White Metal Resources (TGOL) AI Stock Analysis

• Market Cap: C$13.86M
• Dividend Yield: N/A
• Average Volume (3M): 187.15K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.98
• Revenue Growth: N/A
• EPS Growth: 6.45%
• Country: CA
• Employees: 2
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): 0.00
• Shares Outstanding: 251,991,290
• 10 Day Avg. Volume: 99,017
• 30 Day Avg. Volume: 187,150
• PEG Ratio: 0.00
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• 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: 45 Neutral
• Price Target: C$0.05 ▼(-10.00% Downside)

The score is held down primarily by weak financial performance (no revenue, recurring losses, and ongoing cash burn). Technicals also lean bearish with the price below major moving averages and a negative MACD. The main offset is low balance-sheet risk from having no debt, while valuation provides limited support due to negative earnings and no dividend.

Positive Factors

Conservative balance sheet — no debt

Absence of debt materially lowers financial distress risk and preserves balance-sheet flexibility. For a junior explorer this reduces fixed obligations and interest burden, enabling management to sequence exploration spending and respond to opportunities without covenant constraints.

Meaningful growth in equity base

Steady equity growth demonstrates the company’s ability to access capital markets and build a funding buffer. That provides a more durable runway for drilling and survey programs, reducing immediate refinancing pressure and supporting sustained exploration activity over months.

Very lean employee base reduces fixed costs

A headcount of two implies very low fixed payroll commitments, letting the company prioritize contract fieldwork and geological services. This lean structure lowers ongoing burn, helping extend the cash runway and providing flexibility to scale exploration activity without large fixed-cost drag.

Negative Factors

No revenue — pre-revenue explorer

Zero reported revenue confirms the business is pre-revenue and cannot self-fund operations. Over the medium term this increases dependency on external financing, elevates dilution risk, and ties the company’s ability to advance projects to capital market access rather than operating cash.

Persistent negative operating and free cash flow

Sustained negative operating and free cash flow signals ongoing cash burn that necessitates repeat financings. Structurally this raises dilution risk, limits the pace and scale of exploration programs if markets tighten, and reduces financial resilience over a multi-month horizon.

Consistent operating losses; widening losses recently

Persistent and widening operating losses weaken returns on equity and indicate poor operating momentum. Without a material discovery or change in cost structure, ongoing losses constrain reinvestment capacity and make future capital raises harder to justify absent clear progress on resource definition.

White Metal Resources Business Overview & Revenue Model

Company Description

Thunder Gold Corp., a junior exploration company, engages in the acquisition, exploration, and development of mining properties in Canada. The company's flagship property is the Tower Mountain gold project located in northwestern Ontario. It also holds interests in the Taranis (Okohongo) Copper-Silver Project and DorWit Copper-Silver project located in located Namibia; and Far Lake Copper-Silver Property located in Thunder Bay, Ontario. The company was formerly known as White Metal Resources Corp. and changed its name to Thunder Gold Corp. in July 2022. Thunder Gold Corp. was founde din 1981 and is based in Thunder Bay, Canada.

How the Company Makes Money

White Metal Resources makes money through the exploration and development of mineral properties, which can lead to the discovery of economically viable mineral resources. The company's primary revenue streams include the sale or optioning of its mineral properties to other mining companies, entering into joint venture agreements, or developing the properties into producing mines. Significant partnerships with other mining companies or investors can provide the necessary capital and technical expertise to advance exploration projects, enhancing the potential for future earnings. Revenue generation is largely dependent on the successful identification and development of mineral resources that attract investment or acquisition interest.

White Metal Resources Financial Statement Overview

Summary

White Metal Resources faces significant financial performance challenges, with zero revenue, negative net income and EBIT, and negative cash flows. Despite having a strong equity position with no debt, the company's reliance on financing activities and inability to generate positive cash flows pose sustainability concerns.

Income Statement

The company has consistently reported zero revenue, indicating a lack of operational income. Negative net income and EBIT suggest operational inefficiencies or high costs. There is no revenue growth, and all profit margins are negative, reflecting poor financial health in terms of income generation.

Balance Sheet

The company maintains a strong equity position with no debt, as indicated by a zero debt-to-equity ratio. The equity ratio is high, suggesting financial stability in terms of asset financing through equity. However, the negative net income affects the return on equity, limiting profitability.

Cash Flow

The company consistently reports negative operating and free cash flows, which is a concern for sustainability. The lack of positive cash flow from operations suggests challenges in covering operational costs. Financing activities seem to be the primary source of cash, posing a risk if external funding decreases.

