Treasury Metals Inc. (TSRMF) Stock Analysis
DELISTED 2024
What happened to Treasury Metals Inc. (TSRMF) stock?
Treasury Metals Inc. (TSRMF) no longer trades on public markets. It was delisted in August 2024. The figures below are historical and are not a current quote.
For informational purposes only. Not financial advice. Analysis by Sedat ANAK, Founder & Editor-in-Chief | AI-powered analysis. Data sourced from SEC filings and institutional-grade financial providers. Editorially reviewed. Not financial advice.
Treasury Metals Inc. (TSRMF) trades at $0.581. Treasury Metals Inc. is a Canadian mineral exploration company focused on its flagship Goliath Gold Project in Ontario. Market cap: $44.7M, Sector: Basic materials.
Last analyzed: Mar 18, 2026Analyst Coverage for TSRMF: TSRMF does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage. In the absence of analyst consensus, our AI model evaluates TSRMF against Basic Materials peers across nine fundamental dimensions and assigns a neutral fundamental signal based on the underlying data.
TSRMF: 2/2 scored disciplines lean bearish. Dominant signal: Jim Simons bearish.
How is this calculated? →Treasury Metals Inc. (TSRMF) Materials & Commodity Exposure
Treasury Metals Inc. is a Canadian mineral exploration company focused on the Goliath Gold Project, seeking to capitalize on gold, silver, and base metal deposits in Ontario. With a focus on exploration and development, the company aims to transition its assets into producing mines amidst the competitive mining sector.
What Is the Investment Thesis for TSRMF?
Treasury Metals Inc. presents a speculative investment opportunity within the mineral exploration sector. The primary value driver is the Goliath Gold Project, whose potential economic viability hinges on successful exploration results and resource definition. Upcoming catalysts include ongoing drilling programs and feasibility studies which, if positive, could significantly increase the project's net asset value. The company's market capitalization of approximately $0.04 billion reflects its early-stage development. A key risk factor is the inherent uncertainty in mineral exploration, with no guarantee of commercially viable deposits. The negative P/E ratio of -5.96 indicates the company is currently unprofitable, typical for exploration-stage companies. Investors should closely monitor exploration results, financing activities, and the overall gold market conditions.
Based on FMP financials and quantitative analysis
TSRMF Key Highlights
Flagship asset is the Goliath Gold Project, covering 7,601 hectares in Ontario, Canada.
- Focus on exploration for gold, silver, copper, lead, and zinc deposits.
- Market capitalization of $44.7M indicates a small-cap company in the exploration phase.
- Negative P/E ratio of -5.96 reflects current lack of profitability, common for exploration companies.
- Beta of 1.55 suggests higher volatility compared to the overall market.
Who Are TSRMF's Competitors?
TSRMF is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | AI Score |
|---|---|---|---|---|
| ANGVF Angus Gold Inc. | $0.59 | +0.00% | $35.7M | 44 |
| BNCHF Benchmark Metals Inc. | $0.18 | +4.67% | $46.2M | 44 |
| FSXLF Great Pacific Gold Corp. | $0.34 | +2.12% | $50.8M | 44 |
| HUMRF Hummingbird Resources PLC | $0.03 | +30.80% | $58.1M | 42 |
| KRMMF Kingsrose Mining Limited | $0.04 | +0.00% | $30.1M | 45 |
| LOMLF Lion One Metals Limited | $0.14 | +42.15% | $58.0M | 62 |
| YRBAF Yorbeau Resources Inc. | $0.04 | -4.67% | $16.7M | 57 |
| GGAZF Goldgroup Mining Inc. | $2.58 | -39.29% | $194M | 59 |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are TSRMF's Key Strengths?
Strategic land position in a prospective mining district.
- Experienced management team with expertise in mineral exploration.
- Potential for significant resource expansion at the Goliath Gold Project.
- Strong community relations and support for project development.
What Are TSRMF's Weaknesses?
Early-stage exploration company with no current revenue generation.
- Reliance on equity financing to fund exploration activities.
