Cordoba Minerals (CDB) AI Stock Analysis

• Market Cap: C$131.10M
• Dividend Yield: N/A
• Average Volume (3M): 11.73K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.69
• Revenue Growth: N/A
• EPS Growth: -8.78%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): -0.06
• Shares Outstanding: 92,979,860
• 10 Day Avg. Volume: 15,965
• 30 Day Avg. Volume: 11,726
• PEG Ratio: -0.16
• Price to Book (P/B): -89.50
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -2.15
• 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: 45 Neutral
• Price Target: C$1.50 ▲(100.00% Upside)
• Action: Reiterated Date: 02/21/26
• Date: Action: Reiterated 02/21/26

The score is primarily constrained by weak financial performance (no revenue, sustained losses and cash burn, and a deteriorating balance sheet with negative equity). Technicals provide some offset due to strong momentum versus moving averages, but overbought signals add risk. Valuation remains challenged because losses produce a negative P/E and there is no dividend support.

Positive Factors

Focused copper-gold asset

A concentrated focus on the San Matias copper-gold-silver project provides clear development roadmap and capital allocation discipline. A defined flagship asset can attract strategic JV partners or acquirers, concentrate technical expertise, and create single-asset optionality that endures beyond short-term cycles.

Partnership / monetization business model

Cordoba’s inorganic funding options (project sales, JVs, partner-funded development) are durable levers to advance projects without sustaining full capex. This model reduces the company’s capital burden, aligns incentives with larger producers, and is a repeatable path to realize asset value over months to years.

Exposure to structurally supportive commodity

Exposure to copper (and gold) aligns the company with long-term structural demand drivers—electrification and renewable infrastructure—making its assets strategically attractive to producers and investors. Such commodity fundamentals increase the likelihood of partner interest or eventual offtake/acquisition outcomes.

Negative Factors

No revenue, persistent losses

The absence of operating revenue and recurring large losses create a sustained reliance on external financing. Over months this undermines operational self-sufficiency, increases dilution risk, and constrains the company’s ability to fund exploration or advance studies without material capital injections or partner support.

Negative equity and rising leverage

Negative equity and increased debt materially weaken balance-sheet resilience. This flip constrains borrowing capacity, complicates JV negotiations and potential M&A, and raises solvency concerns that persist over the medium term unless reversed by capital raises or asset monetization.

Consistently negative operating and free cash flow

Repeated negative operating and free cash flow indicate genuine cash burn rather than accounting losses. This structural outflow requires continual financing, constrains project timelines, increases financing costs, and raises the risk of project delays or dilution until a partner or sale funds advancement.

Cordoba Minerals Business Overview & Revenue Model

Company Description

Cordoba Minerals Corp., a mineral exploration company, engages in the acquisition, exploration, and development of base and precious metal properties in Colombia and the United States. The company explores for copper, silver, and gold deposits. It primarily holds a 100% interest in the San Matias project with exploration licenses covering 146.62 square kilometers and has an additional 893.91 square kilometers of exploration licenses under application located in the municipality of Puerto Libertador, in the Department of Cordoba, Colombia. The company was incorporated in 2009 and is headquartered in Vancouver, Canada. Cordoba Minerals Corp. is a subsidiary of Ivanhoe Electric Inc.

How the Company Makes Money

Cordoba Minerals makes money through the exploration, development, and eventual sale or partnership of mineral projects, with a focus on copper and gold. The company's revenue model involves increasing the value of its mineral assets through successful exploration and development activities. Key revenue streams include potential future sales of mineral resources from developed projects, strategic partnerships, joint ventures, and project financing agreements. Cordoba Minerals also benefits from investments and funding from stakeholders who are interested in the potential returns from the mining projects it develops. The company may enter into agreements with other mining companies to share in the development costs and profits, which can be a significant factor in its earnings.

Cordoba Minerals Financial Statement Overview

Summary

Financials are very weak: no revenue across 2020–2025, persistent large losses, and consistently negative operating/free cash flow. Balance sheet risk has worsened materially with equity turning negative in 2025 alongside rising leverage and shrinking assets, increasing financing/solvency and dilution risk.

Income Statement

The company reports no revenue across 2020–2025, while losses remain large and persistent. Net loss improved in 2024 versus 2023, but widened again in 2025 (annual), and gross profit is consistently negative, indicating ongoing cost structure and operating scale challenges. Overall profitability trajectory is weak with no visible path to self-funding operations based on the provided figures.

Balance Sheet

Financial risk increased materially: total debt rose and equity deteriorated from positive in 2023–2024 to negative in 2025 (annual), which is a key red flag for balance sheet resilience. The debt-to-equity measure flips from modest/low in 2023 to highly leveraged in 2024, and becomes not meaningful in 2025 due to negative equity. Total assets also fell sharply from 2023 to 2025, suggesting reduced asset backing over time.

