Belo Sun Mining (BSX) AI Stock Analysis

• Market Cap: C$282.47M
• Dividend Yield: N/A
• Average Volume (3M): 294.23K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.26
• Revenue Growth: N/A
• EPS Growth: 32.22%
• Country: CA
• Employees: 40
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): 0.00
• Shares Outstanding: 470,784,030
• 10 Day Avg. Volume: 190,646
• 30 Day Avg. Volume: 294,226
• PEG Ratio: 0.16
• Price to Book (P/B): 1.91
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -7.37
• 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$0.67 ▼(-8.63% Downside)

The score is held back primarily by weak financial performance (no revenue, ongoing losses, and continued cash burn) and a loss-driven valuation profile. This is partially offset by strong technical momentum (price above key moving averages with positive MACD) and a supportive financing event that may strengthen liquidity, albeit with dilution and governance risks.

Positive Factors

Low Leverage / Conservative Balance Sheet

Minimal debt materially reduces financial distress risk during the multi-year development phase. For a pre-production miner, low leverage preserves flexibility to structure project financing, limits interest burdens, and improves survival odds through permitting and engineering milestones.

Committed Financing Visibility

A supported private placement provides durable funding visibility to advance technical studies, permitting and pre-construction work. Structural backing from a major shareholder increases the probability of reaching a construction decision and reduces near-term liquidity uncertainty versus unfunded peers.

Focused Single-Asset Development

Concentration on a single large project enables focused allocation of management, technical and permitting resources. If advanced to production, a well-developed Volta Grande operation with on-site processing could deliver sustained output, making long-term revenue potential tightly aligned with execution success.

Negative Factors

Pre-revenue with Persistent Losses

Ongoing operating and net losses mean the company lacks internal earnings to fund development. Over the coming months this elevates dependency on external capital, amplifies dilution risk, and impairs the company's ability to self-fund critical milestones before any production-generated cash flow exists.

Chronic Negative Cash Flow / Cash Burn

Consistent negative operating and free cash flow represent structural cash burn that requires repeated financings. This constrains the company’s capacity to fund lengthy permitting and construction timelines internally and raises execution risk if access to capital becomes less favorable.

Concentration & Declining Equity / Weak Returns

Heavy reliance on a single development project concentrates regulatory, community and geological risk. Declining equity and deeply negative ROE indicate past dilution and poor returns, leaving the company vulnerable to funding shortfalls or adverse permit or commodity outcomes over the medium term.

Belo Sun Mining Business Overview & Revenue Model

Company Description

Belo Sun Mining Corp., through its subsidiaries, operates as a gold exploration and development company in Brazil. Its flagship property is its 100% interest in the Volta Grande Gold project consisting of four mining concession applications, 11 exploration permits, and 63 exploration permits extension submitted covering a total area of 175,498 hectares located in the northern region of Pará State, Brazil. The company was formerly known as Verena Minerals Corporation and changed its name to Belo Sun Mining Corp. in July 2010. Belo Sun Mining Corp. was founded in 1996 and is headquartered in Toronto, Canada.

How the Company Makes Money

Belo Sun Mining makes money through the exploration, development, and eventual production and sale of gold from its mining projects. The company's primary revenue stream is anticipated to come from the extraction and sale of gold once its Volta Grande Gold Project reaches production. Belo Sun’s earnings are significantly influenced by the market price of gold, operational efficiency, and the successful advancement of its mining projects. The company may also engage in strategic partnerships or joint ventures to enhance project development and financing, which can also contribute to its revenue streams.

Belo Sun Mining Financial Statement Overview

Summary

Pre-revenue profile with persistent operating and net losses and negative gross profit/EBITDA; operating cash flow and free cash flow remain negative despite some recent improvement. The main offsetting strength is a low-leverage balance sheet with essentially no debt, though equity/assets have trended down and ROE is deeply negative.

Income Statement

TTM (Trailing-Twelve-Months) and the last several annual periods show no revenue and persistent operating losses, with negative gross profit and deeply negative EBIT/EBITDA. Net losses remain sizable (TTM net loss of about $8.6M), and profitability has not stabilized, although the TTM loss is smaller than the 2022–2023 period.

Balance Sheet

The balance sheet is conservatively financed with essentially no debt (debt-to-equity near zero across periods), which reduces financial risk. However, equity and total assets have trended down from 2020–2021 levels, and returns on equity are consistently negative (TTM ROE around -47%), reflecting ongoing losses and value dilution risk over time.

