Euro Manganese, Inc. (TSE:EMN)
:EMN
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Euro Manganese
(EMN)
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Rating:41Neutral
Price Target:
C$0.12
▼(-20.67% Downside)
Action:Reiterated
Date:05/17/26
The score is driven primarily by weak financial performance (large losses, persistent cash outflows, higher leverage, and negative equity). Technical indicators also point to a sustained downtrend, with only an oversold signal offering limited near-term support. Valuation provides little help because the company is loss-making and has no stated dividend yield.
Positive Factors
Battery-materials focus
Euro Manganese targets high-purity manganese sulphate for EV and energy-storage supply chains by reprocessing existing tailings. This positions the company in a structurally growing market for battery cathode inputs and leverages a feedstock advantage that can support durable demand and strategic partnerships over time.
Negative Factors
Negative equity
Negative shareholders' equity combined with rising debt signals a structurally impaired balance sheet that constrains financial flexibility. This elevates refinancing and dilution risk, limits access to conventional credit, and creates a prolonged capital structure overhang that can impede long-term strategic initiatives.
Read all positive and negative factors
Positive Factors
Negative Factors
Battery-materials focus
Euro Manganese targets high-purity manganese sulphate for EV and energy-storage supply chains by reprocessing existing tailings. This positions the company in a structurally growing market for battery cathode inputs and leverages a feedstock advantage that can support durable demand and strategic partnerships over time.
Read all positive factors
Euro Manganese (EMN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$17.87M
Dividend YieldN/A
Average Volume (3M)203.23K
Price to Earnings (P/E)―
Beta (1Y)-1.16
Revenue Growth24.00%
EPS Growth48.17%
CountryCA
Employees60
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-0.12
Shares Outstanding142,954,500
10 Day Avg. Volume355,485
30 Day Avg. Volume203,233
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)5.54
Price to Sales (P/S)3.60
P/FCF Ratio-1.62
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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...
How the Company Makes Money
null...
Euro Manganese Earnings Call Summary
Earnings Call Date:Aug 14, 2024
(Q3-2024)
| % Change Since: |
Next Earnings Date:Aug 17, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted significant achievements, including the commissioning of the Demonstration Plant and progress on strategic funding applications and negotiations for offtake agreements. However, the company faces challenges with market softening impacting growth forecasts and delays in finalizing some offtake agreements. Funding remains a critical area of focus, with efforts to secure necessary financing to support ongoing development activities.Positive Updates
Demonstration Plant Commissioning
Completed the commissioning of the Demonstration Plant in the Czech Republic and successfully produced high-purity manganese sulfate from high-purity electrolytic manganese metal.
Negative Updates
Market Softening Impact
The market has been adapting to a slower growth rate, with global forecast for EV growth reduced to over 20% annually, down from more than 30%.
Read all updates
Q3-2024 Updates
Positive
Negative
Demonstration Plant Commissioning
Completed the commissioning of the Demonstration Plant in the Czech Republic and successfully produced high-purity manganese sulfate from high-purity electrolytic manganese metal.
Read all positive updates
Company Guidance
During Euro Manganese's Q3 2024 earnings call, detailed financial metrics and strategic developments were discussed. The company started the quarter with $20.1 million in cash, spending $5.3 million predominantly on Phase 1 of the Front-End Engineering Design, permitting, and corporate costs, closing with $13.2 million. Interest on convertible loans was $0.8 million, while $0.2 million was allocated for land deposits, and $0.6 million was spent on commissioning the Demonstration Plant. Key achievements included the successful production of high-purity manganese sulfate and securing a permanent operating permit for the plant in the Czech Republic. The company is exploring multiple funding sources, including a $30 million tranche from Orion, alongside national and EU grants. Market challenges were acknowledged, with a reduction in EV growth forecasts impacting customer demand and negotiations; nonetheless, ongoing discussions involve potential offtake agreements totaling over 65,000 tonnes annually, with eight parties in advanced negotiation stages. Euro Manganese emphasized its strategic positioning as a potential sole European producer of high-purity manganese, seeking strategic project status under the EU Critical Raw Materials Act to access preferential financing and grants.Euro Manganese Financial Statement Overview
Summary
Income Statement
14
Very Negative
Balance Sheet
12
Very Negative
Cash Flow
18
Very Negative
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.88M | 4.39M | 3.22M | 0.00 | 0.00 | 0.00 |
| Gross Profit | -10.95M | -7.68M | -558.50K | -261.17K | -191.13K | -103.38K |
| EBITDA | -8.76M | -9.28M | -13.02M | -12.40M | -13.24M | -9.42M |
| Net Income | -16.47M | -17.59M | -18.33M | -12.01M | -13.48M | -9.56M |
Balance Sheet | ||||||
| Total Assets | 31.45M | 36.78M | 40.47M | 29.95M | 39.90M | 43.34M |
| Cash, Cash Equivalents and Short-Term Investments | 5.39M | 9.49M | 9.36M | 7.65M | 21.56M | 31.22M |
| Total Debt | 33.00M | 30.72M | 27.80M | 172.42K | 340.39K | 288.16K |
| Total Liabilities | 36.43M | 33.93M | 30.65M | 2.85M | 2.61M | 5.93M |
| Stockholders Equity | -4.98M | 2.85M | 9.82M | 27.10M | 37.29M | 37.40M |
Cash Flow | ||||||
| Free Cash Flow | -6.41M | -9.74M | -17.79M | -13.31M | -17.73M | -11.94M |
| Operating Cash Flow | -6.24M | -9.65M | -13.59M | -10.84M | -9.49M | -7.78M |
| Investing Cash Flow | -153.00K | -87.00K | -6.91M | -3.10M | -8.24M | -4.17M |
| Financing Cash Flow | 8.72M | 9.52M | 21.98M | -2.52K | 8.13M | 40.43M |
Euro Manganese Technical Analysis
Negative
0.15
Price Trends
0.15
Negative
0.18
Negative
0.17
Negative
Market Momentum
>-0.01
Positive
39.07
Neutral
>-0.01
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:EMN, the sentiment is Negative. The current price of 0.15 is above the 20-day moving average (MA) of 0.14, below the 50-day MA of 0.15, and below the 200-day MA of 0.17, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 39.07 is Neutral, 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:EMN.
Euro Manganese Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
54 Neutral | C$17.34M | 3.45 | ― | ― | ― | ― | |
43 Neutral | C$32.19M | -10.08 | 82.92% | ― | ― | 28.37% | |
43 Neutral | C$22.35M | -12.53 | -83.99% | ― | ― | 20.76% | |
42 Neutral | C$23.66M | -16.75 | -58.92% | ― | ― | 38.32% | |
41 Neutral | C$17.87M | -1.33 | -749.50% | ― | 24.00% | 48.17% | |
| ― | C$14.66M | -4.79 | -21.92% | ― | ― | -60.63% |
* Basic Materials Sector Average
TSE:EMN
Euro Manganese
0.13
-0.08
-37.50%
TSE:MN
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TSE:AVE
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.