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): -0.84
• 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: 53 Neutral
• Price Target: C$0.05 ▲(130.00% Upside)

The score is held back primarily by fundamentals: the company is pre-revenue with ongoing losses and negative free cash flow despite an improving loss trend. This is partially offset by a relatively strong balance sheet with minimal debt and a positive technical setup with price trading above key moving averages and supportive momentum indicators.

Positive Factors

Balance sheet strength

Minimal leverage and rising equity provide durable financial flexibility for an early-stage explorer. Low debt reduces refinancing risk and preserves the ability to fund staged drilling and permitting activities, improving the probability of advancing targets without distress financing.

Improving loss trajectory

Sustained narrowing of net losses reflects operational discipline and reduced cash burn trends that can extend over quarters. A lower structural loss rate lengthens runway per financing round, making milestone delivery and incremental project advancement more feasible for management and investors.

Focused nickel exploration

A clear, regional exploration mandate creates durable optionality: concentrating technical effort on Saskatchewan nickel targets enables accumulation of geological knowledge, contiguous land positions and prioritized drill programs, increasing chances of defining a resource versus scattered efforts.

Negative Factors

Pre-revenue model

Being pre-revenue is a persistent structural risk: without operating income the business must continually raise capital to fund exploration. Until commercial-scale resources or offtake are established, the company lacks a sustainable cash engine and remains dependent on external financing.

Weak cash generation

Continued negative operating and free cash flow forces repeated reliance on capital markets or dilution to sustain programs. This structural cash gap constrains the ability to plan multi-stage exploration, raises financing execution risk, and can delay or limit the pace of resource definition.

Capital not yet producing returns

Negative returns on equity indicate shareholder capital has not yet translated into value-creating operations. For investors this is a lasting fundamental constraint: until a viable mineral resource is defined and commercialized, the company faces a long, binary path to delivering positive returns.

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

Early-stage financial profile: zero revenue with ongoing losses and negative free cash flow. Positives include a clean balance sheet with minimal debt and an improved loss trajectory since 2021, but continued cash burn and lack of operating scale keep the score below average.

Income Statement

The company remains pre-revenue (zero revenue across all periods), with consistently negative profitability. Losses have narrowed materially from 2021 (net loss of ~4.76M) to 2024 (~1.00M) and further improved in TTM (Trailing-Twelve-Months) (~0.91M), but results are still firmlyR&D/exploration-like with no operating scale to absorb costs. Overall profitability and margin profile remain weak, offset only by the improving loss trajectory versus earlier years.

Balance Sheet

The balance sheet is a relative strength: total debt is effectively zero in recent periods and leverage is minimal, with equity rising from ~13.5M (2022) to ~18.2M (2024) and ~19.0M in TTM (Trailing-Twelve-Months). Total assets have also increased modestly, suggesting continued capitalization of the business. The key weakness is that returns on equity remain negative due to ongoing net losses, indicating the capital base is not yet generating earnings.

Cash Flow

Cash generation is weak with persistently negative operating cash flow and negative free cash flow, including TTM (Trailing-Twelve-Months) operating cash flow of about -1.24M and free cash flow of about -1.27M. Free cash flow improved sharply versus the heavy burn in 2021–2022, but it deteriorated again in TTM (Trailing-Twelve-Months) versus 2024 (free cash flow growth ~-5.08). With ongoing cash outflows and no revenue base, funding risk remains a central issue despite a low-debt profile.

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: Positive
• RSI: Neutral
• STOCH: Neutral

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 0.04, 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 Positive momentum. The RSI at 56.31 is Neutral, neither overbought nor oversold. The STOCH value of 77.78 is Neutral, 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%
FNI	53 Neutral	C$8.05M	-7.41	-4.80%	―	―	50.00%
FCI	―	C$12.41M	-4.01	-198.61%	―	―	53.47%
CELL	53 Neutral	C$7.74M	-2.17	-58.31%	―	―	4.17%
PE	52 Neutral	C$10.19M	-73.81	-1.16%	―	2.42%	85.00%
QNI	49 Neutral	C$2.98M	-0.24	-166.29%	―	―	-1500.15%
NNX	45 Neutral	C$5.27M	-10.42	―	―	―	14.29%

Fathom Nickel Corporate Events

Fathom Nickel Upsizes Financing to C$3.75 Million and Launches Major Gochager Lake Drill Program

Fathom Nickel has increased the size of its previously announced non-brokered private placement to C$3.75 million, reflecting strong investor demand, with Crescat Capital committing to at least 10% as a strategic investor. The company plans a 3,000–4,000-metre winter diamond drilling program starting in mid to late February 2026 at its Gochager Lake project, targeting extensions of the historic deposit, high Ni-tenor mineralized gabbro up to 3.5 km along strike, and large multi-element soil anomalies, with all holes to be surveyed using borehole electromagnetic tools to refine high-grade nickel-copper-cobalt sulphide targets and potentially enhance the project’s scale and economic prospects.

The most recent analyst rating on (TSE:FNI) stock is a Hold with a C$0.03 price target. To see the full list of analyst forecasts on Fathom Nickel stock, see the TSE:FNI Stock Forecast page.

Fathom Nickel Launches C$3 Million Private Placement Backed by Crescat Capital

Fathom Nickel Inc. plans to raise up to C$3 million through a best efforts, non-brokered private placement of charity flow-through units priced at C$0.048 and hard dollar units priced at C$0.031, with Crescat Capital LLC committing to take up to 20% of the financing. The funds will primarily support a 3,000–4,000-metre drill program at the company’s Gochager Lake property starting in mid to late February 2026, targeting an 8km-plus exploration corridor and advancing qualifying exploration expenditures under Canada’s critical mineral tax regime, while increasing Crescat’s ownership to an expected 18% and reinforcing strategic backing as Fathom ramps up fieldwork.

The most recent analyst rating on (TSE:FNI) stock is a Hold with a C$0.03 price target. To see the full list of analyst forecasts on Fathom Nickel stock, see the TSE:FNI Stock Forecast page.

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.