Bayhorse Silver (BHS) AI Stock Analysis

• Market Cap: C$35.24M
• Dividend Yield: N/A
• Average Volume (3M): 799.38K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.19
• Revenue Growth: N/A
• EPS Growth: 42.57%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): >-0.01
• Shares Outstanding: 352,418,100
• 10 Day Avg. Volume: 984,165
• 30 Day Avg. Volume: 799,379
• PEG Ratio: -0.08
• Price to Book (P/B): -51.19
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -18.87
• 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: 52 Neutral
• Price Target: C$0.10 ▼(-22.31% Downside)

The score is held down primarily by weak financial performance (no revenue, ongoing losses, and cash burn with negative equity), despite some year-over-year improvement. Technicals are supportive with price above major moving averages and moderate momentum, while valuation provides limited support due to negative earnings and no stated dividend yield.

Positive Factors

Modest debt relative to assets

A relatively modest debt load versus assets reduces near-term refinancing pressure and interest burden, preserving financial optionality. Over the next several months this structural advantage supports the company’s ability to fund operations or strategic steps without immediate distress.

Improving equity position

A meaningful improvement in shareholder equity (less negative) signals progress toward reestablishing capital buffers. This structural improvement reduces insolvency risk, improves leverage ratios, and strengthens the company’s ability to access capital markets over a 2–6 month horizon.

Free cash flow improving versus prior year

Improving free cash flow indicates the company is narrowing cash burn and moving closer to self-sustainability. Sustained improvement in FCF over months reduces dependency on external financing and supports longer-term investment or development plans if the trend continues.

Negative Factors

No revenue and continued operating losses

The absence of revenue and persistent operating losses means the business lacks an internal earnings engine. Structurally, this forces reliance on financing until revenue is established, raising execution and liquidity risk and weakening long-term viability without top-line growth.

Negative shareholder equity

Sustained negative shareholder equity indicates balance-sheet strain and potential solvency concerns. This structural weakness can limit borrowing capacity, increase cost of capital, and make future fundraising dilutive or difficult, constraining strategic flexibility over months.

Material cash burn and funding reliance

Materially negative operating and free cash flows mean the company depends on external financing to sustain operations. Over the medium term this heightens dilution and execution risk, and exposes the business to capital-market access and investor willingness to fund ongoing losses.

Bayhorse Silver Business Overview & Revenue Model

Company Description

Bayhorse Silver Inc., a junior natural resource company, engages in the acquisition, exploration, and development of natural resource properties. It explores for silver, gold, zinc, copper, antimony, lead, and other metals. The company holds a 100% interest in the Bayhorse Silver Mine Property located in Baker County, Oregon. It also holds an option agreement to acquire an 80% interest in the Brandywine project located in British Colombia. The company was formerly known as Kent Exploration Inc. and changed its name to Bayhorse Silver Inc. in December 2013. Bayhorse Silver Inc. was incorporated in 2004 and is headquartered in Burnaby, Canada.

How the Company Makes Money

Bayhorse Silver Inc. generates revenue through the exploration and extraction of silver from its mining operations. The company makes money by extracting silver ore and processing it to produce silver concentrate, which is then sold to refineries and other buyers in the metals market. Key revenue streams include the sale of silver concentrate and any by-products derived from the mining process. Additionally, the company may enter into strategic partnerships or joint ventures with other mining entities to optimize its operations and enhance its revenue potential. Significant factors contributing to its earnings include market demand for silver, operational efficiency in mining and processing, and the company's ability to manage production costs effectively.

Bayhorse Silver Financial Statement Overview

Summary

Financials indicate an early-stage profile with no revenue, continued operating and net losses, and materially negative operating cash flow/free cash flow. While losses, free cash flow, and (still negative) equity have improved versus 2024, the company remains reliant on external funding and lacks near-term profitability visibility.

Income Statement

TTM (Trailing-Twelve-Months) results show no revenue generation and continued operating losses (negative gross profit, EBITDA, and net income). Losses have narrowed versus 2024 annual net income (less negative in TTM), but the company still lacks a clear path to profitability without top-line growth.

