Arizona Sonoran Copper Co. (ASCU) AI Stock Analysis

• Market Cap: C$1.22B
• Dividend Yield: N/A
• Average Volume (3M): 442.23K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.29
• Revenue Growth: N/A
• EPS Growth: 22.26%
• Country: CA
• Employees: 17
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Copper
• EPS (TTM): 0.01
• Shares Outstanding: 208,656,360
• 10 Day Avg. Volume: 495,394
• 30 Day Avg. Volume: 442,227
• PEG Ratio: 6.16
• Price to Book (P/B): <0.01
• Price to Sales (P/S): 0.00
• P/FCF Ratio: >-0.01
• 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: C$7.25
• Price Target Upside: 35.26% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 59 Neutral
• Price Target: C$7.00 ▲(30.60% Upside)

The score is primarily held back by weak financial performance (pre-revenue losses and significant cash outflows despite a strong, low-debt balance sheet). Technicals are a key positive, showing a strong uptrend with positive momentum, while valuation remains unattractive on earnings-based metrics (negative P/E) and no dividend support.

Positive Factors

Strong balance sheet

A very low debt load and materially larger equity base provide durable financial runway for multi-year exploration and permitting. Low leverage reduces refinancing risk and gives management flexibility to fund technical studies and capital programs without immediate reliance on project cash flows.

Low leverage / capital flexibility

Extremely low leverage and a sizable capital base support sustained investment in the Cactus Project and allow pacing of spend based on milestones. This structural flexibility helps the company pursue permitting, drilling, and engineering work while limiting near-term liquidity stress.

Clear project focus

A concentrated development strategy centered on the Cactus Project concentrates technical expertise and management attention, enabling clearer milestone-driven progress. For a development-stage miner, a single flagship focus improves execution accountability and the potential to realize long-term value if technical and permitting outcomes are favorable.

Negative Factors

Pre-revenue profile

The company generates no operating revenue and has recurring net losses, meaning it cannot self-fund development from operations. Until commercial production occurs, this structural lack of revenue exposes investors to execution, permitting and commodity-price risks without offsetting cash returns from operations.

Deep negative free cash flow

Large negative free cash flow reflects heavy investment and/or capitalized spending. Sustained deep outflows elevate dependence on external financing, increasing dilution or financing risk, and may force project pacing changes that can delay value realization and extend the timeline to cash-generating operations.

Negative returns on equity

Despite a larger equity base, the company is not generating positive returns on that capital. Persistently negative ROE signals that capital deployed has yet to produce productive assets or cash flows, implying a potentially long horizon before shareholders see realized returns and greater risk of future dilution.

Arizona Sonoran Copper Co. Business Overview & Revenue Model

Company Description

Arizona Sonoran Copper Company Inc. engages in the identification, acquisition, exploration, development, and production of base metal properties. The company's principal asset is the 100% interest in the Cactus Project located in Pinal County, Arizona. The company was formerly known as Elim Mining Incorporated and changed its name to Arizona Sonoran Copper Company Inc. in July 2021. Arizona Sonoran Copper Company Inc. was incorporated in 2019 and is based in Tempe, Arizona.

How the Company Makes Money

Arizona Sonoran Copper Co., Inc. generates revenue primarily through the development and eventual sale of copper extracted from its mining operations. The company focuses on identifying and developing copper deposits, with the potential for future income derived from the sale of copper concentrate to smelters and other industrial customers. ASCU's revenue model is highly dependent on the successful development and production from its mining projects, particularly the Cactus Mine Project. The company may also enter into strategic partnerships or joint ventures with other mining companies or investors to facilitate capital investment and share operational risks, which can contribute to its financial performance.

Arizona Sonoran Copper Co. Financial Statement Overview

Summary

Balance sheet strength (very low leverage and materially higher equity over time) is offset by a pre-revenue profile with persistent net losses and ongoing cash burn, including deeply negative TTM free cash flow driven by heavy spending.

Income Statement

The income statement is weak, reflecting a pre-revenue profile with consistently negative earnings. In TTM (Trailing-Twelve-Months), the company generated no revenue and posted a net loss of about $7.2M, with negative operating results as well. Losses have been persistent across 2020–2024, though the magnitude is generally in the same range recently (excluding the larger 2021 loss), indicating cost control has improved versus earlier years but profitability is still not in sight without commercial revenue.

Balance Sheet

The balance sheet is a clear strength. Leverage is extremely low (TTM debt-to-equity is near zero), and equity has increased materially over time (from roughly $7.0M in 2020 to about $159.6M in TTM), providing a sizable capital base relative to reported debt. The main weakness is that returns on equity remain negative due to ongoing net losses, meaning the company is well-capitalized but not yet generating shareholder returns.

