⛏️ Metals, Mining & Chemicals · updated 2026-10-08

US Metals, Mining & Chemicals Companies in Financial Distress (October 2026)

As of 08 October 2026, 61 of 248 US Metals, Mining & Chemicals companies analysed (25%) show financial-distress indicators: 12 very weak, 18 weak and 31 on watch. The most common red flags in this sector are losses in each of the last 3 years, operations consume cash, cash runway under 12 months and ohlson o-score signals likely failure.

248

Analysed

Distress signals

Very weak

25%

Flag rate

What drives financial distress in Metals, Mining & Chemicals

Metals, mining, chemicals and paper — cyclical, capital-intensive; debt taken on at the top of the cycle is the classic failure path.

Most common red flags today: Losses in each of the last 3 years · Operations consume cash · Cash runway under 12 months · Ohlson O-score signals likely failure

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Metals, Mining & Chemicals companies with distress signals

#	Ticker	Company / industry	Distress score	Band	Ohlson PD	Merton PD	From 52w high	Key indicators
1	BAK	Braskem S.A. Chemicals	100	Very weak	81%	90.1%	-64%	Liabilities exceed assets (negative equity)Operating profit does not cover interestCash runway under 12 months	Details →
2	LGO	Largo Inc. Other Industrial Metals & Mining	100	Very weak	85%	69.9%	-82%	Operating profit does not cover interestCash runway under 12 monthsMarket-implied default probability >20%	Details →
3	OMEX	Odyssey Marine Exploration, Inc. Other Industrial Metals & Mining	100	Very weak	100%	9.4%	-84%	Liabilities exceed assets (negative equity)Operating profit does not cover interestCash runway under 12 months	Details →
4	BGL	BGL Gold	98	Very weak	100%	47.1%	-98%	Liabilities exceed assets (negative equity)Cash runway under 12 monthsMarket-implied default probability >20%	Details →
5	ELBM	Electra Battery Materials Corporation Other Industrial Metals & Mining	88	Very weak	97%	62.2%	-93%	Operating profit does not cover interestMarket-implied default probability >20%Losses in each of the last 3 years	Details →
6	BIOX	Bioceres Crop Solutions Corp. Agricultural Inputs	87	Very weak	92%	97.9%	-84%	Operating profit does not cover interestMarket-implied default probability >20%Material debt with no EBITDA	Details →
7	SGML	Sigma Lithium Corporation Other Industrial Metals & Mining	83	Very weak	96%	2.6%	-60%	Operating profit does not cover interestSevere working-capital shortfallLosses in each of the last 3 years	Details →
8	ASPI	ASP Isotopes Inc. Specialty Chemicals	82	Very weak	71%	39.0%	-80%	Operating profit does not cover interestMarket-implied default probability >20%Losses in each of the last 3 years	Details →
9	LOOP	Loop Industries, Inc. Specialty Chemicals	81	Very weak	—	—	-79%	Liabilities exceed assets (negative equity)Cash runway under 12 monthsLosses in each of the last 3 years	Details →
10	COPR	Idaho Copper Corporation Copper	79	Very weak	100%	0.0%	-18%	Liabilities exceed assets (negative equity)Severe working-capital shortfallLosses in each of the last 3 years	Details →
11	FMST	Foremost Clean Energy Ltd. Other Industrial Metals & Mining	72	Very weak	95%	—	-85%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
12	ASTL	Algoma Steel Group Inc. Steel	71	Very weak	95%	10.5%	-28%	Operating profit does not cover interestCash runway under 12 monthsMaterial debt with no EBITDA	Details →
13	BON	BON Specialty Chemicals	68	Weak	45%	44.6%	-49%	Operating profit does not cover interestMarket-implied default probability >20%Operations consume cash	Details →
14	SNES	SenesTech, Inc. Specialty Chemicals	65	Weak	99%	56.9%	-84%	Market-implied default probability >20%Losses in each of the last 3 yearsOperations consume cash	Details →
15	WWR	Westwater Resources, Inc. Other Industrial Metals & Mining	65	Weak	56%	3.2%	-87%	Losses in each of the last 3 yearsOperations consume cashShare price down >80% from 52-week high	Details →
16	NEXM	NexMetals Mining Corp. Other Industrial Metals & Mining	63	Weak	100%	0.0%	-73%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
17	NXTS	Nexentis Technologies Inc. Agricultural Inputs	62	Weak	89%	62.5%	-97%	Market-implied default probability >20%Losses in each of the last 3 yearsOperations consume cash	Details →
18	SA	Seabridge Gold Inc. Gold	62	Weak	22%	0.0%	-31%	Operating profit does not cover interestCash runway under 12 monthsLosses in each of the last 3 years	Details →
19	SID	Companhia Siderúrgica Nacional Steel	62	Weak	52%	75.9%	-42%	Operating profit does not cover interestMarket-implied default probability >20%Losses in each of the last 3 years	Details →
20	TMC	TMC the metals company Inc. Other Industrial Metals & Mining	62	Weak	100%	—	-68%	Liabilities exceed assets (negative equity)Losses in each of the last 3 yearsOperations consume cash	Details →
21	AUST	Austin Gold Corp. Gold	61	Weak	100%	—	-66%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
22	CHNR	CHNR Other Industrial Metals & Mining	59	Weak	87%	—	-45%	Cash runway under 12 monthsSevere working-capital shortfallLosses in each of the last 3 years	Details →
23	INHD	Inno Holdings Inc. Steel	59	Weak	100%	87.5%	-99%	Market-implied default probability >20%Losses in each of the last 3 yearsOperations consume cash	Details →
24	SKE	Skeena Resources Limited Other Industrial Metals & Mining	59	Weak	93%	0.0%	-18%	Cash runway under 12 monthsSevere working-capital shortfallLosses in each of the last 3 years	Details →
25	BGLC	BioNexus Gene Lab Corp. Specialty Chemicals	56	Weak	96%	0.0%	-78%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
