Class 1 Nickel & Technologies (NICO) AI Stock Analysis

• Market Cap: C$38.63M
• Dividend Yield: N/A
• Average Volume (3M): 19.50K
• Price to Earnings (P/E): ―
• Beta (1Y): -1.53
• Revenue Growth: N/A
• EPS Growth: 37.82%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): >-0.01
• Shares Outstanding: 183,938,350
• 10 Day Avg. Volume: 2,100
• 30 Day Avg. Volume: 19,504
• PEG Ratio: 1.70
• Price to Book (P/B): -19.93
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -32.10
• 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$0.21 ▲(245.00% Upside)

The score is held down primarily by weak financial performance (pre-revenue profile, ongoing losses/cash burn, negative equity and rising debt). Technicals add some support due to strong momentum and positive MACD, but overbought signals temper that benefit. Valuation is also a headwind because the company remains unprofitable (negative P/E) and there is no dividend yield data.

Positive Factors

Exposure to battery metals demand

Class 1 Nickel’s focus on nickel and battery-related metals aligns with long-term EV and energy storage demand. This secular demand supports project optionality and potential future cash flows, making exploration assets structurally relevant if development succeeds.

Reduced cash burn in 2024

Material improvement in cash burn and a smaller negative operating cash flow in 2024 indicates management curtailed outflows. Sustained reductions in burn rate extend runway, lower near-term financing needs, and increase the probability projects can progress before large dilutive raises.

Asset base increased in 2024

An increase in total assets to ~1.57M suggests capital injections or asset recognition, which strengthens the company’s tangible base. A larger asset position can support project milestones, serve as collateral for financing, and improve strategic optionality over the medium term.

Negative Factors

Pre-revenue profile

The company’s lack of revenue through 2019–2024 means it remains wholly exploration-stage and dependent on successful resource development. Persistent operating losses increase uncertainty around achieving commercial production and extend reliance on external funding, raising execution risk.

Negative shareholders’ equity

Negative equity (≈-1.68M in 2024) indicates liabilities exceed assets, constraining borrowing capacity and financial flexibility. Structurally weak equity positions raise the likelihood of dilutive financing, limit access to favorable credit, and increase vulnerability to adverse shocks.

Ongoing cash burn and rising debt

Rising debt alongside persistent negative operating cash flow leaves the company dependent on external capital. This funding dependence elevates refinancing and covenant risk, can lead to dilutive equity raises or costly debt, and may force project delays or asset sales to preserve liquidity.

Class 1 Nickel & Technologies Business Overview & Revenue Model

Company Description

Class 1 Nickel and Technologies Limited engages in the exploration and development of minerals and base metals in Canada. The company explores for nickel, copper, and cobalt sulphide deposits. It primarily holds a 100% interest in the Alexo-Dundonald project, comprising 95 Boundary Cell Mining Claims, Single Cell Mining Claims, Leased Claims, and Patented Claims, which covers an approximately 1,895 hectares located to the northeast of Timmins, Ontario. It also holds option to acquire 100% interest in the Somanike Project located in the Abitibi Region of Quebec, and 100% interest in the River Valley PGE Project located to northeastern Ontario, Canada. The company was formerly known as Legendary Ore Mining Corporation and changed its name to Class 1 Nickel and Technologies Limited in September 2019. Class 1 Nickel and Technologies Limited was incorporated in 1989 and is headquartered in Toronto, Canada.

How the Company Makes Money

Class 1 Nickel & Technologies generates revenue primarily through the exploration and potential development of its mining assets. The company aims to identify and develop economically viable mineral deposits, which can be either sold to or partnered with larger mining companies for further development and eventual production. Revenue streams include the sale of mineral rights, joint venture agreements, and potential royalties from production. Success in generating income depends significantly on exploration outcomes, market conditions for nickel and related minerals, and strategic partnerships with other mining entities.

Class 1 Nickel & Technologies Financial Statement Overview

Summary

Class 1 Nickel & Technologies is facing significant financial distress, evidenced by persistent losses, negative equity, and cash flow challenges. The absence of revenue generation further exacerbates these issues, posing substantial risks to financial health and sustainability.

Income Statement

Class 1 Nickel & Technologies has reported zero revenue over multiple periods, indicating a lack of sales activity. The company consistently reports negative net income and EBIT, reflecting ongoing operational losses without any revenue inflow. This severely impacts profitability and indicates a challenging financial position.