Cash Flow

Cash flow quality is pressured by ongoing cash burn. Operating cash flow has been negative each year and is still negative in TTM (about -$2.7M), while free cash flow is deeply negative in TTM (about -$56.5M), signaling heavy spending/investment. While operating cash burn improved versus 2023–2024, free cash outflows have expanded, increasing reliance on existing liquidity and future financing if this spending pace continues.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-30.00K	0.00	0.00	-84.00K	-75.00K	-17.00K
EBITDA	-4.21M	-5.35K	-6.34M	-6.96M	-8.38M	-2.73M
Net Income	-7.24M	-7.44K	-6.99M	-7.14M	-17.05M	-7.46M
Balance Sheet
Total Assets	279.07M	135.47M	114.08M	69.58M	54.42M	17.99M
Cash, Cash Equivalents and Short-Term Investments	44.37M	31.74M	10.49M	19.86M	27.31M	7.25M
Total Debt	16.00K	16.00K	67.00K	115.00K	6.88M	6.34M
Total Liabilities	119.50M	30.86M	29.53M	3.60M	10.35M	11.00M
Stockholders Equity	159.57M	104.61M	84.55M	65.98M	44.08M	6.99M
Cash Flow
Free Cash Flow	-56.51M	-31.60M	-38.82M	-4.33M	-24.89M	-14.79M
Operating Cash Flow	-2.66M	-9.72M	-11.52M	-3.55M	-6.29M	-1.48M
Investing Cash Flow	-44.50M	-21.88M	-27.30M	-29.80M	-18.60M	-8.30M
Financing Cash Flow	58.15M	54.03M	29.53M	26.09M	44.95M	16.97M

Arizona Sonoran Copper Co. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 5.36
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ASCU, the sentiment is Positive. The current price of 5.36 is below the 20-day moving average (MA) of 5.69, above the 50-day MA of 4.93, and above the 200-day MA of 3.18, indicating a bullish trend. The MACD of 0.32 indicates Positive momentum. The RSI at 55.60 is Neutral, neither overbought nor oversold. The STOCH value of 57.85 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:ASCU.

Arizona Sonoran Copper Co. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ARG	72 Outperform	C$938.10M	34.12	18.67%	4.11%	10.41%	-0.23%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
ASCU	59 Neutral	C$1.22B	-79.53	-6.09%	―	―	22.26%
FDY	54 Neutral	C$773.81M	-23.60	-48.15%	―	―	-10.32%
MARI	52 Neutral	C$1.43B	-37.77	-15.90%	―	―	-104.52%
GCU	49 Neutral	C$221.57M	26.60	―	―	128.86%	―
CUU	39 Underperform	C$418.78M	-336.84	-0.82%	―	―	36.84%

Arizona Sonoran Copper Co. Corporate Events

Arizona Sonoran Bolsters Board and IR Team as Cactus Project Moves Toward Development

Arizona Sonoran Copper Company has strengthened its leadership and governance as it advances the Cactus Project toward development, appointing veteran mining finance executive Bill Washington as a non-executive director and promoting seasoned capital markets professional Alison Dwoskin to Vice President, Investor Relations. The addition of Washington, whose three-decade career in mining and metals investment banking and board governance is expected to bolster the company’s capital markets strategy, alongside Dwoskin’s expanded investor relations role, underscores Arizona Sonoran’s focus on funding, communications and strategic execution as it targets future copper cathode production from its Cactus Project and seeks to solidify its position as an emerging mid-tier copper producer.

The most recent analyst rating on (TSE:ASCU) stock is a Hold with a C$6.00 price target. To see the full list of analyst forecasts on Arizona Sonoran Copper Co. stock, see the TSE:ASCU Stock Forecast page.

Arizona Sonoran Unveils Fully Funded 2026 Work Plan to Advance Cactus Copper Project

Arizona Sonoran Copper has launched a fully funded US$75 million work program for 2026, backed by an approximately US$105 million cash balance, to move its Cactus Project toward a final investment decision as early as the fourth quarter of 2026 and keep the project on track for first cathode production in the second half of 2029. The plan centers on completing a feasibility study in 2026, advancing key permits, initiating early development and long lead procurement, expanding geological and geotechnical work, arranging project financing, and deepening community engagement, building on 2025 milestones including the entry of Hudbay as a strategic investor, the buy-down of eligible copper royalties, footprint expansion and a pre-feasibility study that confirmed robust project economics and a simplified mine plan.

The most recent analyst rating on (TSE:ASCU) stock is a Hold with a C$5.50 price target. To see the full list of analyst forecasts on Arizona Sonoran Copper Co. stock, see the TSE:ASCU Stock Forecast page.

