Electrum Discovery (ELY) AI Stock Analysis

• Market Cap: C$14.20M
• Dividend Yield: N/A
• Average Volume (3M): 182.58K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.10
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Other Precious Metals
• EPS (TTM): >-0.01
• Shares Outstanding: 118,297,950
• 10 Day Avg. Volume: 190,661
• 30 Day Avg. Volume: 182,580
• PEG Ratio: 0.10
• Price to Book (P/B): 2.22
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -3.12
• 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: 52 Neutral
• Price Target: C$0.10 ▲(1.00% Upside)
• Action: Reiterated Date: 02/03/26
• Date: Action: Reiterated 02/03/26

The score is held back primarily by pre-revenue financial performance with widening losses and materially higher cash burn, which elevates ongoing funding risk despite a stronger 2024 balance sheet. Technicals are moderately supportive (above key longer-term moving averages and positive MACD), but valuation is constrained by negative earnings and no dividend data.

Positive Factors

Materially improved shareholders' equity

A meaningful increase in equity and total assets provides a stronger capital base to fund ongoing exploration. This durable improvement reduces short-term solvency risk, supports operational continuity for several quarters, and enhances the company's ability to attract JV partners or raise project financing.

Zero reported debt in 2024

Having no reported debt lowers fixed obligations and financial leverage, preserving flexibility for equity-based financing or strategic partnerships. This structural strength reduces bankruptcy risk and interest burden, which is valuable for a capital-intensive explorer dependent on periodic funding rounds.

Focused early‑stage exploration business model

A clear, concentrated exploration strategy concentrates technical expertise and capital on high-leverage drilling and resource definition events. Over the medium term this model can deliver outsized value if discoveries occur, and it aligns with common JV and earn-in structures that can de-risk projects while preserving upside.

Negative Factors

Pre‑revenue operations

Absence of operating revenue removes internal cash generation and ties company viability to capital markets or partners. Over 2–6 months this elevates execution risk: continued exploration depends on external financing and success events, making operational continuity sensitive to funding conditions.

Widening losses and accelerating cash burn

Rising net losses and sharply negative free cash flow erode equity and shorten runway absent new capital. This structural cash burn increases dilution and execution risk, forcing financing decisions that can alter strategy or delay programs if markets or partner interest weaken over the medium term.

No visible near‑term path to profitability

With no commercial production or revenue drivers, the company's value is contingent on exploration outcomes rather than cash returns. That structural uncertainty makes planning and long-term resource allocation harder, and heightens reliance on successful drill results or third-party farm-ins to create durable value.

Electrum Discovery Business Overview & Revenue Model

Company Description

Electrum Discovery Corp. engages in the acquisition and exploration of mineral properties in the natural resource sector in the Republic of Serbia. It explores for gold and copper deposits. The company holds interests in the Timok East Project comprising three mineral exploration permits and four mineral exploration permit applications located in the eastern fringe of Timok Magmatic Complex; and in the Novo Tlamino Project consisting of three mineral exploration permit applications and two mineral exploration permits located in the SMM Tertiary metallogenic province in the southern Serbia. Electrum Discovery Corp. is headquartered in Vancouver, Canada.

How the Company Makes Money

Electrum Discovery Financial Statement Overview

Summary

Pre-revenue explorer with no revenue in 2023–2024, widening net losses (about -$1.79M in 2024 vs. -$1.56M in 2023) and a sharp deterioration in operating/free cash flow (FCF about -$2.93M in 2024). Offsetting support comes from a materially improved balance sheet in 2024 (positive equity ~$4.12M and no reported debt), but funding risk remains the dominant constraint.

Income Statement

The company reports no revenue in both 2023 and 2024, consistent with an early-stage explorer. Losses widened in 2024, with net loss increasing to about -$1.79M (from -$1.56M in 2023), and operating profitability remained negative (EBIT about -$1.81M). A small negative gross profit in 2024 also suggests ongoing costs without commercial activity. Strength: losses appear contained to a low-single-digit millions range, but weakness is the absence of revenue and no visible path to near-term profitability in the provided periods.

Balance Sheet

Balance sheet quality improved materially in 2024: stockholders’ equity rose to ~$4.12M from slightly negative in 2023, and total debt is shown as $0 in 2024 (down from ~$0.11M in 2023), indicating reduced leverage and better capitalization. Total assets increased to ~$4.83M from ~$1.50M, supporting a stronger financial footing. Key risk: despite stronger equity, the business is still loss-making with no revenue, so balance sheet strength could erode if funding is required to sustain exploration and overhead.

