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): 2.05
• 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$0.12 ▼(-11.54% Downside)

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 development-stage project

Having a single, advanced development asset with completed technical and economic studies meaningfully de-risks geology and basic project design. This strengthens the company's ability to negotiate project finance, attract partners, and move toward construction and production timelines over months to years.

Improving loss and cash-burn trend

A trend of reduced losses and lower cash burn versus prior years indicates management has been curbing operating costs and preserving runway. Sustained improvement increases the chance of reaching financing or development milestones without immediate dilutive capital raises, supporting medium-term viability.

Modest absolute debt level

Low absolute debt keeps interest and near-term refinancing pressure limited, giving more flexibility to allocate scarce capital to project advancement. For a company with no revenues, modest debt reduces immediate solvency stress and lowers fixed-cost obligations while pursuing development.

Negative Factors

No revenue and persistent losses

Absence of operating revenue and sustained net losses mean the company cannot self-fund development and must rely on external capital. This raises execution risk for project delivery, increases likelihood of dilution, and constrains strategic options until the asset generates positive cash flow.

Negative shareholders' equity

Accumulated deficits and negative equity signal a stressed capital structure that limits borrowing capacity and weakens creditor and investor confidence. Over time this increases the probability of dilutive equity raises or asset dilution to fund development, complicating long-term planning.

Consistent negative operating and free cash flow

Persistent negative OCF and FCF mean the business consumes cash to sustain itself and progress assets. Without reliable external financing, the company risks stalled project timelines. Long-term reliance on capital markets elevates funding and execution risk for development-stage initiatives.

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

Black Iron's financial health is concerning, with zero revenue, negative EBIT, and negative cash flows. The balance sheet shows financial instability with negative equity and liabilities exceeding assets. The company’s operations are currently unsustainable without significant improvements.

Income Statement

Black Iron has reported zero revenue consistently over the analyzed periods, resulting in negative EBIT and net income figures. The inability to generate revenue significantly impacts profitability metrics, with EBIT and EBITDA margins being negative due to operating losses. The company is in a precarious position financially, and the lack of revenue growth is a major concern.

Balance Sheet

The balance sheet shows significant financial instability, with negative stockholders' equity in recent periods due to accumulated losses. This indicates that liabilities exceed assets, posing a high-risk factor. The debt-to-equity ratio is irrelevant due to negative equity, but the company has managed debt levels and has some cash reserves, which offers minimal short-term liquidity relief.

Cash Flow

The cash flow analysis reveals negative operating cash flows, indicating the company is not generating sufficient cash from operations. Free cash flow is also negative, reflecting the company's ongoing cash burn. However, financing activities have provided some cash inflow, which may temporarily support operations but is not sustainable long-term without improvement in operational cash generation.

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: 0.13
• 50DMA: Positive
• 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:BKI, the sentiment is Positive. The current price of 0.13 is below the 20-day moving average (MA) of 0.13, above the 50-day MA of 0.13, and above the 200-day MA of 0.11, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 48.86 is Neutral, neither overbought nor oversold. The STOCH value of 35.56 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%
SRL	50 Neutral	C$64.70M	-22.07	-11.93%	―	―	73.94%
AAN	49 Neutral	C$68.83M	-5.52	―	―	―	―
ATY	48 Neutral	C$46.93M	-1.30	-38.09%	―	-19.56%	-394.65%
PGZ	45 Neutral	C$46.65M	-5.71	-95.37%	―	―	10.91%
BKI	42 Neutral	C$39.81M	-12.90	―	―	―	-36.76%

Black Iron Corporate Events

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.