Pan American Energy (PNRG) AI Stock Analysis

• Market Cap: C$29.80M
• Dividend Yield: N/A
• Average Volume (3M): 5.86K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.79
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): -0.03
• Shares Outstanding: 27,589,598
• 10 Day Avg. Volume: 6,719
• 30 Day Avg. Volume: 5,863
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.60
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -4.37
• 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: 48 Neutral
• Price Target: C$1.00 ▲(25.00% Upside)

The score is primarily held down by weak financial performance (no revenue, widening losses, and continued cash burn despite low debt) and limited valuation support (negative P/E, no dividend). Technicals provide some offset with a strong uptrend, but overbought signals increase near-term risk.

Positive Factors

Low leverage / minimal debt

A minimal-debt capital structure provides durable financial flexibility, lowering default risk and preserving borrowing capacity. Over 2–6 months this supports continued operations and project funding options while the business works to reach commercial cash generation.

Established transport and processing access

Direct access to existing transportation and processing networks reduces takeaway constraints and supports reliable commercialization of hydrocarbons. Structurally, this lowers execution risk for ramping production and selling into domestic or export markets as projects progress.

Operating cash flow showed recent improvement

An improvement in operating cash flow, even from negative levels, indicates progress toward operational stabilization. If sustained, it can reduce near-term external funding needs and help fund incremental development over the next several months.

Negative Factors

No reported revenue; widening net losses

Absence of reported revenue and sharply larger losses demonstrate the business is not yet commercial. Continued losses erode capital and require external funding, impairing the company's ability to self-fund development and increasing execution risk over the medium term.

Negative operating and free cash flow; cash burn

Persistent negative operating and free cash flow signals ongoing cash burn and dependence on external financing. This structurally increases dilution risk, constrains capital for drilling or maintenance, and threatens project timelines absent new funding over 2–6 months.

Equity erosion and negative returns

Material decline in equity and negative returns reflect accumulated losses and likely dilution. This weakens the balance sheet, reducing resiliency and future financing options despite low debt, and undermines long-term capacity to invest organically in growth or withstand shocks.

Pan American Energy Business Overview & Revenue Model

Company Description

Pan American Energy Corp., an exploration stage company, engages in the acquisition, exploration, and development of mineral properties. It holds interests in the Green Energy lithium project located in the State of Utah, the United States; and Big Mack lithium project situated in the Paterson Lake Area, Ontario, Canada. The company was formerly known as Golden Sun Mining Corp. Pan American Energy Corp. is headquartered in Calgary, Canada.

How the Company Makes Money

Pan American Energy Financial Statement Overview

Summary

Income statement is very weak with no reported revenue and widening losses (latest net loss ~16.1M vs. ~5.5M prior year). Cash flow remains negative with ongoing operating and free cash flow burn, implying continued reliance on external funding. Balance sheet leverage is low (a positive), but equity has fallen materially (~5.7M vs. ~19.9M prior year) and returns are negative, signaling ongoing value erosion.

Income Statement

Across the annual periods provided, the company reports no revenue, while profitability is consistently negative. Losses widened materially in the latest annual period (net loss of ~16.1M vs. ~5.5M prior year), and operating profit remains deeply negative, indicating a business still in a non-commercial or early-stage phase with meaningful ongoing cost burn.

Balance Sheet

Leverage appears low (debt is minimal or zero in most years), which is a clear strength. However, equity has been volatile—negative in earlier years and materially down in the latest year versus the prior year (equity ~5.7M vs. ~19.9M), reflecting dilution and/or accumulated losses. Returns on equity are also negative in the most recent years, consistent with continued value erosion.

Cash Flow

Cash generation is weak with negative operating cash flow and negative free cash flow in recent years, indicating ongoing cash burn. While cash burn improved in the latest annual period versus the prior year (operating cash flow less negative), free cash flow shows steep deterioration by the provided growth figure in the latest year, and cash flows remain reliant on funding rather than operations.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 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	-16.19M	-427.34K	583.28K	-5.52M	-448.00K	-392.00K
Net Income	-16.25M	-16.06M	-5.52M	-7.25M	-457.00K	-394.00K
Balance Sheet
Total Assets	6.88M	7.20M	22.55M	10.58M	279.30K	63.57K
Cash, Cash Equivalents and Short-Term Investments	1.14M	1.26M	2.08M	4.67M	77.61K	53.82K
Total Debt	0.00	0.00	185.81K	172.29K	313.22K	154.77K
Total Liabilities	876.72K	1.53M	2.69M	2.84M	1.29M	818.54K
Stockholders Equity	6.00M	5.67M	19.86M	7.75M	-1.01M	-754.97K
Cash Flow
Free Cash Flow	-88.11K	-780.02K	-5.58M	-4.79M	-226.21K	-98.69K
Operating Cash Flow	-87.52K	-780.02K	-5.24M	-4.24M	-108.79K	-98.69K
Investing Cash Flow	-1.24M	-1.43M	-5.61M	-645.50K	-117.42K	0.00
Financing Cash Flow	1.39M	1.39M	8.25M	8.25M	250.00K	152.52K

