United Lithium (ULTH) AI Stock Analysis

• Market Cap: C$25.10M
• Dividend Yield: N/A
• Average Volume (3M): 89.25K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.52
• Revenue Growth: N/A
• EPS Growth: -4.68%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): N/A
• Shares Outstanding: 62,741,055
• 10 Day Avg. Volume: 50,669
• 30 Day Avg. Volume: 89,251
• PEG Ratio: -0.23
• Price to Book (P/B): 0.53
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -36.85
• 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: 49 Neutral
• Price Target: C$0.41 ▲(58.85% Upside)

The score is primarily held back by weak financial performance (no revenue, ongoing losses, and negative free cash flow despite low leverage). Technicals provide the main support, with price above major moving averages and moderately strong momentum, while valuation is constrained by negative earnings and no dividend.

Positive Factors

Low Financial Leverage

Extremely low debt reduces solvency and gives management flexibility to time capital raises or use debt conservatively for project development. For an exploration firm, low leverage lowers bankruptcy risk and preserves optionality to fund multi-stage drilling without heavy interest burdens.

Focused Lithium Exploration Model

A narrow strategic focus on lithium assets concentrates technical expertise and operational priorities, improving efficiency in target identification and permitting. This specialization supports disciplined capital allocation and the potential to advance projects toward resource definition over time.

Free Cash Flow Quality vs. Net Loss

Free cash flow being less negative than net income suggests non-cash charges or working-capital effects are cushioning cash requirements. That indicates reported losses are not purely cash-driven, moderating short-term financing pressure while the company advances exploration programs.

Negative Factors

No Revenue / Pre-revenue Status

Being pre-revenue means the company lacks internal cash generation from operations and must progress through lengthy exploration, permitting, and development stages before monetizing assets. This structural absence of revenue elevates financing and execution risk over the medium term.

Persistent Negative Cash Flow

Ongoing negative operating and free cash flow create reliance on external capital to sustain exploration. For a capital-intensive mineral explorer, continued cash burn increases dilution risk and constrains the ability to scale programs or de-risk projects without additional funding rounds.

Negative Returns and Equity Erosion

Materially negative ROE and falling equity reflect sustained losses and potential dilution. Over months, continued erosion can impair capital-raising economics, weaken investor confidence, and limit strategic options for advancing projects without substantial shareholder dilution.

United Lithium Business Overview & Revenue Model

Company Description

United Lithium Corp. engages in the acquisition, exploration, and evaluation of natural resource properties. It explores for lithium deposits. The company holds 100% interest in the Bergby Lithium Project, located in Sweden. It also holds an option to acquire a 100% interest in the Barbara Lake property comprising 56 mining cell claims that covers an area of approximately 2,147 hectares land in the Barbara Lake Area of the Thunder Bay Mining District, Ontario, Canada. The company was formerly known as to United Battery Metals Corp. and changed its name to United Lithium Corp. United Lithium Corp. was incorporated in 2017 and is headquartered in Vancouver, Canada.

How the Company Makes Money

United Lithium makes money primarily through the exploration, development, and eventual production of lithium resources. The company's revenue model is based on identifying promising lithium deposits, developing these resources into operational mines, and selling the extracted lithium to manufacturers of batteries and other related industries. Key revenue streams for United Lithium include the sale of raw lithium materials as well as potential joint ventures or partnerships with larger mining companies or battery manufacturers. Significant factors contributing to its earnings include global demand for lithium, technological advancements in battery production, and strategic partnerships that enhance its mining capabilities and market reach.

United Lithium Financial Statement Overview

Summary

Overall financials reflect a pre-revenue, investment-phase company: no revenue, persistent operating and net losses, and negative operating/free cash flow. The balance sheet is a relative strength with very low leverage, but ongoing losses and cash burn increase dependence on external financing and pressure equity over time.

Income Statement

TTM (Trailing-Twelve-Months) and annual results show no revenue, with consistently negative gross profit and sizable operating losses. Net losses remain elevated (TTM net loss of about $2.6M), though the scale of losses is lower than the very large loss reported in FY2023, indicating some cost normalization. Overall, profitability is weak and the lack of a revenue base limits visibility into a path to self-funding operations.

Balance Sheet

Leverage is very low (TTM debt-to-equity ~0.005), which reduces financial risk and provides flexibility. However, equity has trended down versus earlier years and returns on equity are meaningfully negative (TTM ROE around -22%), reflecting ongoing losses and value dilution risk over time if losses persist.

