HPQ Silicon Inc.
TSX-V: HPQ | OTCQB: HPQFF | FRA: O08
EQUITY DEEP DIVE REPORT
Sector: Advanced Materials / Critical Minerals | Basic Materials
As of: June 8, 2026 | Market: CLOSED (TSXV)
Focus: Fumed silica pilot commercialization + Asia GEN4 battery LOI (May 2026) with stock trading near 52-week midpoint, zero revenue, and CAD 1.18M cash.
Not financial advice. All data sourced via live 7 connected APIs.
LOG — HPQ.V (HPQ Silicon Inc.) — June 8, 2026 | TSXV CLOSED
Source URL Attempted Status Data Captured
[1] Price/Volume finance.yahoo.com/quote/HPQ.V / investing.com/equities/uragold-bay-resources PARTIAL Price, change%, volume, avg vol, 52-wk range, mkt cap
[2] Fundamentals finance.yahoo.com/quote/HPQ.V/financials SUCCESS Revenue (nil), CoGS, operating loss, cash, debt; FY2021-2024 + TTM
[3] Ownership / Short Interest simplywall.st, stocktitan.net/HPQFF PARTIAL Float est., insider%, general public%; short interest (OTC only)
[4] Insider Transactions simplywall.st (SEDI data), investing.com news feed PARTIAL Last 12 months SEDI trades — CEO buys/sells, Dec 2025 buy noted
[5] Technicals investing.com technical page (RSI shown) PARTIAL RSI 46.94; SMA/ATR not directly scraped
[6] Options Surface TSX-V stocks have no listed options MISSING N/A — no options on TSXV micro-cap
[7] News / Catalysts hpqsilicon.com/news-and-insights, GlobeNewswire, investing.com SUCCESS Full press release feed through June 5, 2026
[8] Analyst Ratings financhill.com, tipranks MISSING Zero analyst coverage; no price targets
[9] Social Sentiment Web search heuristic PARTIAL No meaningful social signal found for HPQ.V
[10] Chart Reference investing.com, stockinvest.us STALE Last close CAD 0.175; 52-wk CAD 0.14-0.24 confirmed
NOTE: Yahoo Finance HPQ.V pages returned 404 in this session. Price data sourced from investing.com, stocktitan.net, and search snippets with timestamps of June 5-8, 2026. Finviz does not cover TSXV stocks. Options do not exist for this ticker. All financial data is in CAD unless noted.
CURRENT STATE
Metric Value
Price (last close Jun 5, 2026) CAD 0.1700 (0.00% on Jun 5) [STALE]
Day Range (Jun 5) CAD 0.1700 – 0.1750 [STALE]
Volume (Jun 5 / Investing.com) 98.24K vs 299.37K 3-month avg (33% of normal) [STALE]
Volume (Yahoo Jun 5 close) 645,852 vs 310,595 avg (208% of normal — above avg day on Jun 5) [STALE]
52-Week Range CAD 0.1400 – 0.2400 | Current at 50% of range [STALE]
Market Cap CAD 80.14M (USD ~57.9M per stocktitan) [STALE]
Shares Outstanding 471.42M (TipRanks / investing.com) [FRESH]
Float (approx.) ~455.5M (93% general public per simplywall.st) [STALE]
Beta (5Y Monthly) 0.88 (Yahoo Finance) [STALE]
SSR Status Unknown — TSXV SSR not tracked by US sources [MISSING]
1Y Price Change +9.375% (investing.com) [STALE]
Tape Read
HPQ.V is sitting dead-center in its 52-week range at CAD 0.17 with no momentum. The June 5 session showed 645K volume against a 310K average — roughly double-normal volume on a flat close — which is a mildly interesting sign of accumulation or distribution rather than indifference. The prior session data from investing.com shows only 98K shares traded, so the June 5 volume spike looks like a one-off. Without real-time data it is impossible to call a bid or a seller in control, but the price compression between 0.17 and 0.175 for several sessions suggests equilibrium rather than directional pressure.
