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Spruce Ridge Resources
(SHL)
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Rating:47Neutral
Price Target:
C$0.39
▼(-0.26% Downside)
Action:Reiterated
Date:10/02/26
The score is held down primarily by weak financial performance—minimal revenue, persistent losses, and ongoing cash burn—despite a relatively low-risk balance sheet with little to no debt. Technicals add modest support with price slightly above major moving averages and a positive MACD, but momentum remains neutral. Valuation is also a headwind because the company is loss-making (negative P/E) and offers no stated dividend yield.
Positive Factors
Conservative balance sheet
Near-zero debt reduces mandatory financing costs and balance-sheet stress while leaving greater flexibility to fund exploration or withstand weak periods. However, the benefit is defensive: it does not by itself establish profitability or eliminate future funding needs.
Negative Factors
Minimal revenue and persistent losses
The absence of meaningful revenue and continuing operating and net losses show that the business has not yet achieved a sustainable earnings model. This limits internally funded growth and leaves future value dependent on successful exploration and eventual commercialization.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Near-zero debt reduces mandatory financing costs and balance-sheet stress while leaving greater flexibility to fund exploration or withstand weak periods. However, the benefit is defensive: it does not by itself establish profitability or eliminate future funding needs.
Read all positive factors
Spruce Ridge Resources (SHL) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$92.95M
Dividend Yield27.5%
Average Volume (3M)221.33K
Price to Earnings (P/E)―
Beta (1Y)2.34
Revenue GrowthN/A
EPS Growth93.71%
CountryCA
EmployeesN/A
SectorGeneral
Sector StrengthN/A
IndustryIndustrial Materials
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding235,309,920
10 Day Avg. Volume192,907
30 Day Avg. Volume221,329
Financial Highlights & Ratios
PEG Ratio1.92
Price to Book (P/B)11.63
Price to Sales (P/S)0.00
P/FCF Ratio-61.04
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
Spruce Ridge Resources Business Overview & Revenue Model
Company Description
Homeland Nickel Inc. functions as a mineral exploration entity, dedicated to identifying, acquiring, and advancing promising mineral properties. Its current project portfolio encompasses the Cleopatra, Red Flat Nickel, Eight Dollar Mountain, Shamr...
Spruce Ridge Resources Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
62
Positive
Cash Flow
22
Negative
| Breakdown | Jul 2026 | Jul 2025 | Jul 2023 | Jan 2023 | Jul 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 131.39K | 0.00 |
| Gross Profit | -16.66K | -18.94K | -54.31K | -484.00K | -5.68K |
| EBITDA | -1.57M | -2.24M | 345.59K | -2.69M | 23.15M |
| Net Income | -626.79K | -4.97M | 320.79K | -10.66M | 21.67M |
Balance Sheet | |||||
| Total Assets | 9.35M | 10.11M | 14.43M | 16.84M | 34.13M |
| Cash, Cash Equivalents and Short-Term Investments | 2.92M | 3.87M | 7.44M | 7.45M | 10.93M |
| Total Debt | 0.00 | 0.00 | 0.00 | 60.00K | 60.00K |
| Total Liabilities | 275.57K | 521.68K | 241.90K | 612.23K | 1.91M |
| Stockholders Equity | 9.08M | 9.53M | 13.10M | 16.22M | 32.22M |
Cash Flow | |||||
| Free Cash Flow | -1.73M | -1.61M | -1.42M | -3.15M | -1.39M |
| Operating Cash Flow | -1.70M | -1.61M | -257.34K | -3.02M | -1.34M |
| Investing Cash Flow | 1.72M | 1.75M | -777.16K | -71.10K | 134.29K |
| Financing Cash Flow | 102.50K | 0.00 | 992.99K | 1.63M | 3.39M |
Spruce Ridge Resources Technical Analysis
Positive
0.39
Price Trends
0.41
Negative
0.40
Negative
0.42
Negative
Market Momentum
-0.01
Positive
48.65
Neutral
44.44
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:SHL, the sentiment is Positive. The current price of 0.39 is below the 20-day moving average (MA) of 0.40, below the 50-day MA of 0.41, and below the 200-day MA of 0.42, indicating a neutral trend. The MACD of -0.01 indicates Positive momentum. The RSI at 48.65 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 Positive sentiment for TSE:SHL.
