Northcliff Resources (NCF) AI Stock Analysis

• Market Cap: C$207.16M
• Dividend Yield: N/A
• Average Volume (3M): 754.26K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.68
• Revenue Growth: N/A
• EPS Growth: 34.09%
• Country: CA
• Employees: 3
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): 0.00
• Shares Outstanding: 627,758,670
• 10 Day Avg. Volume: 330,970
• 30 Day Avg. Volume: 754,264
• PEG Ratio: 2.24
• Price to Book (P/B): 4.62
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -22.38
• 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$0.39 ▲(15.29% Upside)
• Action: Reiterated Date: 03/18/26
• Date: Action: Reiterated 03/18/26

The score is held back primarily by weak financial performance driven by no revenue, ongoing losses, and meaningful cash burn (raising financing/runway risk). Technicals provide some support with a positive longer-term trend and positive MACD, but valuation remains unattractive/unclear due to negative earnings and no dividend yield data.

Positive Factors

Supportive balance sheet and low leverage

Northcliff reports roughly C$25.1M of equity against modest debt (~C$3.6M), yielding low leverage. For a pre-revenue developer this provides a durable financial cushion that reduces immediate refinancing pressure, supports permitting and engineering work, and offers flexibility to pursue project milestones over the next several months.

Clear, focused asset strategy (Sisson project)

Being a pure-play on the Sisson tungsten-molybdenum project gives Northcliff strategic clarity. Focused capital allocation, permitting efforts, and investor outreach around a single, advanced asset can improve execution effectiveness and attract project-specific financing partners, a durable advantage for multi-month project advancement.

Improving loss trend (smaller TTM loss)

TTM net loss (~-0.84M) is smaller than the prior annual loss (~-1.34M), suggesting the company is reducing cash burn or costs. If sustained, this improved trajectory lowers the pace of equity erosion, reduces near-term financing needs, and materially improves runway to advance permitting and development activities during the coming months.

Negative Factors

Pre-revenue business model

Northcliff has reported no revenue in available periods, reflecting a pure exploration/development profile. The absence of operating cash inflows makes project progress dependent on external financing and milestone delivery, creating structural execution and funding uncertainty over a 2–6 month horizon.

Persistent negative cash flow and deep negative FCF

Operating cash flow has been negative in every reported period, with TTM OCF around -3.0M and FCF about -7.9M. Persistent negative cash generation will deplete the equity cushion absent financing, increasing dilution or borrowing risk and elevating the chance of delayed or scaled-back project activity over several months.

Very small operating team limits execution capacity

A headcount of three employees constrains in‑house capability for permitting, engineering oversight, and stakeholder management. This structural capacity shortfall necessitates outsourcing or rapid hiring, raising costs and execution risk and slowing progress on Sisson relative to better-resourced developers over the medium term.

Northcliff Resources Business Overview & Revenue Model

Company Description

Northcliff Resources Ltd., together with its subsidiaries, engages in the acquisition, exploration, and development of mineral projects in Canada. Its primary mineral project is the Sisson Tungsten-Molybdenum project covering an area of 18,880 hectares located in New Brunswick, Canada. The company was formerly known as Cabre Capital Corp. and changed its name to Northcliff Resources Ltd. in June 2011. Northcliff Resources Ltd. was incorporated in 2010 and is headquartered in Vancouver, Canada.

How the Company Makes Money

null

Northcliff Resources Financial Statement Overview

Summary

Overall fundamentals are weak due to a pre-revenue profile (no revenue in available periods), persistent net losses (TTM net income about -0.84M), and sustained cash burn (TTM operating cash flow about -3.0M; TTM free cash flow about -7.9M). The balance sheet is the main offset with low leverage (debt-to-equity ~0.14) and sizable equity (~25.1M), but continued losses risk eroding that cushion over time.

Income Statement

Northcliff Resources has reported no revenue across the available periods (including TTM (Trailing-Twelve-Months)), consistent with a pre-revenue profile. Losses are persistent, with net income negative every year and still negative in TTM (Trailing-Twelve-Months) (about -0.84M), though the TTM loss is smaller than the most recent annual loss (about -1.34M). Gross profit is also negative in multiple periods, highlighting an absence of operating scale and limited near-term earnings visibility.

Balance Sheet

The balance sheet looks relatively supportive for a pre-revenue company: equity is sizable (~25.1M in TTM (Trailing-Twelve-Months)) versus modest debt (~3.6M), resulting in low leverage (debt-to-equity ~0.14 in TTM (Trailing-Twelve-Months)). Total assets have also increased versus 2024. The main weakness is ongoing negative returns on equity (TTM (Trailing-Twelve-Months) ROE around -5%), reflecting continued losses and the risk that equity can erode over time if losses persist.