Cash Flow

Cash generation is weak, with operating cash flow negative in both years and deteriorating to about -$2.09M in 2024 (from -$0.40M in 2023). Free cash flow is also deeply negative and worsened to about -$2.93M (from -$0.57M), indicating higher cash burn and/or increased investment spending. Strength: the company appears able to finance activity given the improved equity position, but weakness is the accelerating cash outflow, increasing reliance on external funding if conditions persist.

Breakdown	TTM	Mar 2025	Mar 2024
Income Statement
Total Revenue	0.00	0.00	0.00
Gross Profit	-4.49K	-2.59K	0.00
EBITDA	-1.75M	-1.84M	-1.49M
Net Income	-1.84M	-1.79M	-1.56M
Balance Sheet
Total Assets	4.20M	4.83M	1.50M
Cash, Cash Equivalents and Short-Term Investments	372.08K	1.18M	52.81K
Total Debt	0.00	0.00	113.70K
Total Liabilities	792.13K	716.39K	1.51M
Stockholders Equity	3.41M	4.12M	-13.58K
Cash Flow
Free Cash Flow	-2.16M	-2.93M	-565.70K
Operating Cash Flow	-1.48M	-2.09M	-396.45K
Investing Cash Flow	-727.88K	-826.02K	-292.78K
Financing Cash Flow	2.01M	4.05M	631.89K

Electrum Discovery 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%
ELY	52 Neutral	C$14.20M	-5.84	-60.53%	―	―	―

Electrum Discovery Corporate Events

Electrum Discovery Pinpoints New Drill Targets at Timok East After Phase 2 AMT Survey

Electrum Discovery has completed a Phase 2 audio-magnetotelluric geophysical survey at its Timok East copper-gold project in Serbia, integrating the new data with results from a previous survey to build an expanded 3D resistivity model. The combined work has identified two highly conductive zones at depths of 250–550 metres beneath Jurassic and Cretaceous limestones, confirmed Late Cretaceous andesite linked to the Timok Magmatic Complex, and generated new high-priority drill targets that are expected to advance Timok East toward drill-ready status in 2026, reinforcing the project’s potential to host significant porphyry and related hydrothermal mineralisation.

The most recent analyst rating on (TSE:ELY) stock is a Hold with a C$0.11 price target. To see the full list of analyst forecasts on Electrum Discovery stock, see the TSE:ELY Stock Forecast page.

Electrum Discovery and MinRex in Merger of Equals to Form ASX-Listed Gold-Copper Explorer

Electrum Discovery Corp. has agreed to merge in a share-exchange, merger-of-equals transaction with ASX-listed MinRex Resources to create a well-capitalized gold-copper exploration and development company listed in Australia. Under the deal, MinRex will be the surviving issuer with more than A$8 million in cash and no debt, Electrum securityholders will own 49.3% of the enlarged group, and Electrum shareholders will receive approximately 7.9 MinRex shares for each Electrum share. The combined company will pool Electrum’s advanced Novo Tlamino Gold Project in Serbia, which hosts a 670,000-ounce inferred gold-equivalent resource and is supported by a prior economic study, with MinRex’s Sofala Gold Project in New South Wales and other gold, copper and base metal assets, while integrating the two boards and management teams, including the planned appointment of Electrum CEO Dr. Elena Clarici and Michael Thomsen as directors. Management of both companies say the transaction is designed to unlock greater value through scale, diversification and a stronger balance sheet, enabling accelerated resource-growth and discovery-focused drilling at Novo Tlamino and across the Australian portfolio, with support from key Electrum insiders and major shareholders who collectively hold about 28% of the company’s outstanding shares.

Electrum Discovery Expands Exploration Efforts in Serbia

Electrum Discovery Corp. has announced an operational update on its exploration projects in Serbia, specifically the Timok East and Novo Tlamino projects. At Timok East, the company is conducting a second phase of the Audio-Magnetotelluric (AMT) survey to identify potential copper-gold systems, expanding its exploration footprint with a new license. Meanwhile, at Novo Tlamino, a ground magnetic survey is underway to refine drill targeting around the Barje deposit, with plans for infill drilling to update resources. These efforts are expected to enhance Electrum’s exploration capabilities and potentially uncover significant mineral deposits, reinforcing its strategic position in the region.