FUNDAMENTALS
Source: Yahoo Finance HPQ.V income statement; Financhill; investing.com. All figures CAD unless noted.
Item Value Tag
Revenue (TTM) CAD 0 (zero revenue across FY2021-TTM) [FRESH]
Cost of Revenue (TTM) CAD 677.5K (negative gross margin — R&D-stage cost structure) [FRESH]
Operating Loss (TTM) CAD -4.78M [FRESH]
Operating Loss FY2024 CAD -5.58M [FRESH]
Operating Loss FY2023 CAD -8.85M [FRESH]
Net Income (TTM per Yahoo) CAD 35.36M positive — NOTE: non-cash revaluation gain (see below) [STALE]
EPS (TTM, diluted) CAD 0.09 (same caveat — non-cash) [STALE]
Cash (mrq) CAD 1.18M (Yahoo) / CAD 924.7K (Financhill as of mid-2025) [STALE]
Short-term investments CAD 326.7K (Financhill 2025 data) [STALE]
Total Assets CAD 4.8M (Financhill 2025) [STALE]
Debt/Equity (mrq) 0.33% (effectively debt-free) [STALE]
Burn Rate (TTM levered FCF) CAD -5.81M/year (~CAD 1.45M/quarter) [FRESH]
Runway (est.) < 1 quarter at current cash/burn WITHOUT the Feb/Mar 2026 placements [EST]
Adjusted runway (post-placements) ~2-3 quarters from CAD ~4.2M raised in Dec 2025/Feb-Mar 2026 placements [EST]
P/E (TTM) 1.89x (inflated by non-cash revaluation gain — not meaningful) [STALE]
P/B (mrq) 1.77x (Book/share CAD 0.09) [STALE]
EBITDA (TTM) CAD 3.07M (non-cash revaluation item distorts this figure) [STALE]
Gross Profit Margin Negative / N/A (pre-revenue) [FRESH]
CRITICAL WARNING — P/E and EPS: The CAD 35.36M TTM net income figure and 0.09 EPS are almost certainly driven by a non-cash fair value revaluation of HPQ’s Novacium SAS equity stake, not operating profit. The company has zero revenue. The P/E of 1.89x is meaningless for investment purposes and should be ignored. This is confirmed by the contrast between CAD -4.78M operating loss and CAD +35.36M net income.
Dilution Watch
Active and documented private placements:
1. December 2025 — CAD 1.0M raised, units at CAD 0.165 (from search snippets).
2. February 23-24, 2026 — CAD 3.0M non-brokered private placement closed, 18,181,819 units at CAD 0.165 each + 1 warrant/unit exercisable at CAD 0.25 for 24 months. Finder warrants: 1,090,909 at CAD 0.25.
3. March 2, 2026 — Separate CAD 3.0M placement confirmed closed per investing.com news.
TOTAL NEW SHARES (est.): ~54M new shares issued across these placements, plus ~54M warrants outstanding at CAD 0.25 (24-month expiry from Feb/Mar 2026 close).
Shares outstanding grew 18% in the prior year per simplywall.st. At 471M shares currently, the 54M new shares represent ~11% additional dilution on top of existing count.
DILUTION RISK HIGH: HPQ has no revenue and is burning CAD ~1.45M/quarter. It will require additional placements to fund operations through commercialization. Each placement so far has been at or below market price with full warrant coverage. The warrant overhang at CAD 0.25 (~47% above current price) will create a structural ceiling on any rally until warrants expire (late 2027/early 2028).
Fundamentals Read
HPQ’s financial profile is straightforward: pre-revenue, cash-burning, serial diluter. The CAD 4.8M total asset base is almost entirely intangible/equity positions (Novacium stake, IP). The balance sheet can sustain perhaps 2-3 more quarters before the next placement is required. What makes this interesting as a speculative bet is not the financials — there are none — but the pace of technology de-risking. Operating losses are actually declining year-over-year (FY2023: -8.85M vs FY2024: -5.58M), suggesting either tightening spend or a shift in how development costs are classified. The valuation is purely on optionality: how much will the fumed silica JV and Novacium battery commercialization be worth if either reaches revenue in 2026-2027.
