SPC Nickel (SPC) AI Stock Analysis

• Market Cap: C$33.12M
• Dividend Yield: N/A
• Average Volume (3M): 451.44K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.66
• Revenue Growth: N/A
• EPS Growth: 10.17%
• Country: CA
• Employees: 1
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): N/A
• Shares Outstanding: 368,053,830
• 10 Day Avg. Volume: 431,545
• 30 Day Avg. Volume: 451,443
• PEG Ratio: -0.33
• Price to Book (P/B): 3.33
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -2.88
• 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$0.08 ▼(-1.25% Downside)

The score is held down primarily by weak financial performance (no revenue, ongoing losses, and continued cash burn with declining equity). Technicals are a partial offset due to a strong uptrend, but overbought signals raise near-term risk. Valuation provides limited support given negative earnings and no indicated dividend yield.

Positive Factors

Low financial leverage

Very low debt-to-equity provides durable financial flexibility, lowering near-term refinancing and interest risks. For a pre-revenue miner/industrial-materials company this preserves optionality to fund development via debt if needed and reduces fixed-cost strain while seeking commercialization.

Improving cash burn trend

A pattern of reduced cash outflows versus the worst prior years suggests management has taken steps to moderate spending or improve operational efficiency. That structural improvement, if sustained, lengthens runway and lowers financing frequency risk while commercialization is pursued.

Smaller recent losses vs peak years

A decline from peak historical losses indicates potential progress toward cost control or scaled development activities. Durable reduction in loss magnitude improves capital efficiency needs and makes the path to a self-sustaining business less dependent on acute external funding events.

Negative Factors

No revenue / pre-commercial status

Absence of any revenue leaves the business model unproven and makes long-term viability contingent on achieving commercial production or product sales. This structural gap forces reliance on external capital and magnifies execution risk over the medium term.

Sustained negative operating cash flow

Persistent negative OCF and free cash flow demonstrate the company cannot internally fund operations. Over months, continued cash burn increases dilution and financing risk; absent a clear revenue path this materially raises the probability of additional capital raises.

Eroding equity and asset base

Material declines in equity and total assets signal an eroding financial cushion from ongoing losses and asset drawdowns. Structurally, this reduces balance-sheet resilience to shocks, heightens dilution risk for shareholders, and limits room for strategic investments without outside funding.

SPC Nickel Business Overview & Revenue Model

Company Description

SPC Nickel Corp. engages in the acquisition, exploration and development of mineral properties in Canada. It primarily explores for nickel, copper, and platinum group metals. The company holds interest in the Aer-Kidd property located on the Worthington Offset Dyke in the Sudbury mining district; and the Lockerby East and West Graham exploration properties located in the Sudbury district. It also holds an option agreement to acquire a 100% interest in the Janes property situated in northeast Sudbury. The company was formerly known as Sudbury Platinum Corporation and changed its name to SPC Nickel Corp. in December 2020. SPC Nickel Corp. was incorporated in 2013 and is based in Toronto, Canada.

How the Company Makes Money

SPC Nickel makes money primarily through the exploration and development of nickel deposits, which are then sold to industrial clients or larger mining companies. The company's revenue model is based on the successful identification and extraction of nickel ores, which can then be processed and sold in the commodities markets. Revenue streams may include proceeds from the sale of nickel and other base metals extracted from their sites, as well as potential partnerships or joint ventures with larger mining entities who have the capacity to further develop and process the ores. Key factors contributing to its earnings include the global demand for nickel, commodity price fluctuations, and the company's ability to efficiently manage exploration and extraction operations.

SPC Nickel Financial Statement Overview

Summary

Income statement and cash flow are very weak: no revenue, persistent operating losses (TTM net loss ~-$3.3M), and sustained negative operating/free cash flow (TTM OCF ~-$3.2M). Balance sheet leverage is low (debt-to-equity ~0.01), but equity and assets have declined materially, indicating an eroding cushion from ongoing cash burn.

