Fathom Nickel (FNI) AI Stock Analysis

• Market Cap: C$8.05M
• Dividend Yield: N/A
• Average Volume (3M): 203.37K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.89
• Revenue Growth: N/A
• EPS Growth: 50.00%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): >-0.01
• Shares Outstanding: 201,336,690
• 10 Day Avg. Volume: 450,787
• 30 Day Avg. Volume: 203,372
• PEG Ratio: 0.06
• Price to Book (P/B): 0.23
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -4.60
• 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: 51 Neutral
• Price Target: C$0.04 ▲(100.00% Upside)

The score is primarily held back by weak financial performance: the company is pre-revenue with ongoing losses and negative free cash flow, creating continued funding risk despite a clean, low-debt balance sheet. Technicals are a relative positive (above major moving averages with positive MACD) but look overextended (RSI ~70 and Stochastic 100). Valuation support is limited due to negative earnings and no dividend yield provided.

Positive Factors

Low leverage and rising equity

A near-zero debt profile and steadily increasing equity provide durable financial flexibility for an exploration company. This reduces insolvency risk, supports staged exploration spending, and expands options for non-dilutive or debt financing versus highly leveraged peers over the next several quarters.

Improving loss trajectory

Material narrowing of net losses over multiple years indicates improving cost control and more efficient exploration programs. A persistent improvement trend increases the probability management can reach a sustainable cash-burn cadence or advance toward monetizable resources within a multi-quarter horizon.

Past improvement in cash burn

The company reduced its historical cash burn, showing the ability to scale back spending or optimize activities when needed. That structural improvement in cash management can extend runway and make future capital raises or project progression less dilutive if sustained over upcoming quarters.

Negative Factors

Pre-revenue business model

Being pre-revenue leaves the company reliant on capital markets or partners to fund exploration and development. Without operating revenues, enduring funding risk persists, constraining long-term planning and raising the probability of equity dilution or project slowdowns over the next several quarters.

Negative operating and free cash flow

Sustained negative operating and free cash flow means the firm consumes cash to run core activities and cannot self-fund growth. Over a multi-quarter horizon this necessitates external financing, which can be uncertain and may impose timing risk on exploration programs and project advancement.

Negative returns on equity

Rising equity without positive returns signals capital accumulation that isn't producing earnings. Persistently negative ROE erodes shareholder value potential and implies the company must convert exploration assets into economic resources or significantly improve margins to justify the growing capital base.

Fathom Nickel Business Overview & Revenue Model

Company Description

Fathom Nickel Inc., a resource exploration and development company, engages in identifying, acquiring, and exploring the base and precious metals for use in electric vehicle and battery markets. Its flagship project is the Albert Lake Project, which consists of 28 mineral claims covering an area of 90,144 hectares located in the La Ronge Mining District of Saskatchewan, Canada. The company is based in Calgary, Canada.

How the Company Makes Money

Fathom Nickel makes money through its exploration and development activities, aiming to identify and extract valuable nickel resources. The company generates revenue by selling the extracted nickel ore to refineries and other industrial buyers. Additionally, Fathom Nickel may form strategic partnerships or joint ventures with larger mining companies to co-develop its projects, which can provide upfront payments, milestone-based funding, or a share of future profits. As exploration projects progress to extraction, the potential for revenues increases, contingent on the successful commercialization of its nickel deposits.

Fathom Nickel Financial Statement Overview

Summary

Fathom Nickel faces significant financial challenges with zero revenue and consistent losses. While the company has a healthy equity position with no debt, its negative operating and free cash flows raise concerns about financial sustainability and growth prospects. The reliance on external financing highlights potential cash flow uncertainties.

Income Statement

Fathom Nickel has consistently reported zero revenue, resulting in negative gross profit, EBIT, and net income margins. This trend indicates significant operational challenges, with no visible path to profitability. The absence of revenue growth further exacerbates concerns about the company’s ability to generate sales.

