Condor Resources (CN) AI Stock Analysis

• Market Cap: C$22.55M
• Dividend Yield: N/A
• Average Volume (3M): 38.61K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.04
• Revenue Growth: N/A
• EPS Growth: -581.25%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Other Precious Metals
• EPS (TTM): >-0.01
• Shares Outstanding: 150,338,130
• 10 Day Avg. Volume: 25,737
• 30 Day Avg. Volume: 38,613
• PEG Ratio: 0.01
• Price to Book (P/B): 4.21
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -31.38
• 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: 42 Neutral
• Price Target: C$0.18 ▲(1.11% Upside)
• Action: Reiterated Date: 02/02/26
• Date: Action: Reiterated 02/02/26

The score is held down primarily by weak financial performance (pre-revenue operations, widening losses, and ongoing cash burn) and bearish technical momentum (below key moving averages with negative MACD). Valuation provides limited offset because the company is loss-making and has no stated dividend yield, despite the low-debt balance sheet being a modest positive.

Positive Factors

Low leverage

Zero reported debt materially reduces solvency and refinancing risk for an early-stage explorer. This durable financial strength gives management flexibility to time financing, prioritize exploration budgets, and avoid interest burden that would otherwise accelerate cash burn and constrain project advancement.

Focused exploration model

A clear, asset-focused business model centered on early-stage acquisition and resource definition concentrates capital on value-accretive geological work. Success metrics (defined resources, drill results, JVable assets) are structural drivers of long-term value creation in this industry when execution and project selection are disciplined.

Improving cash burn trend

A modest reduction in operating cash outflows between FY2025 and TTM signals incremental progress on cost control or program pacing. While still negative, an improving burn rate lengthens runway and reduces near-term financing frequency, which supports longer-term project development options.

Negative Factors

Pre-revenue operations

Being pre-revenue means the company lacks internal cash generation and must rely on external financing to fund exploration. That structural funding dependency increases execution risk, elongates time to returns, and makes long-term project advancement contingent on successful capital raises or partner agreements.

Persistent negative cash flow

Consistent negative operating and free cash flow erodes financial flexibility and forces ongoing external funding. Over a multi-month horizon this limits the company's ability to self-fund exploration programs, increases dilution risk, and can delay or downsize project advancement if capital markets tighten.

Contracting equity base

A materially smaller shareholders' equity balance signals accumulated losses and/or dilutive financings and reduces the capital cushion. This structural weakening makes future capital raises more dilutive or costly, constrains balance-sheet flexibility, and heightens governance and creditor-sensitivity during prolonged exploration cycles.

Condor Resources Business Overview & Revenue Model

Company Description

Condor Resources Inc., an exploration stage company, engages in the acquisition, exploration, and development of mineral properties in Peru. The company explores for gold, silver, copper, lead, and zinc deposits, as well as other precious and base metals. Its portfolio includes various projects, such as the Pucamayo, Chavin, Quriurqu, San Martin, Humaya, Huinac Punta, Andrea, Quilisane, Cobreorco, and Cantagallo. The company was incorporated in 2003 and is headquartered in Vancouver, Canada.

How the Company Makes Money

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Condor Resources Financial Statement Overview

Summary

Income statement and cash flow are very weak (pre-revenue, persistent operating losses, and negative operating/free cash flow). The balance sheet is a relative strength due to minimal debt, but equity has contracted materially, increasing dilution/financing risk.

Income Statement

The business is effectively pre-revenue across all periods (revenue is 0), so operating losses dominate the profile. Profitability has deteriorated sharply in the most recent periods, with Net Income moving from profits in FY2021–FY2024 to a large loss in FY2025 and a deeper loss in TTM (Trailing-Twelve-Months) (Net Income: -4.74M FY2025; -5.24M TTM). EBIT/EBITDA are consistently negative, indicating ongoing operating burn and limited visibility on self-funded operations until revenues materialize.

Balance Sheet

Leverage is very low (Total Debt is 0 in FY2024–TTM and minimal previously), which meaningfully reduces solvency risk for an early-stage company. However, the equity base has contracted materially from FY2024 to FY2025/TTM (Stockholders’ Equity: ~10.37M FY2024 vs. ~5.70M FY2025 and ~5.86M TTM), consistent with heavy losses and potential dilution/asset changes. Returns on equity also flipped from positive in FY2022–FY2024 to sharply negative in FY2025 and TTM, highlighting weakening underlying economics despite the clean debt profile.

