49 North Resources (FNR) AI Stock Analysis

• Market Cap: C$4.99M
• Dividend Yield: N/A
• Average Volume (3M): 21.52K
• Price to Earnings (P/E): 50.0
• Beta (1Y): 0.82
• 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: 49 Neutral
• Price Target: C$0.03 ▲(0.00% Upside)

Overall score is held back primarily by weak financial performance driven by multi-year negative operating/free cash flow and unstable results, despite a comparatively moderate balance sheet. Technical indicators are moderately supportive and help offset some risk, but valuation is a headwind due to the high P/E and lack of dividend support.

Positive Factors

Regional exploration focus (Saskatchewan)

A concentrated focus on Saskatchewan provides durable operational expertise, local permitting knowledge, and potential cost efficiencies. Sustained regional specialization supports better site selection, stakeholder relationships, and execution repeatability versus a fragmented geographic footprint.

Moderate leverage and positive equity

A capital structure with moderate debt ratios and consistently positive equity gives the company financial flexibility to pursue exploration or development without immediately forcing distressed asset sales. This balance sheet resilience improves ability to raise incremental funding on reasonable terms.

Return to modest reported profitability in 2024

Reporting net income and operating earnings in 2024 suggests management may be improving cost control or realizing asset gains. If maintained and translated into cash, this could signal a structural shift toward more sustainable operating performance versus prior multi-year losses.

Negative Factors

Persistent negative operating and free cash flow

Multi-year cash burn means the company cannot internally fund exploration or development, increasing reliance on dilutive equity or costly debt. Persistent negative cash flow raises execution and liquidity risk and makes it harder to convert accounting profits into sustainable financing capacity.

Severe revenue decline and volatility

An ~80% revenue drop and volatile top-line history reflect a fragile revenue base dependent on episodic events or asset sales. Such instability undermines long-term planning, increases financing needs during downturns, and heightens the risk that operational improvements won't translate to durable revenue streams.

Inconsistent profitability and erratic margins

Repeated years of large losses and erratic margins indicate that asset base and operations have not reliably generated returns. This unpredictability complicates capital allocation, reduces investor confidence, and suggests exploration outcomes have been unreliable for creating sustained shareholder value.

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

49 North Resources exhibits a precarious financial position with negative net income, revenue volatility, and significant profitability issues. The balance sheet shows moderate leverage, but declining equity and persistent negative free cash flow raise concerns about financial resilience and liquidity.

Income Statement

49 North Resources shows a challenging financial performance with negative net income and revenue volatility over the periods. The TTM data reveals a negative net profit margin of -131.22%, indicating significant profitability issues. Despite a positive gross profit margin of 94.06% in the TTM, the overall negative EBIT and EBITDA margins highlight operational inefficiencies. The company has experienced revenue swings, complicating growth assessments.

Balance Sheet

The company's balance sheet reflects moderate stability with a debt-to-equity ratio of 0.70, indicating a manageable level of leverage. However, the decline in stockholders' equity over time suggests financial strain. The equity ratio is 45.77%, reflecting moderate reliance on equity financing, but the overall decrease in assets and equity raises concerns about long-term sustainability.

Cash Flow

49 North Resources' cash flow statement indicates consistent negative free cash flow, implying ongoing cash burn. The operating cash flow to net income ratio is -0.36, highlighting cash flow challenges relative to accounting earnings. Although there are periods of positive investing cash flow, the persistent operating cash outflows present liquidity concerns.

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 above the 20-day moving average (MA) of 0.02, above the 50-day MA of 0.02, and above the 200-day MA of 0.02, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 60.23 is Neutral, neither overbought nor oversold. The STOCH value of 66.67 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$7.61M	0.61	75.06%	―	486.23%	478.94%
AAB	56 Neutral	C$4.82M	-0.42	-178.43%	―	82.65%	-70.88%
IDK	51 Neutral	C$7.54M	-0.28	-55.73%	―	53.55%	-289.42%
FNR	49 Neutral	C$4.99M	50.00	1.09%	―	-82.82%	―
QCA	48 Neutral	C$4.68M	-1.08	-37.19%	―	26.42%	-1217.14%
BLGV	41 Neutral	C$5.51M	-0.95	-226.11%	―	19.82%	-51.61%