BonTerra Resources (BTR) AI Stock Analysis

• Market Cap: C$39.29M
• Dividend Yield: N/A
• Average Volume (3M): 521.11K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.72
• Revenue Growth: N/A
• EPS Growth: 42.48%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): -0.01
• Shares Outstanding: 212,392,990
• 10 Day Avg. Volume: 765,111
• 30 Day Avg. Volume: 521,108
• PEG Ratio: -0.76
• Price to Book (P/B): 3.73
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -3.39
• 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: 50 Neutral
• Price Target: C$0.18 ▼(-12.50% Downside)

The score is held back primarily by weak financial performance—no revenue, ongoing net losses, and persistent cash burn that likely requires continued financing—despite low leverage. Technicals are modestly supportive in the near term but still below longer-term trend measures, while valuation is constrained by negative earnings and no dividend. A positive corporate event (Hewfran Zone extension near existing infrastructure) improves the outlook but does not offset the current financial risk profile.

Positive Factors

Low Financial Leverage

No reported debt materially reduces near-term solvency risk for an exploration company, giving management flexibility to structure financing (equity, JV, farm-outs) without immediate debt service burdens. This preserves optionality while advancing projects over months.

Hewfran Zone Extension Near Infrastructure

An extension located close to the Bachelor Mine/Mill materially improves project optionality and lowers prospective capital and permitting hurdles versus greenfield sites. This structural proximity increases the attractiveness for JV partners or restart scenarios over the medium term.

Meaningful Asset Base

A tangible asset base of ~28.3M provides underlying value to support financing, collateral for creditors, or negotiation leverage in asset transactions. For an exploration-stage firm, this underpins potential monetization routes like sales, farm-outs, or strategic partnerships.

Negative Factors

No Revenue and Persistent Losses

Zero operating revenue and recurring multi‑million net losses mean earnings visibility is effectively nil until a project is monetized or brought into production. This structural profitability gap heightens execution risk and lengthens the path to self-sustaining operations.

Consistent Negative Operating Cash Flow

Sustained negative OCF and FCF create a structural funding requirement: ongoing exploration spend must be financed externally. That persistent cash burn increases dilution risk, constrains the pace of drilling or studies, and can force asset sales or smaller programs over time.

Weakened Equity and Negative ROE

Eroding equity and deeply negative ROE reflect capital destruction from repeated losses. This reduces balance sheet resilience, limits margin for additional adverse outcomes, and makes future capital raises more dilutive or expensive, impairing long-term shareholder value.

BonTerra Resources Business Overview & Revenue Model

Company Description

Bonterra Resources Inc., a junior mineral exploration company, engages in the acquisition, exploration, and evaluation of natural resource properties in Canada. It explores primarily for gold and silver deposits. The company's primary projects include the Gladiator, Moroy, and Barry deposits. It also owns 100% interest in the Bachelor Mill. The company was incorporated in 2007 and is headquartered in Val-d'Or, Canada.

How the Company Makes Money

BonTerra Resources makes money primarily through the exploration, development, and potential future production of gold deposits. The company's revenue model is based on increasing the value of its mineral properties through successful exploration and resource expansion, which can lead to the sale of these assets, joint ventures, or transitioning into gold production. Key revenue streams include potential income from future gold production, as well as partnerships or joint ventures with larger mining companies that can provide funding and expertise. Additionally, BonTerra may also generate revenue through the sale of shares or other financial instruments to raise capital for its exploration activities. The company's earnings are significantly influenced by factors such as gold market prices, exploration results, and strategic partnerships with other mining entities.

BonTerra Resources Financial Statement Overview

Summary

Exploration-stage profile with no revenue and persistently large net losses (2024 ~-9.5M; TTM ~-8.2M). Balance sheet has no reported debt (lower solvency risk), but equity has weakened over time and cash flow remains a major issue with ongoing operating and free-cash-flow burn (TTM OCF ~-6.7M), implying continued reliance on external financing.

Income Statement

Results reflect an exploration-stage profile with no reported revenue across the annual periods provided, and consistently negative profitability. Losses remain sizable in both annual 2024 (net loss of ~9.5M) and TTM (Trailing-Twelve-Months) 2025-09-30 (net loss of ~8.2M). While the TTM loss is modestly better than 2024, the company continues to run material operating deficits, indicating limited earnings visibility until projects reach production or meaningful monetization occurs.

Balance Sheet

Leverage appears low, with total debt reported at 0 in the most recent annual and TTM (Trailing-Twelve-Months) periods, reducing near-term solvency risk. However, the balance sheet has weakened over time as equity has declined versus earlier years, and returns on equity are deeply negative (driven by ongoing losses). Asset base remains meaningful (TTM assets ~28.3M), but continued losses can pressure equity and funding needs if not offset by capital raises or asset transactions.

