BeMetals (BMET) AI Stock Analysis

• Market Cap: C$23.55M
• Dividend Yield: N/A
• Average Volume (3M): 100.56K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.81
• Revenue Growth: N/A
• EPS Growth: -500.71%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): 0.00
• Shares Outstanding: 294,423,600
• 10 Day Avg. Volume: 198,327
• 30 Day Avg. Volume: 100,557
• PEG Ratio: -0.14
• Price to Book (P/B): 0.42
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -9.58
• 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: 51 Neutral
• Price Target: C$0.08 ▼(-11.11% Downside)

The score is held down primarily by weak financial performance (pre-revenue, larger TTM losses, negative cash flow and prior leverage deterioration). Partially offsetting this are supportive corporate events (debt elimination and strategic investor commitment) and slightly positive/neutral technical signals, while valuation remains challenged due to negative earnings and no dividend.

Positive Factors

Debt elimination

Being debt-free materially reduces fixed financial obligations and interest burden, improving liquidity runway and strategic flexibility. For an exploration-stage miner this lowers short-term solvency risk and increases optionality to time future financings or project spends without mandatory debt servicing.

Strategic investor backing

A large strategic stake by an established producer can provide durable benefits: improved access to capital, technical or commercial collaboration potential, and greater credibility with other investors. This alignment can lower fundraising costs and support longer-term project development.

Ability to fund exploration

Ongoing flow-through financings and liquidity measures demonstrate a repeatable funding channel tailored to exploration companies. This supports sustained drilling and resource definition absent operating cash flow, preserving project momentum and the potential to advance toward revenue-generating stages.

Negative Factors

Pre-revenue profile and large losses

Lack of any revenue and a substantial TTM net loss mean the business has yet to validate commercial economics. This prolongs dependence on external capital, raises execution risk, and amplifies the chance that continued losses will erode shareholder value before projects can be monetized.

Rising leverage and equity erosion

A sharp increase in leverage alongside shrinking equity increases solvency and refinancing risk. Higher debt-to-equity tightens financial flexibility, raises cost of capital, and can force unfavorable financing or asset dispositions if exploration milestones are delayed, impairing long-term project execution.

Persistent negative cash flow

Consistently negative operating and free cash flow indicate the core business is not self-funding. Reliance on external financing increases dilution and execution risk, limiting ability to scale or respond to setbacks, and making long-term project advancement contingent on successful future capital raises.

BeMetals Business Overview & Revenue Model

Company Description

BeMetals Corp. explores for and develops precious and base metal properties. The company has an option to acquire approximately 72% interest in the Pangeni copper project located in Zambia; and 100% interest in the South Mountain zinc-silver-gold-copper development project located in Southwest Idaho. It also holds interest in the Kazan Gold Project located in Japan. The company was formerly known as BQ Metals Corp. and changed its name to BeMetals Corp. in April 2018. BeMetals Corp. was incorporated in 2008 and is headquartered in Vancouver, Canada.

How the Company Makes Money

BeMetals Corp makes money by advancing its mineral exploration projects to add value to its asset portfolio. The company generates revenue through strategic partnerships, joint ventures, and potential future sales of mineral resources. As BeMetals develops its mining projects, it aims to monetize these assets through various means such as selling or leasing mineral rights, entering into production agreements, or selling exploration properties once they have been sufficiently developed to attract interest from larger mining companies. Additionally, BeMetals may raise funds through equity financing to support its exploration and development activities.

BeMetals Financial Statement Overview

Summary

Fundamentals are weak for a pre-revenue profile: no revenue, persistent losses (TTM net loss ~-$19.2M) and consistently negative operating/free cash flow (TTM OCF ~-$1.1M; FCF ~-$2.1M). Balance-sheet risk also increased as leverage rose materially (debt-to-equity ~2.30 TTM) and equity shrank, implying reliance on external funding until revenue begins.

Income Statement

Across the historical annual periods and TTM (Trailing-Twelve-Months), the company reports no revenue, while operating losses persist (TTM EBIT of about -$1.3M and net loss of about -$19.2M). Losses were much smaller in 2023–2024, but the TTM loss expanded sharply versus 2024, pointing to worsening profitability and limited operating momentum until revenue generation begins.