- High risk associated with mineral exploration and development.
- Small market capitalization and limited trading liquidity.
What Could Drive TSRMF Stock Higher?
Ongoing drilling programs at the Goliath Gold Project aimed at expanding the resource base.
- Completion of a feasibility study for the Goliath Gold Project, providing detailed economic analysis.
- Potential strategic partnerships or joint ventures with larger mining companies.
- Favorable gold market conditions driving increased investor interest.
- Positive exploration results from other mineral properties in the region.
What Are the Key Risks for TSRMF?
Financial-distress signal — its Altman Z-Score of -0.75 sits in the distress zone (elevated bankruptcy risk).
- Negative return on equity (-12.5%) — the business is not currently generating profit on shareholder capital.
- Weak fundamentals — a Piotroski F-Score of 2/9 flags soft profitability, leverage or efficiency.
- Fluctuations in gold prices and metal market conditions impacting project economics.
- Uncertainty in exploration results and resource estimation at the Goliath Gold Project.
- Environmental regulations and permitting challenges delaying project development.
- Competition from other mining companies for capital and project opportunities.
- Limited financial resources and reliance on equity financing.
What Are the Growth Opportunities for TSRMF?
- Expansion of Goliath Gold Project: The primary growth opportunity lies in expanding the resource base at the Goliath Gold Project through ongoing exploration and drilling programs. Positive results could lead to increased resource estimates and improved project economics, attracting further investment and potential development. The timeline for resource expansion is ongoing, with continued drilling planned throughout 2026. Success depends on geological interpretations and the discovery of new mineralized zones.
- Advancement to Feasibility Stage: Progressing the Goliath Gold Project to the feasibility stage represents a significant value catalyst. Completing a comprehensive feasibility study would provide detailed economic analysis, engineering designs, and environmental assessments, de-risking the project and attracting potential financing partners. The timeline for completing a feasibility study is estimated at 12-18 months, contingent on exploration results and permitting processes. Positive outcomes will significantly enhance project value.
- Strategic Partnerships and Joint Ventures: Forming strategic partnerships or joint ventures with larger mining companies could provide access to capital, technical expertise, and infrastructure, accelerating project development. These partnerships can also reduce financial risk and enhance project credibility. The timeline for securing partnerships is uncertain but actively pursued by management. Successful partnerships would provide significant resources for project advancement.
- Acquisition of Complementary Assets: Acquiring additional mineral properties or exploration projects in the region could create synergies and expand the company's resource base. Strategic acquisitions could enhance the company's overall portfolio and attract investor interest. The timeline for acquisitions is opportunistic, depending on market conditions and available properties. Successful acquisitions would diversify the company's asset base and growth potential.
- Improved Gold Market Conditions: Favorable gold market conditions, driven by macroeconomic factors and investor demand, can significantly improve the economics of the Goliath Gold Project. Higher gold prices increase the potential profitability of the project and attract investment. The timeline for improved gold market conditions is uncertain, but long-term trends suggest continued demand for gold as a safe-haven asset. Positive market conditions would enhance project viability and investor interest.
What Are TSRMF's Competitive Advantages?
- Strategic land position in a prospective mining district in Ontario.
- Proprietary geological data and expertise related to the Goliath Gold Project.
- First-mover advantage in exploring and developing the Goliath Gold Project.
- Strong relationships with local communities and stakeholders.
What Does TSRMF Do?
Treasury Metals Inc., originally incorporated as Divine Lake Exploration Inc. in 1997, rebranded in November 2007 to reflect its strategic focus on mineral exploration and development. Headquartered in Toronto, Canada, the company operates within the basic materials sector, specifically targeting gold, silver, copper, lead, and zinc deposits. Its primary asset is the Goliath Gold Project, a 7,601-hectare property located east of Dryden in northwestern Ontario. This project represents the core of Treasury Metals' activities, with ongoing exploration and development efforts aimed at defining and expanding its mineral resources. The company's activities involve geological surveys, drilling programs, and resource estimation to assess the economic viability of its mineral deposits. Treasury Metals aims to transform its exploration projects into producing mines, contributing to the supply of precious and base metals. The company navigates the competitive landscape of mineral exploration by focusing on strategic project locations and employing advanced exploration techniques.
