49 North Resources (FNR) AI Stock Analysis

• Market Cap: C$5.82M
• Dividend Yield: N/A
• Average Volume (3M): 21.52K
• Price to Earnings (P/E): 70.0
• Beta (1Y): 0.72
• Revenue Growth: -82.82%
• EPS Growth: N/A
• Country: CA
• Employees: N/A
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): <0.01
• Shares Outstanding: 166,271,100
• 10 Day Avg. Volume: 13,100
• 30 Day Avg. Volume: 21,516
• PEG Ratio: -0.04
• Price to Book (P/B): 0.29
• Price to Sales (P/S): 21.32
• P/FCF Ratio: -34.17
• 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 ▲(33.33% Upside)

The score is held back primarily by weak and volatile financial performance, especially multi-year negative operating/free cash flow and a steep 2024 revenue decline. Technicals are a relative positive with an uptrend and supportive momentum, but a high P/E of 70 and no dividend yield data limit the valuation score.

Positive Factors

Focused exploration portfolio

Concentrated mineral-exploration focus in Saskatchewan creates durable operational expertise and lower overhead versus multi-jurisdiction peers. Specialization accelerates project maturation, streamlines permitting familiarity, and improves appeal for joint ventures or farm-outs over multi‑year timelines.

Moderate leverage and positive equity

Moderate debt ratios and consistently positive equity provide a structural capital buffer, reducing immediate refinancing pressure. This preserves strategic optionality to fund targeted exploration or pursue partnerships without excessive solvency risk, supporting operations across the typical multi‑year exploration cycle.

Return to reported profitability in 2024

Reported net income and operating earnings in 2024 demonstrate the business can generate profits when exploration outcomes or asset actions align. While episodic, this indicates potential operating leverage and the ability to reach cash-positive phases that can support reinvestment or attract partner funding over time.

Negative Factors

Persistent negative cash flow

Multi-year negative operating and free cash flow signals structural cash burn that undermines self-funding for exploration. Over time this raises reliance on equity issuance or debt, dilutes shareholders, and constrains the company's ability to sustain multi‑year project development without external capital.

Severe revenue decline and volatility

A steep 2024 revenue drop and historical swings reduce predictability of future cash flows and margins. For a resource-explorer, unstable top-line undermines capital allocation and partner negotiations, complicating multi‑year funding plans and increasing the risk of project delays or scaled-back programs.

Earnings quality and ROE inconsistency

Net income not matched by operating cash flow suggests earnings include non‑cash gains or one‑offs, reducing confidence in sustainability. Coupled with inconsistent and often negative ROE in prior years, this raises the risk that reported profits are not repeatable or cash-generative across project cycles.

49 North Resources Business Overview & Revenue Model

Company Description

49 North Resources Inc. is a venture capital firm specializing in seed capital and early stage investments. The firm typically invests in a diversified portfolio of common shares and other securities of resource issuers including all sectors of mineral exploration as well as oil and gas exploration and production around the globe. It focuses on resource issuers with exploration programs in Saskatchewan. The firm also seeks to co-invest. 49 North Resources Inc. was founded in 2005 and is based in Saskatoon, Canada.

How the Company Makes Money

49 North Resources Inc. generates revenue primarily through the strategic acquisition, exploration, and development of mineral and energy properties. The company invests in a range of resource-based projects and earns money by realizing capital gains on its investments, earning dividends from its holdings, and through royalties and other revenue-sharing arrangements from its portfolio companies. Additionally, 49 North may engage in partnerships or joint ventures with other mining and energy companies to leverage its expertise and resources, further enhancing its revenue-generating potential.

49 North Resources Financial Statement Overview

Summary

Financials are mixed to weak: revenue and profitability have been highly volatile with a sharp 2024 revenue decline (-78.6%) and large losses in 2021–2023. The balance sheet shows moderate leverage and positive equity, but sustained negative operating/free cash flow from 2020–2024 (including 2024) is a major concern and does not corroborate the recent return to positive net income.

Income Statement

Results are highly volatile, with revenue swinging between positive and negative levels across years and a sharp revenue decline in 2024 (annual report: -78.6%). Profitability also lacks consistency: 2024 shows positive net income (477k) and positive operating earnings, but 2021–2023 included large losses (notably 2022 and 2023). Margins are erratic (including several years with negative revenue and unusual margin behavior), which reduces confidence in the stability and repeatability of earnings despite the recent improvement.

