Tartisan Nickel Corp (TN) AI Stock Analysis

• Market Cap: C$52.40M
• Dividend Yield: N/A
• Average Volume (3M): 107.51K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.78
• Revenue Growth: N/A
• EPS Growth: 74.27%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): >-0.01
• Shares Outstanding: 130,996,780
• 10 Day Avg. Volume: 83,924
• 30 Day Avg. Volume: 107,509
• PEG Ratio: 0.21
• Price to Book (P/B): 1.58
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -8.05
• 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: 46 Neutral
• Price Target: C$0.39 ▲(96.00% Upside)

The score is held down primarily by weak financial performance (pre-revenue operations with ongoing cash burn and losses, implying reliance on external funding) and poor valuation signals (negative P/E). Technicals are a partial offset due to a strong uptrend and positive MACD, but extremely elevated RSI/Stoch suggest the move may be overextended.

Positive Factors

Very low leverage / balance-sheet flexibility

Extremely low debt reduces financial risk for an exploration company that burns cash. This structural strength lengthens solvency runway, improves ability to pursue drilling or JV options without immediate refinancing, and provides flexibility during commodity cycles.

Meaningful narrowing of net losses

Steady reduction in losses reflects tighter cost control and scaling of exploration spend to resources. That durable improvement reduces near-term financing pressure, increases odds of extending project programs, and signals management discipline important for long-term value creation.

Focused nickel exploration strategy

A clear focus on nickel aligns with structural demand from battery and electrification markets. Concentrated technical programs (surveying, sampling, drilling) de-risk assets over time, improving attractiveness for JV/asset-sale outcomes and long-term value realization if discoveries succeed.

Negative Factors

Pre-revenue with persistent negative cash flow

No operating revenue and ongoing negative operating and free cash flow create a durable financing requirement. Over months, this elevates execution risk: sustaining exploration programs, advancing permitting, or completing follow-up drilling depends on external capital rather than internal cash generation.

High dependence on external funding to operate

Reliance on equity financings or asset monetization exposes the business to market access and dilution risk. Structurally, this can constrain strategic choices, delay project timelines if markets tighten, and make long-term planning contingent on successful capital raises or partner deals.

No visible revenue ramp; negative returns on capital

Persistent zero revenue and negative ROE indicate capital is not yet creating value. Long-term fundamental risk is failure to convert exploration into a saleable or productive asset; continued value erosion can limit future financing terms and reduce attractiveness to strategic partners.

Tartisan Nickel Corp Business Overview & Revenue Model

Company Description

Tartisan Nickel Corp. engages in the acquisition, exploration, and development of mineral properties in Canada and Peru. The company primarily explores for nickel, copper, and cobalt deposits. Its flagship property is the 100% owned Kenbridge nickel project, which includes 93 contiguous patented mining claims, 114 unpatented single cell mining claims, and four mining licenses covering an area of approximately 3,668.13 hectares located in Kenora Mining Division, Northwestern Ontario. The company was formerly known as Tartisan Resources Corp. and changed its name to Tartisan Nickel Corp. in February 2018. Tartisan Nickel Corp. was incorporated in 2008 and is headquartered in Toronto, Canada.

How the Company Makes Money

Tartisan Nickel Corp makes money primarily through the exploration and development of its mineral properties, which are focused on nickel and other base metals. The company generates revenue by discovering and developing mineral resources that can be sold or leased to larger mining companies or by eventually bringing the properties into production. Key revenue streams include the sale of extracted minerals, partnerships or joint ventures with other mining companies, and potentially receiving royalties or fees from the development of its properties. The company's earnings are significantly influenced by factors such as commodity prices, extraction and production costs, and the successful development and commercialization of its mineral projects.

Tartisan Nickel Corp Financial Statement Overview

Summary

Pre-revenue with negative EBIT/EBITDA and persistent cash burn (TTM operating cash flow ~-$0.8M; TTM free cash flow ~-$2.4M) keeps financing risk elevated. Positives include meaningfully narrowing losses (net loss improved from ~-$6.0M in FY2023 to ~-$2.2M in FY2025; TTM net loss ~-$0.8M) and very low leverage (debt-to-equity ~0.002), but overall fundamentals remain weak without a revenue ramp.