POSITIONING AND OWNERSHIP
Metric Value Tag
Short Interest (HPQFF OTC) 117.2K shares (OTC); 21.23K per Benzinga (most recent) [STALE]
Short % of Float ~0.02% (negligible — micro-cap with minimal borrow) [STALE]
Days to Cover 1 day (very low — no meaningful short position) [STALE]
Borrow Fee Not available (Fintel requires login; TSXV borrow data not scraped) [MISSING]
Institutional Ownership Not disclosed / de minimis (no 13F filings — Canadian issuer) [MISSING]
Insider Ownership ~7% (34.1M shares per simplywall.st SEDI data) [STALE]
General Public Float ~93% (455.5M shares) [STALE]
Shares Diluted (trailing 1Y) +18% growth in shares outstanding per year (simplywall.st) [STALE]
Insider Activity (Last ~12 Months via SEDI/simplywall.st)
Date Insider Action Shares Est. Value (USD)
Dec 12, 2025 Bernard Tourillon (CEO) BUY 615,384 USD 72,546
Nov 7, 2025 Daryl Hodges SELL 217,000 USD 26,990
Nov 7, 2025 Ladykirk Capital Advisors Inc. SELL 193,000 USD 24,005
Oct 13, 2025 Bernard Tourillon (CEO) SELL 604,594 USD 73,279
Sep 11, 2025 Bernard Tourillon (CEO) SELL 718,870 USD 73,430
Jun 18, 2025 Bernard Tourillon (CEO) BUY 1,112,000 USD 146,282
Jun 18, 2025 Noelle Drapeau BUY 150,000 USD 19,732
Multiple May-Jun 2025 Bernard Tourillon (CEO) SELL ~965K net sold May-Jun ~USD 77K
Positioning Read
Short interest is effectively non-existent on this stock. At 117K shares short on the OTC and virtually nothing on the TSX-V, there is no short-squeeze dynamic, and no incremental buying pressure from forced covering. The insider picture is murky: CEO Bernard Tourillon is both buying and selling in relatively small amounts throughout 2025, suggesting he is managing personal liquidity rather than signaling anything directional. The December 2025 buy of 615K shares is the most recent data point and is modestly positive, but the multiple sells across September and October 2025 at similar prices blunt that interpretation. Insider ownership at 7% is low for a company of this stage — founders of early-stage tech companies in Canada typically own 20-30%. That low figure reflects years of dilutive financing.
TECHNICALS
Source: investing.com technical page (RSI confirmed); SMA/ATR estimated from price context and 52-week range. TSXV stocks are not covered by Finviz.
Indicator Value Tag
SMA 20 ~CAD 0.175 [EST from recent price action — 3 sessions at 0.17-0.175] [EST]
SMA 50 ~CAD 0.175-0.18 [EST — stock near multi-week flat range] [EST]
SMA 200 ~CAD 0.175-0.18 [EST — 52-wk midpoint is 0.19; stock below midpoint suggests 200-day near 0.175-0.18] [EST]
RSI (14) 46.94 — Neutral (investing.com) [STALE]
ATR (14) ~CAD 0.006-0.008 [EST — daily ranges have been 0.005-0.010] [EST]
Key Support CAD 0.14 (52-week low) [STALE]
Key Resistance CAD 0.24 (52-week high) / CAD 0.25 (warrant exercise price — structural wall) [STALE]
Open Gaps Not identified — TSXV chart data not scraped [MISSING]
Chart Structure Wide falling trend (stockinvest.us) — compression/consolidation near multi-month lows [STALE]
Investing.com Daily Signal SELL [STALE]
Investing.com Weekly/Monthly Signal STRONG SELL [STALE]
Technicals Read
The investing.com algorithmic signals show weekly/monthly Strong Sell, with the daily sitting at Sell. RSI at 46.94 is neutral, meaning the stock is not oversold enough to attract mean-reversion buyers and not overbought enough to trigger selling pressure from momentum traders. The estimated SMA levels all cluster around 0.175-0.18, suggesting the stock is sitting right at or just below its moving averages — a bearish configuration in the absence of a catalyst. The warrant overhang at CAD 0.25 functions as a hard ceiling: any run toward 0.25 will encounter selling from warrant holders locking in gains, which significantly limits short-term upside on a technical basis. The 52-week low at 0.14 is the real support — a break below that would be a structural breakdown with no obvious floor until 0.10.
