Baru Gold (BARU) AI Stock Analysis

• Market Cap: C$18.97M
• Dividend Yield: N/A
• Average Volume (3M): 416.95K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.76
• Revenue Growth: N/A
• EPS Growth: 5.41%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): N/A
• Shares Outstanding: 379,419,530
• 10 Day Avg. Volume: 538,692
• 30 Day Avg. Volume: 416,946
• PEG Ratio: -0.54
• Price to Book (P/B): 8.32
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -52.57
• 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: 42 Neutral
• Price Target: C$0.05 ▼(-20.00% Downside)
• Action: Reiterated Date: 02/03/26
• Date: Action: Reiterated 02/03/26

The score is held down primarily by weak financial performance (pre-revenue, widening losses, and negative free cash flow with increased burn), which raises funding and dilution risk. Technicals add modest pressure with the stock trading below major moving averages and a negative MACD, while valuation provides limited support due to unprofitability and no indicated dividend.

Positive Factors

Defined project development

Having a clearly defined project pipeline (exploration → resource definition → development) provides measurable operational milestones and a structured path to production. This reduces strategic ambiguity versus unfocused explorers and supports value creation if technical and permitting milestones are met.

Clear revenue model at scale

The company’s eventual business model—direct gold sales—ties future cash flows to a deep, liquid global commodity market. At commercial scale, gold production can generate high-margin, predictable cash flows over long mine lives, supporting long-term project economics and creditor confidence.

Improved capital structure and asset base

An improved capital structure versus the prior high-leverage year and a stable asset base (~$11.7M) increase financial flexibility. This provides a stronger platform to negotiate project financing, staged funding, or asset-backed facilities, reducing immediate solvency concerns versus prior periods.

Negative Factors

Pre-revenue with widening losses

Remaining pre-revenue while losses widen signals limited internal capacity to fund development. Ongoing operating losses erode equity and lengthen the timeline to self-sustaining operations, increasing execution risk and the need for external capital to reach production milestones.

Negative operating and free cash flow

Persistent negative operating and free cash flow means the company cannot internally finance exploration or development. Rising cash burn raises dependency on external financing, heightening dilution risk and potentially forcing suboptimal financing terms that impair long-term shareholder returns.

Meaningful leverage and financing risk

A debt-to-equity ratio ~1.13 for a pre-revenue miner is meaningful: debt servicing against negative cash flow strains liquidity and limits strategic options. This elevates refinancing and covenant risk, increasing the probability of equity dilution or costly project finance structures to continue operations.

Baru Gold Business Overview & Revenue Model

Company Description

Baru Gold Corporation engages in the exploration and evaluation assets in Indonesia. The company holds a 70% interest in Sangihe gold-silver project located on the island of Sangihe covering an area of 42,000 hectares. It also holds interest in the Miwah gold project that consists of three contiguous mining business permits covering an area of 30,000 hectares located to the southeast of Banda Aceh in Aceh Province. The company was formerly known as East Asia Minerals Corporation and changed its name to Baru Gold Corporation in October 2020. Baru Gold Corporation is headquartered in Vancouver, Canada.

How the Company Makes Money

If the Sangihe Gold Project reaches commercial production, Baru Gold’s primary revenue model would be the sale of gold (and any associated by-products, if produced) into commodity markets. Prior to production, the company does not generate operating revenue from gold sales and typically funds activities through capital raises and other financing; specific, current revenue streams (e.g., production sales, royalties, streaming agreements, or offtake contracts), material partnerships, and the exact structure of any project-level agreements are null.

Baru Gold Financial Statement Overview

Summary

Very weak fundamentals: the company is pre-revenue with recurring and widening TTM net losses, and consistently negative operating/free cash flow with higher recent cash burn. The balance sheet has improved versus the prior high-leverage year but still carries meaningful leverage (debt-to-equity ~1.13), leaving elevated financing/dilution risk.

Income Statement

The company is still pre-revenue (revenue is $0 in the latest TTM (Trailing-Twelve-Months) and recent annual periods), with recurring operating losses and negative gross profit. Losses widened in TTM (Trailing-Twelve-Months) versus the latest annual period (net loss of about -$3.56M vs. -$3.26M), indicating limited near-term operating leverage. While losses have been lower than the large 2021 deficit, profitability remains a clear weakness with no visible revenue traction in the provided data.

Balance Sheet

Leverage is moderate but meaningful: debt is about $3.15M against equity of about $2.77M in TTM (Trailing-Twelve-Months) (debt-to-equity ~1.13). The capital structure improved versus 2024 (when leverage was notably higher), and total assets are relatively stable (~$11.7M). However, returns on equity are deeply negative in TTM (Trailing-Twelve-Months), reflecting ongoing losses and raising execution/financing risk if profitability does not improve.

Cash Flow

Cash generation is weak: operating cash flow and free cash flow are negative across all periods, including TTM (Trailing-Twelve-Months) (operating cash flow about -$0.95M; free cash flow about -$2.36M). Free cash flow in TTM (Trailing-Twelve-Months) deteriorated versus the latest annual period (which was roughly breakeven-to-slightly negative), suggesting higher cash burn recently. A positive free-cash-flow growth figure is not a quality signal here because free cash flow remains materially negative, implying continued reliance on external funding.

Breakdown	Nov 2025	Nov 2024	Nov 2023	Aug 2022	Aug 2021
Income Statement
Total Revenue	0.00	0.00	0.00	7.03K	0.00
Gross Profit	-65.56K	-43.13K	-125.00K	-125.00K	-52.29K
EBITDA	-2.61M	-1.47M	-2.00M	-1.80M	-4.04M
Net Income	-3.26M	-2.30M	-3.28M	-2.30M	-4.07M
Balance Sheet
Total Assets	11.86M	9.70M	9.40M	8.20M	6.55M
Cash, Cash Equivalents and Short-Term Investments	885.90K	48.33K	38.11K	511.37K	1.93M
Total Debt	3.15M	2.69M	1.95M	1.63M	10.01K
Total Liabilities	8.97M	8.41M	6.89M	3.14M	1.43M
Stockholders Equity	2.89M	1.29M	2.51M	5.06M	5.12M
Cash Flow
Free Cash Flow	-457.22K	-595.48K	-734.14K	-4.86M	-4.82M
Operating Cash Flow	-457.22K	-505.54K	-283.43K	-2.30M	-3.22M
Investing Cash Flow	-2.08M	-89.94K	-450.71K	-2.56M	-1.59M
Financing Cash Flow	3.38M	605.70K	260.88K	3.44M	6.18M

Baru Gold Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.06
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BARU, the sentiment is Neutral. The current price of 0.06 is above the 20-day moving average (MA) of 0.05, above the 50-day MA of 0.06, and below the 200-day MA of 0.07, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 46.24 is Neutral, neither overbought nor oversold. The STOCH value of 16.67 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:BARU.

Baru Gold 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%
PHNM	54 Neutral	C$37.63M	-27.47	-5.76%	―	―	―
PUMA	53 Neutral	C$31.93M	-13.82	-7.17%	―	―	34.69%
CANX	49 Neutral	C$49.03M	-34.62	-7.05%	―	―	-52.00%
VAU	48 Neutral	C$24.95M	-9.14	-144.44%	―	―	―
KALO	44 Neutral	C$28.80M	-3.15	-201.31%	―	―	-58.16%
BARU	42 Neutral	C$18.97M	-5.87	-206.46%	―	―	5.41%