Nubian Resources (CPI) AI Stock Analysis

• Market Cap: C$14.71M
• Dividend Yield: N/A
• Average Volume (3M): 75.57K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.59
• Revenue Growth: N/A
• EPS Growth: -129.82%
• Country: CA
• Employees: 46
• Sector: General
• Sector Strength: N/A
• Industry: Industrial Materials
• EPS (TTM): N/A
• Shares Outstanding: 86,546,350
• 10 Day Avg. Volume: 82,376
• 30 Day Avg. Volume: 75,570
• PEG Ratio: 0.00
• Price to Book (P/B): 0.77
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -9.90
• 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: 50 Neutral
• Price Target: C$0.17 ▼(-15.00% Downside)

The score is held back mainly by weak financial performance—no revenue, ongoing losses, and consistent negative operating/free cash flow with worsening cash burn—despite a low-debt balance sheet. Technical indicators are a meaningful offset, showing bullish momentum with price above key moving averages and a positive MACD. Valuation is constrained by the negative P/E (loss-making) and lack of a dividend yield.

Positive Factors

Low Financial Leverage

A near-zero debt profile materially lowers solvency and interest-rate risk, giving the company staying power during prolonged development setbacks common in industrial materials. This structural strength preserves optionality for strategic financing or capital allocation over the next 2–6 months.

Meaningful Equity Base

A meaningful equity base provides a durable capital buffer to absorb ongoing operating losses, supporting continued operations and project development without immediate insolvency risk. That cushion sustains runway while management seeks revenue or strategic capital solutions.

Stable Asset Base

Stable total assets indicate limited asset erosion and help maintain creditor and investor confidence. Combined with low leverage, this structural stability supports longer-term operational plans and reduces the likelihood of forced asset sales in adverse scenarios.

Negative Factors

No Reported Revenue

A persistent absence of revenue undermines core business viability and prevents evaluation of product-market fit. Over months this forces reliance on financing rather than self-funded growth, increasing execution risk and making durable profitability uncertain.

Persistent Negative Cash Flow

Continuous operating and free cash flow deficits imply ongoing cash burn and rising funding needs. Structurally, this limits the firm's ability to invest in operations or growth without external capital and raises dilution or refinancing risk over the medium term.

Widening Net Losses

A material increase in net losses signals worsening operational efficiency or higher corporate spend, eroding equity buffers over time. This trend weakens sustainable margin prospects and heightens the urgency for credible revenue generation or cost restructuring.

Nubian Resources Business Overview & Revenue Model

Company Description

Carlton Precious Inc. engages in the exploration and evaluation of mineral properties in Peru, Australia, Peru, and the United States. It primarily explores for gold, silver, copper, and zinc deposits. The company was formerly known as Nubian Resources Ltd. and changed its name to Carlton Precious Inc. in December 2024. Carlton Precious Inc. was incorporated in 2004 and is headquartered in Toronto, Canada.

How the Company Makes Money

Nubian Resources primarily makes money through the acquisition and development of mineral properties, which are explored and evaluated for their mineral potential. The company generates revenue by selling or partnering with other mining companies to develop these properties further once they have been sufficiently explored and proved to contain economically viable mineral reserves. Key revenue streams include the sale of mineral rights, joint ventures, and strategic partnerships with larger mining companies that provide the necessary capital and expertise for full-scale mining operations. Additionally, the company may raise funds through equity financing to support its exploration activities and expand its asset portfolio.

Nubian Resources Financial Statement Overview

Summary

Balance sheet strength (meaningful equity base and very low leverage with mostly zero debt) is a key positive, but it is outweighed by weak operations: no revenue reported, recurring operating losses, widening net loss in the latest year, and persistent negative operating/free cash flow with worsening outflows in 2025—indicating ongoing cash burn and financing risk.

