olivLaw · European equity research
MetalNRG plc AMG.L
United Kingdom · London Stock Exchange · ISIN GB00BS2GR553 · Vertical: Listed companies from United Kingdom
MetalNRG plc is a UK-incorporated natural resources investor with mineral exploration projects in Arizona and a waste-to-energy project in Italy developed with EQTEC. The company relies on funding raised in tranches and reports material uncertainty about its ability to continue as a going concern.
At the close of 05 Nov 2026, MetalNRG plc (AMG.L) stock was 0.03 GBP (−47.50% on the day), with P/E 0.1 on diluted EPS of 0.19 GBP over the last 12 months, beta -0.33, 52-week range 0.03–0.35 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 19.9
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.04 – 0.07
- below the lower band · %B -0.35 · band width 56.8%
- SMA 50 / 200
- 0.05 / 0.11
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −59.6% | +0.4% | −60.0 pp | — |
| 3 months | −50.0% | −3.3% | −46.7 pp | — |
| 6 months | −69.1% | +4.0% | −73.1 pp | — |
| Year to date | −76.1% | +8.1% | −84.2 pp | — |
| 1 year | −93.4% | +10.7% | −104.1 pp | +6.7% |
| 3 years | unavailable | +50.1% | unavailable | +24.8% |
| 5 years | −93.6% | +43.6% | −137.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 2-quarter history (min 0.4, median 0.8, max 1.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | -1.9 m | -2.2 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | 0.22 | 0.19 |
| Diluted EPS YoY | unavailable | −13.6% |
| net % | unavailable | unavailable |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 24.7 k GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 188.3 k GBP
- Total assets
- unavailable GBP
- Debt / equity
- unavailable
- Current ratio
- 0.33x
- ROE
- -177.8%
- ROA
- unavailable
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Operating income | -1.8 m | -1.7 m | esef· 11 Jul 2023verified |
| Interest expense | 14.8 k | 139.0 k | esef· 11 Jul 2023verified |
| Pre-tax income | -1.9 m | -2.2 m | esef· 11 Jul 2023verified |
| Income tax | 0 | 0 | esef· 11 Jul 2023verified |
| Net income | -1.9 m | -2.2 m | esef· 11 Jul 2023verified |
| Diluted EPS | 0.22 | 0.19 | esef· 11 Jul 2023verified |
Balance sheet · GBP
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Cash | 49.3 k | 24.7 k | esef· 11 Jul 2023verified |
| Receivables | 1.1 m | 581.6 k | esef· 11 Jul 2023verified |
| Current assets | 1.1 m | 606.3 k | esef· 11 Jul 2023verified |
| Intangibles (excl. goodwill) | 575.1 k | 575.1 k | esef· 11 Jul 2023verified |
| Current liabilities | 649.1 k | 1.8 m | esef· 11 Jul 2023verified |
| Equity | 2.3 m | 188.3 k | esef· 11 Jul 2023verified |
Cash flow · GBP
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 20.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
21% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -12.0x | 0 (on a fixed band) | 30% |
| Current ratio · Balance sheet | 0.3x | 0 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | 0.1x | 100 (vs peers) | 50% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial100/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
METALNRG PLC (AMG.L). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: ROE -177.8%.
The estimated value range is 2.25–4.07 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 2.91 GBP, the price of 0.03 GBP leaves a potential of 11,002.6% (value / price − 1) and a margin of safety of 99.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 0.1x
- The price is below the estimated value range
What contradicts it
- Interest coverage: -12.0x
- Current ratio: 0.3x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for AMG.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
MetalNRG plc is a UK-incorporated natural resources investor with mineral exploration projects in Arizona and a waste-to-energy project in Italy developed with EQTEC. The company relies on funding raised in tranches and reports material uncertainty about its ability to continue as a going concern.
SWOT
Strengths
- Diversified portfolio across exploration and clean energy, with a known industrial partner in the Italian project.
- Active projects sit in a jurisdiction with an established mining code, which the board says lowers political risk.
- Simple organisational structure with modest fixed costs and a board that directly controls investments.
Weaknesses
- The company has no turnover, and any revenue depends on exploration success and projects in development.
- Investments in BritNRG and IMC were impaired in full in 2022, showing the risk within the portfolio.
- The report states material uncertainty about going concern, showing reliance on new financing.