Balance Sheet

Leverage is moderate for the period, with debt-to-equity generally in a reasonable band (~0.24x to ~0.72x) and 2024 at ~0.64x, suggesting the capital structure is not overly stretched. Equity remains positive each year, providing some balance sheet support. However, returns on equity have been inconsistent and often negative (2021–2023), indicating that the asset base and equity capital have not been reliably productive, even though 2024 returned to a modestly positive level.

Cash Flow

Cash generation is a key weakness: operating cash flow and free cash flow are negative in 2020–2024, including 2024 (-73k), pointing to ongoing cash burn. The company did generate positive operating and free cash flow in 2019, but the multi-year trend since then is unfavorable. Cash flow also does not corroborate recent reported profitability (2024 net income positive while operating cash flow remains negative), increasing the risk that earnings are not translating into cash.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	-1.52M	117.00K	-1.44M	769.00K	641.00K	-4.46M
Gross Profit	-1.56M	74.00K	-1.48M	725.00K	558.00K	-4.48M
EBITDA	-1.59M	619.00K	-2.66M	-8.02M	-6.35M	16.58M
Net Income	-1.71M	477.00K	-2.82M	-8.19M	-6.59M	16.03M
Balance Sheet
Total Assets	16.77M	17.91M	16.83M	19.13M	26.46M	31.79M
Cash, Cash Equivalents and Short-Term Investments	4.93M	6.31M	6.29M	8.74M	16.24M	22.65M
Total Debt	5.44M	5.44M	5.51M	6.26M	6.32M	6.37M
Total Liabilities	9.50M	9.40M	8.80M	8.29M	7.73M	8.08M
Stockholders Equity	7.27M	8.50M	8.03M	10.84M	18.73M	23.71M
Cash Flow
Free Cash Flow	-63.00K	-73.00K	-159.00K	-303.00K	-1.79M	-325.00K
Operating Cash Flow	-63.00K	-73.00K	-159.00K	-303.00K	-1.79M	-325.00K
Investing Cash Flow	81.00K	65.00K	178.00K	15.00K	465.00K	321.00K
Financing Cash Flow	0.00	0.00	0.00	0.00	1.61M	0.00

49 North Resources Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.03
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:FNR, the sentiment is Positive. The current price of 0.03 is below the 20-day moving average (MA) of 0.04, above the 50-day MA of 0.03, and above the 200-day MA of 0.02, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 64.74 is Neutral, neither overbought nor oversold. The STOCH value of 33.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:FNR.

49 North Resources Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
ZC	67 Neutral	C$8.62M	0.55	75.06%	―	486.23%	478.94%
AAB	56 Neutral	C$4.82M	-0.42	-178.43%	―	82.65%	-70.88%
FNR	51 Neutral	C$5.82M	70.00	1.09%	―	-82.82%	―
IDK	51 Neutral	C$8.01M	-0.30	-55.73%	―	53.55%	-289.42%
QCA	48 Neutral	C$4.21M	-0.98	-37.19%	―	26.42%	-1217.14%
BLGV	42 Neutral	C$3.44M	-0.59	-226.11%	―	19.82%	-51.61%

49 North Resources Corporate Events

49 North Resources Grants 2.3 Million Incentive Stock Options

49 North Resources Inc. has approved the grant of 2.3 million incentive stock options under its Stock Option Plan, with 1.2 million options allocated to directors and executive officers and the remainder to consultants. The options are exercisable at $0.05 per share and will expire on January 26, 2036, providing equity-based compensation intended to align management and consultant interests with shareholders and potentially support the company’s long-term engagement and retention of key personnel within the natural resources investment sector.

The most recent analyst rating on (TSE:FNR) stock is a Hold with a C$0.04 price target. To see the full list of analyst forecasts on 49 North Resources stock, see the TSE:FNR Stock Forecast page.

49 North Resources Director Norman Betts Resigns from Board

49 North Resources Inc. has announced the resignation of long-serving director Norman Betts, effective January 19, 2026, and expressed its appreciation for his contributions and wished him well in his future endeavours. The departure represents a change in board composition for the natural resource investment firm, which continues to oversee a diversified portfolio of resource-related investments on behalf of its stakeholders.

The most recent analyst rating on (TSE:FNR) stock is a Hold with a C$0.04 price target. To see the full list of analyst forecasts on 49 North Resources stock, see the TSE:FNR Stock Forecast page.