Spruce Ridge Resources 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% | |
49 Neutral | C$14.57M | 1.94 | 55.78% | ― | ― | ― | |
48 Neutral | C$32.80M | 16.13 | 12.62% | ― | ― | ― | |
47 Neutral | C$92.95M | -395.00 | -2.72% | 27.50% | ― | 93.71% | |
43 Neutral | C$7.16M | -0.30 | -42.87% | ― | ― | -1169.72% | |
42 Neutral | C$31.83M | -6.87 | 98.13% | 6.41% | ― | -382.47% | |
41 Neutral | C$11.19M | -1.01 | -76.18% | ― | ― | 40.53% |
* General Sector Average
TSE:SHL
Spruce Ridge Resources
0.40
0.32
393.75%
TSE:XGC
Xali Gold Corp.
0.19
0.11
150.67%
TSE:NOB
Noble Mineral Exploration
0.06
0.01
30.95%
TSE:PEX
Pacific Ridge Exploration
0.12
-0.12
-52.08%
TSE:RRI
Riverside Resources
0.35
0.13
59.09%
TSE:ATHA
Athena Gold
0.20
-0.39
-66.33%
Spruce Ridge Resources Corporate Events
Business Operations and Strategy
Homeland Nickel Strikes Binding Offtake Deal With Westwin to Supply U.S. Refinery From Oregon Project
Positive
Oct 2, 2026
Homeland Nickel Inc. has signed a binding offtake agreement with Westwin Elements Inc. for nickel concentrate from its Red Flat Nickel Project in southern Oregon, giving Westwin its first mine-direct, domestic source of nickel feedstock. Under the...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Homeland Nickel Advances U.S. Projects and Raises C$3.04 Million in Private Placement
Positive
Sep 18, 2026
Homeland Nickel has secured U.S. Forest Service acceptance of its Plan of Operation for a sonic drill program at the Red Flat Nickel Project, with environmental and cultural reviews already underway, and plans to submit a revised operating plan fo...
Business Operations and StrategyPrivate Placements and Financing
Homeland Nickel Raises C$3.04 Million in Fully Subscribed Private Placement
Positive
Sep 16, 2026
Homeland Nickel Inc. has fully subscribed its previously announced non-brokered private placement of 8,000,000 units at C$0.38 per unit, for gross proceeds of about C$3.04 million, each unit comprising one common share and half a warrant exercisab...
Business Operations and StrategyM&A Transactions
Homeland Nickel Reclaims Royalties and Milestone Rights in Oregon Nickel Deal
Positive
Aug 26, 2026
Homeland Nickel Inc. has struck a new agreement with RAB Capital Holdings to reacquire all net smelter return royalties and milestone payment obligations on its Southern Oregon nickel laterite properties, including Cleopatra and Eight-Dollar Mount...
Business Operations and StrategyPrivate Placements and Financing
Homeland Nickel Launches C$3.04 Million Financing to Advance U.S. Nickel Projects
Positive
Aug 26, 2026
Homeland Nickel Inc. plans to raise up to C$3.04 million through a non-brokered private placement of 8 million units priced at C$0.38, each comprising a common share and half a warrant exercisable at C$0.50 over 24 months. The financing is intende...
Business Operations and StrategyM&A Transactions
Homeland Nickel to Sell Oregon Shamrock Project to American Gold & Copper
Positive
Aug 20, 2026
Homeland Nickel Inc. has agreed to sell its Shamrock Nickel-Copper Project in southern Oregon to American Gold Copper Inc. under a non-binding letter of intent structured as an asset acquisition. The project comprises 40 unpatented lode mining cl...
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.