Cash Flow

Cash generation is weak, with operating cash flow negative every year shown and still negative in TTM (Trailing-Twelve-Months) (Operating Cash Flow: -0.76M FY2025; -0.64M TTM). Free cash flow is also persistently negative, reflecting ongoing funding needs (Free Cash Flow: -0.76M FY2025; -0.64M TTM). While the cash burn improved modestly from FY2025 to TTM, the company remains reliant on external financing until operations stabilize or revenue begins to scale.

Breakdown	TTM	Feb 2025	May 2025	May 2024	May 2023	May 2022
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	0.00	-111.09K	-39.90K	―	―	―
EBITDA	-1.15M	-848.80K	-113.82K	-228.00K	-215.35K	-3.59M
Net Income	-5.24M	-4.74M	1.22M	439.40K	119.53K	2.33M
Balance Sheet
Total Assets	6.44M	5.92M	10.50M	7.19M	6.33M	6.02M
Cash, Cash Equivalents and Short-Term Investments	35.99K	268.81K	2.28M	671.04K	359.81K	783.34K
Total Debt	0.00	0.00	0.00	40.00K	40.00K	40.00K
Total Liabilities	574.55K	219.02K	131.48K	141.75K	141.87K	147.72K
Stockholders Equity	5.86M	5.70M	10.37M	7.05M	6.19M	5.88M
Cash Flow
Free Cash Flow	-641.94K	-764.58K	-417.25K	-1.30M	-1.08M	-416.98K
Operating Cash Flow	-641.94K	-764.58K	-413.84K	-399.85K	-341.42K	-377.68K
Investing Cash Flow	-865.75K	-692.76K	-492.70K	668.02K	-115.11K	-292.32K
Financing Cash Flow	1.05M	0.00	2.06M	0.00	171.00K	1.16M

Condor Resources Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.18
• 50DMA: Negative
• 100DMA: Negative
• 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:CN, the sentiment is Negative. The current price of 0.18 is above the 20-day moving average (MA) of 0.15, above the 50-day MA of 0.16, and above the 200-day MA of 0.15, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 48.31 is Neutral, neither overbought nor oversold. The STOCH value of 40.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:CN.

Condor Resources 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%
CAM	53 Neutral	C$32.49M	-5.51	-53.48%	―	―	―
TSLV	52 Neutral	C$25.87M	-16.04	-162.44%	―	―	44.12%
ARU	46 Neutral	C$23.81M	-0.85	108.42%	―	―	-6.12%
MRZ	44 Neutral	C$39.87M	-1,187.78	-1239.88%	―	―	1.38%
CN	42 Neutral	C$22.55M	-13.90	-57.87%	―	―	-581.25%
SBMI	41 Neutral	C$29.64M	-8.13	-2228.93%	―	―	-69.10%

Condor Resources Corporate Events

Condor Resources Secures Final Permit as Teck Prepares 3,500m Drill Program at Cobreorco

Condor Resources has secured final permitting to begin exploration drilling at its Cobreorco copper-gold project in Peru, where partner Teck Perú plans a 3,500-metre diamond drill program targeting skarn and porphyry mineralization defined by extensive 2025 geophysical and geochemical work. The permit approvals, community support and structured earn-in deal with Teck position Cobreorco as a potentially significant discovery for Condor while the company also finalizes a modest finder’s fee tied to the sale of its Soledad property.

Teck Perú’s 2025 program at Cobreorco integrated radiometric, gravimetric, induced polarization and soil surveys into an updated geological model that guided six priority drill holes for the 2026 campaign. In parallel, approvals of the environmental declaration and water permit, along with successful community consultation, reduce permitting risk and could materially benefit Condor’s shareholders if drilling confirms the project’s copper-gold potential.

Cobreorco, comprising nine concessions over about 5,100 hectares in southern Peru’s Eocene Belt, is considered by management to offer a major discovery opportunity within a prolific copper-gold region. Under the option and joint venture terms, Teck Perú can earn up to a 75% interest through staged exploration spending and cash payments, allowing Condor to advance a large-scale target with limited capital outlay while maintaining exposure to upside.

The most recent analyst rating on (TSE:CN) stock is a Sell with a C$0.11 price target. To see the full list of analyst forecasts on Condor Resources stock, see the TSE:CN Stock Forecast page.