Euro Manganese (EMN) AI Stock Analysis

• Market Cap: C$24.99M
• Dividend Yield: N/A
• Average Volume (3M): 203.23K
• Price to Earnings (P/E): ―
• Beta (1Y): -2.26
• Revenue Growth: 36.37%
• EPS Growth: 21.97%
• Country: CA
• Employees: 60
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): -0.03
• Shares Outstanding: 142,804,500
• 10 Day Avg. Volume: 355,485
• 30 Day Avg. Volume: 203,233
• PEG Ratio: 0.03
• Price to Book (P/B): 5.54
• Price to Sales (P/S): 3.60
• P/FCF Ratio: -1.62
• 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: 40 Underperform
• Price Target: C$0.17 ▲(10.67% Upside)

Euro Manganese's stock score is primarily impacted by its poor financial performance, characterized by significant losses and high leverage. Technical indicators also suggest a bearish trend, while valuation metrics highlight ongoing financial difficulties. The absence of earnings call insights and corporate events further emphasize the need for financial and operational improvements.

Positive Factors

Battery supply-chain exposure

Euro Manganese produces high-purity manganese sulfate monohydrate (HPMSM), a critical battery input. That structural product-market fit links EMN to long-term EV and energy storage demand, supporting durable revenue potential from producers seeking secure, specialized inputs.

Revenue growth trend

Reported positive revenue growth indicates expanding commercial traction or progressing project commercialization. Sustained top-line growth over multiple periods improves operating leverage prospects and supports investment in scale-up, making future margin recovery and contract alignment more attainable.

Sustainable feedstock and EU location

Using historical tailings as feedstock can lower operational costs and environmental permitting friction, while a European base aligns EMN with regional supply-chain security priorities for battery makers, strengthening long-term market access and ESG-driven financing opportunities.

Negative Factors

High financial leverage

A debt-to-equity ratio of 10.79 signals heavy reliance on debt financing. High leverage elevates refinancing and interest-rate risk, constrains capital allocation for project development, and increases vulnerability to cash-flow shortfalls, limiting financial flexibility over the medium term.

Negative margins and operational losses

Persistently negative gross and net margins indicate production costs exceed revenues and that current operations are not economically sustainable. Without meaningful cost reduction, scaling or price improvements, margin recovery is required to achieve profitability and justify further capital deployment.

Negative operating and free cash flow

Negative operating and free cash flows and sharply declining FCF growth indicate ongoing cash burn. This reduces runway for project completion, increases the need for external financing or dilution, and impairs the firm's ability to self-fund capital expenditures or secure long-term supply contracts.

Euro Manganese Business Overview & Revenue Model

Company Description

Euro Manganese (EMN) is a European-based company focused on the sustainable production of high-purity manganese products. Operating primarily in the mining and metals sector, EMN is developing its flagship project in the Czech Republic, which aims to extract manganese from tailings of historical mining activities. The company's core products include high-purity manganese sulfate monohydrate (HPMSM), which is essential for the production of batteries for electric vehicles and energy storage applications, thereby positioning EMN within the rapidly growing green technology sector.

How the Company Makes Money

Euro Manganese generates revenue primarily through the production and sale of high-purity manganese products, particularly HPMSM. The company's revenue model is centered on the extraction and processing of manganese from its project in the Czech Republic, leveraging the increasing demand for manganese in battery manufacturing for electric vehicles. Additionally, EMN may benefit from strategic partnerships with battery manufacturers and electric vehicle producers, enhancing its market reach and securing long-term contracts. The company is also focused on sustainability, which may attract investment and funding from environmentally conscious investors, further contributing to its earnings.

Euro Manganese Financial Statement Overview

Summary

Euro Manganese is facing significant financial challenges with negative profitability, high leverage, and negative cash flows. Despite slight revenue growth, the company struggles with operational inefficiencies and financial instability.

Income Statement

Euro Manganese's income statement reveals significant challenges. The company has consistently reported negative gross profit margins, indicating that production costs exceed revenues. The net profit margin is also deeply negative, reflecting substantial losses. Although there was a slight revenue growth of 5.73% in the latest year, the EBIT and EBITDA margins remain negative, highlighting ongoing operational inefficiencies.

Balance Sheet

The balance sheet shows a concerning debt-to-equity ratio of 10.79, indicating high leverage and potential financial risk. The return on equity is negative, suggesting that the company is not generating sufficient returns on shareholders' investments. The equity ratio is low, further emphasizing the company's reliance on debt financing.

