Canadian North Resources, Inc. (CNRI) AI Stock Analysis

• Market Cap: C$45.73M
• Dividend Yield: N/A
• Average Volume (3M): 4.08K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.57
• Revenue Growth: N/A
• EPS Growth: 88.42%
• Country: CA
• Employees: N/A
• Sector: Energy
• Sector Strength: 52
• Industry: Industrial Materials
• EPS (TTM): >-0.01
• Shares Outstanding: 114,325,320
• 10 Day Avg. Volume: 3,583
• 30 Day Avg. Volume: 4,081
• PEG Ratio: 0.84
• Price to Book (P/B): 2.53
• Price to Sales (P/S): 18250.30
• P/FCF Ratio: -36.41
• 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: 46 Neutral
• Price Target: C$0.39 ▼(-21.60% Downside)

The score is held down primarily by very weak operating fundamentals (minimal revenue, large losses) and continued cash burn, despite a strong debt-free balance sheet. Technicals also lean negative with the stock below key moving averages and a negative MACD. Positive project-related bioleaching developments help, but do not yet outweigh the current lack of earnings and cash flow support.

Positive Factors

Debt-free balance sheet

Zero reported debt and a sizable equity base provide durable financial flexibility for exploration and project advancement. This reduces refinancing risk and gives management the ability to fund near-term work, partnerships, or staged development without immediate external debt pressure.

Bioleaching technical progress

High extraction rates from bioleaching tests indicate a potentially lower-energy, lower-capex processing route. If scalable, this structural technical advantage could improve metallurgy, reduce operating costs and environmental footprint, enhancing project economics over the medium term.

Narrowing losses and improved burn

Material reduction in net loss and markedly improved free cash flow versus the prior year suggest management is trimming costs and improving operating efficiency. Sustained improvement would lengthen runway and lower near-term funding needs while projects advance.

Negative Factors

Minimal revenue scale

Virtually no recurring revenue means the company cannot self-finance exploration or development; operational progress depends on capital markets or partners. Lack of commercial sales keeps the business model unproven and increases dilution or funding risk over the medium term.

Deep negative margins

Severely negative margins reflect that exploration and pre-development costs far exceed any revenue, indicating the company is not near operational breakeven. Unless project economics or scale change materially, persistent negative margins will erode returns and limit long-term profitability prospects.

Ongoing negative cash flow

Continued negative operating and free cash flow require external funding to sustain activities. Even with zero debt, repeated cash burn risks equity dilution or curtailed programs if capital access tightens, posing a structural funding vulnerability until projects generate positive cash.

Canadian North Resources, Inc. Business Overview & Revenue Model

Company Description

Canadian North Resources Inc. operates as a mining exploration and development company in Canada. The company primarily explores for nickel, copper, cobalt, palladium, platinum, and rhodium deposits. It owns 100% interest in the Ferguson Lake mining property comprising 10 contiguous mining leases covering an area of 9,686 hectares located in the Kivalliq Region of Nunavut, Canada. The company was formerly known as Canadian North Resources and Development Corp. and changed its name to Canadian North Resources Inc. in November 2020. Canadian North Resources Inc. was incorporated in 2013 and is headquartered in Mississauga, Canada.

How the Company Makes Money

CNRI makes money through the exploration and development of mineral deposits, which are then either sold to larger mining companies or taken into production. The company's revenue streams primarily include the sale of mineral rights, royalties from developed properties, and potential profits from the direct sale of extracted minerals. CNRI may also form strategic partnerships or joint ventures with other mining companies to share the costs and profits associated with the exploration and development of mineral resources. Factors such as fluctuating commodity prices, exploration success, and efficient project management significantly influence its earnings.

Canadian North Resources, Inc. Financial Statement Overview

Summary

Operating performance is very weak: TTM revenue is extremely small (6,000) and profitability is deeply negative (net margin ~-116% with sharply negative EBITDA/EBIT margins). Cash flow is also poor with negative operating cash flow (~-1.09M) and negative free cash flow (~-2.07M), despite improvement versus 2024. The main offset is a strong solvency position with zero debt and a sizable equity base (~42.9M), which provides financial flexibility.