Balance Sheet

The company's balance sheet reveals significant challenges, with negative stockholders' equity and a high debt load, reflected in the substantial debt-to-equity ratio. The equity ratio is also negative, highlighting financial instability and risk, which could affect future operations.

Cash Flow

The cash flow statement shows negative free cash flow and operating cash flow, indicating cash outflows from operations without any revenue generation. Financing activities have provided some cash inflow, but this may not be sustainable long-term. The company faces cash management challenges, impacting liquidity.

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	0.00	0.00	0.00	0.00	0.00	8.95K
EBITDA	-1.40M	-1.77M	-158.17K	-5.60M	-15.35M	-1.73M
Net Income	-1.74M	-2.04M	-2.02M	-5.60M	-15.35M	-1.73M
Balance Sheet
Total Assets	847.11K	1.57M	546.20K	854.48K	2.70M	4.02M
Cash, Cash Equivalents and Short-Term Investments	797.31K	1.48M	82.40K	106.46K	2.15M	3.86M
Total Debt	2.00M	2.46M	1.97M	1.05M	0.00	―
Total Liabilities	2.75M	3.25M	2.48M	2.33M	1.55M	518.84K
Stockholders Equity	-1.90M	-1.68M	-1.93M	-1.48M	1.15M	3.50M
Cash Flow
Free Cash Flow	-1.08M	-1.05M	-2.26M	-5.97M	-6.75M	-1.55M
Operating Cash Flow	-1.08M	-1.05M	-2.26M	-5.97M	-6.75M	-1.55M
Investing Cash Flow	0.00	0.00	0.00	0.00	0.00	0.00
Financing Cash Flow	1.53M	2.44M	2.24M	3.92M	5.04M	5.24M

Class 1 Nickel & Technologies Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.06
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:NICO, the sentiment is Positive. The current price of 0.06 is below the 20-day moving average (MA) of 0.09, below the 50-day MA of 0.07, and below the 200-day MA of 0.12, indicating a bullish trend. The MACD of 0.04 indicates Negative momentum. The RSI at 70.46 is Negative, neither overbought nor oversold. The STOCH value of 75.55 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:NICO.

Class 1 Nickel & Technologies 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%
NMI	51 Neutral	C$52.16M	-50.00	-3.86%	―	―	―
NICO	47 Neutral	C$38.63M	-25.77	―	―	―	37.82%
EVNI	47 Neutral	C$26.69M	-11.14	-58.79%	―	―	21.31%
TN	46 Neutral	C$49.78M	-62.10	-7.40%	―	―	74.27%
ELBM	44 Neutral	C$127.35M	-0.71	-49.48%	―	―	62.30%
EMM	44 Neutral	C$26.82M	-4.04	-27.31%	―	―	41.07%

Class 1 Nickel & Technologies Corporate Events

Green Panda Capital Extends Closing of $300,000 Private Placement

Green Panda Capital Corp. has extended the closing date of its previously announced non-brokered private placement of up to $300,000, after completing a first tranche on November 26, 2025 that raised $150,000 through the issuance of 3,000,000 common shares at $0.05 per share, subject to a statutory hold period until March 27, 2026. The company now expects to close the remaining tranche or tranches on or before January 26, 2026, pending regulatory approvals from the TSX Venture Exchange, and plans to use the net proceeds for general corporate purposes, underscoring its ongoing efforts to secure working capital and maintain financial flexibility.

The most recent analyst rating on (TSE:NICO) stock is a Hold with a C$0.06 price target. To see the full list of analyst forecasts on Class 1 Nickel & Technologies stock, see the TSE:NICO Stock Forecast page.

Green Panda Capital Corp. Completes First Tranche of Private Placement

Green Panda Capital Corp., a company listed on the TSX Venture Exchange, has successfully completed the first tranche of its private placement financing, raising $150,000 by issuing 3,000,000 common shares at $0.05 each. The funds raised will be used for general corporate purposes, and the shares are subject to a four-month hold period. A finder’s fee of $7,500 was paid in connection with this tranche.

Green Panda Capital Corp. Announces Private Placement and Leadership Change

Green Panda Capital Corp., a company listed on the TSX Venture Exchange, announced a non-brokered private placement of up to 6,000,000 common shares at $0.05 per share, aiming to raise $300,000 for general corporate purposes. Additionally, the company appointed Ivan Riabov as the new Chief Financial Officer and Corporate Secretary, succeeding Steven Olsthoorn, marking a strategic shift in its leadership to enhance its corporate strategy.