Fathom Nickel (TSE:FNI)
:FNI
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Fathom Nickel
(FNI)
Select Model
Select Model
Rating:54Neutral
Price Target:
C$0.04
▲(105.00% Upside)
Action:Reiterated
Date:05/10/26
The score is primarily held back by pre-revenue fundamentals and ongoing negative operating/free cash flow despite improving losses. Offsetting this, the balance sheet is relatively strong with no debt, and technical signals are moderately bullish with price above key moving averages and positive MACD. Valuation remains difficult to justify due to negative earnings and no dividend support.
Positive Factors
Balance Sheet Strength
Zero debt and rising equity provide durable financial flexibility for an exploration company. Lower leverage reduces refinancing and interest-rate risk, increases ability to fund staged drilling or JV commitments, and preserves optionality to pursue partnerships or asset sales over the next several quarters.
Negative Factors
Pre-Revenue Model
With no operating revenue the firm cannot self-fund exploration or convert operating activities into steady cash flow. Long-term value depends on successful discovery or sale/partnering of assets, making returns binary and hinging on geological and market outcomes over many quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Zero debt and rising equity provide durable financial flexibility for an exploration company. Lower leverage reduces refinancing and interest-rate risk, increases ability to fund staged drilling or JV commitments, and preserves optionality to pursue partnerships or asset sales over the next several quarters.
Read all positive factors
Fathom Nickel (FNI) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$9.06M
Dividend YieldN/A
Average Volume (3M)203.37K
Price to Earnings (P/E)―
Beta (1Y)-0.51
Revenue GrowthN/A
EPS Growth28.17%
CountryCA
EmployeesN/A
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding201,336,690
10 Day Avg. Volume450,787
30 Day Avg. Volume203,372
Financial Highlights & Ratios
PEG Ratio0.17
Price to Book (P/B)0.24
Price to Sales (P/S)0.00
P/FCF Ratio-4.98
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
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, whi...
How the Company Makes Money
As a mineral exploration issuer, Fathom Nickel does not typically generate recurring operating revenue from selling products; instead, its funding is generally derived from capital markets and strategic transactions. Primary sources of cash common...
Fathom Nickel Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
66
Positive
Cash Flow
28
Negative
| Breakdown | Dec 2025 | Mar 2025 | Dec 2023 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -4.51K | -4.10K | -29.60K | -47.93K | -4.67K |
| EBITDA | -979.59K | -852.10K | -1.26M | -1.08M | -2.08M |
| Net Income | -944.54K | -1.00M | -2.05M | -1.15M | -4.76M |
Balance Sheet | |||||
| Total Assets | 19.20M | 18.81M | 18.30M | 14.17M | 14.39M |
| Cash, Cash Equivalents and Short-Term Investments | 11.26K | 314.97K | 3.75M | 2.96M | 8.09M |
| Total Debt | 0.00 | 0.00 | 0.00 | 269.55K | 273.56K |
| Total Liabilities | 434.55K | 618.98K | 698.72K | 661.63K | 1.51M |
| Stockholders Equity | 18.77M | 18.19M | 17.61M | 13.50M | 12.88M |
Cash Flow | |||||
| Free Cash Flow | -923.23K | -905.76K | -1.99M | -6.67M | -6.20M |
| Operating Cash Flow | -921.85K | -903.71K | -1.99M | -1.91M | -2.16M |
| Investing Cash Flow | -746.67K | -3.52M | -3.73M | -4.72M | -3.95M |
| Financing Cash Flow | 1.36M | 1.45M | 6.06M | 1.49M | 14.19M |
Fathom Nickel Technical Analysis
Positive
0.02
Price Trends
0.04
Positive
0.04
Positive
0.03
Positive
Market Momentum
<0.01
Negative
59.08
Neutral
83.33
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 0.04, below the 50-day MA of 0.04, and below the 200-day MA of 0.03, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 59.08 is Neutral, neither overbought nor oversold. The STOCH value of 83.33 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
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% | |
56 Neutral | C$9.51M | -0.16 | -1.16% | ― | -25.32% | -5282.64% | |
54 Neutral | C$9.06M | -4.87 | -4.80% | ― | ― | 28.17% | |
46 Neutral | C$13.24M | -1.93 | -219.86% | ― | ― | 16.46% | |
42 Neutral | C$5.27M | -8.04 | 16.97% | ― | ― | 21.57% | |
42 Neutral | C$4.83M | -5.64 | -58.31% | ― | ― | 9.43% |
* Basic Materials Sector Average
TSE:FNI
Fathom Nickel
0.05
<0.01
12.50%
TSE:FCI
Green Battery Minerals Inc
0.39
0.31
387.50%
TSE:NNX
Nickel North Exploration
0.05
0.04
400.00%
TSE:PE
Pure Energy Minerals
0.28
0.06
27.27%
TSE:CELL
Grid Battery Metals
0.03
-0.03
-50.00%
Fathom Nickel Corporate Events
Business Operations and Strategy
Fathom Nickel Unveils New Ni-Cu-Co Discovery at Gochager Lake
Positive
Apr 7, 2026
Fathom Nickel has reported a new discovery of magmatic nickel-copper-cobalt sulphide mineralization about 500 meters east-northeast of the historic Gochager Lake deposit, achieved during the completion of its winter drill program. The campaign als...
Business Operations and Strategy
Fathom Nickel Launches Cost-Efficient Winter Drilling at Gochager Lake
Positive
Mar 9, 2026
Fathom Nickel has begun its winter drill program at the Gochager Lake project in Saskatchewan, with drilling underway as of March 6 and expected to continue into early April, depending on winter conditions. By establishing a winter trail and elimi...
Business Operations and StrategyPrivate Placements and Financing
Fathom Nickel Secures Nearly C$4 Million to Fund Gochager Lake Drill Program
Positive
Feb 27, 2026
Fathom Nickel has closed the second and final tranche of its upsized non-brokered private placement, bringing total gross proceeds to just under C$4 million through a mix of charity flow-through and non-flow-through units. The financing, which saw...
Business Operations and Strategy
Fathom Nickel Mobilizes Fully Funded Winter Drill Program at Gochager Lake
Positive
Feb 24, 2026
Fathom Nickel has completed construction of a winter access trail and mobilized drilling and support equipment to its Gochager Lake project, clearing the way for a 3,000- to 4,000-metre drill program expected to start in early March 2026. The comp...
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.