Iconic Minerals (ICM) AI Stock Analysis

• Market Cap: C$38.88M
• Dividend Yield: N/A
• Average Volume (3M): 179.55K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.82
• Revenue Growth: N/A
• EPS Growth: 87.74%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): >-0.01
• Shares Outstanding: 155,509,050
• 10 Day Avg. Volume: 173,398
• 30 Day Avg. Volume: 179,550
• PEG Ratio: <0.01
• Price to Book (P/B): 3.62
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -9.93
• 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$0.25 ▲(47.65% Upside)

The score is held back primarily by weak financial performance (no revenue, ongoing losses and cash burn, and a shrinking equity base despite zero debt). Technicals are a relative positive with an established uptrend and supportive momentum, but valuation is constrained by negative earnings and no dividend support.

Positive Factors

Leverage Eliminated

Elimination of debt materially reduces solvency and interest-cost risk, improving financial resilience. For an exploration-stage firm this durable reduction in fixed obligations preserves optionality to pursue projects or negotiate JV financings without immediate interest burdens.

Material Deleveraging Trend

A sustained decline in leverage from 2020 through 2025 signals a deliberate improvement in capital structure. This trend enhances creditor confidence and strategic flexibility, enabling the company to better absorb exploration volatility and pursue capital-light partnerships over the medium term.

Proven Cash-Generation Episode

A one-time positive operating cash flow in 2022 shows the company can generate operational liquidity under certain conditions, indicating avenues (asset sales, JV proceeds or operational milestones) exist to fund exploration. This demonstrates episodic cash generation capacity.

Negative Factors

No Revenue / Pre-revenue Profile

Being exploration-stage with no operating revenue means long-term value depends on successful discovery, development, or asset transactions. This structural model requires ongoing external funding and exposes investors to execution, permitting and commodity-price risks over multiple years.

Consistent Cash Burn

Repeated negative operating and free cash flow indicates persistent cash burn to sustain activities. Over 2–6 months this structural drain necessitates fresh financing or asset monetization, increasing dilution risk and constraining the company’s ability to advance exploration or capitalize on opportunities.

Shrinking Equity Base & Value Erosion

A rapidly declining equity base reflects accumulated losses and/or dilution, eroding shareholder cushion and reducing financial flexibility. Structurally this limits capacity to raise non-dilutive capital, worsens leverage ratios if debt returns, and undermines long-term return prospects for existing holders.

Iconic Minerals Business Overview & Revenue Model

Company Description

Iconic Minerals Ltd., a mineral exploration company, engages in the acquisition and exploration of gold and lithium properties in Nevada and Canada. The company holds a 100% interest in the Hercules project located in Lyon County; and 50% interests in the New Pass project located in Churchill County and Squaw creek property located to the north of Battle Mountain in Nevada. It also holds a 100% interest in the Bonnie Claire property with 1,155 claims covering 13,900 acres located in Nevada; and holds an option to acquire a 100% interest in Smith Creek property located in Nevada. The company was formerly known as Bonaventure Enterprises Inc. and changed its name to Iconic Minerals Ltd. in March 2011. Iconic Minerals Ltd. was incorporated in 1979 and is headquartered in Vancouver, Canada.

How the Company Makes Money

Iconic Minerals makes money through the exploration and eventual extraction of mineral resources, primarily lithium and precious metals, from its owned or partnered properties. The company's revenue model hinges on the successful discovery and development of these resources, which are then either sold directly in the commodities market or through partnerships and off-take agreements with other mining companies and industrial consumers. Additionally, Iconic Minerals may generate income through joint ventures, where it collaborates with other entities to share the costs and profits associated with mining projects. Significant partnerships with larger mining companies or technology firms can enhance its ability to monetize its mineral assets, especially in the high-demand sectors like electric vehicle manufacturing that require lithium and other critical minerals.