Balance Sheet

The balance sheet shows a meaningful deterioration in leverage: debt-to-equity rose from ~0.51 (2024) to ~2.30 in TTM (Trailing-Twelve-Months), driven by lower equity and higher debt. Total assets also declined materially versus 2024, and returns on equity are negative throughout (TTM ROE about -131%), signaling ongoing value erosion. A positive is that equity remains positive, but the rising leverage and shrinking equity base increase financial risk.

Cash Flow

Cash generation remains weak with negative operating cash flow in every period shown (TTM operating cash flow about -$1.1M). Free cash flow is also negative (TTM about -$2.1M) and deteriorated sharply versus 2024, despite some improvement in prior years. Overall, the business appears reliant on external funding to sustain operations until it can generate consistent operating cash inflows.

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	-18.20M	-1.89M	0.00	-14.61M	-2.52M	-1.33M
Net Income	-19.24M	-2.82M	-2.00M	-14.74M	-2.52M	-1.33M
Balance Sheet
Total Assets	18.45M	36.24M	30.35M	28.95M	35.98M	16.33M
Cash, Cash Equivalents and Short-Term Investments	1.60M	2.76M	608.36K	6.04M	6.40M	3.24M
Total Debt	12.76M	12.23M	9.34M	6.90M	0.00	0.00
Total Liabilities	12.91M	12.34M	9.56M	7.28M	135.44K	81.53K
Stockholders Equity	5.54M	23.89M	20.78M	21.67M	35.85M	16.25M
Cash Flow
Free Cash Flow	-2.12M	-1.04M	-1.74M	-7.60M	-6.65M	-4.51M
Operating Cash Flow	-1.06M	-1.04M	-1.74M	-1.10M	-1.84M	-658.11K
Investing Cash Flow	-1.99M	-3.58M	-6.92M	-5.92M	-3.64M	-4.32M
Financing Cash Flow	12.19K	6.70M	3.24M	6.43M	8.64M	6.97M

BeMetals Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.09
• 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:BMET, the sentiment is Neutral. The current price of 0.09 is above the 20-day moving average (MA) of 0.08, above the 50-day MA of 0.07, and above the 200-day MA of 0.06, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 49.99 is Neutral, neither overbought nor oversold. The STOCH value of 44.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:BMET.

BeMetals 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%
BMET	51 Neutral	C$23.55M	-0.95	-125.25%	―	―	-500.71%
CPAU	51 Neutral	C$19.88M	-1.66	-7.76%	―	―	-123.32%
VCG	48 Neutral	C$15.72M	-14.55	-2.38%	―	―	22.59%
KC	46 Neutral	C$68.84M	-42.27	-4.17%	―	―	56.31%
WLF	45 Neutral	C$15.78M	-79.17	-32.86%	―	―	86.96%
CPL	27 Underperform	C$8.13M	-12.50	-55.49%	―	―	62.50%

BeMetals Corporate Events

BeMetals Wipes Out Debt as B2Gold Boosts Equity Stake to Nearly 37%

BeMetals Corp. has agreed to settle C$2.0 million in debt owed to B2Gold Corp. through the issuance of 28.9 million common shares and will benefit from the forgiveness of a further US$4.4 million in debt and accrued interest, leaving the company debt-free and with greater financial flexibility to pursue future growth initiatives. In parallel, B2Gold is converting C$5.3 million in convertible debentures and C$0.8 million in accrued interest into an additional 24.6 million BeMetals shares, increasing its ownership to about 36.9% of the company’s outstanding shares, while BeMetals continues independently under a mining-experienced board and B2Gold maintains its role as a strategic investor and technical supporter.

BeMetals Enhances Investor Relations with New Engagement

BeMetals Corp. has engaged WIN Expertise Inc., led by Suzette Ramcharan, to provide investor relations and corporate communications services, following the resignation of Derek Iwanaka, Vice President of Investor Relations and Corporate Development. This strategic move aims to enhance BeMetals’ communication with shareholders and the investment community, potentially strengthening its market position and stakeholder relationships.