26	OLN	Olin Corporation Chemicals	55	Weak	69%	22.2%	-47%	Operating profit does not cover interestMarket-implied default probability >20%Very high leverage	Details →
27	GURE	Gulf Resources, Inc. Chemicals	54	Weak	48%	59.1%	-65%	Market-implied default probability >20%Revenue collapseCurrent liabilities exceed current assets	Details →
28	CAPS	Capstone Holding Corp. Building Materials	50	Weak	—	—	-90%	Cash runway under 12 monthsLosses in each of the last 3 yearsShare price down >80% from 52-week high	Details →
29	EMAT	Evolution Metals & Technologies Corp. Other Industrial Metals & Mining	50	Weak	—	—	-91%	Liabilities exceed assets (negative equity)Losses in each of the last 3 yearsOperations consume cash	Details →
30	HYMC	Hycroft Mining Holding Corporation Gold	50	Weak	73%	0.0%	-67%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
31	ATLX	Atlas Lithium Corporation Other Industrial Metals & Mining	48	Watch	—	—	-69%	Losses in each of the last 3 yearsRevenue collapseOperations consume cash	Details →
32	MERC	Mercer International Inc. Paper & Paper Products	47	Watch	—	—	-91%	Liabilities exceed assets (negative equity)Share price down >80% from 52-week highTrading below $1	Details →
33	WFG	West Fraser Timber Co. Ltd. Lumber & Wood Production	47	Watch	17%	0.0%	-15%	Operating profit does not cover interestCash runway under 12 monthsLosses in each of the last 3 years	Details →
34	FURY	Fury Gold Mines Limited Gold	46	Watch	89%	—	-45%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
35	NMG	Nouveau Monde Graphite Inc. Other Industrial Metals & Mining	46	Watch	97%	1.0%	-79%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
36	LAR	Lithium Argentina AG Other Industrial Metals & Mining	45	Watch	37%	0.1%	-55%	Operating profit does not cover interestSevere working-capital shortfallOperations consume cash	Details →
37	PZG	Paramount Gold Nevada Corp. Gold	45	Watch	79%	0.0%	-58%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
38	SLSR	Solaris Resources Inc. Other Precious Metals & Mining	44	Watch	100%	0.0%	-40%	Liabilities exceed assets (negative equity)Operations consume cashOhlson O-score signals likely failure	Details →
39	ALM	Almonty Industries Inc. Other Industrial Metals & Mining	43	Watch	57%	0.0%	-51%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
40	CITR	CitroTech Inc. Specialty Chemicals	43	Watch	—	—	-71%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
41	GSM	Ferroglobe PLC Other Industrial Metals & Mining	43	Watch	59%	0.3%	-24%	Operating profit does not cover interestOhlson O-score signals likely failureSteep revenue decline	Details →
42	LAC	Lithium Americas Corp. Other Industrial Metals & Mining	43	Watch	—	—	-77%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
43	USGO	U.S. GoldMining Inc. Other Industrial Metals & Mining	43	Watch	—	—	-62%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
44	BMM	Blue Moon Metals Inc. Other Industrial Metals & Mining	42	Watch	89%	0.0%	-43%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
45	GLDG	GoldMining Inc. Gold	40	Watch	72%	0.0%	-58%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
46	NAK	Northern Dynasty Minerals Ltd. Other Industrial Metals & Mining	40	Watch	99%	0.0%	-58%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
47	XPL	Solitario Resources Corp. Other Industrial Metals & Mining	40	Watch	100%	—	-41%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
48	JCTC	Jewett-Cameron Trading Company Ltd. Lumber & Wood Production	38	Watch	95%	0.0%	-19%	Cash runway under 12 monthsOhlson O-score signals likely failureLosses in 2 of the last 3 years	Details →
49	LWLG	Lightwave Logic, Inc. Specialty Chemicals	38	Watch	95%	0.0%	-72%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
50	MINE	Mayfair Gold Corp. Gold	38	Watch	100%	—	-45%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
51	PLG	Platinum Group Metals Ltd. Other Precious Metals & Mining	38	Watch	68%	0.0%	-64%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
52	REA	Rare Earths Americas, Inc. Other Industrial Metals & Mining	38	Watch	96%	0.0%	-66%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
53	TMQ	Trilogy Metals Inc. Other Industrial Metals & Mining	38	Watch	60%	0.0%	-73%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
54	AVD	American Vanguard Corporation Agricultural Inputs	37	Watch	—	—	-71%	Operations consume cashCash runway under 24 monthsLosses in 2 of the last 3 years	Details →
55	FEAM	5E Advanced Materials, Inc. Specialty Chemicals	37	Watch	—	—	-53%	Cash runway under 12 monthsLosses in each of the last 3 yearsOperations consume cash	Details →
56	FF	FutureFuel Corp. Specialty Chemicals	37	Watch	—	—	-19%	Cash runway under 12 monthsRevenue collapseOperating-margin collapse	Details →
57	MTA	Metalla Royalty & Streaming Ltd. Other Precious Metals & Mining	37	Watch	6%	0.0%	-25%	Operating profit does not cover interestLosses in each of the last 3 yearsVery high leverage	Details →
58	SBMT	Silver Bow Mining Corp. Other Industrial Metals & Mining	36	Watch	86%	0.0%	-27%	Losses in each of the last 3 yearsOperations consume cashOhlson O-score signals likely failure	Details →
59	UAMY	United States Antimony Corporation Other Industrial Metals & Mining	36	Watch	—	—	-79%	Losses in each of the last 3 yearsOperations consume cashCash runway under 24 months	Details →
60	LODE	Comstock Inc. Other Precious Metals & Mining	35	Watch	—	—	-54%	Revenue collapseOperations consume cashLosses in 2 of the last 3 years	Details →
61	USAU	U.S. Gold Corp. Gold	35	Watch	—	—	-39%	Losses in each of the last 3 yearsOperations consume cashCash runway under 24 months	Details →

