Black Iron (BKI) AI Stock Analysis

• Market Cap: C$39.81M
• Dividend Yield: N/A
• Average Volume (3M): 138.34K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.07
• Revenue Growth: N/A
• EPS Growth: -36.76%
• Country: CA
• Employees: 3
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): >-0.01
• Shares Outstanding: 306,226,680
• 10 Day Avg. Volume: 247,722
• 30 Day Avg. Volume: 138,343
• PEG Ratio: -0.33
• Price to Book (P/B): -12.35
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -11.92
• 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$0.13 ▲(11.67% Upside)

The score is driven primarily by very weak financial performance (no revenue, persistent losses, negative equity, and ongoing cash burn), indicating elevated funding and balance-sheet risk. Technical indicators are also soft with weak momentum signals, while valuation is constrained by negative earnings and no dividend support.

Positive Factors

Advanced Core Project

The company’s focused development of the Shymanivske project via technical and economic studies materially de-risks the asset. This creates a clear development roadmap, strengthens project credibility for partners or financiers, and supports long-term value capture if financed.

Low Absolute Debt Burden

Modest nominal debt limits fixed interest obligations and reduces short-term creditor pressure versus peers with heavy borrowings. For a cash-burning explorer, low absolute debt preserves optionality to delay costly debt servicing and prioritize project or financing choices.

Improving Cash Burn Trend

A trend of reduced losses and lower cash burn versus prior periods indicates improving operational control and cost discipline. If sustained, this extension of the runway reduces near-term financing need and increases odds of advancing studies or attracting strategic partners.

Negative Factors

No Revenue Base

Absence of operating revenue means the company must rely on external financing to fund development. Persistent net losses erode reserves and make long-term project execution contingent on capital markets or partners, raising dilution and execution risk over the medium term.

Negative Shareholders' Equity

Accumulated deficits producing negative equity indicate a weakened balance sheet and limited borrowing capacity. This status undermines leverage quality, increases the probability of equity raises or restructuring, and constrains the company’s ability to fund project advancement organically.

Consistent Negative Cash Flow

Sustained negative OCF and FCF drain available resources and force recurring external financing. Persistent cash burn constrains capital allocation to the Shymanivske project, heightens dilution risk, and leaves the company vulnerable to financing market conditions over the coming months.

Black Iron Business Overview & Revenue Model

Company Description

Black Iron Inc. operates as an iron ore exploration and development company. It holds a 100% interest in the Shymanivske iron ore project covering an area of 2.56 square kilometers located in Krivyi Rih, Ukraine. The company was incorporated in 2010 and is headquartered in Toronto, Canada.

How the Company Makes Money

Black Iron makes money through the extraction, processing, and sale of iron ore concentrates. The company generates revenue by selling high-grade iron ore to steel producers, who use it as a fundamental raw material in steelmaking. Black Iron's revenue model relies on the market demand and pricing for iron ore, which can fluctuate based on global economic conditions and steel production needs. Partnerships with local and international stakeholders, investments, and efficiency in production processes also play a significant role in enhancing the company's profitability.

Black Iron Financial Statement Overview

Summary

Financials are very weak: no recorded revenue, ongoing operating and net losses (TTM net loss ~-$2.0M), negative shareholders’ equity (TTM ~-$2.9M), and persistent negative operating/free cash flow (TTM OCF/FCF ~-$2.0M). Losses and cash burn have improved versus earlier years, but the capital structure remains stressed and funding risk is elevated.

Income Statement

Results remain weak with no recorded revenue across the historical periods provided, and the company continues to post operating losses and net losses. TTM (Trailing-Twelve-Months) net loss of about $2.0M improved versus 2024 (~$2.1M) and is materially better than 2021–2022, but profitability is still firmly negative with ongoing cost pressure and no evident top-line engine.