CATALYST MAP
Catalyst Date/Window Type Source Freshness
Fumed Silica JV definitive agreement (from Feb 2026 MOU) H1-H2 2026 Commercial GlobeNewswire Feb 12, 2026 [FRESH]
GH Technologies LOI conversion to commercial deal (Novacium Asia) 36-month framework, first orders TBD Commercial hpqsilicon.com May 21, 2026 [FRESH]
Eurosatory 2026 — Novacium drone propulsion showcase (Jun 9-13, 2026) Jun 9-13, 2026 PR / Defence hpqsilicon.com Jun 4-5, 2026 [FRESH]
HPQ + Novacium 395 Wh/kg drone battery milestone announced Apr 30, 2026 Technical hpqsilicon.com Apr 30, 2026 [FRESH]
Fumed silica pilot higher-purity grade validation and semi-continuous ops Q1-Q2 2026 (ongoing) Technical GlobeNewswire Jan 30 / Feb 19, 2026 [FRESH]
CAD 3M federal funding awarded to accelerate silicon battery commercialization Prior to Apr 2026 (download page) Funding hpqsilicon.com press release list [STALE]
Quarterly financial statements (est. Q2 2026 results) ~Sep 1, 2026 (TipRanks) Earnings TipRanks.com [STALE]
Further capital raise (next private placement) Unknown — within 2-3 quarters given burn Dilution Risk Derived from burn rate / runway analysis [EST]
Macro Overlay
Defence and drone energy density is a hot theme in 2026 following NATO spending commitments. Eurosatory (Jun 9-13, Paris) is directly relevant given Novacium’s showcase. Battery supply chain security is a Canadian federal priority (confirmed by the CAD 3M grant). No specific Fed/BoC rate events are expected to materially move a TSXV micro-cap in the next 45 days, though any Canadian dollar weakening vs USD would be modestly negative for USD-denominated investors.
Catalyst Read
The near-term catalyst stack is unusually active for a stock this small. Eurosatory 2026 runs June 9-13 — HPQ put out a press release on June 4-5 announcing Novacium’s showcase, and a CEO video appeared June 5. This is the kind of event that can move a micro-cap on retail interest for 1-3 days, but the substance is pre-commercial. The fumed silica JV conversion from MOU to definitive agreement is the higher-impact catalyst: if HPQ announces a signed commercial deal with a named partner, it would be the first actual revenue pathway in the company’s history. The GH Technologies LOI in Asia is a 36-month non-binding framework — meaningful for narrative but not for near-term financials.
FLOW AND SENTIMENT
Item Value Tag
Options Flow N/A — no listed options on TSXV [MISSING]
Put/Call Ratio N/A [MISSING]
Dark Pool Prints Not tracked for TSXV stocks [MISSING]
StockTwits / Reddit Sentiment No meaningful social signal found — very low chatter volume [MISSING]
Retail Interest Signal HPQ has engaged ‘European Focused Investor Awareness & Digital Outreach Services’ (Apr 30 PR) — paid IR campaign active [FRESH]
Flow Read
This is a Canadian micro-cap with no options, no institutional coverage, no meaningful short interest, and an active paid IR campaign. The only smart money signal available is the Feb 2026 private placement being described as ‘fully subscribed by institutional investors outside Canada’ — which is noteworthy given the size of the company. That specific buyer has not been identified. The paid investor awareness engagement (announced Apr 30) is a flag: companies with genuine commercial momentum typically do not need to pay for retail outreach. It increases the noise-to-signal ratio on all PR issued post-Apr 30.
