Black Iron (BKI) AI Stock Analysis

• Market Cap: C$32.15M
• Dividend Yield: N/A
• Average Volume (3M): 138.34K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.99
• 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: 0.65
• Price to Book (P/B): -9.31
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -26.28
• 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: 40 Underperform
• Price Target: C$0.11 ▼(-9.17% Downside)
• Action: Downgraded Date: 03/18/26
• Date: Action: Downgraded 03/18/26

The score is held down primarily by weak financial performance (pre-revenue, ongoing losses, negative equity, and continued cash burn). Technicals add modest additional pressure due to price trading below key moving averages and a negative MACD, though oversold RSI/Stochastic slightly temper the downside. Valuation provides limited support because the negative P/E reflects unprofitable operations and there is no dividend yield indicated.

Positive Factors

Advanced Shymanivske iron ore project

Owning a progressed iron‑ore deposit with completed technical and economic studies materially de‑risks the pathway versus early exploration. This advancement improves ability to secure project financing, offtake or partners and preserves long‑term optionality to move toward production when market and permitting align.

Improving loss and cash burn trajectory

Year‑over‑year reduction in net loss and a materially improved free cash flow burn rate indicate tighter cost control and operational discipline. Durable cost reductions extend runway and reduce near‑term financing pressure, improving ability to advance the project through next development stages.

Low nominal debt burden

Relatively small absolute debt levels lower fixed interest and covenant pressure versus larger leveraged peers, preserving some financing flexibility. For a pre‑production developer, modest nominal debt reduces immediate servicing risk while management pursues project‑level funding options.

Negative Factors

Pre‑revenue operations

No operating revenue means the company cannot self‑fund development and must rely on capital markets, asset sales or partners. This extends time to cash‑positive operations and raises execution and dilution risk, especially for a capital‑intensive mining project.

Negative shareholders' equity

Negative equity reflects cumulative losses and a weak capital base, limiting ability to raise debt on favorable terms and increasing likelihood of dilutive equity financing. It also weakens counterparty confidence for large supplier, contractor or project finance arrangements.

Persistent negative operating and free cash flow

Recurring negative operating and free cash flow create ongoing reliance on external funding to sustain operations and advance the project. This dependence heightens execution risk, can delay development timelines, and exposes the company to volatile capital conditions when raising required project capital.

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

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Black Iron Financial Statement Overview

Summary

Financials are very weak: no revenue across the periods provided, persistent operating losses (negative EBIT/EBITDA), and continued cash burn. Balance-sheet risk is elevated due to negative shareholders’ equity (about -3.2M in 2025). While net loss and free cash flow burn improved vs. 2024, the company still relies on external funding to sustain operations.

Income Statement

The company has generated no revenue across the provided annual periods, while losses remain persistent and sizable. Losses improved versus 2024 (net loss of about -1.5M in 2025 vs. about -2.1M in 2024), but profitability is still deeply negative with ongoing operating losses (EBIT/EBITDA negative each year). Overall, the trajectory shows some cost improvement year-over-year, but the lack of revenue and repeated net losses keep income statement quality very weak.

Balance Sheet

Balance sheet strength has deteriorated, highlighted by negative shareholders’ equity in 2023–2025 (about -3.2M in 2025), which signals cumulative losses and a thin capital cushion. Debt is present (about 446K in 2025, 538K in 2024) and, with negative equity, leverage risk is elevated even if absolute debt is not large. Total assets are relatively small (about 1.1M in 2025), limiting financial flexibility; the main positive is that total debt levels are not extreme in dollar terms versus the company’s scale.

Cash Flow

Cash generation remains weak, with consistently negative operating cash flow and free cash flow each year (about -1.1M operating and -1.14M free cash flow in 2025). Free cash flow improved materially from 2024 to 2025 (burn rate declined), but it is still meaningfully negative, implying continued reliance on external funding or asset sales to sustain operations. Overall cash flow stability is poor due to recurring cash burn, despite some recent improvement.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	-115.11K	0.00	0.00	0.00	0.00
EBITDA	-1.43M	-2.08M	-1.50M	-3.36M	-5.51M
Net Income	-1.48M	-2.13M	-1.58M	-3.42M	-5.90M
Balance Sheet
Total Assets	1.08M	2.37M	1.17M	2.33M	6.39M
Cash, Cash Equivalents and Short-Term Investments	565.90K	1.78M	1.10M	2.26M	5.69M
Total Debt	445.75K	537.62K	0.00	0.00	0.00
Total Liabilities	4.31M	4.34M	1.32M	1.03M	1.74M
Stockholders Equity	-3.23M	-1.97M	-153.95K	1.31M	4.66M
Cash Flow
Free Cash Flow	-1.14M	-2.04M	-1.22M	-3.28M	-4.96M
Operating Cash Flow	-1.11M	-2.04M	-1.22M	-3.28M	-4.96M
Investing Cash Flow	-31.63K	48.55K	26.55K	17.56K	-1.88K
Financing Cash Flow	-30.72K	2.59M	15.38K	36.23K	9.00M

Black Iron Technical Analysis

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BKI, the sentiment is Negative. The current price of 0.12 is above the 20-day moving average (MA) of 0.12, below the 50-day MA of 0.13, and above the 200-day MA of 0.12, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 29.66 is Positive, neither overbought nor oversold. The STOCH value of 5.56 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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$45.34M	-2.01	-46.22%	―	-19.56%	-394.65%
AAN	52 Neutral	C$55.44M	-2.52	―	―	―	―
PGZ	45 Neutral	C$42.85M	-5.48	-111.78%	―	―	10.91%
SRL	44 Neutral	C$47.61M	131.54	-9.43%	―	―	73.94%
BKI	40 Underperform	C$32.15M	-20.33	83.46%	―	―	-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.