Zephyr Minerals (ZFR) AI Stock Analysis

• Market Cap: C$6.08M
• Dividend Yield: N/A
• Average Volume (3M): 7.73K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.38
• Revenue Growth: N/A
• EPS Growth: 21.43%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): >-0.01
• Shares Outstanding: 86,911,990
• 10 Day Avg. Volume: 1,000
• 30 Day Avg. Volume: 7,734
• PEG Ratio: 0.17
• Price to Book (P/B): 0.53
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -19.49
• 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$0.06 ▲(6.67% Upside)
• Action: Reiterated Date: 01/22/26
• Date: Action: Reiterated 01/22/26

The score is held back primarily by the lack of revenue, continued losses, and ongoing cash burn, which create high execution and financing risk. Offsetting this is a comparatively strong, low-leverage balance sheet. Technicals are broadly neutral and valuation is constrained by negative earnings and no dividend support.

Positive Factors

Low leverage

A very low debt load relative to equity gives the company structural financial flexibility. This conservatively financed balance sheet reduces near-term refinancing risk, supports funding exploration or development, and provides runway to execute strategy without immediate reliance on dilutive capital.

Stable asset base

A stable asset base provides a durable liquidity and collateral foundation for a pre-production miner. Predictable asset levels limit downside volatility on the balance sheet, supporting creditor confidence and optionality to monetize or leverage assets if operational plans require capital.

Improving cash burn trend

The company has materially reduced cash outflows versus prior years, signaling cost normalization and tighter capital discipline. While still negative, an improving burn rate extends runway and lowers near-term financing urgency, a constructive structural trend for execution risk.

Negative Factors

No revenue

Absence of revenue indicates a pre-production/exploration profile with no operating cash generation. This structural lack of topline increases execution and financing risk, leaving the company dependent on external capital until commercial production or other revenue sources emerge.

Negative operating and free cash flow

Sustained negative OCF and FCF means the business consumes cash to operate and cannot self-fund growth or capex. Over months this necessitates external financing or asset sales, increasing dilution or leverage risk and constraining strategic investments or scaling.

Recurring net losses & negative ROE

Ongoing net losses and negative ROE indicate the capital base is not generating returns and risks gradual erosion of equity if losses continue. This structural profitability deficit pressures long-term investor returns and could force dilutive financing or operational retrenchment.

Zephyr Minerals Business Overview & Revenue Model

Company Description

Zephyr Minerals Ltd., through its subsidiary, Zephyr Gold USA Ltd., engages in the exploration, evaluation, and development of mineral properties in Canada and the United States. It explores for gold, silver, zinc, and lead deposits. The company holds a 100% interest in the Dawson-Green Mountain project comprising 140 unpatented mining claims, 11 patented lode mining claims, two patented placer mining claims, and one state lease covering an area of 1,446 hectares located in Colorado, the United States; and a key mineral claim, the Judith Placer Mining Claim at its Dawson gold project in Colorado. Zephyr Minerals Ltd. was incorporated in 2010 and is headquartered in Halifax, Canada.

How the Company Makes Money

Zephyr Minerals generates revenue through the exploration and potential development of its mineral properties. The company's primary revenue stream arises from the discovery and delineation of mineral resources, which can then be developed into economically viable mining operations. Additionally, Zephyr Minerals may enter into joint ventures or partnerships with other mining companies to share the costs and risks associated with exploration and development. The company may also sell or option its mineral properties to other companies, generating revenue through upfront payments, milestone payments, and royalties. However, as a mineral exploration company, Zephyr Minerals predominantly relies on raising capital through equity financing to fund its operations and advance its projects.

Zephyr Minerals Financial Statement Overview

Summary

Strong, low-debt balance sheet (very low leverage and stable assets/equity) is a key positive, but operating performance remains weak with no revenue, recurring net losses, and negative operating/free cash flow despite some improvement versus prior years.

Income Statement

The company reports no revenue across the period provided, consistent with a pre-production/exploration profile. Losses persist, with TTM (Trailing-Twelve-Months) net loss of about $265K following a smaller annual loss in 2024 (~$175K), indicating continued spending without operating scale. A positive is that losses are materially lower than 2022–2023 levels, suggesting some cost normalization, but the lack of revenue and ongoing negative operating earnings keep profitability and visibility weak.

Balance Sheet

The balance sheet appears conservatively financed with very low leverage (TTM debt is ~$25.6K against ~$5.26M of equity; debt-to-equity ~0.5%). Assets are broadly stable around ~$5.3–$5.5M, and equity remains sizable despite cumulative losses. The key weakness is ongoing negative returns on equity (TTM roughly -5%), reflecting that the capital base is not currently generating profits and could erode further if losses persist.

