Marimaca Copper (MARI) AI Stock Analysis

• Market Cap: C$1.43B
• Dividend Yield: N/A
• Average Volume (3M): 66.85K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.49
• Revenue Growth: N/A
• EPS Growth: -104.52%
• Country: CA
• Employees: 23
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Copper
• EPS (TTM): -0.09
• Shares Outstanding: 119,392,590
• 10 Day Avg. Volume: 33,014
• 30 Day Avg. Volume: 66,852
• PEG Ratio: -0.34
• Price to Book (P/B): 3.24
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -19.98
• 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: C$14.50
• Price Target Upside: 20.73% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: C$12.50 ▲(4.08% Upside)

The score is primarily held back by weak financial performance (no revenue, widening losses, and rising cash burn) despite a strong, low-debt balance sheet. Technicals are supportive due to a clear uptrend, but overbought signals reduce confidence. Valuation is also constrained by negative earnings (negative P/E) and no provided dividend yield.

Positive Factors

Conservative, low-leverage balance sheet

Extremely low debt reduces refinancing and interest-rate risk over the next 2–6 months, preserving optionality for project development. A conservative capital structure supports partnering or staged funding and lessens the chance of forced asset sales during funding gaps.

Material equity and asset growth

Significant equity growth indicates an ability to raise capital and build project assets without heavy leverage. This strengthens the company's funding runway and credibility with potential JV partners, supporting sustained development activity and long-term project value creation.

Multiple clear monetization pathways

The company’s explicit options—to sell the asset, bring in a JV partner, or build to production—provide strategic flexibility. Over the medium term this reduces single-path execution risk and allows management to choose the route that best preserves shareholder value.

Negative Factors

No operating revenue

Absence of recurring revenue means the business remains fully pre‑production and reliant on financing rather than operations. This leaves project economics unproven, increases execution risk, and delays any revenue-based de‑risking that would support long‑term sustainability.

Sustained and rising cash burn

Deep and growing negative free cash flow requires continuous external funding to sustain exploration and studies. Over months this raises the probability of dilution, compresses strategic optionality, and can delay permitting, studies or development timelines if markets tighten.

Reliance on equity and capital markets funding

Dependence on capital markets exposes project progress to market windows and investor appetite. In the medium term this creates funding execution risk, potential shareholder dilution, and timing uncertainty for advancing the project toward JV, sale, or construction decisions.

Marimaca Copper Business Overview & Revenue Model

Company Description

Marimaca Copper Corp. engages in the acquisition, exploration, and development of mineral properties and projects in the United States and Chile. The company explores for copper, iron ore, gold, and other base and precious metals. Its flagship project is the Marimaca Copper project located in the Antofagasta Region of Chile. The company was formerly known as Coro Mining Corp. and changed its name to Marimaca Copper Corp. in May 2020. Marimaca Copper Corp. was incorporated in 2004 and is headquartered in Toronto, Canada.

How the Company Makes Money

Marimaca Copper makes money primarily through the exploration and potential extraction of copper resources from its Marimaca Copper Project. As the project advances, the company aims to generate revenue by producing and selling copper concentrate. This process typically involves extracting copper ore, processing it to produce a concentrate, and then selling it on the global commodities market. The company may also engage in strategic partnerships or joint ventures to aid in project development and financing, thereby contributing to its revenue streams. Additionally, Marimaca Copper might seek investment and funding opportunities to support its operational and development activities.

Marimaca Copper Financial Statement Overview

Summary

Strong, low-debt balance sheet (debt-to-equity near zero) and growing equity/assets support funding capacity, but the company has no revenue and widening losses (TTM net income about -23.2M) with sustained and rising cash burn (TTM free cash flow about -30.3M). Overall, financial strength is offset by weak operating and cash-flow performance.

Income Statement

Across annual periods and TTM (Trailing-Twelve-Months), the company reports no revenue and persistent operating losses, indicating it is still in a development/pre-production phase. Losses have generally widened from 2022 to 2024 and again in TTM, with net income moving from -7.1M (2023) to -13.8M (2024) and -23.2M in TTM. A key positive is that losses are being funded without meaningful revenue pressure from pricing cycles yet, but the primary weakness is the lack of demonstrated operating scalability and recurring profitability.

Balance Sheet

The balance sheet looks conservatively levered, with extremely low debt relative to equity in recent periods (debt-to-equity near zero in 2023–TTM). Equity and total assets have grown materially over time (equity rising from ~57.2M in 2020 to ~182.4M in TTM), suggesting ongoing funding and asset build-out. The main weakness is negative returns on equity in most years (and notably negative in TTM), reflecting continued losses despite a larger capital base.

