Want to see TSE:FTZ full AI Analyst Report?
Top Page
Norseman Capital
(FTZ)
Select Model
Select Model
Rating:46Neutral
Price Target:
C$0.45
▼(-3.04% Downside)
Action:Reiterated
Date:10/01/26
The score is primarily weighed down by weak financial performance—no revenue, widening losses, and deteriorating free cash flow—despite a low-leverage balance sheet. Technicals are only mildly constructive with the price near/above moving averages but neutral momentum indicators, while valuation is constrained by a negative P/E and no dividend support.
Positive Factors
Zero leverage
The absence of debt reduces refinancing pressure and avoids mandatory interest obligations while the company remains loss-making. This gives management greater financial flexibility than a similarly unprofitable business carrying leverage, although it does not offset the need to improve operating performance.
Negative Factors
No operating revenue
The absence of operating revenue indicates that the company currently lacks sales capable of absorbing fixed costs or funding ongoing activities. Without demonstrated top-line traction, earnings visibility is limited and the business must first establish a sustainable operating base before profitability can improve.
Read all positive and negative factors
Positive Factors
Negative Factors
Zero leverage
The absence of debt reduces refinancing pressure and avoids mandatory interest obligations while the company remains loss-making. This gives management greater financial flexibility than a similarly unprofitable business carrying leverage, although it does not offset the need to improve operating performance.
Read all positive factors
Norseman Capital (FTZ) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$146.73M
Dividend YieldN/A
Average Volume (3M)185.42K
Price to Earnings (P/E)―
Beta (1Y)1.48
Revenue GrowthN/A
EPS Growth-5.17%
CountryCA
Employees11
SectorGeneral
Sector StrengthN/A
IndustryOther Precious Metals
Share Statistics
EPS (TTM)-0.02
Shares Outstanding329,728,850
10 Day Avg. Volume271,043
30 Day Avg. Volume185,422
Financial Highlights & Ratios
PEG Ratio-0.88
Price to Book (P/B)1.69
Price to Sales (P/S)0.00
P/FCF Ratio-9.05
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
Norseman Capital Business Overview & Revenue Model
Company Description
Fitzroy Minerals Inc., an emerging natural resource enterprise, concentrates its efforts on the procurement, exploration, and advancement of mineral assets. The company's operations extend across Canada, Chile, and Argentina, where its primary exp...
Norseman Capital Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
54
Neutral
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Sep 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 | -7.52M | -4.45M | -1.69M | -5.06M | -1.21M | -3.13M |
| Net Income | -7.17M | -4.34M | -1.69M | -5.07M | -1.22M | -3.13M |
Balance Sheet | ||||||
| Total Assets | 57.27M | 35.94M | 5.74M | 2.17M | 6.56M | 5.46M |
| Cash, Cash Equivalents and Short-Term Investments | 23.86M | 13.13M | 1.63M | 221.46K | 980.58K | 1.15M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 583.45K | 768.34K | 327.93K | 18.18K | 289.61K | 467.56K |
| Stockholders Equity | 56.69M | 35.17M | 5.41M | 2.15M | 6.27M | 5.00M |
Cash Flow | ||||||
| Free Cash Flow | -8.59M | -6.56M | -1.92M | -1.48M | -2.05M | -2.63M |
| Operating Cash Flow | -1.86M | -1.77M | -1.09M | -947.07K | -1.06M | -1.92M |
| Investing Cash Flow | -12.03M | -4.79M | -1.38M | -536.85K | -1.05M | -736.00K |
| Financing Cash Flow | 27.48M | 18.14M | 3.88M | 724.80K | 1.94M | 3.45M |
Norseman Capital Technical Analysis
Positive
0.46
Price Trends
0.42
Positive
0.43
Positive
0.45
Negative
Market Momentum
<0.01
Negative
52.72
Neutral
69.63
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:FTZ, the sentiment is Positive. The current price of 0.46 is above the 20-day moving average (MA) of 0.43, above the 50-day MA of 0.42, and above the 200-day MA of 0.45, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 52.72 is Neutral, neither overbought nor oversold. The STOCH value of 69.63 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:FTZ.
Norseman Capital Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
57 Neutral | C$207.62M | -12.72 | -55.99% | ― | ― | -55.72% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | C$441.64M | -14.21 | -284.95% | ― | ― | -2078.18% | |
49 Neutral | C$201.07M | -14.25 | -58.26% | ― | ― | 28.94% | |
47 Neutral | C$71.50M | -49.53 | -11.59% | ― | ― | 39.20% | |
46 Neutral | C$146.73M | -18.24 | -15.57% | ― | ― | -5.17% | |
45 Neutral | C$166.13M | -12.50 | -23.08% | ― | ― | -48.92% |
* General Sector Average
TSE:FTZ
Norseman Capital
0.45
0.09
25.35%
TSE:SCOT
Scottie Resources Corp
2.69
0.93
52.84%
TSE:NAU
Nevgold Corp
0.95
0.58
156.76%
TSE:VML
Viscount Mining
0.53
-0.33
-38.37%
TSE:PGLD
P2 Gold
1.51
1.13
292.21%
TSE:ARK
Arras Minerals Corp
1.40
0.66
89.19%
Norseman Capital Corporate Events
Business Operations and Strategy
Fitzroy Minerals Metallurgical Tests Boost Heap-Leach Case at Chile’s Buen Retiro
Positive
Sep 23, 2026
Fitzroy Minerals reported initial metallurgical results from SGS Laboratories showing that mini-column heap-leach tests at its Buen Retiro Copper Project delivered total copper recoveries of up to 82.6% across three geometallurgical units, with lo...
Business Operations and Strategy
Fitzroy Minerals Hits Record Copper Grades and Extends Buen Retiro Trend in Chile
Positive
Aug 20, 2026
Fitzroy Minerals has reported its highest-grade copper intercept to date and materially extended the strike length of the main mineralized trend at the Buen Retiro Copper Project in Chile. Recent drilling at the Tenorita, Manto Negro and adjacent ...
Business Operations and Strategy
Fitzroy Minerals Flags Major Porphyry Targets at Caballos After Deep IP Survey
Positive
Aug 13, 2026
Fitzroy Minerals has reported results from a deep ground-based induced polarization and resistivity survey at its Caballos Copper Project in Chile, which identified multiple large chargeability and conductivity anomalies consistent with porphyry-s...
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.