Balance Sheet

Total debt is relatively modest versus total assets, but the key weakness is negative shareholder equity in TTM (and 2024), which points to balance-sheet strain and reduced financial flexibility. Equity has improved meaningfully from 2024 to TTM (less negative), yet the capital structure remains pressured and leverage indicators are distorted by the negative equity base.

Cash Flow

Cash generation remains weak: TTM (Trailing-Twelve-Months) operating cash flow and free cash flow are both materially negative, indicating ongoing cash burn. Free cash flow improved versus 2024 (positive growth), but the business still relies on external funding to sustain operations until revenue and cash flow turn positive.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-275.59K	-274.67K	-273.00K	-279.00K	-281.00K	-1.70M
EBITDA	-2.11M	-2.50M	-969.00K	-2.49M	-3.96M	-2.16M
Net Income	-2.63M	-3.99M	-2.02M	-3.02M	-5.85M	-3.10M
Balance Sheet
Total Assets	2.41M	2.56M	2.52M	2.52M	3.06M	1.96M
Cash, Cash Equivalents and Short-Term Investments	568.73K	568.13K	482.57K	310.44K	432.06K	26.37K
Total Debt	396.75K	438.87K	443.07K	453.72K	836.75K	2.40M
Total Liabilities	2.49M	3.03M	2.02M	1.26M	1.46M	3.77M
Stockholders Equity	-86.84K	-469.32K	495.13K	1.26M	1.60M	-1.82M
Cash Flow
Free Cash Flow	-2.01M	-1.27M	-633.21K	-1.99M	-4.51M	-2.40M
Operating Cash Flow	-1.99M	-1.25M	-633.21K	-1.92M	-3.83M	-2.11M
Investing Cash Flow	58.84K	18.48K	6.81K	-71.20K	-690.67K	-293.21K
Financing Cash Flow	2.35M	1.32M	798.52K	1.87M	4.93M	2.36M

Bayhorse Silver Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.13
• 50DMA: Negative
• 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:BHS, the sentiment is Negative. The current price of 0.13 is above the 20-day moving average (MA) of 0.12, above the 50-day MA of 0.11, and above the 200-day MA of 0.06, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 42.95 is Neutral, neither overbought nor oversold. The STOCH value of 48.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:BHS.

Bayhorse Silver 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%
ATY	54 Neutral	C$63.18M	-1.72	-38.09%	―	-19.56%	-394.65%
BHS	52 Neutral	C$35.24M	-11.76	―	―	―	42.57%
AAN	52 Neutral	C$81.57M	-6.43	―	―	―	―
LFLR	48 Neutral	$49.44M	-6.01	-198.13%	―	―	―
BKI	42 Neutral	C$41.34M	-14.52	―	―	―	-36.76%

Bayhorse Silver Corporate Events

Bayhorse Silver Expands Mineralized Targets at Oregon Mine with New IP Survey

Bayhorse Silver Inc. has reported significant induced polarization (IP) survey results from its Bayhorse Silver Mine property in Oregon, indicating that low-resistivity zones correlated with known mineralization substantially expand the mineralized footprint and generate new surface and underground drill targets. The new geophysical data suggest a vertically extensive mineralized system and more extensive targets east and north of the current inferred resource, including areas where previous groundwater test work intersected high-grade silver, supporting the company’s plan to commence drilling aimed at refining the deposit’s geometry, potentially growing the existing 6.3-million-ounce inferred silver resource and upgrading portions of it to indicated status.

The most recent analyst rating on (TSE:BHS) stock is a Hold with a C$0.11 price target. To see the full list of analyst forecasts on Bayhorse Silver stock, see the TSE:BHS Stock Forecast page.