Income Statement

The company reports no revenue across the annual periods provided, and profitability is consistently weak with recurring operating losses. Net losses widened sharply in the latest year (2025 vs. 2024), indicating a deteriorating cost profile and/or higher corporate spend. A notable outlier is 2022, which shows positive net income despite negative operating profit, suggesting earnings were likely driven by non-operating items rather than core business strength.

Balance Sheet

The balance sheet is supported by a meaningful equity base and very low financial leverage, with total debt at zero in most years and only modest debt in 2021–2022. Total assets remain broadly stable, and the absence of heavy borrowing reduces solvency risk. The key weakness is shareholder value creation: returns on equity are negative in most years (with 2022 as a one-time exception), reflecting ongoing losses and limited operating progress.

Cash Flow

Cash generation is pressured: operating cash flow and free cash flow are negative in every year shown, indicating ongoing cash burn. The latest year (2025) shows materially worse cash outflows than 2024, pointing to higher funding needs. While free cash flow appears to cover net income in loss years (because both are negative), this does not offset the core issue that the business is not self-funding and likely requires external capital to sustain operations.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	-352.00	-610.00	-627.00	-1.56K	-2.78K
EBITDA	-981.84K	-361.22K	-489.70K	4.06M	-1.64M
Net Income	-1.00M	-365.28K	-491.83K	4.01M	-1.70M
Balance Sheet
Total Assets	12.22M	11.38M	12.92M	18.19M	11.66M
Cash, Cash Equivalents and Short-Term Investments	3.68M	3.25M	4.91M	8.91M	3.06M
Total Debt	0.00	0.00	0.00	734.10K	683.52K
Total Liabilities	303.64K	296.38K	75.93K	872.22K	1.14M
Stockholders Equity	11.92M	11.08M	12.84M	17.32M	10.52M
Cash Flow
Free Cash Flow	-929.01K	-263.91K	-820.72K	-1.68M	-2.07M
Operating Cash Flow	-533.62K	-57.24K	-394.54K	-808.67K	-976.32K
Investing Cash Flow	-395.39K	-206.68K	-776.18K	-876.07K	-1.45M
Financing Cash Flow	1.63M	254.85K	0.00	35.90K	4.21M

Nubian Resources Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.20
• 50DMA: Positive
• 100DMA: Negative
• 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:CPI, the sentiment is Neutral. The current price of 0.2 is above the 20-day moving average (MA) of 0.19, 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 Positive momentum. The RSI at 46.97 is Neutral, neither overbought nor oversold. The STOCH value of 33.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:CPI.

Nubian Resources Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
CPI	50 Neutral	C$14.71M	-15.18	-8.70%	―	―	-129.82%

Nubian Resources Corporate Events

Carlton Precious Expands Dunfee Project After High-Grade Gold and Silver Results in Nevada

Carlton Precious has reported encouraging rock chip sampling results from its Dunfee gold and silver project in Nevada, with assays returning up to 6.7 g/t gold and 493 g/t silver from mineralized quartz veins and waste dumps. On the back of these results and field observations, the company has staked an additional 30 lode claims, more than doubling the project’s size to 53 claims over roughly 430 hectares, and mapped at least five principal northwest-trending veins outcropping over more than a kilometre each, underscoring Dunfee’s potential to evolve from a passive investment into an active exploration asset in a prolific precious metals district.

The most recent analyst rating on (TSE:CPI) stock is a Hold with a C$0.20 price target. To see the full list of analyst forecasts on Nubian Resources stock, see the TSE:CPI Stock Forecast page.

Carlton Precious Advances Esquilache Project Amid Permit Challenges

Carlton Precious Inc. has provided an update on its Esquilache Silver project in Southern Peru, which covers 1,600 hectares and includes historical mine workings. The company is working towards obtaining a DIA drill permit from the Peruvian Ministry of Mines and Energy, following a request to upgrade their initial application. This permit is crucial for commencing a 5,000-metre core drilling program aimed at advancing the project towards a reportable mineral resource estimation. The outcome of this drilling could lead to further engineering programs and feasibility studies, especially in light of the recent increase in silver prices.