Income Statement

The company reports no revenue across the annual periods and in TTM (Trailing-Twelve-Months), while losses remain substantial (TTM net loss of about $3.3M). Gross profit is consistently negative and operating losses persist each year, indicating the business is still in a pre-commercial or heavy investment phase with limited operating leverage. A positive is that losses are smaller than the worst recent year (2022–2023), but the lack of revenue makes the earnings profile weak and highly dependent on external funding.

Balance Sheet

Leverage is very low (TTM debt-to-equity ~0.01), which reduces financial risk and provides flexibility. However, equity and total assets have trended down meaningfully from earlier years (equity ~4.8M in 2021 to ~1.6M in TTM), reflecting ongoing losses and potential dilution/asset drawdown over time. Returns on equity are sharply negative due to persistent losses, so the balance sheet is relatively clean on debt but gradually weakening from cash burn.

Cash Flow

Cash generation is negative, with TTM operating cash flow of roughly -$3.2M and similarly negative free cash flow, indicating continued cash burn to fund operations. Cash burn improved versus some prior years (notably 2022 and 2023), but it remains structurally negative and volatile year to year. Free cash flow roughly tracks net losses, which is consistent, but the ongoing negative cash flow heightens funding and liquidity risk until revenue or a clearer path to self-funding emerges.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	-38.59K	-42.05K	-32.91K	-32.02K	-21.12K
EBITDA	-2.98M	-2.45M	-4.32M	-4.48M	-4.61M
Net Income	-3.02M	-2.19M	-4.35M	-4.50M	-4.31M
Balance Sheet
Total Assets	3.18M	2.34M	2.73M	4.20M	6.08M
Cash, Cash Equivalents and Short-Term Investments	2.91M	2.03M	2.08M	3.81M	5.36M
Total Debt	19.55K	55.00K	86.28K	113.74K	137.80K
Total Liabilities	987.10K	518.17K	857.46K	396.67K	1.30M
Stockholders Equity	2.19M	1.82M	1.87M	3.81M	4.78M
Cash Flow
Free Cash Flow	-2.53M	-1.97M	-3.90M	-4.47M	-3.53M
Operating Cash Flow	-2.53M	-1.97M	-3.90M	-4.47M	-3.43M
Investing Cash Flow	-4.74K	-1.68K	20.74K	20.84K	-180.27K
Financing Cash Flow	3.31M	1.92M	2.15M	2.92M	7.16M

SPC Nickel Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.08
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:SPC, the sentiment is Positive. The current price of 0.08 is below the 20-day moving average (MA) of 0.09, above the 50-day MA of 0.08, and above the 200-day MA of 0.04, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 53.11 is Neutral, neither overbought nor oversold. The STOCH value of 91.67 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:SPC.

SPC Nickel 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%
SX	52 Neutral	C$18.69M	-7.50	-9.69%	―	―	―
GIGA	48 Neutral	C$15.11M	-5.90	-11.32%	―	―	-17.47%
SPC	47 Neutral	C$33.12M	-8.49	-150.61%	―	―	10.17%
EVNI	47 Neutral	C$24.47M	-9.61	-58.79%	―	―	21.31%
TN	46 Neutral	C$52.40M	-64.52	-7.40%	―	―	74.27%
NICO	43 Neutral	C$22.07M	-12.37	―	―	―	37.82%

SPC Nickel Corporate Events

SPC Nickel Unveils Promising EM Survey Results at Muskox Project

SPC Nickel Corp. has announced the results of its high-resolution HELITEM airborne electromagnetic survey at the Muskox Project in Nunavut, which has identified numerous high-conductivity targets. These findings significantly enhance the company’s exploration prospects, as many of the identified conductors align with known mineralized zones or present new exploration opportunities. This development positions SPC Nickel to advance a focused exploration program in 2026, potentially leading to new discoveries and strengthening its position in the mining sector.

SPC Nickel Unveils Promising High-Grade Results from Muskox Project

SPC Nickel Corp. announced significant assay results from its 2025 exploration program at the Muskox Project, highlighting high-grade copper, nickel, and PGM mineralization across multiple targets. The results underscore the project’s potential as a large-scale, metal-bearing district with the capacity to host multiple deposits, positioning Muskox as a leading exploration opportunity in the industry.