Iconic Minerals Financial Statement Overview

Summary

Iconic Minerals faces significant financial challenges, with no revenue generation and consistent losses. The balance sheet shows low leverage but also low equity, raising concerns about financial stability. Cash flow constraints further highlight operational difficulties, making the company's financial outlook concerning without substantial changes or revenue growth.

Income Statement

The company has not generated any revenue over the past five years, which is concerning for its sustainability. Consistent negative EBIT and net income highlight ongoing profitability challenges. However, there was a one-time gain in net income in 2023, which is not indicative of a sustainable trend.

Balance Sheet

The balance sheet shows a low debt-to-equity ratio due to zero debt in recent years, which is a positive indicator. However, the equity ratio is low, and the company has had negative stockholders' equity in some years, indicating potential solvency issues. The high liabilities relative to assets are a concern.

Cash Flow

The company has consistently negative free cash flow, indicating ongoing operational cash constraints. While the operating cash flow improved slightly in recent years, it remains negative, and capital expenditures appear to be minimal, suggesting limited reinvestment in the business.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	0.00	0.00	0.00	0.00	0.00	0.00
EBITDA	-302.19K	-291.13K	-712.00K	-1.94M	-768.60K	-1.08M
Net Income	-305.85K	-291.12K	-2.28M	17.58M	-1.05M	-1.21M
Balance Sheet
Total Assets	1.99M	1.79M	2.13M	4.26M	9.01M	7.04M
Cash, Cash Equivalents and Short-Term Investments	196.74K	316.87K	403.66K	2.41M	137.39K	1.53M
Total Debt	0.00	0.00	0.00	0.00	1.65M	1.83M
Total Liabilities	1.14M	1.42M	1.52M	1.39M	7.45M	4.58M
Stockholders Equity	858.20K	362.23K	610.66K	2.87M	1.57M	2.47M
Cash Flow
Free Cash Flow	-191.43K	-566.18K	-222.80K	-3.32M	-1.04M	-1.26M
Operating Cash Flow	-189.43K	-566.18K	-222.80K	-3.32M	1.70M	29.60K
Investing Cash Flow	170.24K	324.67K	-60.42K	-160.15K	-174.70K	579.73K
Financing Cash Flow	0.00	387.50K	0.00	-16.54K	-316.18K	1.64M

Iconic Minerals Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.17
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ICM, the sentiment is Positive. The current price of 0.17 is below the 20-day moving average (MA) of 0.20, above the 50-day MA of 0.14, and above the 200-day MA of 0.08, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 67.03 is Neutral, neither overbought nor oversold. The STOCH value of 90.38 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:ICM.

Iconic 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%
ICM	51 Neutral	C$38.88M	-131.58	-59.85%	―	―	87.74%
OMM	50 Neutral	C$27.52M	-8.61	-58.36%	―	―	-23.23%
DLTA	49 Neutral	C$22.40M	-4.90	-331.35%	―	―	44.39%
KALO	49 Neutral	C$32.30M	-3.52	-201.31%	―	―	-58.16%
BARU	44 Neutral	C$22.02M	-5.61	―	―	―	5.41%

Iconic Minerals Corporate Events

Iconic Minerals Amends Terms of $3.75 Million Private Placement for Nevada Gold Exploration

Iconic Minerals has amended the terms of its previously announced non-brokered private placement, now planning to issue up to 30 million units at $0.125 per unit to raise as much as $3.75 million, with each unit comprising one common share and a two-year warrant exercisable at $0.17, subject to an accelerated expiry if the share price trades above a specified level. The company intends to use the proceeds to fund drilling and further advancement of its exploration program at the New Pass gold property in Nevada and for general working capital, with the financing remaining subject to TSX Venture Exchange approval and potential payment of finders’ fees, underscoring Iconic’s continued push to advance its key U.S. gold asset.

The most recent analyst rating on (TSE:ICM) stock is a Hold with a C$0.16 price target. To see the full list of analyst forecasts on Iconic Minerals stock, see the TSE:ICM Stock Forecast page.