Cash Flow

Cash burn remains a key issue: TTM operating cash flow is negative (about -$0.3M) and TTM free cash flow is also negative (about -$0.6M), with TTM free cash flow growth sharply negative, signaling worsening cash usage versus the prior period. A positive note is that free cash flow has generally been less negative than net income (TTM free cash flow-to-net income > 1), suggesting non-cash expenses and/or working-capital effects are supporting reported earnings quality—but the company still relies on external funding until cash flow turns positive.

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	-65.39K	-65.39K	-15.97K	-1.75K	―
EBITDA	-2.58M	-2.11M	-11.12M	-5.87M	0.00
Net Income	-2.67M	-2.20M	-11.13M	-6.28M	-8.68M
Balance Sheet
Total Assets	11.17M	13.18M	13.18M	15.77M	18.84M
Cash, Cash Equivalents and Short-Term Investments	291.20K	1.27M	5.01M	2.30M	8.34M
Total Debt	68.90K	109.42K	138.04K	0.00	-2.10K
Total Liabilities	352.64K	316.98K	478.61K	580.76K	667.34K
Stockholders Equity	10.81M	12.86M	12.71M	15.20M	18.17M
Cash Flow
Free Cash Flow	-155.45K	-5.72M	-4.51M	-6.07M	-6.47M
Operating Cash Flow	-155.45K	-2.11M	-1.96M	-3.42M	-6.17M
Investing Cash Flow	-780.03K	-3.60M	-2.55M	-3.06M	-549.97K
Financing Cash Flow	-38.65K	1.97M	7.22M	443.56K	14.98M

United Lithium Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.26
• 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:ULTH, the sentiment is Positive. The current price of 0.26 is below the 20-day moving average (MA) of 0.31, below the 50-day MA of 0.29, and above the 200-day MA of 0.19, indicating a bullish trend. The MACD of 0.04 indicates Negative momentum. The RSI at 71.72 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:ULTH.

United Lithium 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%
ULTH	49 Neutral	C$25.10M	-7.46	-22.36%	―	―	-4.68%
ILC	49 Neutral	C$6.81M	4.46	12.49%	―	―	―
SRA	49 Neutral	C$23.65M	-72.29	16.97%	―	―	―
NRM	47 Neutral	C$12.52M	-5.43	-41.21%	―	―	48.66%
LIT	45 Neutral	C$18.57M	-1.50	-24.07%	―	―	76.16%

United Lithium Corporate Events

United Lithium Expands Nordic Platform With Swedish Minerals Acquisition

United Lithium has acquired all the shares of Swedish Minerals AB for approximately $3.6 million, significantly broadening its Nordic footprint by adding a large uranium and rare earth element exploration portfolio in Finland and Sweden to its existing lithium assets. The deal includes a mix of cash and share consideration, the reconstitution of the board to add Swedish Minerals nominees Jonathon Franklin and Sebastian Bergenwall—with Franklin appointed as president—and the granting of a 1.75% net smelter return royalty on the Swedish Minerals properties to Scandinavian Resources, positioning the combined company as a leading Nordic explorer aligned with Europe’s clean energy transition and renewed focus on nuclear power.

The most recent analyst rating on (TSE:ULTH) stock is a Hold with a C$0.32 price target. To see the full list of analyst forecasts on United Lithium stock, see the TSE:ULTH Stock Forecast page.

United Lithium Expands Nordic Footprint with Swedish Minerals Acquisition

United Lithium Corp. has entered into a definitive agreement to acquire Swedish Minerals AB, aiming to enhance its strategic metals platform in the Nordic region. This acquisition will position United as a leading explorer in Europe, combining its lithium assets with Swedish Minerals’ extensive uranium and rare earth properties, thereby strengthening its role in the clean energy sector.

United Lithium Closes $2.25M Financing and Appoints New Interim CEO

United Lithium has successfully closed a $2.25 million non-brokered private placement, issuing 15 million units priced at $0.15 each. The funds will be used for general working capital, exploration, and due diligence related to the proposed acquisition of Swedish Minerals AB. Additionally, Andrew Bowering has been appointed as the Interim CEO, bringing over 30 years of experience in mining and corporate development to lead the company through its next phase of growth.