Cash Flow

Cash generation is a key concern: operating cash flow and free cash flow are consistently negative across all periods, including TTM (Trailing-Twelve-Months) operating cash flow of ~-6.7M and annual 2024 of ~-9.6M. The cash burn improved versus 2024 on a TTM basis, but free cash flow growth is negative in the latest period, signaling volatility in spending and funding requirements. Overall, the business remains reliant on external financing to sustain operations.

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	-1.13M	-1.25M	-1.13M	-1.22M	-1.55M	-1.67M
EBITDA	-7.66M	-8.27M	-13.34M	-22.93M	-35.88M	-23.06M
Net Income	-8.16M	-9.53M	-7.60M	-34.64M	-31.92M	-20.68M
Balance Sheet
Total Assets	28.31M	24.20M	26.85M	32.56M	46.36M	56.22M
Cash, Cash Equivalents and Short-Term Investments	7.15M	1.23M	2.85M	7.45M	4.54M	12.46M
Total Debt	0.00	0.00	0.00	52.38K	116.63K	720.66K
Total Liabilities	15.28M	15.46M	18.09M	17.10M	14.44M	12.44M
Stockholders Equity	13.03M	8.74M	8.77M	15.46M	31.92M	43.78M
Cash Flow
Free Cash Flow	-6.70M	-9.59M	-4.75M	-20.66M	-34.63M	-20.32M
Operating Cash Flow	-6.70M	-9.59M	-4.75M	-20.53M	-34.57M	-20.15M
Investing Cash Flow	588.97K	0.00	200.20K	-128.53K	-53.13K	-169.03K
Financing Cash Flow	10.28M	8.01M	-52.38K	23.58M	26.67M	13.99M

BonTerra Resources Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.20
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BTR, the sentiment is Negative. The current price of 0.2 is above the 20-day moving average (MA) of 0.19, above the 50-day MA of 0.18, and below the 200-day MA of 0.21, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 43.59 is Neutral, neither overbought nor oversold. The STOCH value of 16.67 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:BTR.

BonTerra Resources 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%
LVG	53 Neutral	C$58.55M	-12.44	-27.62%	―	―	40.00%
RDG	52 Neutral	C$33.74M	64.52	2.73%	―	―	―
BTR	50 Neutral	C$39.29M	-3.89	-67.80%	―	―	42.48%
VLC	48 Neutral	C$47.04M	-22.33	-6.83%	―	―	―
WG	47 Neutral	C$28.76M	-9.60	-16.82%	―	―	14.38%
FUTR	45 Neutral	C$34.33M	―	―	―	―	―

BonTerra Resources Corporate Events

Bonterra and Gold Fields Launch 2026 Deep-Drilling Push at Barry Deposit in Phoenix JV

Bonterra Resources has detailed its 2026 exploration program at the Phoenix joint venture with Gold Fields, centered on an 8,000-metre deep-drilling campaign at the Barry deposit and supported by upgrades to the Barry camp. Gold Fields, which can earn a 70% interest in the project by spending C$30 million, has already drilled over 79,000 metres and invested about C$25 million, and expects to complete the earn-in by mid-2026. The new C$4 million program will test down-plunge extensions of mineralization between roughly 750 and 850 metres depth and to the north and east of the deposit, aiming to grow Barry’s current 1.4-million-ounce resource base and capitalize on its existing mining lease and infrastructure, potentially enhancing the project’s long-term production prospects and reinforcing Bonterra’s strategic position in the Abitibi gold camp.

The most recent analyst rating on (TSE:BTR) stock is a Hold with a C$0.20 price target. To see the full list of analyst forecasts on BonTerra Resources stock, see the TSE:BTR Stock Forecast page.

Bonterra Faces CRA Audit and Up to C$9.5 Million Exposure on Flow-Through Tax Renunciations

Bonterra Resources has disclosed that the Canada Revenue Agency is completing a tax audit of the company’s renunciation of Canadian exploration expenses related to two flow-through share financings completed in December 2019 and October 2021, totaling about C$16.96 million. The agency has indicated its intention to reclassify approximately C$11.05 million of previously renounced expenses as non-qualifying, a position Bonterra disputes on the basis that the CRA has incorrectly treated the Moroy Deposit as an extension of the Bachelor Mine. Subscribers to these financings are expected to receive reassessment notices directly from the tax authority, with reductions in renounced expenses applied on a pro rata basis within each financing. Under indemnity commitments given in the original flow-through agreements, Bonterra estimates its maximum aggregate exposure, including interest, penalties and certain additional taxes, at about C$9.5 million, with an initial anticipated liability of roughly C$3 million to be recognized in its 2025 financial statements, and the company says it is actively addressing its obligations and preparing to defend its tax position.

The most recent analyst rating on (TSE:BTR) stock is a Hold with a C$0.20 price target. To see the full list of analyst forecasts on BonTerra Resources stock, see the TSE:BTR Stock Forecast page.