Baru Gold (BARU) AI Stock Analysis

• Market Cap: C$22.02M
• Dividend Yield: N/A
• Average Volume (3M): 416.95K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.01
• 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: 366,919,530
• 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: 44 Neutral
• Price Target: C$0.06 ▼(-3.33% Downside)

The score is primarily weighed down by very weak financial performance (pre-revenue losses, negative cash flow, and higher leverage). Technicals also lean bearish with price below key moving averages and a negative MACD. Positive corporate updates improve the outlook for operational readiness but remain contingent on successful execution and approvals, while valuation metrics provide limited support due to ongoing losses and no dividend.

Positive Factors

Project readiness via corporate updates

Operational and leadership updates—board and commissioner appointments plus logistics hub, LiDAR survey and gold recovery plant plans—meaningfully lower execution and permitting risk. These durable improvements increase the odds of meeting development milestones and shorten time-to-production if delivered as planned.

Clear asset-focused business model

A single-asset, development-focused model provides a straightforward capital allocation and execution roadmap: advance resource definition, de-risk feasibility and develop mine to sell gold. This clarity reduces strategic complexity and preserves upside if the project converts to production and generates commodity revenues.

Improved equity buffer in 2025

A material equity rebound in 2025 strengthens solvency metrics and extends the funding runway for exploration and development work. A larger equity base reduces immediate refinancing pressure, enabling staged capital deployment tied to permits and milestones rather than urgent dilutive raises.

Negative Factors

Pre-revenue with persistent losses

The company remains pre-revenue with recurring negative gross profit and net losses, meaning no operating cash inflows to fund development. Over months, this structural loss profile forces reliance on external capital, increases execution risk, and constrains the ability to reach self-sustaining production without financing.

Rising leverage

Higher debt and a debt-to-equity ratio above 1x materially raise fixed obligations and refinancing risk for a pre-revenue developer. Elevated leverage narrows financial flexibility, increases interest burden, and amplifies downside if project schedules or costs slip, making long-term funding more costly and uncertain.

Consistent negative cash flow

Persistent negative operating and free cash flow means the business cannot self-fund development and must access external financing repeatedly. Structural cash burn elevates liquidity risk, creates dependency on capital markets, and increases dilution potential, which can impair long-term shareholder returns if production is delayed.

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

Baru Gold makes money through the exploration and development of gold mining projects. Its primary revenue stream comes from the sale of gold extracted from its mining operations. The company invests in exploration activities to identify promising gold deposits, which are then developed into operational mines. Revenue is generated by extracting gold from these mines and selling it on the open market. Significant partnerships with local stakeholders and compliance with regional mining regulations also play a crucial role in facilitating the company's operations and revenue generation.

Baru Gold Financial Statement Overview

Summary

Very weak fundamentals: the company is pre-revenue with persistent net losses, negative gross profit, and ongoing cash burn (negative operating and free cash flow). Balance sheet risk has risen with leverage increasing (debt-to-equity above 1x in 2024–2025), partially offset by an equity rebound in 2025 and improved (but still negative) cash burn versus earlier years.

Income Statement

The company remains pre-revenue (revenue is effectively zero across most years), with consistently negative gross profit and sizeable operating losses. Net losses have persisted every year, including a deeper loss in 2025 vs. 2024, signaling limited progress toward profitability. A partial positive is that losses have narrowed materially versus 2021, but the overall earnings profile is still very weak and highly dependent on future operational execution to generate revenue.

Balance Sheet

Leverage has increased meaningfully: debt rose while the debt-to-equity ratio moved from low levels (2021–2023) to elevated levels in 2024 and remained above 1x in 2025. Equity improved sharply in 2025 versus 2024, which helps cushion the balance sheet, but returns on equity are deeply negative due to ongoing losses. Overall, the balance sheet shows some asset and equity build, but rising leverage and persistent losses remain key risks.

Cash Flow

Operating and free cash flow are negative in every year shown, indicating ongoing cash burn to fund operations. Cash burn improved significantly compared with 2021–2022 levels, and 2025 free cash flow loss was smaller than 2024, but the business still does not generate internally funded cash. With losses continuing and cash flow still negative, funding needs and liquidity pressure remain central considerations.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	7.03K	0.00
Gross Profit	-74.76K	-65.56K	-43.13K	-125.00K	-125.00K	-52.29K
EBITDA	-2.14M	-2.61M	-1.47M	-2.00M	-1.80M	-4.04M
Net Income	-2.99M	-3.26M	-2.30M	-3.28M	-2.30M	-4.07M
Balance Sheet
Total Assets	10.50M	11.86M	9.70M	9.40M	8.20M	6.55M
Cash, Cash Equivalents and Short-Term Investments	333.93K	885.90K	48.33K	38.11K	511.37K	1.93M
Total Debt	3.16M	3.15M	2.69M	1.95M	1.63M	10.01K
Total Liabilities	9.80M	8.97M	8.41M	6.89M	3.14M	1.43M
Stockholders Equity	696.43K	2.89M	1.29M	2.51M	5.06M	5.12M
Cash Flow
Free Cash Flow	-465.25K	-457.22K	-595.48K	-734.14K	-4.86M	-4.82M
Operating Cash Flow	-650.77K	-457.22K	-505.54K	-283.43K	-2.30M	-3.22M
Investing Cash Flow	87.12K	-2.08M	-89.94K	-450.71K	-2.56M	-1.59M
Financing Cash Flow	858.97K	3.38M	605.70K	260.88K	3.44M	6.18M

Baru Gold Technical Analysis

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BARU, the sentiment is Negative. The current price of 0.06 is below the 20-day moving average (MA) of 0.06, below the 50-day MA of 0.07, and below the 200-day MA of 0.07, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 46.31 is Neutral, neither overbought nor oversold. The STOCH value of 33.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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%
CANX	55 Neutral	C$50.09M	-78.95	-7.47%	―	―	-52.00%
PHNM	54 Neutral	C$34.11M	-28.71	-5.76%	―	―	―
PUMA	53 Neutral	C$35.92M	-25.32	-6.05%	―	―	34.69%
BARU	44 Neutral	C$22.02M	-5.45	―	―	―	5.41%
KALO	44 Neutral	C$27.29M	-2.54	-201.31%	―	―	-58.16%

Baru Gold Corporate Events

Baru Gold Strengthens Leadership with Strategic Appointment

Baru Gold Corp has appointed Brigadier General (Ret.) Rudolf Samuel Warouw as Commissioner of its Indonesian subsidiary, PT Tambang Mas Sangihe. This strategic move is expected to enhance the company’s operational success and community integration for the Sangihe Gold Project. Warouw’s extensive military background and deep-rooted connections in North Sulawesi position him to effectively engage local stakeholders, fostering trust and accelerating project mandates. His appointment is seen as a strategic advantage for Baru Gold, aiding in securing necessary trust and approvals to advance the Sangihe Gold Project into production.

Baru Gold Strengthens Board with Industry Veteran and Grants Stock Options

Baru Gold Corporation has appointed Matthew Charles Farmer to its Board of Directors, bringing over 30 years of experience in exploration and mining across Southeast Asia, Australasia, and the Americas. His extensive background in Indonesia, including leadership roles in major mining companies and significant contributions to world-class deposits, is expected to enhance Baru Gold’s exploration and project development capabilities. Additionally, the company has granted stock options to Mr. Farmer and other key personnel, aligning their interests with the company’s growth objectives.