcel’s strategic growth, enhancing its financial stability and operational capacity in the energy sector.

Corcel PLC Announces Successful Warrant Exercise and Trading Update

Corcel PLC announced the successful exercise of 1,332,500,000 warrants, generating £2,998,125 in proceeds, with expectations for further exercises to support operational activities. The company has applied for additional warrant shares to be admitted to trading on AIM, with the total issued share capital now comprising 7,295,958,138 ordinary shares, impacting shareholder voting rights and transparency obligations.