AJN Resources Inc. (AJN) AI Stock Analysis

• Market Cap: C$23.41M
• Dividend Yield: N/A
• Average Volume (3M): 75.08K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.52
• Revenue Growth: N/A
• EPS Growth: 64.44%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): N/A
• Shares Outstanding: 104,035,510
• 10 Day Avg. Volume: 38,784
• 30 Day Avg. Volume: 75,077
• PEG Ratio: 0.04
• Price to Book (P/B): -5.72
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -2.95
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 46 Neutral
• Price Target: C$0.21 ▼(-1.90% Downside)

The score is held down primarily by weak financial performance (pre-revenue, ongoing losses/cash burn, and negative equity). Technicals provide a partial offset with moderately positive trend and neutral momentum, while valuation remains unattractive/unclear due to negative earnings and no dividend.

Positive Factors

Improving net losses

Net loss narrowing materially year-over-year indicates management has reduced expenses or progressed operationally. Sustained improvement can lengthen runway, lower near-term funding pressure and increase optionality to pursue commercialization or restructuring over the coming months.

Reduced cash burn trend

A reduction in cash burn and a less negative free cash flow versus the prior year shows progress toward cash discipline. If maintained, it improves survivability without immediate financing, enabling more time to develop products or secure strategic partnerships over the medium term.

Stable nominal debt

Debt remaining roughly flat suggests management avoided accruing more leverage while addressing operating losses. Stable nominal debt reduces immediate interest and covenant pressure, providing a clearer window to improve operations before undertaking larger capital raises.

Negative Factors

No revenue generation

Persistent pre-revenue status means the company has not validated product-market fit or established sustainable cash inflows. Over months this forces dependence on external funding, delays achievement of positive operating leverage, and heightens execution and commercial risks.

Persistent cash flow deficits

Continued negative operating and free cash flows indicate structural cash burn that erodes liquidity. Without revenue or decisive funding, ongoing deficits limit reinvestment, increase the probability of dilution from financing rounds, and raise solvency risk over the medium term.

Negative shareholders' equity

Negative equity weakens the balance sheet and constrains financial flexibility. This structural weakness can impair access to credit, elevate refinancing and covenant risks, and increase likelihood of dilutive capital raises, undermining long-term stability absent operational turnaround.

AJN Resources Inc. Business Overview & Revenue Model

Company Description

AJN Resources Inc. engages in the acquisition, exploration, and evaluation of mineral properties. It holds an option to acquire a 100% interest in the Salt Wells Lithium Project located in Nevada, the United States. The company was incorporated in 2016 and is based in Vancouver, Canada.

How the Company Makes Money

AJN Resources Inc. makes money by acquiring and developing mineral resource properties, primarily focusing on gold. The company generates revenue through the exploration and potential sale or joint ventures of its mining properties. By enhancing the value of its mineral assets, AJN can attract investment or partnerships with larger mining companies, which can lead to significant monetization opportunities. Additionally, successful exploration efforts can result in the discovery of commercially viable mineral deposits, which can be mined or sold to generate income. The company's earnings are influenced by factors such as mineral market prices, exploration success, and strategic partnerships with other entities in the mining industry.

AJN Resources Inc. Financial Statement Overview

Summary

Overall financials are weak: no revenue, ongoing sizeable losses, and persistent cash burn. The balance sheet is pressured by negative equity (2024–2025) and elevated debt relative to the asset base, leaving the company reliant on external financing despite some improvement in losses and cash burn in 2025.

Income Statement

The company reports no revenue across the period provided, and profitability remains deeply negative. Losses improved materially in 2025 versus 2024 (net loss roughly halved), but the business continues to generate negative gross profit and sizable operating losses, indicating a model still in a pre-commercial or non-operating phase with limited cost absorption.

Balance Sheet

Leverage and capital structure are a key concern: stockholders’ equity is negative in 2024 and 2025, which weakens balance-sheet flexibility and makes debt metrics less meaningful. Total debt remains elevated (about $1.26M in 2025), while total assets have declined from 2023 levels, pointing to a tighter asset base supporting ongoing funding needs.

Cash Flow

Cash generation is consistently negative, with operating cash flow and free cash flow both meaningfully below zero each year. There is some improvement in 2025 versus 2024 (cash burn reduced), but free cash flow still deteriorated year-over-year in 2025, and the company remains reliant on external financing to sustain operations.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	-28.66K	-29.25K	-8.03K	-7.72K	-7.37K
EBITDA	-2.00M	-4.15M	-1.29M	-1.34M	-872.00K
Net Income	-2.06M	-4.21M	-1.41M	-1.48M	-1.01M
Balance Sheet
Total Assets	783.59K	948.07K	1.83M	1.67M	1.79M
Cash, Cash Equivalents and Short-Term Investments	191.60K	320.25K	1.17M	1.24M	1.57M
Total Debt	1.26M	1.41M	1.26M	1.18M	1.07M
Total Liabilities	1.68M	1.98M	1.81M	1.35M	1.14M
Stockholders Equity	-896.44K	-1.03M	17.35K	315.11K	642.72K
Cash Flow
Free Cash Flow	-1.74M	-3.31M	-1.12M	-1.48M	-781.22K
Operating Cash Flow	-1.74M	-2.81M	-1.11M	-1.47M	-770.47K
Investing Cash Flow	-207.88K	-492.45K	-76.85K	-11.11K	-10.76K
Financing Cash Flow	1.82M	2.45M	1.11M	1.14M	8.60K