Cash Flow

Cash flow is a key pressure point: operating cash flow is negative in every period and remains meaningfully negative in TTM (Trailing-Twelve-Months) (about -3.0M), indicating ongoing cash burn to fund operations. Free cash flow is also consistently negative and worsened in TTM (Trailing-Twelve-Months) (about -7.9M) versus the latest annual figure (about -5.2M), suggesting heavier spending and/or working-capital use. While free cash flow growth shows a large positive percentage in TTM (Trailing-Twelve-Months), the absolute level is still deeply negative, so funding needs remain elevated.

Breakdown	TTM	Oct 2025	Oct 2024	Oct 2023	Oct 2022	Oct 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-186.29K	0.00	-974.05K	-437.73K	-214.00	-658.00
EBITDA	-795.44K	-1.33M	-2.21M	-2.27M	-1.68M	-1.19M
Net Income	-837.68K	-1.34M	-2.10M	-2.65M	-1.88M	-1.27M
Balance Sheet
Total Assets	36.32M	34.21M	30.53M	31.03M	32.43M	28.34M
Cash, Cash Equivalents and Short-Term Investments	446.70K	1.62M	1.34M	2.13M	4.93M	1.44M
Total Debt	3.64M	3.55M	0.00	1.32M	4.45M	1.34M
Total Liabilities	7.57M	5.23M	1.64M	2.40M	6.57M	2.54M
Stockholders Equity	25.08M	25.23M	25.06M	24.66M	22.32M	22.65M
Cash Flow
Free Cash Flow	-7.95M	-5.21M	-1.11M	-4.65M	-1.28M	-994.10K
Operating Cash Flow	-2.99M	-2.99M	-1.11M	-3.78M	-727.53K	-676.45K
Investing Cash Flow	-2.53M	-1.38M	-698.92K	-686.49K	-528.37K	-306.90K
Financing Cash Flow	4.67M	4.66M	1.02M	1.67M	4.75M	831.97K

Northcliff Resources Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.34
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:NCF, the sentiment is Neutral. The current price of 0.34 is below the 20-day moving average (MA) of 0.39, below the 50-day MA of 0.36, and above the 200-day MA of 0.23, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 39.12 is Neutral, neither overbought nor oversold. The STOCH value of 16.02 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:NCF.

Northcliff Resources 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%
NCF	51 Neutral	C$207.16M	-360.05	-5.40%	―	―	34.09%
CCCM	51 Neutral	C$106.88M	-49.21	-4.27%	―	―	10.13%
PWM	47 Neutral	C$90.75M	-54.67	-12.70%	―	―	―
FL	47 Neutral	C$179.84M	-15.35	-144.30%	―	―	34.36%
FPC	44 Neutral	C$125.84M	-19.89	-6.13%	―	―	54.00%

Northcliff Resources Corporate Events

Northcliff Extends $3.5 Million Loan Maturity to Support Sisson Project

Northcliff Resources has secured a two-month extension on a $3.5 million loan facility from Todd Sisson (NZ) Limited, pushing the maturity date from March 12, 2026 to May 12, 2026, with all other material terms unchanged. The extension, approved by the TSX, provides additional near-term financial flexibility as the company continues to advance the Sisson tungsten-molybdenum project, reinforcing Todd’s role as both majority shareholder and key funding partner.

Todd currently holds 81.3% of Northcliff’s outstanding shares and an 11.5% interest in the Sisson Partnership, underscoring a tightly held ownership structure that aligns the financial interests of the lender and the company. This financing extension supports ongoing work at the feasibility-stage Sisson project, a key asset in Northcliff’s portfolio that could strengthen its position in the tungsten and molybdenum supply chain if brought to production.

The most recent analyst rating on (TSE:NCF) stock is a Hold with a C$0.39 price target. To see the full list of analyst forecasts on Northcliff Resources stock, see the TSE:NCF Stock Forecast page.

Northcliff Advances Pre-Construction Work and Financing Talks for Sisson Critical Minerals Project

Northcliff Resources is moving its Sisson tungsten-molybdenum project through the pre-construction phase, leveraging more than US$15 million in U.S. Defense Production Act funding and C$8.2 million in Canadian critical minerals support to update its 2013 feasibility study, complete front-end engineering, and meet technical conditions tied to existing environmental approvals. Current work includes geotechnical and geophysical site investigations for tailings and pit design, planning a second phase of fieldwork, developing an archaeological and heritage protection protocol with provincial authorities and the Wolastoqey Nation, and intensifying discussions with Western offtakers, potential project financiers, and export credit agencies, positioning Sisson as a strategically important source of critical minerals within Canada’s and its allies’ supply chains.

The most recent analyst rating on (TSE:NCF) stock is a Hold with a C$0.38 price target. To see the full list of analyst forecasts on Northcliff Resources stock, see the TSE:NCF Stock Forecast page.