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): 1.65
• 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

Project Focus

Baru's clear, singular focus on advancing the Sangihe Gold Project concentrates management attention and capital toward exploration, resource definition and development. Over 2-6 months this focused pipeline supports measurable progress milestones, permitting priorities and value creation if geology and approvals advance.

Improving Capital Structure

Reported improvement in capital structure versus 2024 reduces immediate refinancing stress. While leverage remains meaningful, the improvement increases near-term financial optionality, easing pressure on management to secure emergency financing and enabling steadier funding of exploration and development programs over the coming months.

Tangible Asset Base

A stable asset base (~$11.7M) provides a tangible foundation for a pre-revenue miner. Those assets can represent capitalized project costs, collateral or negotiating leverage with financiers. Over a multi-month horizon this backing helps sustain project activity and supports credibility in financing discussions.

Negative Factors

Pre-revenue Status

Being pre-revenue means no operating cash inflows to offset exploration and development outlays. This structural reality forces reliance on external capital to sustain activities, raising persistent dilution and funding risk and limiting the company’s ability to self-fund milestones or respond to setbacks over a 2-6 month horizon.

Negative Cash Flow

Consistent negative operating cash flow and materially negative free cash flow indicate rising cash burn and a shrinking runway. Sustained negative FCF forces recurring financing, likely dilutive, and can constrain the scope and timing of drilling, permitting and development work that are critical to de-risk the Sangihe project.

Widening Losses

Widening net losses and deeply negative returns on equity reflect deteriorating profitability metrics. Continued losses erode capital and increase dependence on external financing, making it harder to demonstrate sustainable project economics to partners or lenders and raising execution and dilution risk over coming months.

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

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 above the 20-day moving average (MA) of 0.06, below 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 Negative momentum. The RSI at 42.87 is Neutral, neither overbought nor oversold. The STOCH value of 83.33 is Negative, 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%
PHNM	54 Neutral	C$38.81M	-27.47	-5.76%	―	―	―
PUMA	53 Neutral	C$33.93M	-13.82	-7.17%	―	―	34.69%
CANX	49 Neutral	C$52.16M	-34.62	-7.05%	―	―	-52.00%
VAU	48 Neutral	C$25.81M	-9.14	-144.44%	―	―	―
KALO	44 Neutral	C$24.68M	-3.15	-201.31%	―	―	-58.16%
BARU	42 Neutral	C$18.97M	-5.87	-206.46%	―	―	5.41%

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.