Opportunities
- If the Italian project starts generating revenue, the company could invest in other similar waste-to-energy projects.
- The positive outlook on gold prices could support the value of exploration projects.
- The net zero by 2035 goal could attract partners and financing oriented to clean energy.
Threats
- Metal price volatility could reduce investor interest and affect project plans.
- If funding sources tighten, the pace of exploration could slow or shareholder dilution could become necessary.
- Negative exploration results could lead to further write-downs of investments.
Risks
- Going concern uncertaintyhigh
The report states there is no guarantee sufficient funds will be raised, which could affect the company's ability to continue as a going concern.
- Exploration riskhigh
There is no guarantee a mineral resource can be identified that is economically extractable, and results can be uncertain.
- Commodity price volatilitymedium
Gold and copper prices are volatile, which could influence the value of projects.
- Investment impairmentmedium
Investments in BritNRG and IMC were impaired in full, showing some investments can lose value.
- Dependence on key personnellow
Executing the strategy depends on the skills of a few directors and employees, and attracting and retaining them could be difficult.
Investment thesis
What would need to be true (bull case)
- If gold prices stay high and exploration in Arizona produces results, portfolio value could grow.
- The Italian waste-to-energy project could become a source of revenue and open new investments.
- The chosen jurisdiction and local team experience could reduce operational risks.
What would break the thesis
- If funding cannot be raised in time, the company could be forced to scale back activity or dilute shareholders.
- The absence of turnover and recent impairments could weigh on investor confidence.
- Metal price volatility could offset the benefits of a positive outlook.
What to watch
- Exploration results in Arizona and any new resource reporting2027
- Progress of the EQTEC Italia project and timing of first revenue2027
- New funding tranches and any shareholder dilutionnext 10-K
- Gold and copper price trends relative to the board's outlook2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
MetalNRG plc, incorporated in the UK and governed by the Companies Act 2006, invests in the exploration and development of natural resources. According to the 2022 annual report, all active exploration projects were in Arizona, USA, through its subsidiary Gold Ridge Holdings Ltd 1. The company is listed on the Main Market of the London Stock Exchange, has no turnover, and the board considers KPIs not an appropriate guide to value creation 1.
Segments
Mineral exploration (gold and copper)
The main activity is exploring gold and copper in Arizona, USA, using a phased, results-based approach with geochemical, geophysical and drilling methods 1. The report also mentions investments in Tanzania and oil and gas projects 1.
Waste-to-energy (EQTEC Italia)
Through a subsidiary in Italy, the company holds with EQTEC plc a gasification project converting agricultural and forestry waste into electrical power and biochar 1. Management indicated that the success of this project could lead to investment in other similar projects 1.
Market context
The board maintains a positive outlook for commodity prices, particularly gold, after a marked improvement in base and precious metal prices over the last year 1. However, metal prices are highly volatile due to cyclical patterns in global demand and supply 1.
The company cannot fund long-term activity from internal resources alone; it raises finance in tranches as required, and a project entering development needs specific project financing 1.
Trends
- Improving gold pricestailwind
The board's positive view on gold and base metal prices could support the value of exploration projects if the trend holds 1.
- Commodity price volatilityheadwind
Cyclical global supply and demand make gold and copper prices highly volatile, which could affect investment plans 1.
- Tranche-based financingmixed
Reliance on periodic capital raising could limit the pace of projects, though it has so far covered funding needs 1.
- Energy transition and waste-to-energytailwind
The focus on clean energy from waste and the net zero by 2035 aim could open new opportunities for projects with EQTEC 1.
Competitive position
The annual report does not name competitors, so no direct peers are identified in the source. The company operates as a small explorer with few employees and activity concentrated in one active mining jurisdiction 1.
Competition mainly concerns the ability to raise finance and identify economically extractable resources, factors the report lists as key risks 1.
- Other exploration companies active in Arizona
The source does not name competitors; companies active in the same region could compete for financing and resources.
- Waste-to-energy operators in Italy
The source does not name competitors for the EQTEC Italia project; the local gasification market could include other operators.
- Partner EQTEC plc
EQTEC is also a substantial shareholder and partner in the Italian project, so the relationship is cooperative rather than competitive.
- Exploration investors with interests in Tanzania
The source mentions investments in Tanzania but does not name other actors in that market.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202211 Jul 2023
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / MetalNRG plc · 31 Dec 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.