AJN Resources Inc. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.21
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:AJN, the sentiment is Positive. The current price of 0.21 is below the 20-day moving average (MA) of 0.21, above the 50-day MA of 0.17, and above the 200-day MA of 0.12, indicating a bullish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 58.44 is Neutral, neither overbought nor oversold. The STOCH value of 76.85 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:AJN.

AJN Resources Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
FNI	54 Neutral	C$8.05M	-6.48	-4.80%	―	―	50.00%
QMC	52 Neutral	C$7.81M	-34.78	―	―	―	14.29%
PNRG	48 Neutral	C$29.52M	-20.93	-126.48%	―	―	―
SPC	47 Neutral	C$36.81M	-9.43	-150.61%	―	―	10.17%
AJN	46 Neutral	C$23.41M	-6.55	―	―	―	64.44%
STU	46 Neutral	C$7.66M	-5.38	-13.20%	―	―	-96.27%

AJN Resources Inc. Corporate Events

AJN Resources Upsizes Private Placement to Fund Giro Gold Project Work

AJN Resources Inc. has increased the size of its non-brokered private placement, raising the maximum number of units offered at $0.15 each from 3.5 million to 5 million, for potential gross proceeds of up to $750,000. Each unit consists of one common share and one warrant exercisable at $0.25 for two years, with closing targeted by December 26, 2025 and a four‑month hold period on the securities. The company plans to use the proceeds to fund technical, legal and financial due diligence on Giro Goldfields and the Giro Gold Project, support negotiation and completion of a purchase agreement, and advance mineral exploration on the Giro Gold Project, underscoring its strategic focus on expanding and de‑risking its African gold exploration portfolio.

AJN Resources Inc. Reprices Private Placement to Boost Exploration Efforts

AJN Resources Inc. has announced a repricing of its private placement unit offering to $0.15 per unit, increasing the total number of units to 3,500,000, aiming to raise up to $525,000. The proceeds will be used for due diligence and exploration activities related to the Giro Goldfields and Giro Gold Project, potentially impacting the company’s operational capabilities and market positioning in the exploration sector.

AJN Resources Inc. to Acquire Interest in DRC’s Giro Gold Project

AJN Resources Inc. has signed a non-binding term sheet to acquire a 55% indirect interest in the Giro Gold Project in the Democratic Republic of the Congo. This project, located within the Kilo Moto Greenstone Belt, includes two main deposits, Kebigada and Douze Match, which show promising mineralization similar to the nearby Kibali Mine. The acquisition aims to advance the project into production swiftly, positioning AJN as a significant player in the DRC gold sector. The announcement suggests potential growth and increased market presence for AJN in the region.

AJN Resources Inc. Secures $3 Million Through Private Placement

AJN Resources Inc. has successfully closed a non-brokered private placement, raising $3,000,000 through the issuance of 30,000,000 units. The funds will be used for due diligence on potential property acquisitions, exploration, and working capital. The issuance has introduced a new shareholder with over 20% of the company’s common shares, although this will not materially affect control of the company.

AJN Resources Inc. Mourns the Loss of Founder Mark Gasson

AJN Resources Inc. announced the passing of its founder and long-time director, Mark Gasson, who played a crucial role in the company’s operations by leveraging his extensive experience in geology and mineral exploration. His contributions included significant discoveries in the Democratic Republic of the Congo, which have had a notable impact on the company’s industry positioning.

AJN Resources Completes Warrant Program and Plans $3M Private Placement

AJN Resources Inc. has completed its warrant exercise incentive program, resulting in the exercise of 3,450,000 warrants and raising $345,000. The proceeds will be used for due diligence, exploration, and working capital. Additionally, the company plans to close a $3,000,000 private placement to further support these activities. Mark Gasson has resigned as a director but will continue as corporate secretary.

AJN Resources Inc. Advances Exploration at Okote Gold Project

AJN Resources Inc. has announced significant progress in its exploration activities at the Okote Gold Project in Ethiopia. The company has identified several mineralised shear zones with high-grade potential, and ongoing mapping efforts are guiding a forthcoming 1,500m diamond drilling program. The discovery of new zones of mineralisation and the mobilization of a diamond drill rig underscore the project’s potential to deliver value to shareholders.