Bayhorse Silver Launches 2026 Work Program to Advance Bayhorse Mine Toward Full Production

Bayhorse Silver has outlined an extensive work program for the first half of 2026 aimed at advancing the Bayhorse Silver Mine toward full-scale underground production of up to 200 tons per day. The plan includes completing a final groundwater baseline study required for a full mine operating permit, running an approved 25-ton underground ‘run-of-mine’ metallurgical bulk sample through its ore-sorting and flotation circuit, and milling previously sorted and upgraded development material at its Payette flotation mill to optimize recoveries and confirm waste characterization for permitting and potential sale as construction gravel. The company will also carry out a 500-metre surface diamond drill program targeting shallow IP anomalies adjacent to and north of the current NI 43-101 inferred silver resource, with potential follow-up underground drilling of up to 1,000 metres depending on geophysical results, and a full antimony leach pilot program on current and future concentrates to monetize antimony and gold while selling the silver, copper and zinc balance. Supported by increased funding from recent warrant and option exercises, Bayhorse aims to use the 2026 work to upgrade its existing inferred resource and formally incorporate antimony, copper and zinc values, positioning the project to benefit from strong silver and gold prices and potentially enhancing its resource base and economic profile for investors and other stakeholders.

The most recent analyst rating on (TSE:BHS) stock is a Hold with a C$0.13 price target. To see the full list of analyst forecasts on Bayhorse Silver stock, see the TSE:BHS Stock Forecast page.

Bayhorse Silver Offers Incentive Program to Accelerate Warrant Exercises

Bayhorse Silver has launched a warrant exercise incentive program covering 20 million existing warrants that are currently exercisable at $0.15 until February 1, 2026, aiming to encourage early conversion between January 6 and January 30, 2026. Holders who exercise during this window will receive a new incentive warrant for each warrant exercised, allowing them to buy an additional share at $0.16 for 12 months, subject to a potential accelerated expiry if the share price trades at or above $0.22 for ten consecutive days, a structure that could bring forward capital inflows for Bayhorse while modestly increasing potential future dilution and aligning warrant holders more closely with the company’s near-term share price performance.

The most recent analyst rating on (TSE:BHS) stock is a Hold with a C$0.13 price target. To see the full list of analyst forecasts on Bayhorse Silver stock, see the TSE:BHS Stock Forecast page.

Bayhorse Silver Strengthens Leadership with Appointment of New President

Bayhorse Silver Inc. announced the appointment of Christos Doulis as the new President of the company, while he continues to serve as a Director. This leadership change underscores Bayhorse’s commitment to strengthening its management team as it advances towards permitting its Bayhorse Silver Mine and grows its operations. The transition is seen as a strategic move to drive shareholder value and operational progress, reflecting the company’s focus on becoming a key player in silver production.

Bayhorse Silver Inc. Updates Warrant Terms and Expiry Dates

Bayhorse Silver Inc. announced a correction to its previous news release regarding the exercise price of 3,500,000 warrants, adjusting it from $0.10 to $0.15. The company has also extended the expiry dates of several warrants, pending TSX Venture Exchange approval, which could impact its financial strategy and investor relations by providing more time for warrant holders to exercise their options.

Bayhorse Silver Achieves Breakthrough in Antimony Leaching

Bayhorse Silver Inc. has reported successful selective antimony leaching results, achieving a 99.9% removal rate from its Bayhorse Silver Mine concentrate. This breakthrough, using a proprietary leaching process, is expected to enhance the recovery rates of silver, copper, and zinc, potentially improving the company’s operational efficiency and market competitiveness. The company is considering the installation of a pilot-scale antimony leaching facility at its Payette Mill in Idaho, which could further streamline its processing capabilities and provide separate, payable antimony material.

Bayhorse Silver Extends Warrant Expiry and Grants Stock Options

Bayhorse Silver Inc. has announced the extension of expiry dates for several warrants, subject to TSX Venture Exchange approval, with new dates set for December 2028, December 2026, and January 2029, maintaining an exercise price of $0.10. Additionally, the company has granted 3.2 million incentive stock options to directors, employees, and consultants, which are exercisable at ten cents per share for five years. These strategic financial moves are likely to enhance the company’s operational flexibility and stakeholder engagement.

Bayhorse Silver Advances Metallurgical Testing at Bayhorse Mine

Bayhorse Silver Inc is conducting a metallurgical bulk sample at its Bayhorse Silver Mine to assess the mineral content and recovery potential of silver, copper, antimony, and zinc. This initiative aims to simulate potential mining operations and determine the efficiency of their Ore-Sorter and flotation mill processes. The results will inform the company’s operational strategy and potentially enhance its market position by optimizing mineral recovery and exploring the production of silver bars.