Frequently asked questions

Which Metals, Mining & Chemicals companies are in financial distress?

As of 2026-10-08, 61 US Metals, Mining & Chemicals companies show financial-distress indicators (12 very weak, 18 weak and 31 on watch). The table on this page ranks them by score with the indicators behind each one. These are statistical signals, not predictions that any company will file.

How many Metals, Mining & Chemicals companies are in financial trouble?

61 of 248 analysed (25%); 12 are in the 'Very weak' band.

What are the biggest financial risks for Metals, Mining & Chemicals companies?

Metals, mining, chemicals and paper — cyclical, capital-intensive; debt taken on at the top of the cycle is the classic failure path. Right now the most frequent red flags are losses in each of the last 3 years, operations consume cash, cash runway under 12 months and ohlson o-score signals likely failure.

What happens to shareholders if a company becomes insolvent?

In a Chapter 11 reorganisation the absolute priority rule pays secured lenders, then unsecured creditors, before shareholders — so existing shares are usually cancelled or heavily diluted. In Chapter 7 the company is liquidated and shareholders rarely recover anything.

Financial distress in other sectors

🏦 Bank & Finance 57 🛡️ Insurance 6 💊 Pharma & Biotech 354 🩺 Healthcare & MedTech 98 💻 IT & Software 113 🔬 Semiconductor 15 🤖 AI 74 🖥️ Hardware & Electronics 40 📡 Telecom & Media 55 🛍️ Consumer Discretionary 91 🛒 Consumer Staples 41 🏭 Industrials & Capital Goods 116 🛢️ Energy, Oil & Gas 31 ⚡ Utilities & Power 14 🏢 Real Estate Cos & REITs 25 📦 SPACs & Shell Companies 0 ❔ Unclassified 235

Important: A listing means a company’s reported numbers resemble those of firms that later failed — it is not a statement that the company is insolvent, has defaulted or will enter insolvency proceedings. Recalculated every trading day. Not investment or legal advice.