Income Statement

The company remains pre-revenue (revenue is 0 across all periods), so profitability is driven by operating spending rather than operating scale. Losses have narrowed meaningfully versus FY2023 (annual net loss improved from about -$6.0M in 2023 to about -$2.2M in 2025), and TTM (Trailing-Twelve-Months) net loss is ~-$0.8M, indicating better cost control. However, EBIT/EBITDA are still negative and there is no visible revenue ramp in the provided data, leaving earnings quality and path-to-profitability highly dependent on future project execution and financing.

Balance Sheet

Leverage is very low (debt-to-equity ~0.002 in FY2025 and TTM (Trailing-Twelve-Months)), which reduces financial risk and provides flexibility. Equity remains sizable (~$11.4M in TTM (Trailing-Twelve-Months)), but it has trended down from earlier years, consistent with ongoing losses and cash burn. Returns on equity are negative across periods, reflecting that capital is not yet generating profits—strength in low leverage is offset by continued value erosion from operating losses.

Cash Flow

Cash generation is weak: operating cash flow is consistently negative (about -$0.8M in TTM (Trailing-Twelve-Months)), and free cash flow is materially negative (about -$2.4M in TTM (Trailing-Twelve-Months)). Free cash flow deterioration is notable versus the latest annual period (FY2025 free cash flow ~-$2.3M and negative growth in both FY2025 and TTM (Trailing-Twelve-Months)), implying higher cash requirements. With cash flows negative and no revenue base shown, the business likely depends on external funding to sustain operations and advance projects.

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	-3.29K
EBITDA	-808.14K	-742.88K	-1.40M	-6.53M	-1.85M	-1.95M
Net Income	-815.87K	-2.17M	-3.30M	-5.95M	-1.10M	11.26M
Balance Sheet
Total Assets	12.95M	13.21M	13.54M	14.97M	20.02M	17.65M
Cash, Cash Equivalents and Short-Term Investments	238.00	1.78K	2.15M	3.56M	11.30M	14.30M
Total Debt	22.00K	22.00K	3.29K	5.04K	0.00	71.74K
Total Liabilities	1.52M	1.37M	1.18M	427.50K	1.08M	721.74K
Stockholders Equity	11.43M	11.83M	12.36M	14.54M	18.94M	16.93M
Cash Flow
Free Cash Flow	-2.40M	-2.33M	-1.80M	-3.48M	-5.75M	-1.41M
Operating Cash Flow	-792.08K	-808.93K	-906.66K	-1.07M	-1.00M	-858.27K
Investing Cash Flow	-1.47M	-776.98K	235.26K	-567.87K	-280.55K	24.49K
Financing Cash Flow	2.26M	1.59M	667.60K	1.26M	1.65M	854.07K

Tartisan Nickel Corp Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.20
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:TN, the sentiment is Positive. The current price of 0.2 is below the 20-day moving average (MA) of 0.37, below the 50-day MA of 0.24, and above the 200-day MA of 0.14, indicating a bullish trend. The MACD of 0.05 indicates Positive momentum. The RSI at 72.93 is Negative, neither overbought nor oversold. The STOCH value of 71.82 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:TN.

Tartisan Nickel 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%
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%

Tartisan Nickel Corp Corporate Events

Tartisan Nickel Moves to Reactivate Historic Sill Lake Silver Project in Ontario

Tartisan Nickel Corp. is moving to reactivate its 100%-owned Sill Lake Silver Project, a 970-hectare former silver-lead producer located north of Sault Ste. Marie, Ontario, by advancing renewed exploration and development efforts. The property hosts a historic NI 43-101 mineral resource estimate for the main vein totalling 103,644 tonnes in measured and indicated resources grading 4.42 oz/ton silver, with associated lead and zinc, and the company plans to evaluate three underexplored vein trends that may hold additional silver mineralization. As part of its advancement strategy, Tartisan is compiling historic data, defining priority drill targets, assessing permitting and infrastructure needs, and initiating stakeholder engagement, positioning Sill Lake as a brownfields silver-lead opportunity in a established Ontario mining jurisdiction that could yield meaningful results through modern validation and drilling programs, though the existing resource figures remain historical and non-current.

The most recent analyst rating on (TSE:TN) stock is a Hold with a C$0.41 price target. To see the full list of analyst forecasts on Tartisan Nickel Corp stock, see the TSE:TN Stock Forecast page.

