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New Age Metals (TSE:NAM)
:NAM

New Age Metals (NAM) AI Stock Analysis

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TSE:NAM

New Age Metals

(NAM)

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Neutral 49 (OpenAI - 5.2)
Rating:49Neutral
Price Target:
C$0.51
▲(5.63% Upside)
The score is held back primarily by weak financial performance (pre-revenue losses and ongoing negative free cash flow). Technicals are a relative positive with an uptrend and supportive momentum, but valuation metrics remain poor due to losses and no dividend yield data.
Positive Factors
Low leverage / solid balance sheet
Extremely low debt-to-equity (~0.004 TTM) reduces refinancing risk and gives the company financial flexibility to fund exploration cycles. This solvency buffer is durable, allowing continued project work or strategic transactions without immediate debt pressures despite operating losses.
Exposure to battery/green metals & PGMs
A strategic emphasis on PGMs and battery/green metals aligns the company with long-term structural demand from electrification, catalysts, and clean technology. If resources are proven, this sector alignment supports enduring commercial interest and potential JV or offtake opportunities.
Signs of improving operating cash flow
A shift to positive operating cash flow in FY2025 indicates management can sequence activities or control costs to reduce burn. If that trend is sustained, it materially lowers recurring financing needs and enhances runway, improving the company's ability to advance projects without constant dilution.
Negative Factors
No revenue; pre-revenue explorer
The company remains pre-revenue, so value relies entirely on exploration success or transactions. Without operating revenue, long-term viability depends on capital markets or partners; this structural business-model risk heightens execution and financing uncertainty over months to years.
Persistent cash burn
Material negative TTM operating and free cash flow show ongoing funding needs to sustain exploration. Persistent cash burn increases reliance on external financing, raising dilution risk and potentially delaying project advancement or commercialisation absent stronger cash generation or deal activity.
Negative returns on equity
Negative ROE across recent periods indicates capital deployed into exploration is not generating economic returns. This long-term shortfall undermines shareholder value creation unless resource discovery, feasibility and development milestones materially improve the project's economics.

New Age Metals (NAM) vs. iShares MSCI Canada ETF (EWC)

New Age Metals Business Overview & Revenue Model

Company DescriptionNew Age Metals Inc., a mineral exploration company, engages in the acquisition, exploration, and development of platinum group metals (PGMs), and precious and base metal properties in Canada. The company explores for rhodium, palladium, platinum, gold, nickel, copper, and lithium deposits. It holds interests in the River Valley PGE project located in the Dana and Pardo townships of Northern Ontario; the Genesis PGE project located in south central Alaska; and lithium projects, which consists of 67 claims covering an area of 11,620 hectares situated to the northeast of Winnipeg, Manitoba. The company was formerly known as Pacific North West Capital Corp. and changed its name to New Age Metals Inc. in February 2017. New Age Metals Inc. was incorporated in 1996 and is headquartered in Vancouver, Canada.
How the Company Makes MoneyNew Age Metals generates revenue primarily through the exploration and development of its mineral projects. The company seeks to monetize its assets by advancing its projects to the point of sale or joint venture partnerships with larger mining companies. Key revenue streams include proceeds from the sale of mineral rights, joint venture agreements, and potential royalties from developed projects. Significant partnerships with other mining and resource companies are crucial, as they provide financial and technical support, helping to advance projects towards commercialization and ultimately contributing to the company's earnings.

