Niobay Metals (NBY) AI Stock Analysis

• Market Cap: C$18.02M
• Dividend Yield: N/A
• Average Volume (3M): 430.33K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.77
• Revenue Growth: N/A
• EPS Growth: -33.65%
• Country: CA
• Employees: 3
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): >-0.01
• Shares Outstanding: 133,468,570
• 10 Day Avg. Volume: 923,287
• 30 Day Avg. Volume: 430,333
• PEG Ratio: 0.25
• Price to Book (P/B): 1.18
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -2.05
• 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: 47 Neutral
• Price Target: C$0.13 ▼(-26.11% Downside)

The score is held down primarily by weak fundamentals (no revenue, ongoing losses, and continued cash burn despite no debt) and limited valuation support (negative P/E, no dividend). These are partially offset by strong recent technical strength, though momentum looks overextended, raising near-term pullback risk.

Positive Factors

Conservative capital structure

A zero-debt position materially reduces financial default risk and gives management flexibility to time external financing or structure joint-ventures. For an exploration-stage miner, this conservatism preserves optionality to pursue project milestones or farm-outs without fixed interest burdens.

Strategic focus on critical metals

Concentrating on niobium and critical metals aligns the company with multi-year structural demand trends (electrification, specialty alloys, defense). Successful resource definition could attract strategic partners and offtake interest, improving chances to advance projects toward development or sale.

Improving cash burn trend

A meaningful improvement in cash burn vs. FY2022 indicates progress on cost control or project spending discipline. If sustained, lower burn extends runway to reach exploration milestones, reducing near-term financing frequency and improving attractiveness to JV partners seeking lower funding risk.

Negative Factors

No revenue and persistent losses

Absence of operating revenue leaves valuation reliant solely on exploration success and future funding. Persistent operating losses imply continued consumption of capital to advance projects, increasing execution risk and the probability that milestones will require dilutive financings or asset disposals.

Negative free cash flow

Sustained negative free cash flow forces dependence on external capital to fund exploration and overhead. This structural cash shortfall elevates dilution risk, constrains the pace of drilling and delineation work, and reduces negotiating leverage with partners or acquirers until a producing asset is demonstrated.

Eroding equity base

A materially reduced equity base reflects accumulated losses and likely past dilutive financing, weakening balance-sheet resilience. This deterioration can limit access to non-dilutive capital, worsen covenant capacity for any future debt, and reduce bargaining power with potential JV partners or acquirers.

Niobay Metals Business Overview & Revenue Model

Company Description

Niobay Metals Inc., a mineral resource company, acquires, explores for, evaluates, and develops mining properties in Canada. The company explores for niobium and tantalum deposits. Its principal asset is the James Bay Project that covers an area of 8,833 hectares located in the James Bay Lowlands in the northern Ontario, Canada. The company was formerly known as MDN Inc. and changed its name to Niobay Metals Inc. in September 2016. Niobay Metals Inc. was incorporated in 1954 and is based in Montreal, Canada.

How the Company Makes Money

Niobay Metals generates revenue through the exploration and potential development of its mineral properties, primarily focusing on niobium. The company aims to monetize its resources through the eventual sale or partnership in the development of its niobium assets. Key revenue streams include the potential sale of niobium once production commences and strategic partnerships or joint ventures with larger mining entities interested in investing in niobium resources. Additionally, the company may engage in raising capital through equity financing to support its exploration and development activities. Significant factors contributing to its earnings would include successful project development, favorable market conditions for niobium, and securing necessary permits and approvals for mining operations.

Niobay Metals Financial Statement Overview

Summary

Financial performance is weak: the company reports no revenue across periods, persistent operating losses, and negative free cash flow (TTM FCF about -3.13M). The main positive is a conservative balance sheet with no reported debt, but equity has eroded materially over time, indicating ongoing dilution/financing risk if losses and cash burn persist.

Income Statement

The company continues to report no revenue across all periods provided, with consistently negative gross profit and sizable operating losses. Losses widened in TTM (Trailing-Twelve-Months) versus FY2024 (net loss of about -3.16M vs. -2.40M), indicating profitability is not yet stabilizing. A key positive is that losses were materially lower than FY2022’s trough, but the lack of revenue generation and recurring deficits keep income statement quality weak.

Balance Sheet

Leverage appears conservative with total debt reported at 0 across periods, which reduces financial risk and provides flexibility. However, the equity base has steadily eroded over time (from ~13.27M in FY2020 to ~3.80M in TTM (Trailing-Twelve-Months)), and returns on equity remain deeply negative, reflecting ongoing value dilution from losses. Assets have also trended down versus earlier years, consistent with a shrinking capital base.

Cash Flow

Cash generation is a clear pressure point: operating cash flow and free cash flow are negative in every period shown, including TTM (Trailing-Twelve-Months) (about -3.13M free cash flow). Cash burn improved meaningfully from FY2022, but it worsened versus FY2023 and FY2024, suggesting spending requirements remain elevated. Free cash flow is roughly in line with net loss, indicating limited non-cash earnings support and continued reliance on external funding if conditions persist.

