Zephyr Minerals (ZFR) AI Stock Analysis

• Market Cap: C$5.65M
• Dividend Yield: N/A
• Average Volume (3M): 7.73K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.59
• 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)

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

Conservative, low-leverage balance sheet

Very low leverage (TTM debt ~$25.6K vs ~$5.26M equity) gives durable financial flexibility: lower interest burden, reduced refinancing risk, and optionality to fund exploration or modest investments. This structural strength supports survival through a pre-revenue phase.

Stable asset base and sizable equity

A stable asset base (~$5.3–$5.5M) and a sizable equity cushion preserve tangible capital that can be deployed or used in financing discussions. This enduring foundation lengthens runway and supports investor confidence during exploration and development cycles.

Improved cash burn versus prior years

Marked improvement in cash outflows relative to 2020–2023 suggests stronger cost discipline and slower resource depletion. Sustained lower burn reduces near-term financing pressure and increases the probability management can reach operational milestones without frequent dilutive raises.

Negative Factors

No revenue (pre-production profile)

Absence of revenue is a core structural risk: long-term viability depends on resource development or finding revenue streams. This creates execution and financing risk, as value realization hinges on successful project advancement rather than operating cash generation.

Negative operating and free cash flow

Persistent negative operating and free cash flow (~-$116K and ~-$129K TTM) implies ongoing dependence on external capital. Over months this raises dilution risk, constrains investment in projects, and can force suboptimal financing or project delays if markets tighten.

Recurring losses and negative returns on equity

Recurring net losses (TTM net loss noted elsewhere) and negative ROE (~-5% TTM) indicate the company’s capital is not producing returns. Over time this can erode equity, limit reinvestment capacity, and increase pressure to raise capital or alter strategy to restore profitability.

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	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	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: Positive
• Last Price: 0.06
• 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:ZFR, the sentiment is Positive. The current price of 0.06 is above the 20-day moving average (MA) of 0.05, above the 50-day MA of 0.05, and above the 200-day MA of 0.05, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 72.93 is Negative, 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 Positive 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$5.95M	6.28	―	―	―	―
ZFR	48 Neutral	C$5.65M	-19.70	-5.00%	―	―	21.43%
XIM	47 Neutral	C$4.89M	-1.49	―	―	―	45.20%
IMR	41 Neutral	C$5.05M	-0.82	-27.44%	―	―	―
GSRI	41 Neutral	C$4.03M	-2.30	―	―	―	75.02%
TRG	37 Underperform	$8.35M	18.92	14.48%	―	―	―

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.