New Age Metals Financial Statement Overview

Summary
Operating fundamentals are weak: the company is pre-revenue with recurring operating losses and generally negative free cash flow. Positives include very low leverage and improved operating cash flow in 2025 alongside a smaller net loss, but the business still depends on external funding rather than earnings.
Income Statement
The company remains pre-revenue (revenue is 0 across the period), with consistently negative gross profit and ongoing operating losses. Net loss improved in 2025 versus 2024 (roughly -$510k vs. -$658k), but profitability is still structurally weak and dependent on funding rather than business earnings. Overall, the trend is modestly better year over year, but there is no demonstrated revenue base to support sustainable earnings.
Balance Sheet
The balance sheet is a relative strength: leverage is extremely low (debt-to-equity stays well under 2%), and equity remains sizable versus total assets. That said, equity and total assets have drifted down from 2024 to 2025, and returns on equity remain negative due to recurring losses. Overall financial risk from debt looks limited, but ongoing losses can continue to erode the asset base over time.
Cash Flow
Cash flow improved meaningfully in 2025 with positive operating cash flow (~$246k) versus large outflows in 2024, indicating better short-term cash management or working-capital timing. However, free cash flow remains negative (about -$298k) and deteriorated versus 2024, implying continued cash burn after investing needs. The profile is improving but still not consistently self-funding.
BreakdownDec 2025Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue0.000.000.000.000.00
Gross Profit-45.49K-52.01K-57.88K-38.61K-46.56K
EBITDA-1.01M-940.00K-665.00K-1.14M-666.00K
Net Income-509.82K-658.00K-650.00K-1.18M-719.00K
Balance Sheet
Total Assets13.23M15.44M14.63M15.12M12.86M
Cash, Cash Equivalents and Short-Term Investments3.65M2.54M4.49M7.30M8.88M
Total Debt78.60K113.08K144.32K0.0011.83K
Total Liabilities169.15K1.87M403.97K283.21K337.45K
Stockholders Equity13.06M13.57M14.22M14.84M12.52M
Cash Flow
Free Cash Flow-298.49K-2.48M-2.99M-487.77K-1.31M
Operating Cash Flow245.97K-1.40M-548.31K-459.77K-1.22M
Investing Cash Flow563.71K-513.37K-2.32M-3.98M-691.87K
Financing Cash Flow-42.00K-41.40K-34.60K2.96M8.74M

New Age Metals Technical Analysis

Technical Analysis Sentiment
Positive
Last Price0.48
Price Trends
50DMA
0.38
Positive
100DMA
0.35
Positive
200DMA
0.27
Positive
Market Momentum
MACD
0.03
Positive
RSI
56.14
Neutral
STOCH
79.03
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:NAM, the sentiment is Positive. The current price of 0.48 is above the 20-day moving average (MA) of 0.46, above the 50-day MA of 0.38, and above the 200-day MA of 0.27, indicating a bullish trend. The MACD of 0.03 indicates Positive momentum. The RSI at 56.14 is Neutral, neither overbought nor oversold. The STOCH value of 79.03 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:NAM.

New Age Metals Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
61
Neutral
$10.43B7.12-0.05%2.87%2.86%-36.73%
53
Neutral
C$33.27M-11.80-72.48%-204.88%
53
Neutral
C$34.97M-9.43-150.61%10.17%
52
Neutral
C$27.90M-13.30-78.78%29.85%
49
Neutral
C$27.24M-538.89-2.46%56.72%
48
Neutral
C$29.50M-4.65
36
Underperform
C$55.28M-53.75-8.52%-1233.33%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:NAM
New Age Metals
0.49
0.40
470.59%
TSE:MN
Manganese X Energy Corp
0.13
0.05
56.25%
TSE:NTH
Nord Precious Metals Mining
0.30
0.13
78.79%
TSE:TIG
Triumph Gold
0.59
0.37
168.18%
TSE:EMET
Canamera Energy Metals Corp
0.86
0.63
273.91%
TSE:SPC
SPC Nickel
0.10
0.08
455.56%

New Age Metals Corporate Events

Business Operations and StrategyFinancial Disclosures
New Age Metals Charts Aggressive 2026 Growth Plan After Record Year of Acquisitions
Positive
Jan 7, 2026

New Age Metals has outlined an aggressive 2026 go-forward plan following what it describes as a strong 2025, highlighted by its most active project acquisition program to date across gold, antimony, critical metals and platinum group metals. The company is expanding its North American presence with a new field office in Kenora to support its Manitoba lithium, Northwestern Ontario gold-critical metals and Ontario PGM portfolios, while also pursuing further acquisitions in Ontario’s Ring of Fire and evaluating larger-scale PGM opportunities. Management plans to intensify investor outreach through major industry conferences and is increasingly targeting international growth, including prospective transactions in Saudi Arabia, Central and South America, reflecting a strategic pivot to capture opportunities amid heightened global demand and geopolitical shifts in critical mineral supply chains, as well as providing an update on its equity position in MetalQuest Mining.

The most recent analyst rating on (TSE:NAM) stock is a Hold with a C$0.46 price target. To see the full list of analyst forecasts on New Age Metals stock, see the TSE:NAM Stock Forecast page.

Business Operations and StrategyM&A Transactions
New Age Metals Expands Exploration Portfolio with Strategic Acquisition in Ontario
Positive
Dec 10, 2025

New Age Metals has expanded its Bonanza Ridge Gold and Critical Metals Project through the strategic acquisition of the Lavender Lake and South Gibi Lake properties in the Kenora Gold District, Ontario. This acquisition enhances NAM’s exploration portfolio, offering substantial opportunities for base-metal and precious-metal exploration in an under-explored area. The properties feature multiple mineralized structural targets with known gold and copper occurrences, excellent infrastructure access, and a strategic location near mining services. The acquisition supports NAM’s long-term commitment to creating shareholder value and strengthens its position in the emerging jurisdiction for precious and critical metals.