Cash Flow

Operating and free cash flow are consistently and deeply negative each year, implying continued cash burn to fund operations. Cash burn improved in 2024 versus 2023 but worsened again in 2025 (annual). Free cash flow roughly tracks net losses (close to 1x), which signals limited non-cash add-backs and reinforces that losses are translating into real cash outflows.

Breakdown	Dec 2025	Dec 2024	Mar 2024	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	-1.14M	-972.00K	-611.00K	-368.00K	-310.00K
EBITDA	-33.82M	-28.74M	-37.12M	-29.02M	-20.06M
Net Income	-20.06M	-16.16M	-22.90M	-31.61M	-20.47M
Balance Sheet
Total Assets	6.93M	19.97M	52.37M	19.40M	11.07M
Cash, Cash Equivalents and Short-Term Investments	2.28M	14.52M	5.08M	10.98M	4.95M
Total Debt	4.73M	12.22M	1.26M	422.00K	231.00K
Total Liabilities	7.61M	13.56M	9.00M	40.34M	1.50M
Stockholders Equity	-808.00K	3.93M	25.39M	-20.94M	10.80M
Cash Flow
Free Cash Flow	-33.65M	-31.04M	-41.19M	-26.16M	-20.65M
Operating Cash Flow	-33.50M	-30.30M	-44.59M	-25.71M	-20.47M
Investing Cash Flow	27.32M	-744.00K	-796.00K	-453.00K	-174.00K
Financing Cash Flow	-6.53M	41.26M	34.27M	32.25M	20.12M

Cordoba Minerals Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.75
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CDB, the sentiment is Positive. The current price of 0.75 is below the 20-day moving average (MA) of 1.16, below the 50-day MA of 0.93, and below the 200-day MA of 0.83, indicating a bullish trend. The MACD of 0.15 indicates Negative momentum. The RSI at 69.97 is Neutral, neither overbought nor oversold. The STOCH value of 30.13 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:CDB.

Cordoba Minerals Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
OCO	60 Neutral	C$198.83M	-49.59	-3.75%	―	―	29.51%
FSY	50 Neutral	C$104.01M	-36.96	-9.83%	―	―	49.12%
RTG	48 Neutral	C$76.47M	-9.52	-42.68%	―	―	33.33%
CDB	45 Neutral	C$131.10M	-6.44	-309.54%	―	―	-8.78%
HPQ	44 Neutral	C$81.86M	-11.05	―	―	―	50.72%

Cordoba Minerals Corporate Events

Cordoba Minerals Boosts Alacrán Sale Proceeds and Plans Larger Shareholder Payout

Cordoba Minerals has amended its agreement with Veritas Resources and a JCHX-led investor consortium to sell its remaining 50% interest in the Alacrán Project and other Colombian assets, raising the lump-sum closing cash payment from US$88 million to US$128 million. The revised terms, which waive certain conditions and set a new outside closing date of March 10, 2026, are expected to enable a larger post-closing cash distribution to shareholders, subject to TSX Venture Exchange approval.

An affiliate of JCHX will also provide a US$2 million bridge loan to the Alacrán joint venture entity, bearing interest of 10% initially and 12% thereafter, to fund ongoing project advancement and general corporate purposes until closing. Cordoba now plans to retain US$10 million from the transaction proceeds for ongoing corporate needs while distributing the remaining net cash to shareholders after settling liabilities, and it is urging registered investors to complete residency declaration forms to ensure eligibility for the payout.

The most recent analyst rating on (TSE:CDB) stock is a Sell with a C$0.78 price target. To see the full list of analyst forecasts on Cordoba Minerals stock, see the TSE:CDB Stock Forecast page.

Cordoba Minerals Still Pursuing Alacrán Sale After Missing Year-End Conditions

Cordoba Minerals Corp., a copper and gold exploration company with key assets in Colombia and the United States, is working to advance its flagship Alacrán Project while maintaining a portfolio strategy centered on joint ventures and project development. The company announced that certain conditions for the proposed sale of its remaining 50% interest in the Alacrán Project, along with its other Colombian exploration assets and related receivables, were not satisfied by the agreed outside date of December 31, 2025; however, the framework agreement governing the transaction remains in effect, and Cordoba will continue to pursue completion of the deal while simultaneously evaluating alternative options for moving the Alacrán Project forward, leaving the project’s ownership structure and future development path still in flux for stakeholders.

The most recent analyst rating on (TSE:CDB) stock is a Hold with a C$0.81 price target. To see the full list of analyst forecasts on Cordoba Minerals stock, see the TSE:CDB Stock Forecast page.