EV Nickel, Inc. (EVNI) AI Stock Analysis

• Market Cap: C$24.47M
• Dividend Yield: N/A
• Average Volume (3M): 28.34K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.91
• Revenue Growth: N/A
• EPS Growth: 21.31%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): N/A
• Shares Outstanding: 111,219,460
• 10 Day Avg. Volume: 25,867
• 30 Day Avg. Volume: 28,345
• PEG Ratio: -0.72
• Price to Book (P/B): 9.87
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -4.70
• 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: 47 Neutral
• Price Target: C$0.26 ▲(18.64% Upside)

The score is held down primarily by the company’s pre-revenue profile, recurring losses, and ongoing cash burn, which increase reliance on external funding. A debt-free balance sheet and improved equity provide some financial resilience, while technical signals are mixed-to-neutral and valuation is constrained by negative earnings and no indicated dividend yield.

Positive Factors

Debt-free balance sheet

Maintaining zero debt materially reduces insolvency and interest obligations, giving management flexibility to time equity raises or allocate capital to project development. Over 2–6 months this durable capital structure lowers default risk and preserves runway versus leveraged peers.

Recapitalized equity base

A move from negative to roughly $4.6M in equity signals successful recapitalization and provides a tangible cushion for near-term operations. This stronger capital base reduces immediate insolvency risk and supports funding of development activities without immediate collapse of the balance sheet.

Narrowing net loss trend

A smaller TTM net loss versus the most recent annual period suggests improving expense control or operational progress toward breakeven. If sustained, this structural improvement eases future financing needs and enhances long-term viability even while commercial revenue is still absent.

Negative Factors

Pre-revenue profile

Having no revenue and repeated negative gross profit leaves business economics unproven; durable profitability depends on successful commercialization. This structural uncertainty raises execution risk and makes future margin sustainability speculative until product-market fit is demonstrated.

Persistent cash burn

Consistent negative OCF and FCF indicate the company is consuming capital to fund operations. Over a multi-month horizon this continued burn will deplete the equity cushion, necessitating external financing and increasing dilution risk if revenue generation does not materialize.

Reliance on external funding

Structural dependence on raising capital constrains strategic flexibility and ties operational continuity to market access. If funding conditions tighten, the company may have to curtail programs or accept dilutive terms, impairing long-term project development and shareholder value.

EV Nickel, Inc. Business Overview & Revenue Model

Company Description

EV Nickel Inc., a mineral exploration company, engages in the acquisition, evaluation, and exploration for mineral properties in Canada. It holds interests in the Langmuir nickel project that comprises 212 claims located in Timmins, Ontario; and the Shaw Dome project, which includes 942 mining claims covering approximately 21,000 hectares located to the southeast of Timmins, Ontario. The company was incorporated in 2021 and is headquartered in Toronto, Canada.

How the Company Makes Money

EV Nickel, Inc. generates revenue primarily through the exploration, development, and eventual sale of nickel deposits. The company's revenue model includes the discovery and development of nickel resources, which are then either sold to larger mining companies or directly to manufacturers in the electric vehicle and battery industries. Additionally, EV Nickel may engage in joint ventures or partnerships with other companies to co-develop mining projects, which can provide both capital investment and shared profits. Significant factors contributing to its earnings include the global demand for nickel, driven by the growth of the electric vehicle market, and the company's ability to efficiently develop and market its mining projects.

EV Nickel, Inc. Financial Statement Overview

Summary

Pre-revenue with persistent operating losses (TTM net loss ~-$2.6M) and negative gross profit; cash burn remains heavy with negative operating/free cash flow in all periods (TTM OCF ~-$3.7M). The main offset is a low-risk balance sheet structure with $0 debt and improved equity (~$4.6M TTM), but ongoing losses could pressure the capital base over time.

Income Statement

Across both annual periods and TTM (Trailing-Twelve-Months), the company reports no revenue and persistent operating losses, with negative gross profit each period. Losses remain sizable (TTM net loss of about $2.6M), and while the TTM loss is smaller than the most recent annual loss (FY2025 net loss of about $3.2M), profitability is still far from breakeven and the business is not yet demonstrating a revenue base.

Balance Sheet

Leverage is very low with total debt at $0 in the latest annual and TTM periods, which reduces financial risk. Equity improved materially from a deficit position in FY2023 to positive levels (TTM equity about $4.6M), signaling recapitalization and a stronger capital base. The key weakness is ongoing losses that pressure returns on equity (negative in TTM and most years) and could erode the balance sheet again if cash burn continues.