Cash Flow

Cash generation remains negative: operating cash flow is consistently outflowing (from -3.1M in 2023 to -5.7M in 2024 and -7.9M in TTM), and free cash flow is deeply negative, including -17.8M (2024) and -30.3M in TTM. While free cash flow growth is volatile (positive in TTM after a decline in 2024), the overall trend still indicates rising cash burn as activity ramps. Strengths include the ability to fund investment without heavy debt, but the core weakness is sustained negative cash flow that likely requires continued external financing.

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	-189.00K	0.00	0.00	-46.00K	-48.00K	-153.00K
EBITDA	-23.29M	-14.24M	-5.84M	-6.77M	-17.19M	-6.83M
Net Income	-23.24M	-13.75M	-7.11M	-2.16M	-18.81M	2.02M
Balance Sheet
Total Assets	186.25M	112.38M	95.60M	84.83M	92.80M	69.96M
Cash, Cash Equivalents and Short-Term Investments	78.69M	22.65M	16.69M	14.64M	26.79M	13.85M
Total Debt	4.00K	45.00K	128.00K	0.00	3.00M	5.62M
Total Liabilities	3.90M	2.81M	1.20M	561.00K	9.49M	12.77M
Stockholders Equity	182.35M	109.58M	94.39M	84.26M	83.31M	57.19M
Cash Flow
Free Cash Flow	-30.26M	-17.76M	-12.97M	-24.78M	-20.48M	-16.84M
Operating Cash Flow	-7.93M	-5.74M	-3.13M	-3.01M	-10.74M	-5.52M
Investing Cash Flow	-22.68M	-12.02M	-9.85M	-5.78M	-9.74M	-11.48M
Financing Cash Flow	80.87M	23.73M	15.10M	-3.04M	33.41M	21.25M

Marimaca Copper Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 12.01
• 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:MARI, the sentiment is Positive. The current price of 12.01 is above the 20-day moving average (MA) of 11.87, above the 50-day MA of 11.43, and above the 200-day MA of 9.39, indicating a bullish trend. The MACD of 0.20 indicates Negative momentum. The RSI at 53.29 is Neutral, neither overbought nor oversold. The STOCH value of 45.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:MARI.

Marimaca Copper Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
III	74 Outperform	C$2.20B	11.05	20.90%	―	45.15%	449.29%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
ASCU	59 Neutral	C$1.22B	-86.65	-6.09%	―	―	22.26%
FDY	54 Neutral	C$773.81M	-24.90	-48.15%	―	―	-10.32%
MARI	52 Neutral	C$1.43B	-40.25	-15.90%	―	―	-104.52%
LA	52 Neutral	C$560.83M	-127.06	4.21%	―	―	-41.70%
CUU	39 Underperform	C$418.78M	-600.00	-0.82%	―	―	36.84%

Marimaca Copper Corporate Events

Marimaca Copper Expands High-Grade Discoveries at Pampa Medina

Marimaca Copper Corp. announced the successful completion of its 10,000-meter discovery drilling campaign at the Pampa Medina deposit, revealing significant extensions of high-grade copper mineralization. The results have led to the initiation of a 30,000-meter Phase II drilling program to further explore and define the deposit’s potential. This development strengthens Marimaca’s strategic growth plans in the region, aiming to expand beyond the current capacity of the Marimaca Oxide Deposit and establish Pampa Medina as a major copper resource.

The most recent analyst rating on (TSE:MARI) stock is a Buy with a C$6.00 price target. To see the full list of analyst forecasts on Marimaca Copper stock, see the TSE:MARI Stock Forecast page.

Marimaca Copper Secures Environmental Approval for Chilean Project

Marimaca Copper Corp. has received environmental approval for its Marimaca Oxide Project in Chile, marking a significant step towards construction readiness by the second half of 2026. This approval allows the company to proceed with the next phase of permitting, positioning it to advance its long-term growth strategy and enhance its reputation as a credible custodian of mining assets.

The most recent analyst rating on (TSE:MARI) stock is a Buy with a C$6.00 price target. To see the full list of analyst forecasts on Marimaca Copper stock, see the TSE:MARI Stock Forecast page.

Marimaca Copper Mourns the Loss of Director Colin Kinley

Marimaca Copper Corp. announced the sudden passing of Colin Kinley, a respected Director and former Chairman of the company. Kinley, who joined Marimaca in 2016, was a key figure in the company, contributing significantly through his expertise and leadership. His passing leaves a vacancy on the Board, which will be filled at the next annual shareholder meeting.

The most recent analyst rating on (TSE:MARI) stock is a Buy with a C$6.00 price target. To see the full list of analyst forecasts on Marimaca Copper stock, see the TSE:MARI Stock Forecast page.