Cash Flow

Cash generation remains negative: TTM (Trailing-Twelve-Months) operating cash flow is about -$116K and free cash flow about -$129K, meaning the business is still consuming cash. Cash burn has improved significantly versus 2020–2023 (when outflows were much larger), but the latest free cash flow growth is sharply negative, indicating renewed pressure versus the prior period. With negative operating cash flow, the company likely depends on existing liquidity and/or future financing until revenue-producing operations begin.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 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	-262.74K	-175.29K	-494.18K	-625.47K	-625.42K	-627.72K
Net Income	-265.02K	-175.29K	-2.08M	-770.82K	-625.42K	-627.72K
Balance Sheet
Total Assets	5.51M	5.34M	5.28M	6.91M	7.18M	7.45M
Cash, Cash Equivalents and Short-Term Investments	79.90K	95.73K	116.80K	402.95K	712.86K	1.42M
Total Debt	25.61K	25.61K	0.00	0.00	0.00	0.00
Total Liabilities	250.96K	201.65K	163.14K	152.12K	131.30K	96.46K
Stockholders Equity	5.26M	5.13M	5.11M	6.76M	7.05M	7.35M
Cash Flow
Free Cash Flow	-129.28K	-139.08K	-624.67K	-654.30K	-757.04K	-1.90M
Operating Cash Flow	-116.31K	-139.08K	-467.45K	-500.43K	-324.91K	-447.84K
Investing Cash Flow	-190.00K	-71.60K	-157.22K	-113.27K	-432.13K	-1.46M
Financing Cash Flow	254.45K	189.60K	338.52K	303.79K	48.35K	3.23M

Zephyr Minerals Technical Analysis

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ZFR, the sentiment is Neutral. The current price of 0.06 is below the 20-day moving average (MA) of 0.07, below the 50-day MA of 0.06, and above the 200-day MA of 0.05, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 47.08 is Neutral, neither overbought nor oversold. The STOCH value of 44.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:ZFR.

Zephyr Minerals 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%
NXS	50 Neutral	C$7.44M	-1.06	―	―	―	―
ZFR	48 Neutral	C$6.08M	-23.89	-5.00%	―	―	21.43%
GSRI	47 Neutral	C$4.42M	-29.25	―	―	―	75.02%
TRG	45 Neutral	C$6.56M	-103.83	13.24%	―	―	―
IMR	44 Neutral	C$4.04M	-1.41	-27.44%	―	―	―
XIM	43 Neutral	C$3.91M	-1.77	100.27%	―	―	45.20%

Zephyr Minerals Corporate Events

Zephyr Minerals Upsizes Private Placement to Advance Dawson Gold Permitting

Zephyr Minerals has increased the size of its previously announced non-brokered private placement to 5.2 million units at $0.05 per unit, for potential gross proceeds of up to $260,000, with each unit comprising one common share and a two-year warrant exercisable at $0.10. The financing, which may include insider participation and finder’s fees and remains subject to TSX Venture Exchange approval, will be used for working capital and to advance permitting at the high-grade Dawson Gold project in Colorado, supporting the company’s strategy to move the deposit toward production amid stronger gold prices and significant exploration upside around the existing resource.

The most recent analyst rating on (TSE:ZFR) stock is a Hold with a C$0.05 price target. To see the full list of analyst forecasts on Zephyr Minerals stock, see the TSE:ZFR Stock Forecast page.

Zephyr Minerals Launches Private Placement to Advance Dawson Gold Permitting

Zephyr Minerals plans to raise up to C$200,000 through a non-brokered private placement of up to 4 million units priced at C$0.05, each unit comprising one common share and a two-year warrant exercisable at C$0.10, with proceeds earmarked for general working capital and advancing permitting on its Dawson Gold project in Colorado. The company has completed the first quarter of a five-quarter groundwater monitoring and analytical program at the Dawson Gold deposit and remains on schedule to finish by the end of 2026, after which it intends to resubmit a mining permit application in Colorado; management also noted cautious optimism that a newly appointed Zimbabwean Minister of Mines could improve the prospects for long-pending prospecting orders, developments that collectively aim to de-risk Dawson’s path to production and potentially expand Zephyr’s exploration footprint.

The most recent analyst rating on (TSE:ZFR) stock is a Hold with a C$0.05 price target. To see the full list of analyst forecasts on Zephyr Minerals stock, see the TSE:ZFR Stock Forecast page.

Zephyr Minerals Advances Dawson Gold Project with New Environmental Program

Zephyr Minerals Ltd. has engaged Pinyon Environmental, Inc. to conduct a comprehensive water monitoring program to support the resubmission of a mining permit application for its Dawson Gold Property in Colorado. The program aims to establish baseline water conditions, with monitoring continuing until December 2026. Additionally, the company announced the retirement of its corporate secretary, Ms. Suzan Frazer, with Mr. David Felderhof succeeding her. The Dawson Gold Deposit, with its inferred mineral resource and exploration potential, has become more attractive due to the rise in gold prices, enhancing its economic prospects.

Zephyr Minerals Advances Dawson Gold Project Amid Rising Gold Prices

Zephyr Minerals Ltd. has completed a water well drilling program to support its mining permit application for the Dawson Gold Property in Colorado. The company is also planning exploratory trenching at its Judith Patented Placer Claim and reviewing its drillhole database to potentially lower the cutoff grade for gold mineralization, which could increase the resource volume due to the current high gold prices.