Nubian Resources (CPI) AI Stock Analysis

• Market Cap: C$11.25M
• Dividend Yield: N/A
• Average Volume (3M): 75.57K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.63
• 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: 44 Neutral
• Price Target: C$0.13 ▼(-37.00% Downside)
• Action: Reiterated Date: 03/14/26
• Date: Action: Reiterated 03/14/26

The score is held down primarily by weak fundamentals (no revenue, recurring losses, and ongoing cash burn that worsened in the latest year). Technical indicators reinforce the downside bias with price trading below key moving averages and negative MACD. A low-debt balance sheet provides some offset but is not enough to overcome the operating and funding risks.

Positive Factors

Low financial leverage

Consistently minimal debt reduces solvency and interest-coverage risk, giving management structural flexibility. Over 2–6 months this durable balance-sheet profile lowers the probability of forced asset sales or covenant pressure and makes external financing options less constrained.

Meaningful equity base

A substantive equity cushion absorbs operating losses and supports ongoing operations without immediate insolvency risk. This persistent capital base enhances the company's ability to pursue strategic steps (exploration, capex, or restructuring) before requiring dilutive financing.

Stable total assets

Stable asset levels indicate the company has preserved underlying capital and tangible resources. Over months this supports credibility for asset-backed financing or operational continuity and reduces the chance of abrupt balance-sheet deterioration absent new large cash outflows.

Negative Factors

No revenue

A complete absence of revenue means the firm lacks validated commercial cash inflows and remains execution-dependent. This structural shortfall forces reliance on financing to operate, prevents organic reinvestment, and makes long-term viability contingent on successful business development.

Persistent cash burn

Consistent negative operating and free cash flow, which worsened in the latest year, signals ongoing funding needs. Over a multi-month horizon this raises dilution and refinancing risk, constrains capital allocation to growth, and increases probability of disruptive capital raises.

Recurring operating losses

Repeated operating losses and widening net losses show the core model is not yet profitable and returns on equity are negative. Structurally, this erodes shareholder value, complicates talent retention and supplier relationships, and undermines credibility with lenders and partners.

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

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Nubian Resources Financial Statement Overview

Summary

Balance sheet strength (meaningful equity base, very low/zero debt in most years) is a positive, but it is outweighed by the lack of revenue, recurring operating losses, and persistent negative operating/free cash flow with deterioration in the latest year—raising execution and ongoing 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	Oct 2025	Oct 2024	Oct 2023	Oct 2022	Oct 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: Negative
• Last Price: 0.20
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CPI, the sentiment is Negative. The current price of 0.2 is above the 20-day moving average (MA) of 0.15, above the 50-day MA of 0.17, and above the 200-day MA of 0.15, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 40.52 is Neutral, neither overbought nor oversold. The STOCH value of 16.67 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	44 Neutral	C$11.25M	-15.63	-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.