What Products and Services Does TSRMF Offer?
- Explores for gold, silver, copper, lead, and zinc deposits in Canada.
- Focuses on the Goliath Gold Project in northwestern Ontario.
- Conducts geological surveys and drilling programs to identify mineral resources.
- Estimates the economic viability of mineral deposits.
- Aims to develop exploration projects into producing mines.
- Manages a 7,601-hectare property for mineral exploration.
How Does TSRMF Make Money?
- Raises capital through equity financing to fund exploration activities.
- Acquires and explores mineral properties with potential for economic deposits.
- Defines and expands mineral resources through drilling and geological analysis.
- Seeks to develop mineral resources into producing mines or sell/partner with other companies.
What Industry Does TSRMF Operate In?
Treasury Metals Inc. operates within the gold mining industry, a segment of the broader basic materials sector. The industry is characterized by high capital intensity, long lead times, and significant regulatory oversight. Gold prices, influenced by macroeconomic factors and investor sentiment, play a crucial role in project economics. The competitive landscape includes major gold producers and junior exploration companies. Treasury Metals, as a junior explorer, competes for capital and project opportunities against larger, more established firms. Market trends include increasing demand for gold as a safe-haven asset and technological advancements in exploration and mining techniques.
Who Are TSRMF's Key Customers?
- Not applicable; Treasury Metals is an exploration company, not a producing mine.
- Potential future customers would be metal refiners and industrial users of gold, silver, copper, lead, and zinc.
- Investors who provide capital for exploration and development activities.
Company Profile
Treasury Metals Inc. operates in the Gold industry within the Basic Materials sector. It is headquartered in Toronto, CA. The company is led by CEO Jeremy Lentz Wyeth. TSRMF has traded publicly since 2009.
How Treasury Metals Inc. Is Valued
Treasury Metals Inc. carries a market capitalization of $44.7M, placing it in the micro-cap category.
Key Financial Metrics
Return on equity for Treasury Metals Inc. stands at -12.5%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is -10.4%, showing how much profit it generates from its asset base. Its free cash flow yield is -31.1%, a gauge of the cash the business throws off relative to its market value. A current ratio of 1.75 indicates the company holds enough short-term assets to cover its near-term obligations. Its earnings yield is -15.1%, the inverse of the P/E and a quick read on earnings relative to price.
Financial Health
Treasury Metals Inc.'s Piotroski F-Score is 2/9, a 9-point checklist of profitability, leverage and efficiency — flagging fundamental weakness worth scrutiny. Its Altman Z-Score of -0.75 places it in the distress zone, a signal of elevated financial risk.
Forward Outlook
Wall Street analysts project Treasury Metals Inc. revenue of about $214.3M for fiscal 2026, with EPS near $0.28.
TSRMF Financials
Fundamental Snapshot
Based on FMP financials and quantitative analysis · FY 2024
Bull Case vs Bear Case
Bull Case
- Strategic land position in a prospective mining district.
- Experienced management team with expertise in mineral exploration.
- Potential for significant resource expansion at the Goliath Gold Project.
- Strong community relations and support for project development.
Bear Case
- Early-stage exploration company with no current revenue generation.
- Reliance on equity financing to fund exploration activities.
- High risk associated with mineral exploration and development.
- Small market capitalization and limited trading liquidity.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · August 2026
TSRMF Latest News
No recent news available for TSRMF.
Leadership: Jeremy Lentz Wyeth
CEO
Jeremy Lentz Wyeth serves as the CEO of Treasury Metals Inc. His background includes experience in the mineral exploration and mining industry, with a focus on project management, corporate finance, and investor relations. He has held various leadership positions in junior mining companies, contributing to project development and resource expansion. His expertise encompasses geological analysis, resource estimation, and feasibility studies. He is responsible for overseeing the company's strategic direction, exploration activities, and corporate governance.