Cash Flow

Cash generation is weak: operating cash flow and free cash flow are negative in every period shown, including TTM operating cash flow of about -$3.7M. Free cash flow deterioration is notable in TTM (negative growth versus the prior period), indicating burn has not stabilized. A relative positive is that free cash flow is roughly in line with net loss in multiple periods, but the company still relies on external funding to sustain operations.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-11.78K	-16.58K	-23.97K	-27.87K	-13.67K	-351.00
EBITDA	-2.21M	-3.18M	-2.77M	-4.12M	-5.22M	-2.97M
Net Income	-2.57M	-3.15M	-2.79M	-4.15M	-5.23M	-2.97M
Balance Sheet
Total Assets	4.93M	2.70M	6.53M	478.35K	2.51M	1.67M
Cash, Cash Equivalents and Short-Term Investments	4.41M	2.28M	6.11M	142.75K	1.53M	1.37M
Total Debt	0.00	0.00	0.00	3.63K	10.10K	0.00
Total Liabilities	343.46K	675.21K	1.79M	1.11M	1.52M	191.45K
Stockholders Equity	4.58M	2.02M	4.74M	-634.65K	998.75K	1.48M
Cash Flow
Free Cash Flow	-3.73M	-4.25M	-2.92M	-4.30M	-4.07M	-646.26K
Operating Cash Flow	-3.73M	-4.25M	-2.92M	-4.30M	-4.03M	-621.02K
Investing Cash Flow	1.73M	3.22M	-5.05M	0.00	-42.32K	-25.24K
Financing Cash Flow	2.99M	390.50K	8.81M	2.91M	4.22M	2.02M

EV Nickel, Inc. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.22
• 50DMA: Negative
• 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:EVNI, the sentiment is Negative. The current price of 0.22 is below the 20-day moving average (MA) of 0.24, below the 50-day MA of 0.23, and above the 200-day MA of 0.22, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 43.03 is Neutral, neither overbought nor oversold. The STOCH value of 37.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:EVNI.

EV Nickel, Inc. 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%
FNI	53 Neutral	C$8.05M	-7.41	-4.80%	―	―	50.00%
MN	49 Neutral	C$30.04M	-14.36	-78.78%	―	―	29.85%
GIGA	48 Neutral	C$15.11M	-6.41	-11.32%	―	―	-17.47%
EVNI	47 Neutral	C$24.47M	-9.61	-58.79%	―	―	21.31%
SPC	47 Neutral	C$33.12M	-8.02	-150.61%	―	―	10.17%
NICO	43 Neutral	C$22.07M	-12.37	―	―	―	37.82%

EV Nickel, Inc. Corporate Events

EV Nickel Extends Gemini North Mineralization and Prepares First Resource Estimate

EV Nickel reported assay results from 15 diamond drill holes completed in its 2025 program at the Shaw Dome Project, confirming nickel mineralization in 14 holes across the Gemini North and CarLang C areas, with notable intercepts such as 0.36% nickel over 12 metres and 114 metres grading 0.27% nickel. The drilling extended the Gemini North Zone’s mineralized strike length by roughly 300–350 metres to the west, to about 750 metres, and elevated sulphur content and favourable preliminary metallurgical test work suggest improved recovery and simpler processing, supporting the company’s plan to publish a preliminary mineral resource estimate for Gemini North in the first quarter of 2026, which could strengthen its position as a prospective supplier of nickel to a tightening market.

The most recent analyst rating on (TSE:EVNI) stock is a Hold with a C$0.26 price target. To see the full list of analyst forecasts on EV Nickel, Inc. stock, see the TSE:EVNI Stock Forecast page.

EV Nickel Expands High-Grade Nickel Assets with New Langmuir Township Claim

EV Nickel Inc. has acquired an unpatented mining claim in Langmuir Township, covering the historic Langmuir South and Langmuir #2 nickel zones, which are known for high-grade nickel sulphides. This acquisition marks a significant advancement for the company’s Langmuir #2 Project, allowing them to explore and potentially expand the high-grade nickel mineralization. The company has applied for an exploration permit to conduct further drilling and anticipates receiving it by the end of 2025. This move is expected to enhance EV Nickel’s portfolio of high-quality nickel assets and strengthen its position in the critical minerals market, contributing to the North American supply chain for clean energy transition.

EV Nickel Unveils Promising Nickel Assay Results and Secures Financial Stability

EV Nickel Inc. announced positive assay results from its surface sampling program at the Gemini North Zone, part of the Shaw Dome Project. The samples revealed significant nickel mineralization, with two samples showing grades over 0.5% nickel, indicating potential for high-value deposits. This discovery enhances the company’s exploration prospects and positions it well within the nickel mining sector. Additionally, the company successfully raised nearly $3 million through the exercise of warrants, providing a strong financial buffer for future operations.