Income Statement

TTM (Trailing-Twelve-Months) revenue remains very small (6,000) with no growth, while profitability is deeply negative (net margin about -116% and EBITDA/EBIT margins near -189%/-183%). Losses have narrowed versus 2024 (net loss improved from about -1.89M to about -0.70M), but the business still shows limited operating scale and persistent, material operating losses.

Balance Sheet

The balance sheet is conservatively levered, with total debt at zero in TTM (Trailing-Twelve-Months) and low leverage historically (debt-to-equity was ~2% in 2024 and ~4% in 2023). Equity is sizable (~42.9M TTM) relative to assets (~45.9M), supporting financial flexibility. The key weakness is continued losses driving negative returns on equity (about -1.6% TTM), which can erode the equity base over time if sustained.

Cash Flow

Cash generation remains weak with negative operating cash flow in TTM (Trailing-Twelve-Months) (about -1.09M) and negative free cash flow (about -2.07M). Free cash flow burn improved materially versus 2024 (about -3.01M) and is far better than the large outflow seen in 2023, but cash flows are still consistently negative, indicating ongoing funding needs until operations scale or costs normalize.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	6.00K	6.00K	0.00	0.00	0.00	0.00
Gross Profit	34.40K	6.00K	-991.99K	-65.95K	-25.11K	-25.29K
EBITDA	-1.13M	-2.23M	-3.17M	-3.92M	-1.42M	-278.91K
Net Income	-696.43K	-1.89M	-6.40M	-3.80M	-1.45M	-304.20K
Balance Sheet
Total Assets	45.85M	47.05M	50.18M	34.64M	25.31M	4.25M
Cash, Cash Equivalents and Short-Term Investments	27.95K	1.65M	5.54M	11.07M	19.03M	1.55M
Total Debt	0.00	964.12K	1.92M	0.00	0.00	0.00
Total Liabilities	2.98M	3.70M	5.17M	3.51M	2.27M	1.66M
Stockholders Equity	42.87M	43.36M	45.00M	31.13M	23.04M	2.59M
Cash Flow
Free Cash Flow	-2.07M	-3.01M	-21.35M	-17.21M	-5.35M	-355.06K
Operating Cash Flow	-1.09M	-1.38M	-2.80M	-1.83M	-1.72M	-161.75K
Investing Cash Flow	-743.06K	-1.46M	-18.18M	-15.38M	-3.63M	-193.31K
Financing Cash Flow	-1.00M	-1.06M	15.45M	9.25M	22.82M	1.91M

Canadian North Resources, Inc. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CNRI, the sentiment is Negative. The current price of 0.5 is above the 20-day moving average (MA) of 0.49, below the 50-day MA of 0.50, and below the 200-day MA of 0.69, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 24.59 is Positive, neither overbought nor oversold. The STOCH value of >-0.01 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:CNRI.

Canadian North Resources, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
JUGR	50 Neutral	C$52.17M	-11.88	-7.37%	―	―	93.24%
WHY	48 Neutral	C$50.87M	-11.78	―	―	―	8.06%
COR	47 Neutral	C$50.71M	53.21	9.47%	―	―	93.20%
CNRI	46 Neutral	C$45.73M	-63.49	-1.60%	―	―	88.42%

Canadian North Resources, Inc. Corporate Events

Canadian North Resources Advances Bioleaching at Ferguson Lake Project

Canadian North Resources Inc. reported its third-quarter operational and financial results, highlighting advancements in its bioleaching programs at the Ferguson Lake project. The company achieved high extraction rates for nickel, cobalt, and copper at low temperatures without external heat or acid, indicating potential for a simplified and energy-efficient metallurgical process. These developments could significantly impact the company’s operations by reducing costs and enhancing sustainability, while ongoing communication with investors and local communities aims to support further project development.