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Euro Manganese
(EMN)
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Rating:48Neutral
Price Target:
C$0.09
▲(11.25% Upside)
Action:Reiterated
Date:08/24/26
The score is primarily weighed down by weak financial performance: sustained heavy losses, ongoing cash burn, and a deteriorated capital structure with negative equity alongside meaningful debt. Technicals provide a modest offset with improving near-term momentum versus short-term averages, while valuation remains constrained by negative earnings. Corporate events are constructive (offtake progress and finance leadership strengthening) but do not fully counterbalance the current financial risk profile.
Positive Factors
Battery-materials focus
The company is aligned with a strategic battery-materials application by developing high-purity manganese for lithium-ion cathode supply chains. Its focus on a specialized product and a defined downstream market could support long-term relevance as battery manufacturers seek qualified material sources.
Negative Factors
Deteriorated capital structure
Debt has increased while shareholders’ equity has turned negative, creating a materially weaker capital structure. This reduces financial flexibility and raises solvency and recapitalization risk, particularly while the company remains pre-profit and must continue funding development before commercial operations.
Read all positive and negative factors
Positive Factors
Negative Factors
Battery-materials focus
The company is aligned with a strategic battery-materials application by developing high-purity manganese for lithium-ion cathode supply chains. Its focus on a specialized product and a defined downstream market could support long-term relevance as battery manufacturers seek qualified material sources.
Read all positive factors
Euro Manganese (EMN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$12.87M
Dividend YieldN/A
Average Volume (3M)87.02K
Price to Earnings (P/E)―
Beta (1Y)-1.08
Revenue Growth5.88%
EPS Growth41.47%
CountryCA
Employees40
SectorGeneral
Sector StrengthN/A
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-0.12
Shares Outstanding142,954,500
10 Day Avg. Volume44,861
30 Day Avg. Volume87,021
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)5.54
Price to Sales (P/S)3.60
P/FCF Ratio-1.62
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Euro Manganese Business Overview & Revenue Model
Company Description
Euro Manganese Inc. evaluates, explores, and develops mineral assets. The company holds 100% interest in the Chvaletice manganese project, which is involved in the re-processing of a manganese deposit hosted in historic mine tailings to produce ma...
How the Company Makes Money
Euro Manganese’s intended revenue model is to develop, finance, build, and operate the Chvaletice Project and generate revenue primarily from the sale of high-purity manganese products (targeted at battery supply chains). In this model, earnings w...
Euro Manganese Earnings Call Summary
Earnings Call Date:Aug 14, 2024
(Q3-2024)
| % Change Since: |
Next Earnings Date:Dec 17, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted significant achievements, including the commissioning of the Demonstration Plant and progress on strategic funding applications and negotiations for offtake agreements. However, the company faces challenges with market softening impacting growth forecasts and delays in finalizing some offtake agreements. Funding remains a critical area of focus, with efforts to secure necessary financing to support ongoing development activities.Positive Updates
Demonstration Plant Commissioning
Completed the commissioning of the Demonstration Plant in the Czech Republic and successfully produced high-purity manganese sulfate from high-purity electrolytic manganese metal.
Negative Updates
Market Softening Impact
The market has been adapting to a slower growth rate, with global forecast for EV growth reduced to over 20% annually, down from more than 30%.
Read all updates
Q3-2024 Updates
Positive
Negative
Demonstration Plant Commissioning
Completed the commissioning of the Demonstration Plant in the Czech Republic and successfully produced high-purity manganese sulfate from high-purity electrolytic manganese metal.