Cash Flow

Cash flow analysis indicates negative operating and free cash flows, with a declining free cash flow growth rate of -30.5%. The operating cash flow to net income ratio is negative, reflecting cash flow challenges. However, the free cash flow to net income ratio is slightly above 1, suggesting that free cash flow is marginally covering net losses.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.39M	4.39M	3.22M	0.00	0.00	0.00
Gross Profit	-7.68M	-7.68M	-558.50K	-261.17K	-191.13K	-103.38K
EBITDA	-9.28M	-9.28M	-13.02M	-12.40M	-13.24M	-9.42M
Net Income	-17.59M	-17.59M	-18.33M	-12.01M	-13.48M	-9.56M
Balance Sheet
Total Assets	36.78M	36.78M	40.47M	29.95M	39.90M	43.34M
Cash, Cash Equivalents and Short-Term Investments	9.49M	9.49M	9.36M	7.65M	21.56M	31.22M
Total Debt	30.72M	30.72M	27.80M	172.42K	340.39K	288.16K
Total Liabilities	33.93M	33.93M	30.65M	2.85M	2.61M	5.93M
Stockholders Equity	2.85M	2.85M	9.82M	27.10M	37.29M	37.40M
Cash Flow
Free Cash Flow	-8.07M	-9.74M	-17.79M	-13.31M	-17.73M	-11.94M
Operating Cash Flow	-7.98M	-9.65M	-13.59M	-10.84M	-9.49M	-7.78M
Investing Cash Flow	32.00K	-87.00K	-6.91M	-3.10M	-8.24M	-4.17M
Financing Cash Flow	7.73M	9.52M	21.98M	-2.52K	8.13M	40.43M

Euro Manganese Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.15
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:EMN, the sentiment is Positive. The current price of 0.15 is below the 20-day moving average (MA) of 0.17, below the 50-day MA of 0.16, and below the 200-day MA of 0.19, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 57.22 is Neutral, neither overbought nor oversold. The STOCH value of 52.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:EMN.

Euro Manganese 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%
MN	52 Neutral	C$26.82M	-12.77	-78.78%	―	―	29.85%
NICO	47 Neutral	C$28.51M	-15.46	―	―	―	37.82%
EVNI	47 Neutral	C$29.47M	-10.48	-58.79%	―	―	21.31%
STS	43 Neutral	C$15.72M	-1.05	―	―	―	―
AVE	40 Underperform	C$22.86M	-8.42	-24.93%	―	―	-6.45%
EMN	40 Underperform	C$24.99M	-0.99	-277.75%	―	36.37%	21.97%

Euro Manganese Corporate Events

Euro Manganese Announces Departure of Long-Serving Director as Chvaletice Project Advances

Euro Manganese Inc., a dual-listed battery materials company focused on producing high-purity manganese for EV and energy storage markets from its Chvaletice project in the Czech Republic, is advancing a low-carbon, fully traceable supply chain for strategic battery metals within the European Union. The company announced the resignation of long-serving director John Webster, effective January 13, 2026, after more than a decade on the board in which he played a key role in governance, project advancement, financing and strategic positioning, marking a notable change in board composition as Euro Manganese progresses towards commercialisation of its European high-purity manganese operations.

The most recent analyst rating on (TSE:EMN) stock is a Hold with a C$0.14 price target. To see the full list of analyst forecasts on Euro Manganese stock, see the TSE:EMN Stock Forecast page.

Euro Manganese Amends Loan and Royalty Agreement with Orion

Euro Manganese has announced amendments to its Convertible Loan and Royalty Agreement with Orion, allowing Orion to convert the outstanding loan into a royalty at any time and extending milestone deadlines to June 30, 2026. These changes enhance flexibility and demonstrate ongoing cooperation, potentially strengthening Euro Manganese’s position in the battery materials industry by ensuring continued progress on its Chvaletice Manganese Project.

Euro Manganese Optimizes Project to Meet Rising Demand

Euro Manganese is optimizing its Chvaletice Manganese Project to enhance efficiency, reduce costs, and align with the growing demand for high-purity manganese in the electric vehicle and energy storage markets. The company’s metal-route process offers flexibility to produce high-purity electrolytic manganese metal and manganese sulfate, positioning it to adapt to changing cathode chemistries and customer needs. This strategic move aims to secure a competitive edge in Europe, ensuring a sustainable supply of manganese and maximizing shareholder value.