Surge Exploration Inc (TSE:NILI)
:NILI
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Surge Exploration Inc
(NILI)
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Rating:47Neutral
Price Target:
C$0.72
▲(12.34% Upside)
Action:ReiteratedDate:01/14/26
The score is primarily held back by very weak financial performance (no revenue, recurring losses, and ongoing cash burn), despite the benefit of zero debt. Technicals are supportive with a strong uptrend, but overbought RSI increases pullback risk. Valuation is not compelling given negative earnings and no dividend yield provided.
Positive Factors
Zero debt / positive equity
A debt-free balance sheet and positive equity materially reduce financial leverage risk for an exploration-stage miner. This gives management flexibility to fund near-term exploration via equity or non-debt financing and lowers bankruptcy risk relative to levered peers, improving survivability through the drill-to-discovery timeframe.
Negative Factors
No revenue / persistent losses
The company generates no recurring revenue and records persistent operating and net losses, meaning there is no internal earnings engine to fund growth. Over the medium term this forces continual external financing, diluting shareholders and placing emphasis on successful exploration outcomes rather than cash-generating operations.
Read all positive and negative factors
Positive Factors
Negative Factors
Zero debt / positive equity
A debt-free balance sheet and positive equity materially reduce financial leverage risk for an exploration-stage miner. This gives management flexibility to fund near-term exploration via equity or non-debt financing and lowers bankruptcy risk relative to levered peers, improving survivability through the drill-to-discovery timeframe.
Read all positive factors
Surge Exploration Inc (NILI) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$150.84M
Dividend YieldN/A
Average Volume (3M)1.53M
Price to Earnings (P/E)―
Beta (1Y)2.62
Revenue GrowthN/A
EPS Growth19.92%
CountryCA
Employees10
SectorGeneral
Sector StrengthN/A
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-0.01
Shares Outstanding235,686,940
10 Day Avg. Volume3,396,092
30 Day Avg. Volume1,525,691
Financial Highlights & Ratios
PEG Ratio0.54
Price to Book (P/B)5.02
Price to Sales (P/S)0.00
P/FCF Ratio-21.70
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$1.00Price Target Upside56.25% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.02
Revenue Forecast (FY)N/A
Surge Exploration Inc Business Overview & Revenue Model
Company Description
Surge Battery Metals Inc., an exploration stage company, engages in the acquisition, exploration, and development of mineral properties in North America. It focuses on gold, copper, lead, zinc, silver, cobalt, nickel, and precious metals. The comp...
How the Company Makes Money
Surge Exploration Inc makes money primarily through the exploration and development of mineral properties, focusing on copper, gold, and lithium. The company's revenue model involves identifying and acquiring promising mineral projects, conducting...
Surge Exploration Inc Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
52
Neutral
Cash Flow
18
Very Negative
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Dec 2021 | Mar 2021 |
|---|---|---|---|---|---|---|
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 | 0.00 |
| EBITDA | -5.02M | -9.85M | -8.52M | -2.23M | -2.15M | -280.72K |
| Net Income | -7.31M | -9.85M | -8.93M | -2.97M | -2.15M | -382.63K |
Balance Sheet | ||||||
| Total Assets | 13.61M | 12.26M | 16.50M | 4.63M | 6.07M | 270.74K |
| Cash, Cash Equivalents and Short-Term Investments | 1.21M | 1.92M | 6.37M | 1.02M | 3.97M | 206.63K |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 590.00K | 399.12K | 201.80K | 199.68K | 263.48K | 346.42K |
| Stockholders Equity | 13.02M | 11.86M | 16.30M | 4.43M | 5.80M | -75.68K |
Cash Flow | ||||||
| Free Cash Flow | -2.71M | -2.75M | -3.64M | -3.63M | -2.43M | -159.42K |
| Operating Cash Flow | -2.71M | -2.75M | -3.64M | -2.06M | -2.04M | -159.42K |
| Investing Cash Flow | -2.25M | -619.71K | -6.78M | -1.57M | 414.39K | 61.56K |
| Financing Cash Flow | 3.10M | 952.00K | 12.73M | 684.45K | 5.59M | 0.00 |
Surge Exploration Inc Technical Analysis
Positive
0.64
Price Trends
0.63
Negative
0.66
Negative
0.49
Positive
Market Momentum
>-0.01
Negative
52.04
Neutral
77.84
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:NILI, the sentiment is Positive. The current price of 0.64 is above the 20-day moving average (MA) of 0.56, above the 50-day MA of 0.63, and above the 200-day MA of 0.49, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 52.04 is Neutral, neither overbought nor oversold. The STOCH value of 77.84 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:NILI.
