| Valuation method | Value, $ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | n/a | n/a |
| Intrinsic value (DCF) | n/a | |
| Graham-Dodd Method | n/a | |
| Graham Formula | n/a |
Till Capital Corporation (TSXV: TIL.V) is a Vancouver-based financial services company with a unique dual-focus business model operating in both the mineral exploration and reinsurance sectors. Despite being classified in the Insurance - Reinsurance industry, Till Capital actively engages in mineral exploration activities, seeking silver, gold, copper, vanadium, and other mineral deposits. The company maintains strategic mineral royalty interests and exploration property option agreements, including ownership in the Copper King property and option interest in the Carlin Vanadium property located in Nevada. Founded in 2012, Till Capital represents a specialized investment vehicle that combines mineral resource development with financial services expertise. This hybrid approach positions the company at the intersection of natural resources and capital management, offering investors exposure to mineral exploration while maintaining the structural framework of a financial services entity. The company's Vancouver headquarters provides proximity to Canada's robust mining sector while enabling access to North American capital markets.
Till Capital presents a high-risk investment proposition characterized by significant financial challenges and operational complexity. The company reported negative revenue of CAD 315,612 and a substantial net loss of CAD 2.1 million for the period, with diluted EPS of -CAD 0.66. While the company maintains a debt-free balance sheet with CAD 5.2 million in cash equivalents, it faces concerning cash flow trends with negative operating cash flow of CAD 1.1 million and capital expenditures of CAD 660,380. The unusual dividend payment of CAD 1.49 per share despite negative earnings raises questions about sustainability. Investors should note the company's negative beta of -0.952, suggesting counter-cyclical behavior relative to the broader market, and the modest market capitalization of CAD 8 million indicates limited market confidence and liquidity constraints.
Till Capital operates in a challenging competitive landscape with a business model that lacks clear competitive advantages in either the reinsurance or mineral exploration sectors. In reinsurance, the company faces established global players with substantial capital bases and underwriting expertise that Till cannot match given its limited scale and negative operating results. The mineral exploration segment presents even greater competitive challenges, competing against well-funded junior mining companies and major mining corporations with proven technical teams and development pipelines. Till's hybrid model creates strategic ambiguity rather than synergy, as the company must compete in two distinct industries without demonstrating excellence in either. The company's mineral royalty portfolio and property options provide some asset backing, but the lack of revenue generation from these assets undermines their value proposition. Till's competitive positioning is further weakened by its negative cash flows and the apparent disconnect between its dividend policy and operational performance. Without a clear path to profitability or a distinctive competitive edge in either business segment, Till Capital struggles to justify its existence as a standalone entity in highly competitive markets where scale, expertise, and financial stability are critical success factors.