Tartisan Nickel Raises $1 Million to Advance Kenbridge Nickel-Copper-Cobalt Drilling

Tartisan Nickel Corp. has closed a non-brokered flow-through financing of approximately $1 million through the issuance of 4,166,600 flow-through shares at $0.24, with no commission paid and subject to standard hold periods and regulatory review. The proceeds, designated as eligible Canadian Exploration Expenses, will fund ongoing drilling and exploration work at the company’s flagship Kenbridge Nickel-Copper-Cobalt Project in Northwestern Ontario, where management aims to expand the known resource and plans to update the market as results from the current drill program become available.

The most recent analyst rating on (TSE:TN) stock is a Hold with a C$0.20 price target. To see the full list of analyst forecasts on Tartisan Nickel Corp stock, see the TSE:TN Stock Forecast page.

Tartisan Nickel Raises Additional $150,000 in Flow-Through Financing for Kenbridge Project

Tartisan Nickel Corp. has closed an additional $150,000 flow-through financing through the issuance of 750,000 flow-through shares at $0.20 per share, with the securities subject to a four-month-and-one-day holding period and customary regulatory approvals. The gross proceeds will be directed toward advancing exploration and development at the company’s wholly owned Kenbridge Nickel-Copper-Cobalt Project in northwestern Ontario, with a 6% cash commission and 6% broker warrants paid to eligible agents, underscoring ongoing investor support for Tartisan’s critical minerals portfolio and its efforts to advance Kenbridge toward further development milestones.

The most recent analyst rating on (TSE:TN) stock is a Buy with a C$0.45 price target. To see the full list of analyst forecasts on Tartisan Nickel Corp stock, see the TSE:TN Stock Forecast page.

Tartisan Nickel Plans $1 Million Flow-Through Financing for Kenbridge Exploration

Tartisan Nickel Corp. has proposed a non-brokered flow-through financing of up to $1,000,000, issuing flow-through common shares at $0.24 per share. The proceeds will be used to fund eligible Canadian Exploration Expenses that will be renounced to subscribers and directed toward continued exploration and development at the company’s flagship Kenbridge Nickel-Copper-Cobalt Project in Northwestern Ontario. The financing may include finder’s fees in the form of cash commissions and/or broker warrants, and remains subject to customary closing conditions, including regulatory approvals and a statutory hold period under Canadian securities laws.

The most recent analyst rating on (TSE:TN) stock is a Buy with a C$0.45 price target. To see the full list of analyst forecasts on Tartisan Nickel Corp stock, see the TSE:TN Stock Forecast page.

Tartisan Nickel Raises $1.33 Million to Advance Kenbridge Critical Minerals Project

Tartisan Nickel Corp. has closed a $1.325 million flow-through private placement, issuing 6,625,000 flow-through shares at $0.20 each, subject to a standard four-month-plus-one-day hold period. The gross proceeds will be directed to advancing exploration and development at its 100%-owned Kenbridge Nickel-Copper-Cobalt Project in Northwestern Ontario, underscoring the company’s focus on progressing its critical minerals portfolio; the financing also involved payment of a 6% cash commission and 6% broker warrants to eligible agents, reflecting continued capital markets support for its flagship project.

The most recent analyst rating on (TSE:TN) stock is a Buy with a C$0.45 price target. To see the full list of analyst forecasts on Tartisan Nickel Corp stock, see the TSE:TN Stock Forecast page.

Tartisan Nickel Corp. Commences Drilling at Kenbridge Project

Tartisan Nickel Corp. has announced the commencement of drilling by Rodren Drilling Ltd. at its Kenbridge Nickel Copper Cobalt Project in Northwestern Ontario. This drilling campaign aims to achieve several objectives, including resource conversion, testing potential extensions of high-grade nickel-copper sulphide zones, and gathering technical data for future engineering and development studies. The initiative is expected to enhance geological confidence and demonstrate the strategic value of the Kenbridge Project as a critical mineral asset.

The most recent analyst rating on (TSE:TN) stock is a Buy with a C$0.45 price target. To see the full list of analyst forecasts on Tartisan Nickel Corp stock, see the TSE:TN Stock Forecast page.