Surge Exploration Inc Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
47 Neutral | C$150.84M | -18.01 | -58.94% | ― | ― | 19.92% | |
46 Neutral | C$99.49M | -16.41 | -82.13% | ― | ― | -89.71% | |
45 Neutral | C$99.88M | -49.21 | -4.27% | ― | ― | 10.13% | |
44 Neutral | C$121.62M | -13.99 | -46.38% | ― | ― | 19.55% | |
44 Neutral | C$134.58M | -19.89 | -6.13% | ― | ― | 54.00% | |
44 Neutral | C$207.76M | -21.25 | -4.43% | ― | ― | -18.67% |
* General Sector Average
TSE:NILI
Surge Exploration Inc
0.64
0.36
128.57%
TSE:CCCM
C3 Metals
1.00
0.40
66.67%
TSE:EMO
Emerita Resources
0.41
-0.91
-68.94%
TSE:FPC
Falco Resources
0.39
0.18
87.80%
TSE:SURG
Surge Copper Corp
0.55
0.45
450.00%
TSE:PGE
Group Ten Metals
0.32
0.12
60.00%
Surge Exploration Inc Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Surge Battery Metals Raises $25 Million to Advance Nevada North Lithium Project
Positive
Feb 4, 2026
Surge Battery Metals has closed a fully subscribed non-brokered private placement for total gross proceeds of $25 million, issuing 27,777,980 units at $0.90 per unit via a listed issuer financing exemption and concurrent offering. Each unit includ...
Business Operations and StrategyPrivate Placements and Financing
Surge Battery Metals Plans $15 Million LIFE Financing to Advance Nevada Lithium Project
Positive
Jan 14, 2026
Surge Battery Metals Inc. has launched a non-brokered listed issuer financing exemption (LIFE) private placement to raise approximately $15 million through the sale of 16.67 million units at $0.90 each, with each unit comprising one common share a...
Business Operations and StrategyExecutive/Board Changes
Surge JV Hires Former Nissan and Ford Battery Strategist to Drive Nevada Lithium Project
Positive
Jan 7, 2026
Surge Battery Metals’ joint venture vehicle, Nevada North Lithium LLC, has appointed former Nissan and Ford battery raw materials strategist Steffen Ball as Vice President, Commercial Development to lead commercial strategy and forge strateg...
Business Operations and Strategy
Quaternary Group Boosts Stake in Surge Battery Metals as Lithium Explorer Advances Nevada Project
Positive
Jan 6, 2026
Surge Battery Metals Inc. announced that Quaternary Group Ltd. has increased its ownership stake in the company, raising its undiluted position from approximately 5.7% to about 7.8% of the issued and outstanding common shares since mid-October 202...
Business Operations and StrategyPrivate Placements and Financing
Surge Battery Metals Secures Initial JV Funding from Evolution Mining
Positive
Dec 10, 2025
Surge Battery Metals Inc. announced that its joint venture with Evolution Mining Limited, Nevada North Lithium LLC, has received an initial funding of CA$3,000,000 from Evolution. This funding increases Evolution’s ownership in the joint ven...
Business Operations and StrategyPrivate Placements and Financing
Surge Battery Metals Forms Joint Venture with Evolution Mining for Lithium Project
Positive
Dec 2, 2025
Surge Battery Metals Inc. has entered into a joint venture with Evolution Mining Limited to advance the Nevada North Lithium Project. This partnership involves a contribution of assets from both parties and aims to complete a Preliminary Feasibili...
Business Operations and Strategy
Surge Battery Metals Finalizes Joint Venture with Evolution Mining for Lithium Project
Positive
Nov 27, 2025
Surge Battery Metals Inc. has finalized the terms of a joint venture with Evolution Mining Limited to further develop the Nevada North Lithium Project. This collaboration aims to enhance the project’s development, potentially increasing its ...
Business Operations and Strategy
Surge Battery Metals Advances Joint Venture with Evolution Mining
Positive
Nov 21, 2025
Surge Battery Metals Inc. has announced an update on its proposed joint venture with Evolution Mining Limited, which has received conditional approval from the TSX Venture Exchange. This collaboration aims to enhance Surge’s lithium explorat...
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.