Read all positive updates
Company Guidance
During Euro Manganese's Q3 2024 earnings call, detailed financial metrics and strategic developments were discussed. The company started the quarter with $20.1 million in cash, spending $5.3 million predominantly on Phase 1 of the Front-End Engineering Design, permitting, and corporate costs, closing with $13.2 million. Interest on convertible loans was $0.8 million, while $0.2 million was allocated for land deposits, and $0.6 million was spent on commissioning the Demonstration Plant. Key achievements included the successful production of high-purity manganese sulfate and securing a permanent operating permit for the plant in the Czech Republic. The company is exploring multiple funding sources, including a $30 million tranche from Orion, alongside national and EU grants. Market challenges were acknowledged, with a reduction in EV growth forecasts impacting customer demand and negotiations; nonetheless, ongoing discussions involve potential offtake agreements totaling over 65,000 tonnes annually, with eight parties in advanced negotiation stages. Euro Manganese emphasized its strategic positioning as a potential sole European producer of high-purity manganese, seeking strategic project status under the EU Critical Raw Materials Act to access preferential financing and grants.Euro Manganese Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
18
Very Negative
Cash Flow
22
Negative
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.39M | 4.39M | 3.22M | 0.00 | 0.00 | 0.00 |
| Gross Profit | -12.78M | -7.68M | -558.50K | -261.17K | -191.13K | -103.38K |
| EBITDA | -9.30M | -9.28M | -13.02M | -12.40M | -13.24M | -9.42M |
| Net Income | -17.35M | -17.59M | -18.33M | -12.01M | -13.48M | -9.56M |
Balance Sheet | ||||||
| Total Assets | 29.01M | 36.78M | 40.47M | 29.95M | 39.90M | 43.34M |
| Cash, Cash Equivalents and Short-Term Investments | 4.08M | 9.49M | 9.36M | 7.65M | 21.56M | 31.22M |
| Total Debt | 34.89M | 30.72M | 27.80M | 172.42K | 340.39K | 288.16K |
| Total Liabilities | 38.44M | 33.93M | 30.65M | 2.85M | 2.61M | 5.93M |
| Stockholders Equity | -9.43M | 2.85M | 9.82M | 27.10M | 37.29M | 37.40M |
Cash Flow | ||||||
| Free Cash Flow | -6.60M | -9.74M | -17.79M | -13.31M | -17.73M | -11.94M |
| Operating Cash Flow | -6.52M | -9.65M | -13.59M | -10.84M | -9.49M | -7.78M |
| Investing Cash Flow | -71.00K | -87.00K | -6.91M | -3.10M | -8.24M | -4.17M |
| Financing Cash Flow | -322.00K | 9.52M | 21.98M | -2.52K | 8.13M | 40.43M |
Euro Manganese Technical Analysis
Negative
0.08
Price Trends
0.09
Negative
0.10
Negative
0.14
Negative
Market Momentum
>-0.01
Positive
40.08
Neutral
33.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:EMN, the sentiment is Negative. The current price of 0.08 is below the 20-day moving average (MA) of 0.09, below the 50-day MA of 0.09, and below the 200-day MA of 0.14, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 40.08 is Neutral, neither overbought nor oversold. The STOCH value of 33.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:EMN.
Euro Manganese Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
48 Neutral | C$12.87M | -0.70 | 567.30% | ― | 5.88% | 41.47% | |
47 Neutral | C$36.61M | -4.45 | -55.00% | ― | ― | ― | |
44 Neutral | C$30.48M | -23.44 | 45.30% | ― | ― | 45.30% | |
43 Neutral | C$26.82M | -9.79 | -103.03% | ― | ― | 3.00% | |
43 Neutral | C$18.73M | -8.97 | -59.81% | ― | ― | 52.15% | |
40 Underperform | C$4.31M | -7.94 | -21.92% | ― | ― | 6.64% |
* General Sector Average
TSE:EMN
Euro Manganese
0.09
-0.10
-54.05%
TSE:MN
Manganese X Energy Corp
0.10
0.03
46.15%
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0.26
0.08
45.71%
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0.11
233.33%
TSE:EVNI
EV Nickel, Inc.
0.14
-0.04
-22.22%
TSE:AVE
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0.06
-0.20
-78.00%
Euro Manganese Corporate Events
Business Operations and StrategyExecutive/Board Changes
Euro Manganese Names Interim CFO and Corporate Secretary to Support Chvaletice Project
Positive
Aug 18, 2026
Euro Manganese Inc. has appointed Sean Gallagher as Interim Chief Financial Officer and Corporate Secretary, effective August 18, 2026, replacing interim CFO Sherry Roberge and Corporate Secretary Laurel Petryk. Gallagher brings more than 15 years...
Business Operations and StrategyPrivate Placements and Financing
Euro Manganese inks 6K Energy offtake term sheet for high-purity manganese
Positive
Aug 17, 2026
Euro Manganese has entered into a non-binding offtake term sheet with U.S.-based 6K Energy for high-purity electrolytic manganese metal from the Chvaletice Manganese Project in the Czech Republic. The agreement follows successful testing and preli...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.