Fortune Minerals (FT) AI Stock Analysis

• Market Cap: C$64.34M
• Dividend Yield: N/A
• Average Volume (3M): 694.35K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.61
• Revenue Growth: N/A
• EPS Growth: -82.14%
• Country: CA
• Employees: 3
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): >-0.01
• Shares Outstanding: 584,951,840
• 10 Day Avg. Volume: 1,496,217
• 30 Day Avg. Volume: 694,354
• PEG Ratio: -0.31
• Price to Book (P/B): -1.99
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -12.68
• 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: 46 Neutral
• Price Target: C$0.12 ▲(18.00% Upside)

The score is primarily held down by weak financial performance—no revenue, widening losses, accelerating cash burn, and a highly stressed balance sheet with negative equity. Technicals provide partial support as the stock trades above key moving averages, but valuation remains constrained by negative earnings and no dividend.

Positive Factors

Strategic cobalt-gold-bismuth-copper asset

Owning a development-stage NICO deposit with cobalt, gold, bismuth and copper provides durable exposure to critical and specialty metals. Structural demand for battery and specialty metals supports project optionality and strategic relevance as electrification and supply-security trends persist.

Marked reduction in extreme prior losses

The company’s cumulative loss profile shows a meaningful improvement versus 2022's extreme loss, indicating reduced scale of cash outflows and better cost control. This trend, if sustained, lowers near-term financing pressure and supports longer runway for project development.

Free cash flow less extreme than 2022

Although FCF remains negative, being materially less extreme than the 2022 outflow shows operational de-risking versus that peak. Sustained moderation in cash burn improves financing optionality and reduces immediate dilution risk while management advances permitting and development work.

Negative Factors

No revenue and persistent operating losses

The absence of operating revenue means the company cannot self-fund development; ongoing losses and negative operating cash flow create structural reliance on external financing. Over time this increases dilution risk and can delay project timelines if capital access tightens.

Highly stressed balance sheet; negative equity

Negative equity and debt materially exceeding assets reduce financial flexibility and raise refinancing risk. For a development-stage miner this constrains the company’s ability to secure project financing on favorable terms, potentially slowing permitting and construction timelines.

Accelerating cash burn and worsening FCF trend

Worsening free cash flow across recent years shows rising operational funding needs. Persistent negative operating cash flow forces repeated capital raises or higher borrowing, increasing dilution and interest burden and jeopardizing continuous progress on the NICO development program.

Fortune Minerals Business Overview & Revenue Model

Company Description

Fortune Minerals Limited engages in the exploration and development of specialty metals, base metals, and precious metals in Canada. The company primarily explores for gold, cobalt, bismuth, copper, silver, lead, and zinc deposits. Its primary asset is the NICO gold-cobalt-bismuth-copper project covering an area of 5,140 hectares located in the Northwest Territories. The company was incorporated in 1988 and is headquartered in London, Canada.

How the Company Makes Money

Fortune Minerals makes money through the exploration, development, and eventual sale of mineral resources extracted from its mining projects. The company's primary revenue streams are anticipated from the sale of cobalt, gold, bismuth, and copper concentrates. These minerals are sold to various industries, including technology, automotive, and renewable energy sectors, where they are used in manufacturing batteries, electronics, and other high-demand products. Additionally, Fortune Minerals may enter into strategic partnerships or off-take agreements with other companies to secure long-term revenue commitments and optimize its supply chain. The company’s earnings are influenced by global commodity prices, operational efficiency, and the successful advancement of its mining projects.

Fortune Minerals Financial Statement Overview

Summary

No revenue with widening losses (TTM net loss -5.39M) and accelerating cash burn (TTM FCF -3.29M). Balance sheet is highly stressed with negative equity (-10.79M) and debt (15.12M) exceeding assets (6.97M), increasing funding and solvency risk.

Income Statement

TTM (Trailing-Twelve-Months) results show no revenue and continued operating losses (EBIT of -2.99M, EBITDA of -4.14M) with a net loss of -5.39M. Losses have generally widened versus 2023–2024 (net loss -2.85M in 2023 and -3.61M in 2024), indicating weakening earnings momentum. A modest positive is that losses in 2022 were far larger (-32.97M), but profitability remains structurally challenged without meaningful revenue generation.

Balance Sheet

The balance sheet is highly stressed, with negative equity in TTM (Trailing-Twelve-Months) (-10.79M) and total debt of 15.12M against total assets of 6.97M, indicating a thin capital base and elevated refinancing risk. Leverage has deteriorated materially versus 2020–2022 when equity was positive, suggesting cumulative losses have eroded the balance sheet. While debt levels have risen over time, the key weakness is the negative equity position, which reduces financial flexibility.

Cash Flow

Cash burn remains significant: TTM (Trailing-Twelve-Months) operating cash flow is -2.09M and free cash flow is -3.29M, a clear negative for sustainability absent external funding. Free cash flow has worsened versus 2024 (-1.79M) and 2023 (-1.38M), signaling accelerating cash needs. A relative positive is that free cash flow is not as extreme as the 2022 net loss suggests, but ongoing negative operating cash flow points to continued dilution or borrowing risk.