Balance Sheet

The balance sheet shows elevated financial risk driven by negative shareholders’ equity in TTM (Trailing-Twelve-Months) (about -$2.9M) and in 2024 (about -$2.0M), indicating accumulated deficits and limited financial flexibility. Debt is modest in absolute dollars (TTM debt ~$0.48M), but negative equity undermines leverage quality and increases reliance on external funding if losses persist.

Cash Flow

Cash generation is a key concern: operating cash flow and free cash flow are consistently negative, including TTM (Trailing-Twelve-Months) operating cash flow of roughly -$2.0M and free cash flow of roughly -$2.0M. While free cash flow burn improved versus earlier years (notably 2021–2022), the business still consumes cash with limited internal funding capacity and high sensitivity to financing availability.

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	0.00	0.00	0.00	0.00	0.00	0.00
EBITDA	-1.84M	-2.08M	-1.50M	-3.36M	-5.51M	-2.57M
Net Income	-2.02M	-2.13M	-1.58M	-3.42M	-5.90M	-9.79M
Balance Sheet
Total Assets	1.43M	2.37M	1.17M	2.33M	6.39M	1.79M
Cash, Cash Equivalents and Short-Term Investments	913.07K	1.78M	1.10M	2.26M	5.69M	1.67M
Total Debt	481.26K	537.62K	0.00	0.00	0.00	121.60K
Total Liabilities	4.33M	4.34M	1.32M	1.03M	1.74M	7.52M
Stockholders Equity	-2.90M	-1.97M	-153.95K	1.31M	4.66M	-5.73M
Cash Flow
Free Cash Flow	-2.04M	-2.04M	-1.22M	-3.28M	-4.96M	-1.72M
Operating Cash Flow	-2.01M	-2.04M	-1.22M	-3.28M	-4.96M	-1.71M
Investing Cash Flow	5.24K	48.55K	26.55K	17.56K	-1.88K	-48.00
Financing Cash Flow	2.59M	2.59M	15.38K	36.23K	9.00M	2.29M

Black Iron Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.12
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BKI, the sentiment is Positive. The current price of 0.12 is below the 20-day moving average (MA) of 0.13, below the 50-day MA of 0.13, and above the 200-day MA of 0.12, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 56.45 is Neutral, neither overbought nor oversold. The STOCH value of 50.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:BKI.

Black Iron 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	-1.87	-38.09%	―	-19.56%	-394.65%
AAN	52 Neutral	C$73.92M	-5.22	―	―	―	―
SRL	50 Neutral	C$62.82M	-22.52	-11.93%	―	―	73.94%
PGZ	45 Neutral	C$49.87M	-6.73	-95.37%	―	―	10.91%
BKI	42 Neutral	C$39.81M	-14.52	―	―	―	-36.76%

Black Iron Corporate Events

RAB Capital Trims Stake in Black Iron but Maintains Long-Term Investment View

RAB Capital Holdings Limited has sold 6,278,500 common shares of Black Iron Inc. in open-market transactions between May 15, 2025, and January 22, 2026, for total proceeds of about $859,514 at an average price of $0.1373 per share. Following the disposal, RAB Capital and its related entities now hold 32,996,000 Black Iron shares, reducing their stake from roughly 12.94% to 10.78% of the company on a non‑diluted and partially diluted basis, while signaling they continue to view the position as a long‑term investment and may adjust their holdings further based on market conditions and strategic considerations.

The most recent analyst rating on (TSE:BKI) stock is a Hold with a C$0.14 price target. To see the full list of analyst forecasts on Black Iron stock, see the TSE:BKI Stock Forecast page.

Black Iron Advances Iron Ore Projects in Ukraine and Canada

Black Iron Inc. has made significant progress in renewing its extraction permit for the Shymanivske iron ore project in Ukraine, completing necessary studies and public hearings. The company is negotiating with neighboring mines to process its ore and plans to start commercial mining in early 2026. Additionally, Black Iron has been shortlisted in a bid to acquire the Julienne Lake iron ore resource in Canada, which promises economic viability due to its location and potential for high iron recovery. The company aims to secure funding and continue project development in 2026, with support from global miner Anglo American.