Track Record: Under Jeremy Lentz Wyeth's leadership, Treasury Metals Inc. has focused on advancing the Goliath Gold Project through ongoing exploration and resource definition. Key milestones include expanding the project's resource base and securing financing for exploration programs. He has overseen the completion of geological surveys, drilling programs, and resource estimation updates. His strategic decisions have aimed at maximizing shareholder value and advancing the project towards potential mine development.
TSRMF OTC Market Information
The OTC Other tier represents the lowest tier of the OTC market, indicating that Treasury Metals Inc. may not meet the minimum financial standards required for higher tiers like OTCQB or OTCQX. Companies in this tier may have limited financial disclosure, making it more difficult for investors to assess their financial health and operational performance. Unlike NYSE or NASDAQ listings, OTC Other stocks do not have the same rigorous listing requirements, leading to increased risk and potential for less transparency.
- OTC Tier: OTC Other
- Limited financial disclosure due to OTC Other tier status.
- Lower trading liquidity compared to major exchange-listed stocks.
- Potential for price volatility and wider bid-ask spreads.
- Increased risk of fraud or manipulation due to less regulatory oversight.
- Higher information asymmetry compared to exchange-listed companies.
- Verify the company's financial statements and disclosures.
- Assess the company's management team and their track record.
- Review the company's business plan and growth strategy.
- Evaluate the company's competitive position and industry outlook.
- Analyze the company's capital structure and financing needs.
- Check for any legal or regulatory issues.
- Consult with a qualified financial advisor.
- Established history of mineral exploration activities.
- Presence of a qualified management team with industry experience.
- Positive exploration results and resource estimates at the Goliath Gold Project.
- Compliance with environmental regulations and permitting requirements.
- Engagement with local communities and stakeholders.
Common Questions About TSRMF (Basic Materials)
What happened to Treasury Metals Inc. (TSRMF) stock?
Treasury Metals Inc. (TSRMF) no longer trades on public markets. It was delisted in August 2024. The figures below are historical and are not a current quote.
Can I still buy TSRMF shares?
No. TSRMF stopped trading on public markets in August 2024, so the shares are not available through a broker. Anything you see quoted for TSRMF elsewhere is historical data, not a live market.
Are the figures on this page current?
No. Every number here is the last value recorded before TSRMF stopped trading. Nothing on this page updates, and none of it is a current quote.
Why does this page still exist?
Because people still search for what happened to Treasury Metals Inc.. An archived profile that states the delisting plainly is more useful than a dead link — provided it is labelled as history, which is what this page does.
What does Treasury Metals Inc. do?
Treasury Metals Inc. is a mineral exploration company focused on identifying and developing precious and base metal deposits in Canada. The company's primary asset is the Goliath Gold Project, a 7,601-hectare property in northwestern Ontario. Treasury Metals conducts geological surveys, drilling programs, and resource estimation to assess the economic viability of its mineral deposits, with the goal of transforming exploration projects into producing mines or partnering with established mining companies.
What do analysts say about TSRMF stock?
As of March 18, 2026, analyst coverage of Treasury Metals Inc. (TSRMF) is limited due to its small market capitalization and OTC listing. Key valuation metrics include the company's market capitalization of $44.7M and its negative P/E ratio of -5.96, reflecting its current lack of profitability. Growth considerations center on the successful exploration and development of the Goliath Gold Project.
What are the main risks for TSRMF?
The main risks for Treasury Metals Inc. include fluctuations in gold prices, which can significantly impact project economics. Exploration risk is inherent, with no guarantee of discovering commercially viable deposits. Environmental regulations and permitting challenges can delay project development and increase costs. The company's reliance on equity financing exposes it to market volatility and potential dilution. Competition from larger mining companies for capital and project opportunities also poses a risk.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- Information is based on available data and may be subject to change.
- OTC market data may be less reliable than major exchange data.
- AI analysis is pending and may provide additional insights.