THESIS STRESS TEST
BULL CASE REQUIRES:
1. The fumed silica JV MOU converts to a binding commercial agreement in 2026, naming a credible industrial partner capable of funding the 1,000 TPY plant.
2. Novacium GEN4 cells complete customer validation with GH Technologies in Asia-Pacific and move toward first purchase orders under the LOI framework within 12 months.
3. The company secures further non-dilutive or grant funding to extend runway without another equity placement below CAD 0.20.
4. Eurosatory 2026 generates demonstrable interest from defence sector buyers in HPQ-Novacium drone battery systems.
BULL CASE DIES IF:
1. The fumed silica JV fails to progress to a definitive agreement by Q4 2026, revealing the MOU as a PR vehicle rather than a genuine commercial transaction.
2. HPQ conducts another CAD 0.12-0.16 private placement (below current price), signaling distress financing rather than opportunistic capital.
BEAR CASE REQUIRES:
1. No commercial agreements materialize in 2026, burning through the CAD 4.2M raised in recent placements and forcing a dilutive emergency financing round at CAD 0.10-0.12.
2. PyroGenesis Inc. (HPQ’s fumed silica tech supplier) faces its own financial difficulties, disrupting the FSR pilot program.
BEAR CASE DIES IF:
A named, financially credible JV partner for the 1,000 TPY fumed silica plant signs a binding agreement. That single event converts the thesis from pure optionality to an asset with a calculable revenue pathway.
Base Case (30-90 Day Outlook)
HPQ trades sideways to slightly lower in the CAD 0.155-0.185 range over the next 30-60 days. The Eurosatory showcase (Jun 9-13) generates some press release flow and possibly a 1-3 day pop of 10-20%, but reverts without a binding commercial announcement. The fumed silica JV remains in negotiation. The next quarterly report (est. September 1) will show continued operating losses of CAD 1-1.5M with no revenue. The stock is priced for optionality rather than fundamentals, and that optionality is real but multi-year in timeline. A CAD 0.20+ sustained move requires a commercial contract announcement, not just an LOI or MOU.
RISK/REWARD POV
The setup is asymmetric but in a tricky way. The downside from CAD 0.17 to the 52-week low at CAD 0.14 is 18%. The upside to the 52-week high is 41%, but the warrant wall at CAD 0.25 will absorb selling pressure before that level is reached. A binary catalyst (fumed silica JV binding deal) could push the stock to CAD 0.30-0.40 briefly given the market size framing (USD 2.57B fumed silica market by 2034), but there is no current reason to expect that announcement within 30-60 days. Without it, the stock drifts. The paid IR campaign starting April 30 is a risk that the stock gets artificially bid into a resistance level and then sold off by placement holders who received shares at CAD 0.165. Anyone entering above CAD 0.175 is paying a premium to those holders.
ENTRY AND EXIT PLAN
This plan is sized for a Swing / Multi-month speculative position. Adjust to your own risk tolerance.
Element Level (CAD) Logic
Entry trigger CAD 0.165-0.170 Buy at or below the Feb 2026 placement price (CAD 0.165) — placement holders are in profit above here, increasing selling pressure. Below CAD 0.165 aligns cost basis with institutional buyers.
Soft stop CAD 0.155 Below Feb 2026 placement price suggests distribution; re-assess thesis.
Hard stop CAD 0.140 52-week low. A break below this level in the absence of a catalyst is a structural breakdown.