Tartisan Nickel Corp. Initiates Drilling at Kenbridge Project

Tartisan Nickel Corp. has announced that Rodren Drilling has mobilized drill crews and equipment to the Kenbridge Nickel Copper Cobalt Project in Sioux Narrows, Northwestern Ontario. This marks the beginning of an important phase in Tartisan’s Phase 1 program, as the company aims to build momentum for the next stage of project development. The mobilization is a significant step for Tartisan as it progresses in its exploration and development efforts, potentially impacting its operations and positioning within the critical minerals industry.

The most recent analyst rating on (TSE:TN) stock is a Buy with a C$0.45 price target. To see the full list of analyst forecasts on Tartisan Nickel Corp stock, see the TSE:TN Stock Forecast page.

Tartisan Nickel Corp. Secures $1.05 Million for Kenbridge Project Development

Tartisan Nickel Corp. has successfully closed a $1,050,000 flow-through private placement, issuing 9,130,433 flow-through shares at $0.115 each. The funds will be used to advance exploration and development at the Kenbridge Nickel-Copper-Cobalt Project in Northwestern Ontario, potentially enhancing the company’s operational capacity and market position in the critical minerals sector.

The most recent analyst rating on (TSE:TN) stock is a Buy with a C$0.45 price target. To see the full list of analyst forecasts on Tartisan Nickel Corp stock, see the TSE:TN Stock Forecast page.

Tartisan Nickel Corp. Expands Kenbridge Project with Apex Claims Acquisition

Tartisan Nickel Corp. has acquired the Apex Claims, adding approximately 420 hectares to its Kenbridge Nickel-Copper-Cobalt Project in Northwestern Ontario. This acquisition enhances Tartisan’s exploration potential in the region, providing opportunities for resource discovery and strategic control over an under-explored area. The company plans to integrate historical data from the Apex Claims into its regional geological model, aiming to expand its nickel-copper focused footprint amidst growing demand for critical minerals.

The most recent analyst rating on (TSE:TN) stock is a Buy with a C$0.45 price target. To see the full list of analyst forecasts on Tartisan Nickel Corp stock, see the TSE:TN Stock Forecast page.

Tartisan Nickel Corp. Strengthens Team with New Geological Advisor Appointment

Tartisan Nickel Corp. has appointed David Burga, a seasoned Professional Geoscientist, as a Geological Advisor. With over 25 years of experience in nickel, copper, gold, silver, and lithium exploration, Burga’s expertise is expected to significantly enhance the company’s efforts in advancing the Kenbridge Nickel-Copper-Cobalt Deposit, particularly in resource conversion drilling and Pre-Feasibility Study work.

The most recent analyst rating on (TSE:TN) stock is a Buy with a C$0.45 price target. To see the full list of analyst forecasts on Tartisan Nickel Corp stock, see the TSE:TN Stock Forecast page.

Tartisan Nickel Corp. Launches Drilling Program at Kenbridge Deposit

Tartisan Nickel Corp. has engaged Rodren Drilling Ltd. for a drilling program at its Kenbridge Nickel-Copper-Cobalt Deposit in Ontario. This initiative aims to update the Mineral Resource Estimate and prepare for a Pre-Feasibility Study by converting inferred resources to measured and indicated categories and exploring high-grade mineralization extensions. The project marks a significant step in advancing Kenbridge as a critical metals source within the North American supply chain.

The most recent analyst rating on (TSE:TN) stock is a Buy with a C$0.45 price target. To see the full list of analyst forecasts on Tartisan Nickel Corp stock, see the TSE:TN Stock Forecast page.

Tartisan Nickel Corp. Launches Phase 1 Drill Program at Kenbridge Project

Tartisan Nickel Corp. has announced the commencement of a Phase 1 diamond drill program at its Kenbridge Nickel-Copper-Cobalt Project in Ontario, aiming to expand and upgrade existing resources. The program will focus on converting inferred resources into measured and indicated categories and testing extensions of high-grade mineralization, which is crucial for advancing the project towards production readiness and supporting future mine design and resource conversion.

The most recent analyst rating on (TSE:TN) stock is a Buy with a C$0.45 price target. To see the full list of analyst forecasts on Tartisan Nickel Corp stock, see the TSE:TN Stock Forecast page.