Noram Lithium Corp (NRM) AI Stock Analysis

• Market Cap: C$12.52M
• Dividend Yield: N/A
• Average Volume (3M): 60.90K
• Price to Earnings (P/E): ―
• Beta (1Y): -1.85
• Revenue Growth: N/A
• EPS Growth: 48.66%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): >-0.01
• Shares Outstanding: 89,452,614
• 10 Day Avg. Volume: 109,218
• 30 Day Avg. Volume: 60,895
• PEG Ratio: 0.06
• Price to Book (P/B): 1.39
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -3.66
• 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$0.14 ▲(30.00% Upside)

The score is primarily held back by weak financial performance (no revenue, ongoing losses, and negative free cash flow), partly offset by a low-debt balance sheet. Technical indicators are broadly neutral with limited momentum, while valuation signals remain constrained by negative earnings and no dividend yield support.

Positive Factors

Low leverage balance sheet

A very low debt-to-equity ratio (~0.03) materially reduces near-term solvency risk and interest burdens, giving management flexibility in capital allocation and preserving optionality to pursue project studies or partnerships before taking on meaningful project debt.

Strategic project location

Hosting the Zeus Lithium Project in Clayton Valley places the company in a proven, lithium-rich jurisdiction with established supply-chain infrastructure and permitting experience. This location advantage supports longer-term development potential and partner interest versus remote projects.

Improving loss trajectory

A narrowing net loss indicates better cost control or more efficient capital deployment, reducing the company's structural burn rate. If sustained, this trend lengthens runway between financings and improves prospects for advancing technical work toward a commercial decision.

Negative Factors

Pre-revenue operations with cash burn

The company remains pre-revenue and generates negative operating and free cash flow, meaning operations are not self-funding. Persistent cash burn forces reliance on external capital and constrains the pace of exploration, permitting, and project de-risking over the medium term.

Reliance on capital markets financing

Ongoing dependence on equity issuances and financings is structurally dilutive and exposes the firm to market-access risk. In periods of wider investor aversion, the company could face funding delays that slow project advancement or force more dilutive terms.

Erosion of shareholders' equity

Material declines in equity and total assets reflect cumulative losses and capital consumption, weakening the balance sheet cushion. A shrinking equity base can limit access to non-dilutive financing, increase perceived project risk for partners, and raise long-term funding costs.

Noram Lithium Corp Business Overview & Revenue Model

Company Description

Noram Lithium Corp. engages in the acquisition, exploration, and development of mineral properties in the United States. Its flagship property is the Zeus Lithium project that covers an area of approximately 1,113 hectares located in Clayton Valley, Nevada. The company was formerly known as Noram Ventures Inc. and changed its name to Noram Lithium Corp. in July 2021. Noram Lithium Corp. was incorporated in 2010 and is headquartered in Vancouver, Canada.

How the Company Makes Money

Noram Lithium Corp makes money through the exploration and potential development of lithium resources. The company's revenue model is primarily based on the identification and enhancement of lithium properties, which are then either developed into operational mines or sold to larger mining entities. Key revenue streams include the sale of lithium, either directly or through joint ventures and partnerships with other mining companies. Additionally, Noram Lithium may generate income through strategic partnerships or agreements that provide funding for exploration activities in exchange for a stake in the projects or future lithium supply. Factors such as lithium market prices, successful resource discoveries, and favorable regulatory environments significantly contribute to its earnings potential.

Noram Lithium Corp Financial Statement Overview

Summary

Pre-revenue with continued losses (TTM net income -2.31M) and ongoing cash burn (TTM operating cash flow -744K; free cash flow -770K). A key positive is low leverage (debt ~116.7K vs equity 4.58M; ~0.03 debt-to-equity), but equity/assets have been declining, implying continued reliance on external funding until commercialization.

Income Statement

TTM (Trailing-Twelve-Months) results show no revenue and continued losses, with net income at -2.31M and negative gross profit, indicating the company is still pre-commercial and absorbing ongoing operating costs. Losses have narrowed versus the prior annual period (net loss improved from -3.15M in FY2025 to -2.31M TTM), which is a modest positive trajectory, but profitability remains structurally weak until revenues begin.

Balance Sheet

The balance sheet is conservatively levered, with low debt (116.7K TTM) relative to equity (4.58M) and a very low debt-to-equity ratio (~0.03), which reduces solvency risk. However, equity and total assets have trended down from prior years (equity fell from 13.55M in FY2023 to 5.79M in FY2025 and 4.58M TTM), consistent with ongoing losses and cash usage, and returns on equity remain meaningfully negative.

Cash Flow

Cash generation remains a key weakness: TTM operating cash flow is -744K and free cash flow is -770K, reflecting continued cash burn. Cash burn has improved versus FY2025 (operating cash flow -2.19M), but free cash flow growth is sharply negative in the TTM period, and cash flow is still not self-funding given persistent operating losses.

Breakdown	TTM	Dec 2024	Dec 2024	Dec 2022	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-53.61K	-56.73K	-56.77K	-59.61K	-56.21K	-55.81K
EBITDA	-2.25M	-6.30M	-3.09M	-5.26M	-5.17M	-4.93M
Net Income	-2.31M	-5.66M	-3.15M	-5.32M	-4.18M	-5.01M
Balance Sheet
Total Assets	5.77M	8.43M	6.30M	5.94M	14.24M	5.04M
Cash, Cash Equivalents and Short-Term Investments	3.53K	3.64M	577.36K	1.60M	12.22M	1.62M
Total Debt	116.65K	55.68K	151.05K	160.88K	110.90K	50.60K
Total Liabilities	1.19M	480.54K	511.87K	550.13K	694.47K	341.03K
Stockholders Equity	4.58M	7.95M	5.79M	5.39M	13.55M	4.70M
Cash Flow
Free Cash Flow	-769.73K	-4.88M	-2.19M	-2.39M	-5.99M	-1.31M
Operating Cash Flow	-743.98K	-4.88M	-2.19M	-1.64M	-3.97M	-1.07M
Investing Cash Flow	-32.72K	4.33M	1.83M	-1.50M	-11.17M	-990.16K
Financing Cash Flow	-43.06K	-63.30K	-24.83K	2.37M	16.61M	2.92M

Noram Lithium Corp Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.11
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:NRM, the sentiment is Positive. The current price of 0.11 is below the 20-day moving average (MA) of 0.12, below the 50-day MA of 0.11, and above the 200-day MA of 0.11, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 72.20 is Negative, neither overbought nor oversold. The STOCH value of 83.33 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:NRM.

Noram Lithium Corp 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%
ILI	51 Neutral	C$10.22M	-33.33	-1.36%	―	―	-136.00%
SRA	49 Neutral	C$23.65M	-72.29	16.97%	―	―	―
NRM	47 Neutral	C$12.52M	-5.43	-41.21%	―	―	48.66%
MUR	47 Neutral	C$7.89M	-4.74	-121.94%	―	―	55.15%
GRG	46 Neutral	C$16.09M	-3.63	-105.74%	―	―	40.18%
AWCM	33 Underperform	C$15.78M	-7.53	-17.86%	―	―	92.11%