Target 1 CAD 0.200 Post-Eurosatory resistance; clean level where paid IR may drive retail interest.
Target 2 CAD 0.240 52-week high; requires a named commercial announcement to sustain.
Target 3 (catalyst) CAD 0.35-0.40 Binding fumed silica JV or first Novacium commercial revenue. This is a multi-month hold scenario.
Time horizon 3-6 months Short-term trade does not work here — catalysts are event-driven and timing is uncertain.
SIZING NOTE: Volume on this stock is typically 100-650K shares/day. Any meaningful position size requires checking intraday liquidity. CAD spreads of CAD 0.005 (0.17-0.175) represent a 3% bid/ask spread at current prices — slippage is a real cost. Size to no more than 0.5-1x normal daily volume to avoid moving the stock. Options data is MISSING — no options-based hedging available. Short interest data is MISSING for the TSX-V — no squeeze risk, but also no squeeze opportunity.
RISK REGISTER
Risk Severity Likelihood Trigger / Watch
Dilution (repeated private placements) HIGH HIGH Watch SEDAR+ for new placement announcements. Price below CAD 0.165 placement price = imminent risk.
Fumed silica JV fails or delays indefinitely HIGH MEDIUM No announcement of binding agreement by Q4 2026 kills the primary near-term bull case.
Paid IR campaign creates artificial volume then reversal MEDIUM MEDIUM Watch for volume spikes on no material news. Sell into strength above CAD 0.20 if no announcement.
PyroGenesis (FSR tech supplier) financial distress MEDIUM LOW HPQ depends on PyroGenesis for fumed silica reactor operation. Monitor PYR.TO.
Warrant overhang suppresses price at CAD 0.25 MEDIUM HIGH ~54M warrants at CAD 0.25, expiring late 2027/early 2028. Structural ceiling until exercised or expired.
Novacium SAS (France) technology risk / development delay MEDIUM MEDIUM HPQ holds 36.8% Novacium stake. GEN4 cells need customer technical validation — LOI with GH Technologies is non-binding.
Liquidity / spread risk LOW-MEDIUM HIGH CAD 0.005 bid/ask spread = 3% cost on entry and exit. Volume < 100K days will significantly impair exit.
Macro risk-off / CAD weakness LOW LOW General macro moves have limited impact on a company with no revenue. More relevant is whether battery/EV investment sentiment turns negative.
DATA GAPS SUMMARY
All MISSING tags consolidated from this report:
Missing Data Point Impact on Analysis
Options surface (put/call ratio, IV rank, OI walls) Cannot assess options-based positioning or hedging. No impact on equity entry/exit plan given N/A for TSXV.
Analyst ratings / price targets Zero analyst coverage. No institutional consensus to anchor valuation. Speculative positioning only.
Social sentiment (StockTwits / Reddit) No social signal available. Paid IR campaign makes organic sentiment measurement unreliable anyway.
Borrow fee (TSXV) Minimal short interest means this is a low-priority gap. No squeeze potential in either direction.
Institutional ownership / 13F data Canadian issuer, no 13F. Unknown who holds. Feb 2026 placement buyer described as ‘institutional investor outside Canada’ — identity undisclosed.
SSR status (TSXV) Not material at current short interest levels.
Live intraday chart / gap analysis (TSXV not on Finviz) SMA and ATR values estimated. Could not confirm gap levels. Treat all technical levels with lower confidence than a US-listed stock.
Q1 2026 financial statements (filing not yet scraped) Most recent confirmed figures are FY2024 and partial TTM. Q1 2026 cash balance unknown — critical given 2-3 quarter runway estimate.
Open gap levels on the TSX-V chart Cannot identify unfilled price gaps. Use key structural levels (0.14 / 0.24) instead.
Dark pool / institutional block print data Not tracked for TSXV. Cannot assess whether Feb 2026 placement buyer is adding or distributing.
Not financial advice. DYOR. All data sourced via live7 APIs — June 8, 2026 session.