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	-82.69K	-95.06K	-115.83K	-122.45K	-18.19K	-14.97K
EBITDA	-3.40M	-2.34M	-2.48M	-4.76M	-4.45M	-748.73K
Net Income	-3.16M	-2.40M	-2.10M	-4.46M	-3.97M	-744.79K
Balance Sheet
Total Assets	3.20M	3.55M	4.06M	6.17M	11.13M	14.35M
Cash, Cash Equivalents and Short-Term Investments	2.31M	2.68M	3.09M	4.53M	10.18M	13.17M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	187.11K	382.57K	154.49K	782.90K	1.11M	1.06M
Stockholders Equity	3.80M	3.92M	4.61M	5.87M	10.10M	13.27M
Cash Flow
Free Cash Flow	-3.13M	-2.26M	-2.24M	-6.68M	-4.00M	-2.91M
Operating Cash Flow	-3.13M	-2.22M	-2.21M	-6.17M	-3.83M	-2.89M
Investing Cash Flow	0.00	-40.00K	-25.00K	449.80K	569.78K	1.97M
Financing Cash Flow	3.02M	1.85M	798.92K	73.25K	271.91K	10.83M

Niobay Metals Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.18
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:NBY, the sentiment is Negative. The current price of 0.18 is above the 20-day moving average (MA) of 0.16, above the 50-day MA of 0.15, and above the 200-day MA of 0.11, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 45.09 is Neutral, neither overbought nor oversold. The STOCH value of 22.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:NBY.

Niobay Metals 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%
LLG	50 Neutral	C$16.08M	0.84	45.75%	―	―	158.45%
ELEF	49 Neutral	C$15.33M	-1.37	-179.75%	―	―	15.69%
SRA	49 Neutral	C$23.65M	-72.29	16.97%	―	―	―
NBY	47 Neutral	C$18.02M	-4.79	-76.62%	―	―	-33.65%
SMY	45 Neutral	C$18.74M	-11.44	-6.20%	―	―	-205.83%
WLF	45 Neutral	C$15.78M	-79.17	-32.86%	―	―	86.96%

Niobay Metals Corporate Events

NioBay Metals Raises C$8.9 Million to Advance James Bay Niobium Project

NioBay Metals has closed a brokered and concurrent non-brokered private placement for total gross proceeds of approximately C$8.9 million, issuing a mix of common share units, flow-through units, and charity flow-through units, all with warrants exercisable at C$0.20 until December 2028. The flow-through proceeds will fund eligible exploration work at the James Bay Niobium Project and be renounced to subscribers as qualifying critical mineral expenditures, while non-flow-through funds will support working capital and corporate purposes, enhancing NioBay’s financial capacity to advance its flagship project and potentially strengthen its position in the critical minerals space, subject to final TSX Venture Exchange approval.

NioBay Metals Upsizes Private Placement to $7.5 Million

NioBay Metals Inc. has announced an increase in its private placement offering due to strong investor demand, raising the maximum gross proceeds from C$5 million to C$7.5 million. The funds will be used for the exploration and advancement of the James Bay Niobium Project and for general corporate purposes. This move reflects the company’s strategic efforts to strengthen its financial position and advance its key projects, potentially enhancing its market position and providing value to stakeholders.

NioBay Metals Launches C$5 Million Fundraising Initiative

NioBay Metals Inc. has announced a brokered life offering and concurrent private placement to raise up to C$5 million. The proceeds will be used for the exploration and advancement of the James Bay Niobium Project and for general corporate purposes. The offering includes units, flow-through units, and charity flow-through units, with Red Cloud Securities acting as the sole agent. The securities are expected to be freely tradeable in Canada, with certain exemptions applied for sales in offshore jurisdictions and the United States.

NioBay Metals Launches C$5 Million Fundraising for Niobium Project Expansion

NioBay Metals Inc. has announced a brokered life offering and concurrent private placement to raise up to C$5 million. The proceeds will be used for the exploration and advancement of the James Bay Niobium Project and for general corporate purposes. The offering includes units, flow-through units, and charity flow-through units, with Red Cloud Securities Inc. acting as the sole agent and bookrunner. This strategic move is expected to enhance NioBay’s operational capabilities and strengthen its position in the mining sector.

NioBay Metals Reports Successful 2025 Drill Campaign at Crevier Project

NioBay Metals Inc. announced the successful completion of its 2025 summer drill campaign at the Crevier Project, revealing additional mineralized intersections. The campaign confirmed mineralization over a 6 km strike length and included the completion of bulk sampling, with 140 tonnes of rock prepared for further testing. This development marks a significant step in advancing the Crevier Project, which will focus on producing niobium oxide for battery manufacturers, potentially strengthening NioBay’s position in the critical minerals market.