Cash Flow

Cash generation is weak: operating cash flow and free cash flow are negative across all periods, indicating continued cash burn to fund operations. A positive sign is that TTM (Trailing-Twelve-Months) free cash outflow improved versus 2024 (and free cash flow growth is positive), but cash flow still closely tracks the net loss and remains meaningfully negative.

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	-36.98K	-38.00K	-144.00K	-46.87K	-59.50K	-97.46K
EBITDA	-8.70M	-7.25M	-10.57M	-13.30M	-6.12M	-5.39M
Net Income	-8.57M	-7.29M	-10.72M	-13.35M	-6.21M	-5.49M
Balance Sheet
Total Assets	18.24M	23.34M	26.81M	36.74M	48.40M	54.49M
Cash, Cash Equivalents and Short-Term Investments	6.38M	10.88M	15.10M	17.58M	23.96M	30.01M
Total Debt	0.00	0.00	0.00	8.92K	23.09K	40.13K
Total Liabilities	2.05M	3.11M	1.72M	1.50M	1.85M	3.65M
Stockholders Equity	16.19M	20.23M	25.09M	35.24M	46.55M	50.84M
Cash Flow
Free Cash Flow	-5.26M	-5.25M	-4.67M	-9.90M	-5.90M	-4.37M
Operating Cash Flow	-5.10M	-5.24M	-4.62M	-9.89M	-5.89M	-4.36M
Investing Cash Flow	428.77K	-9.00K	1.90M	3.53M	-3.92K	5.07M
Financing Cash Flow	1.15M	1.16M	-9.65K	-117.67K	-16.77K	1.21M

Belo Sun Mining Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.73
• 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:BSX, the sentiment is Neutral. The current price of 0.73 is above the 20-day moving average (MA) of 0.66, above the 50-day MA of 0.56, and above the 200-day MA of 0.34, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 50.33 is Neutral, neither overbought nor oversold. The STOCH value of 43.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:BSX.

Belo Sun Mining 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%
LN	58 Neutral	C$239.56M	-34.92	-19.45%	―	―	80.28%
STLR	57 Neutral	C$231.33M	-7.61	-23.72%	―	―	15.32%
WGO	56 Neutral	C$329.94M	-117.46	-2.02%	―	―	-40.00%
BSX	52 Neutral	C$282.47M	-33.88	-47.58%	―	―	32.22%
GRZ	49 Neutral	C$633.21M	-14.16	-39.84%	―	―	-141.86%

Belo Sun Mining Corporate Events

Belo Sun License Remains Suspended as Brazilian Court Rejects Compliance Request

Belo Sun Mining Corp. reported that a federal court in Altamira, Pará, has denied its request for recognition of provisional compliance with a prior appellate decision related to the Construction License for its Volta Grande Gold Project, leaving the license legally valid but still suspended. The court found that Belo Sun has not yet demonstrated sufficient compliance with conditions tied to Indigenous studies and consultation, citing recent opinions from Brazil’s Indigenous affairs agency and the Federal Public Prosecutor’s Office; the company, which maintains it is compliant and views the ruling as a procedural step, intends to appeal to a higher court while continuing to work with legal advisers, regulators and stakeholders to address the issues raised and move the project forward responsibly.

The most recent analyst rating on (TSE:BSX) stock is a Hold with a C$0.74 price target. To see the full list of analyst forecasts on Belo Sun Mining stock, see the TSE:BSX Stock Forecast page.

Belo Sun to Raise Up to US$30 Million in Private Placement Backed by La Mancha

Belo Sun Mining Corp. has announced a non-brokered private placement of common shares at C$0.43 per share to raise up to US$30 million (C$41.3 million), with closing targeted around February 24, 2026, subject to final approval from the Toronto Stock Exchange. Existing shareholder La Mancha Investments has committed to participate and, alongside other current investors, is expected to provide the majority of the funding, likely becoming a new control person with a stake of at least 20%, which will require approval from disinterested shareholders at a special meeting under TSX rules. The proceeds will be used for working capital and general corporate purposes, including commitments to local communities and stakeholders tied to the Volta Grande project, and La Mancha’s participation is classified as a related-party transaction, though Belo Sun is relying on exemptions from formal valuation and minority approval requirements because the transaction value is below 25% of its market capitalization.