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	-67.52K	-66.53K	-69.86K	-58.14K	-60.89K	-26.42K
EBITDA	-4.14M	-2.43M	-1.48M	-360.00K	-784.00K	-347.00K
Net Income	-5.39M	-3.61M	-2.85M	-32.97M	-2.41M	-1.72M
Balance Sheet
Total Assets	6.97M	4.82M	1.56M	46.45M	78.61M	76.34M
Cash, Cash Equivalents and Short-Term Investments	2.88M	1.59M	673.63K	78.65K	1.80M	1.08M
Total Debt	15.12M	12.73M	9.50M	8.31M	13.08M	10.34M
Total Liabilities	17.76M	16.22M	10.02M	8.57M	14.75M	12.16M
Stockholders Equity	-10.79M	-11.40M	-8.46M	37.87M	63.86M	64.18M
Cash Flow
Free Cash Flow	-3.29M	-1.79M	-1.38M	-1.54M	-908.04K	-614.56K
Operating Cash Flow	-2.09M	-186.52K	-1.21M	-1.20M	-814.59K	-568.22K
Investing Cash Flow	-1.21M	-1.60M	-185.59K	-726.33K	-1.37M	-646.80K
Financing Cash Flow	5.31M	2.71M	1.99M	204.32K	2.91M	189.00K

Fortune Minerals Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.10
• 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:FT, the sentiment is Positive. The current price of 0.1 is below the 20-day moving average (MA) of 0.11, above the 50-day MA of 0.09, and above the 200-day MA of 0.08, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 53.83 is Neutral, neither overbought nor oversold. The STOCH value of 63.96 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:FT.

Fortune Minerals 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%
LCE	52 Neutral	C$94.21M	-35.19	-4.48%	―	―	27.68%
NMI	51 Neutral	C$56.60M	-57.95	-3.86%	―	―	―
NKL	51 Neutral	C$86.86M	-13.85	-5.33%	―	―	16.24%
ESK	50 Neutral	C$115.67M	-50.41	-50.65%	―	―	62.70%
FT	46 Neutral	C$64.34M	-10.78	―	―	―	-82.14%
CNRI	46 Neutral	C$45.73M	-63.49	-1.60%	―	―	88.42%

Fortune Minerals Corporate Events

Fortune Minerals Boosts NICO Project with Higher-Recovery Cobalt Sulphate Flowsheet

Fortune Minerals has completed validation test work on an optimized hydrometallurgical flowsheet for its NICO project, confirming it can produce battery-grade cobalt sulphate heptahydrate with higher metal recoveries and a simplified process. Bench-scale tests at SGS Canada showed improved cobalt, copper, and gold extraction rates compared with a 2008 pilot plant, while also demonstrating that a direct pre-neutralization step can remove nearly all arsenic without cobalt losses, potentially lowering capital and operating costs at the planned Alberta refinery. The resulting cobalt sulphate product met stringent 99.99% purity and impurity specifications from lithium-ion battery manufacturers, reinforcing the NICO project’s potential role as a reliable North American source of critical battery materials, supported by Canadian and U.S. government funding initiatives.

The most recent analyst rating on (TSE:FT) stock is a Hold with a C$0.11 price target. To see the full list of analyst forecasts on Fortune Minerals stock, see the TSE:FT Stock Forecast page.

Fortune Minerals Acquires Alberta Site for NICO Project Refinery

Fortune Minerals has completed the acquisition of a site in Lamont County, Alberta, for C$6 million to construct a hydrometallurgical facility. This facility will process concentrates from the NICO project, which includes a mine and concentrator in the Northwest Territories. The development of the NICO project aims to strengthen North American critical mineral supply chain resilience, providing a reliable source of battery-grade cobalt sulphate, bismuth ingots, and copper cement. The project is strategically positioned to leverage existing infrastructure and expertise in the Alberta Industrial Heartland, enhancing the company’s industry positioning and contributing to supply chain security.

The most recent analyst rating on (TSE:FT) stock is a Buy with a C$0.42 price target. To see the full list of analyst forecasts on Fortune Minerals stock, see the TSE:FT Stock Forecast page.

Fortune Minerals Secures Loan for Alberta Refinery Site Acquisition

Fortune Minerals has secured a C$3.8 million loan from Prosper NWT to complete the purchase of a refinery site in Alberta, which will host a hydrometallurgical facility for processing concentrates from its NICO Project. This financial support is crucial for advancing the project towards construction, reducing development risks, and enhancing the company’s position in the critical minerals sector, which is vital for Canada’s economy and supply chain security.

The most recent analyst rating on (TSE:FT) stock is a Buy with a C$0.42 price target. To see the full list of analyst forecasts on Fortune Minerals stock, see the TSE:FT Stock Forecast page.