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	-16.26K	-14.93K	-13.07K	-10.08K	-3.85K	-1.27K
EBITDA	-570.90K	-1.13M	-646.18K	-993.99K	-950.44K	-555.89K
Net Income	-592.05K	-1.15M	-690.75K	455.57K	-1.07M	653.20K
Balance Sheet
Total Assets	10.71M	8.91M	7.61M	9.78M	7.39M	6.21M
Cash, Cash Equivalents and Short-Term Investments	1.74M	1.19M	828.39K	1.83M	1.67M	3.71M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	300.15K	36.08K	47.83K	884.67K	183.73K	122.80K
Stockholders Equity	10.41M	8.88M	7.56M	8.89M	7.18M	6.06M
Cash Flow
Free Cash Flow	-724.46K	-932.39K	-692.60K	-691.46K	-514.11K	-472.72K
Operating Cash Flow	-715.49K	-881.13K	-692.60K	-641.65K	-500.54K	-462.85K
Investing Cash Flow	-1.71M	-600.37K	-328.41K	-755.48K	-2.38M	-853.95K
Financing Cash Flow	2.60M	2.07M	0.00	1.08M	1.83M	3.85M

White Metal Resources Technical Analysis

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:TGOL, the sentiment is Negative. The current price of 0.06 is below the 20-day moving average (MA) of 0.06, below the 50-day MA of 0.06, and below the 200-day MA of 0.06, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 45.16 is Neutral, neither overbought nor oversold. The STOCH value of 100.00 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:TGOL.

White Metal Resources 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%
BMET	51 Neutral	C$18.80M	-0.93	-125.25%	―	―	-500.71%
STE	48 Neutral	C$21.06M	-18.45	-6.76%	―	―	78.16%
TGOL	45 Neutral	C$13.86M	-18.97	-6.33%	―	―	6.45%
WLF	45 Neutral	C$17.44M	-87.50	-32.86%	―	―	86.96%
ROX	44 Neutral	C$18.52M	-6.80	―	―	―	-51.55%
VCG	39 Underperform	C$14.82M	-13.47	-2.38%	―	―	22.59%

White Metal Resources Corporate Events

Thunder Gold Raises $2.15 Million in Upsized Flow-Through Financing

Thunder Gold Corp. has closed an upsized, non-brokered private placement of flow-through units, raising gross proceeds of $2.15 million after increasing the offering to meet investor demand. The company issued 28.67 million flow-through units at $0.075 each, with attached warrants exercisable at $0.10 for 18 months, and paid approximately $37,905 in finders’ fees, while insider participation triggered related-party transaction rules but remained below thresholds requiring formal valuation or minority approval. All securities issued are subject to a standard hold period and are not registered for sale in the United States, underscoring that the financing is primarily aimed at funding Canadian exploration activities, which could accelerate work at the Tower Mountain Gold Property and support Thunder Gold’s positioning within the junior gold exploration sector.

Thunder Gold Corp. Upsizes Private Placement to $2.15 Million Amid Investor Demand

Thunder Gold Corp. has announced an increase in its non-brokered private placement of flow-through units to $2.15 million, reflecting strong investor demand. The proceeds will support the exploration of its Tower Mountain Gold Property and qualify as ‘flow-through mining expenditures,’ solidifying the company’s commitment to unlocking the site’s significant gold potential and enhancing its market position as a promising gold exploration player.

Thunder Gold Corp. Announces $2 Million Private Placement for Exploration

Thunder Gold Corp. has announced a non-brokered private placement of flow-through units to raise approximately C$2 million. The funds will support ongoing exploration at the Tower Mountain Gold Property and other qualifying Canadian exploration expenses. This move is expected to enhance the company’s exploration capabilities and strengthen its position in the gold exploration industry.

Thunder Gold Corp. Expands Mineralization at Tower Mountain

Thunder Gold Corp. announced the results of its Phase Three drill program at the Tower Mountain Gold Property in Ontario, highlighting the potential for expanding the mineralization footprint and defining a scalable gold system. The drilling results demonstrated significant gold mineralization across several targets, indicating both near-term and long-term resource growth potential. The company emphasized the low-cost and efficient nature of the project, given its proximity to infrastructure, and expressed confidence in the scalability of the Tower Mountain project.

Thunder Gold Corp. Announces Annual General Meeting Amid Postal Delays

Thunder Gold Corp. has announced its Annual General and Special Meeting of shareholders scheduled for December 19, 2025, in Toronto, Ontario. The company is addressing potential delays in the receipt of proxy-related materials due to a disruption in Canada Post services. The meeting will provide shareholders with an opportunity to discuss the company’s progress and future plans, particularly regarding the Tower Mountain Gold Property, which presents significant exploration opportunities and potential for expansion.

Thunder Gold to Host Investor Update on Tower Mountain Project

Thunder Gold Corp. announced that its CEO, Wes Hanson, will host an investor update on November 25, 2025, to discuss the company’s exploration strategy and progress on the Tower Mountain Gold Project. The project is positioned as a district-scale opportunity with significant potential for expansion, supported by existing infrastructure and favorable market conditions. The update will provide insights into the company’s strategy for defining a large-tonnage, low-grade gold system and its competitive positioning in the industry.

Thunder Gold Engages Micon for NI 43-101 Resource Estimate at Tower Mountain

Thunder Gold Corp., a company focused on gold exploration and development, has engaged Micon International to complete an NI 43-101 Mineral Resource Estimate for its Tower Mountain Gold Property in Ontario. This initiative aims to define a lower-capex gold resource that supports a pathway to open-pit production, leveraging the project’s infrastructure advantages and rising gold prices. The completion of this estimate is expected to bolster investor confidence and advance Thunder Gold’s development strategy. The ongoing Phase Three drill program is targeting gaps in the exploration model, with results anticipated by January 2026, positioning the company as an emerging gold developer with district-scale potential.