The most recent analyst rating on (TSE:NAM) stock is a Buy with a C$0.95 price target. To see the full list of analyst forecasts on New Age Metals stock, see the TSE:NAM Stock Forecast page.

Business Operations and StrategyM&A Transactions
New Age Metals Expands Portfolio with Magnet Lake Acquisition
Positive
Dec 9, 2025

New Age Metals has entered into an option agreement to acquire the Magnet Lake Property, enhancing its Bonanza Ridge Gold and Critical Metals Project in Ontario’s Kenora Mining District. This acquisition aligns with the company’s strategy to expand its holdings in a region poised for growth in critical and precious metals, supported by Ontario’s Critical Minerals Strategy and recent government-First Nation agreements. The property shows promising copper mineralization, and the company is well-positioned to leverage the province’s expanding critical-metals momentum.

The most recent analyst rating on (TSE:NAM) stock is a Buy with a C$0.95 price target. To see the full list of analyst forecasts on New Age Metals stock, see the TSE:NAM Stock Forecast page.

Business Operations and StrategyProduct-Related Announcements
New Age Metals Launches Geophysical Survey at Sentinel Property
Positive
Nov 7, 2025

New Age Metals has initiated a helicopter-borne Xcite™ Time Domain Electromagnetic survey over its Sentinel Antimony Property in Newfoundland, marking the first modern geophysical program in the area. This survey aims to identify conductive trends that could indicate mineralized structures similar to those at the nearby Beaver Brook Antimony Mine. The data collected will guide future drilling targets, potentially strengthening NAM’s position in the antimony market.

The most recent analyst rating on (TSE:NAM) stock is a Buy with a C$0.95 price target. To see the full list of analyst forecasts on New Age Metals stock, see the TSE:NAM Stock Forecast page.

Business Operations and StrategyM&A Transactions
New Age Metals Secures Approval for Bonanza Gold Project Acquisition
Positive
Oct 27, 2025

New Age Metals Inc. has received approval from the TSX Venture Exchange for its acquisition of the Bonanza Gold Project in the Kenora Gold District, Ontario. This project, consisting of 114 mining claims and a patented mining claim, offers significant exploration potential with high-grade gold occurrences and excellent infrastructure. The company aims to leverage modern exploration techniques to unlock value and attract major gold producers, enhancing its position in the gold exploration market.

Business Operations and StrategyProduct-Related Announcements
New Age Metals Revitalizes PGM Division Amid Rising Metal Prices
Positive
Oct 23, 2025

New Age Metals Inc. announced updates on its Platinum Group Metals division, highlighting the River Valley Palladium Project and the Genesis PGM-Cu-Ni Project. The River Valley Project, one of Canada’s largest undeveloped PGM deposits, is being prepared for relaunch due to a resurgence in palladium and platinum prices. The company is focusing on a smaller, higher-grade operation with a lower environmental impact. Meanwhile, the Genesis Project in Alaska has shown promising exploration results. The rising prices of palladium and platinum, alongside comprehensive environmental studies and community engagement, are expected to bolster the company’s strategic positioning in the PGM market.

Business Operations and StrategyPrivate Placements and Financing
New Age Metals Secures $4 Million in Private Placement
Positive
Oct 17, 2025

New Age Metals Inc. has successfully closed a private placement, raising a total of $4 million, with significant investment from Eric Sprott, the company’s largest shareholder. This funding will be directed towards exploration and development of projects in Newfoundland, Ontario, and Manitoba, potentially strengthening the company’s position in the mining industry amid rising palladium and platinum prices.

Private Placements and FinancingShareholder Meetings
New Age Metals Prepares for AGM Amid Postal Strike; Secures Major Financing
Positive
Oct 15, 2025

New Age Metals Inc. has announced an update regarding its upcoming annual general meeting, which may face postal delivery challenges due to a rotating postal strike in Canada. The company has encouraged shareholders to access meeting materials electronically and vote in advance. In recent developments, the company has successfully closed a $4,000,000 financing round, with significant investment from Eric Sprott, who now owns 37.4% of the company. This financial boost positions New Age Metals strongly in its industry, enabling continued focus on its critical metal projects.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Jan 07, 2026