Arizona Sonoran Secures Dust Permit, Advances Key Approvals for Expanded Cactus Copper Project

Arizona Sonoran Copper Company has secured a Dust Permit from the Pinal County Air Quality Division for its Cactus Project, marking the first key permit received since its November 2025 pre-feasibility study, which outlined annual production of 113,000 short tons of copper cathode over the first decade of a 22-year mine life. The company is now working to amend its Aquifer Protection, Industrial Air, and Mined Land Reclamation permits to reflect a substantially expanded and simplified production profile that includes both the Cactus and Parks/Salyer open pits, with a goal of having all major permits in place in 2026 ahead of a feasibility study and a potential final investment decision later this year, signaling continued progress toward restarting copper production and strengthening its position as an emerging U.S. copper supplier.

The most recent analyst rating on (TSE:ASCU) stock is a Hold with a C$5.00 price target. To see the full list of analyst forecasts on Arizona Sonoran Copper Co. stock, see the TSE:ASCU Stock Forecast page.

Arizona Sonoran Moves Toward Solo Development of Cactus Project as Nuton JV Option Nears Early Termination

Arizona Sonoran Copper Company and Nuton LLC, a Rio Tinto venture, have agreed to begin talks in January over an amicable early termination of Nuton’s option to form a joint venture on the Cactus Project, after which Arizona Sonoran intends to continue advancing the asset on a standalone basis. Building on a recently completed positive standalone pre-feasibility study, the company plans to progress a definitive feasibility study targeting completion in the second half of 2026, with a potential final investment decision as early as the fourth quarter of 2026, while simultaneously pursuing permitting amendments, project financing and early development work, underscoring its commitment to independently develop Cactus despite the uncertainty surrounding the Nuton negotiations.

The most recent analyst rating on (TSE:ASCU) stock is a Buy with a C$8.00 price target. To see the full list of analyst forecasts on Arizona Sonoran Copper Co. stock, see the TSE:ASCU Stock Forecast page.

Arizona Sonoran Secures C$10.4 Million Investment from Hudbay Minerals

Arizona Sonoran Copper Company announced the closing of a C$10.4 million private placement with Hudbay Minerals, which exercised its pre-emptive rights to maintain a 9.99% ownership in the company. This financing strengthens Arizona Sonoran’s capital position, enabling it to advance early development activities and project debt financing for 2026, positioning the company for growth in the copper industry.

The most recent analyst rating on (TSE:ASCU) stock is a Buy with a C$8.00 price target. To see the full list of analyst forecasts on Arizona Sonoran Copper Co. stock, see the TSE:ASCU Stock Forecast page.

Arizona Sonoran Copper Secures C$86.3 Million for Cactus Project Development

Arizona Sonoran Copper Company has successfully closed a C$86.3 million ‘bought deal’ private placement of common shares, issuing over 25 million shares at C$3.35 each. The proceeds will fund early development activities at the Cactus Project, including permit amendments, a Definitive Feasibility Study, and project financing, positioning the company to advance its operations and potentially enhance its market standing as a future mid-tier copper producer.

The most recent analyst rating on (TSE:ASCU) stock is a Buy with a C$8.00 price target. To see the full list of analyst forecasts on Arizona Sonoran Copper Co. stock, see the TSE:ASCU Stock Forecast page.

Arizona Sonoran Copper Files PFS for Cactus Project with Strong Economic Outlook

Arizona Sonoran Copper Company Inc. has filed a pre-feasibility study for its Cactus Project, projecting a post-tax NPV of $2.30 billion and an IRR of 22.8%. The project is expected to produce 103,000 tonnes of copper cathode annually over the first decade, positioning it as the third largest cathode producer in the USA. With a focus on cost-effective and conventional mining methods, the project promises strong economic returns and significant benefits to the local Arizona economy, including job creation. The company anticipates making a final investment decision by Q4 2026, with first production targeted for 2029.

The most recent analyst rating on (TSE:ASCU) stock is a Buy with a C$8.00 price target. To see the full list of analyst forecasts on Arizona Sonoran Copper Co. stock, see the TSE:ASCU Stock Forecast page.

Arizona Sonoran Secures C$75 Million for Cactus Project Development

Arizona Sonoran Copper Company Inc. has announced a C$75 million ‘bought deal’ private placement of common shares, facilitated by Canaccord Genuity Corp. and a syndicate of underwriters. The proceeds will be used for early development activities at the Cactus Project, working capital, and general corporate purposes, potentially strengthening the company’s position in the copper industry and providing robust returns for investors.

The most recent analyst rating on (TSE:ASCU) stock is a Buy with a C$8.00 price target. To see the full list of analyst forecasts on Arizona Sonoran Copper Co. stock, see the TSE:ASCU Stock Forecast page.