Pan American Energy 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%
FLM	51 Neutral	C$11.45M	-8.16	-60.95%	―	―	31.94%
FRI	49 Neutral	C$37.97M	-11.11	-96.31%	―	―	47.85%
PNRG	48 Neutral	C$29.80M	-20.93	-126.48%	―	―	―
TWR	46 Neutral	C$35.52M	-66.13	-5.22%	―	―	-24.00%
TEX	29 Underperform	C$14.11M	-2.70	-234.48%	―	―	72.19%

Pan American Energy Corporate Events

Pan American Energy Starts NI 43-101 Resource Work at Big Mack Lithium Project

Pan American Energy has begun work on a mineral resource estimate for its Big Mack Project in Ontario, integrating historical and recent drilling data from its 2023–2024 programs into a modern 3D geological model and resource block estimate compliant with NI 43-101 standards. The initiative is intended to strengthen the technical foundation of the lithium project and support updated technical disclosure, signaling a key de-risking step for the asset and potentially enhancing the company’s positioning in the battery metals space as it advances its Canadian lithium and rare earth portfolios.

The most recent analyst rating on (TSE:PNRG) stock is a Hold with a C$1.00 price target. To see the full list of analyst forecasts on Pan American Energy stock, see the TSE:PNRG Stock Forecast page.

Pan American Energy to Launch Winter Drill Program at Tharsis REE–Niobium Project in NWT

Pan American Energy has announced plans for a winter diamond drilling program at its optioned Tharsis Project in Canada’s Northwest Territories, targeting rare earth element and niobium mineralization associated with the Squalus Lake Alkaline Complex. The program will provide the first core-based subsurface test of geophysically defined intrusive centers and aims to validate whether magnetic anomalies correspond to carbonatite bodies and associated REE–Nb mineralization, a key step toward refining the geological model and advancing follow-up exploration at a strategically important critical-minerals asset.

The most recent analyst rating on (TSE:PNRG) stock is a Hold with a C$1.00 price target. To see the full list of analyst forecasts on Pan American Energy stock, see the TSE:PNRG Stock Forecast page.

Pan American Energy Extends Upswitch Marketing Mandate to Boost Investor Visibility

Pan American Energy has extended its engagement of Upswitch Media Corp. for an additional 60 days starting around January 12, 2026, to continue a marketing program aimed at raising the company’s profile among news and investment audiences. Upswitch will develop advertising content, manage and analyze campaigns across online and select print channels, and provide translation services, for a cash fee of CAD$300,000, with no equity compensation and no existing equity ownership in the company, underscoring a purely arm’s-length commercial relationship intended to broaden investor awareness of Pan American’s battery and critical metals projects.

The most recent analyst rating on (TSE:PNRG) stock is a Hold with a C$0.80 price target. To see the full list of analyst forecasts on Pan American Energy stock, see the TSE:PNRG Stock Forecast page.

Pan American Energy Sets 2026 Exploration Priorities for Tharsis and Big Mack, Appoints Market Maker

Pan American Energy provided a review of its 2025 exploration work and outlined its 2026 technical and exploration priorities across its Tharsis and Big Mack projects in Canada. At Tharsis, a carbonatite alkaline complex in the Northwest Territories prospective for rare earths and niobium, the company focused in 2025 on topographical, geophysical and bathymetric data collection to refine its geological understanding and guide target generation, and plans in 2026 to integrate these datasets into a consolidated model, with a potential winter drill program and follow-up mapping, sampling and geophysics to advance drill readiness. At the Big Mack Lithium Project in Ontario, prospective for LCT pegmatite mineralization, Pan American concentrated on interpreting recent drilling alongside prior data to refine geological controls and prioritize drill targets, and aims this year to update the geological model and further integrate datasets to support follow-up exploration planning. The company also appointed Independent Trading Group Inc. as a market maker for its shares on the Canadian Securities Exchange, a move intended to support liquidity and contribute to a fair and orderly market for its common stock, reinforcing its capital markets presence as it advances its exploration pipeline.

The most recent analyst rating on (TSE:PNRG) stock is a Hold with a C$0.78 price target. To see the full list of analyst forecasts on Pan American Energy stock, see the TSE:PNRG Stock Forecast page.

Pan American Energy Finalizes Bathymetric Model to Advance Winter Drilling Plans at Tharsis REE Project

Pan American Energy has completed final bathymetric processing from its 2025 field program at the Tharsis Project’s Squalus Lake in Canada’s Northwest Territories, generating a detailed digital elevation model of the lake floor from roughly 17,500 depth measurements. By integrating this model with existing airborne magnetic data, the company has refined its understanding of basin geometry, including shallow shoals and deeper troughs, improving depth constraints for safe winter operations and enhancing drill targeting and near-term exploration planning at Tharsis.

Pan American Energy Advances Tharsis Project with Key Geological Insights

Pan American Energy has successfully completed its 2025 preliminary field program at the Tharsis Project near Squalus Lake in the Northwest Territories. The program provided crucial geological, magnetic, and bathymetric data, which will guide upcoming drill planning. The data suggests the presence of a well-preserved carbonatite system with high rare earth potential, positioning Pan American favorably in the exploration of rare earth elements and niobium. This advancement is expected to support the company’s first drill campaign at Tharsis, aligning with its strategic focus on critical and battery metals.