Balance Sheet

The company maintains a healthy equity position, with no debt, which reduces financial risk. However, the low asset base and negative profitability limit its ability to leverage equity effectively. The equity ratio remains strong, but the lack of revenue generation poses a risk to long-term sustainability.

Cash Flow

Fathom Nickel exhibits negative operating and free cash flows, reflecting cash outflows from operations and investments. The absence of positive cash flow growth highlights difficulties in achieving cash flow stability. Financing activities have provided liquidity, but sustainability remains a concern.

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	-3.92K	-4.10K	-29.60K	-47.93K	-4.67K	0.00
EBITDA	-882.16K	-852.10K	-1.26M	-1.08M	-2.08M	-22.16K
Net Income	-905.74K	-1.00M	-2.05M	-1.15M	-4.76M	-31.23K
Balance Sheet
Total Assets	19.18M	18.81M	18.30M	14.17M	14.39M	1.52M
Cash, Cash Equivalents and Short-Term Investments	126.20K	314.97K	3.75M	2.96M	8.09M	9.27K
Total Debt	0.00	0.00	0.00	269.55K	273.56K	0.00
Total Liabilities	163.50K	618.98K	698.72K	661.63K	1.51M	37.70K
Stockholders Equity	19.02M	18.19M	17.61M	13.50M	12.88M	1.48M
Cash Flow
Free Cash Flow	-1.27M	-905.76K	-1.99M	-6.67M	-6.20M	-164.80K
Operating Cash Flow	-1.24M	-903.71K	-1.99M	-1.91M	-2.16M	-80.19K
Investing Cash Flow	-666.79K	-3.52M	-3.73M	-4.72M	-3.95M	-64.22K
Financing Cash Flow	1.77M	1.45M	6.06M	1.49M	14.19M	66.47K

Fathom Nickel Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.02
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:FNI, the sentiment is Positive. The current price of 0.02 is below the 20-day moving average (MA) of 0.03, below the 50-day MA of 0.03, and below the 200-day MA of 0.03, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 70.41 is Negative, neither overbought nor oversold. The STOCH value of 100.00 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:FNI.

Fathom Nickel 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%
SPC	53 Neutral	C$33.12M	-8.49	-150.61%	―	―	10.17%
GLM	52 Neutral	C$6.99M	-12.73	-5.30%	―	―	―
FNI	51 Neutral	C$8.05M	-7.41	-4.80%	―	―	50.00%
MUR	47 Neutral	C$8.62M	-5.17	-121.94%	―	―	55.15%
QMC	44 Neutral	C$7.29M	-30.43	―	―	―	14.29%
GR	43 Neutral	C$4.58M	-1.35	―	―	―	-39.62%

Fathom Nickel Corporate Events

Fathom Nickel Commences Winter Trail Access to Gochager Lake Project

Fathom Nickel Inc. has announced the commencement of winter trail access to its Gochager Lake project, which will facilitate the transportation of drilling equipment by mid-February 2026. This development is expected to reduce exploration costs significantly by minimizing the need for helicopter and air support, allowing for more extensive drilling. The company plans to conduct a geophysical survey in January to enhance drill target definition, potentially expanding the mineralization footprint at the Gochager Lake deposit.

Fathom Nickel Expands Geochemical Footprint at Gochager Lake

Fathom Nickel Inc. announced promising preliminary results from its 2025 soil geochemistry program at the Gochager Lake project, revealing an expanded geochemical footprint over a strike length of more than 8.6 kilometers. This development supports the company’s hypothesis that the area could host numerous additional magmatic Ni-Cu-Co sulphide deposits, potentially enhancing its industry positioning and offering significant opportunities for stakeholders.

Fathom Nickel Expands Gochager Lake Deposit to 3.5 km

Fathom Nickel Inc. has announced a significant extension of the Gochager Lake deposit host rock, now mapped over a 3.5-kilometer strike length. This expansion is based on recent geological and geochemical findings, which reveal a consistent linear feature similar to major magmatic nickel districts. The company is optimistic about the potential for discovering additional nickel-copper-cobalt sulphide mineralization, enhancing its exploration prospects and positioning in the industry.