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Harvest Gold Corp (TSE:HVG)
:HVG
Canadian Market

Harvest Gold (HVG) AI Stock Analysis

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TSE:HVG

Harvest Gold

(HVG)

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Neutral 49 (OpenAI - 5.2)
Rating:49Neutral
Price Target:
C$0.06
▲(0.00% Upside)
Action:ReiteratedDate:03/05/26
The score is primarily held back by weak financial performance (no revenue, recurring losses, and cash burn), only partly offset by the benefit of having no debt. Technical indicators provide some near-term support, but valuation remains challenged due to negative earnings and no dividend.
Positive Factors
Debt-Free Balance Sheet
A debt-free capital structure materially lowers solvency and refinancing risk for an exploration company, extending runway and preserving strategic optionality. Over 2-6 months this reduces urgent funding pressure and allows management to prioritize exploration sequencing rather than debt service.
Asset-Focused Exploration Model
A clear, asset-driven exploration business model concentrates investment into geological work that can unlock high-value discoveries. Structurally this aligns capital with value-creating milestones (drilling results, resource definition), providing tangible progress markers for future funding or JV options over several months.
Reduced Recent Cash Outflow
A reduction in TTM free cash outflow signals an improving cash burn profile, which lengthens the company’s operational runway and lowers near-term financing needs. This durable improvement, if sustained, reduces dilution risk and gives more time to advance exploration catalysts.
Negative Factors
No Revenue and Persistent Losses
Absence of operating revenue means the company cannot self-fund exploration or cover overhead from operations; reliance on capital markets is structural. Persistent multi-year losses erode equity and make long-term planning contingent on continual external financing rather than operating cash generation.
Consistent Negative Cash Flow
Ongoing negative operating and free cash flow create a durable funding gap that depletes liquidity and forces financing decisions. Over 2-6 months this constrains exploration activity, increases dilution or debt risk when raising capital, and heightens execution risk for planned programs.
Equity Erosion and Negative Returns
Rapid equity decline and deeply negative ROE reflect persistent value dilution from losses and financing. This weakens the balance sheet cushion, reduces investor confidence, and limits capacity to absorb further write-downs or fund exploration without significant shareholder dilution.

Harvest Gold (HVG) vs. iShares MSCI Canada ETF (EWC)

Harvest Gold Business Overview & Revenue Model

Company DescriptionHarvest Gold Corporation, an exploration stage company, engages in the acquisition, exploration, and development of natural resource properties. It explores for copper-gold porphyry projects. The company holds 100% interest in the Emerson project that comprises 14 contiguous mineral claims covering an area of approximately 56 square kilometers located in British Columbia; and the Goathorn exploration project consists six contiguous mineral claims covering an area of 23 square kilometers located in British Columbia. Harvest Gold Corporation was incorporated in 2005 and is headquartered in Vancouver, Canada.
How the Company Makes Moneynull

Harvest Gold Financial Statement Overview

Summary
Income statement and cash flow are very weak with no revenue, persistent net losses, and ongoing operating/free-cash-flow burn. The key offset is a debt-free balance sheet, which reduces solvency risk, but equity erosion and deeply negative returns underscore reliance on external funding.
Income Statement
12
Very Negative
Across both TTM (Trailing-Twelve-Months) and annual periods, the company reports no revenue and persistent losses (TTM net loss of about $3.2M; negative EBIT and EBITDA). With no top-line base, margins are effectively non-existent and profitability remains dependent on external funding rather than operations. The only relative positive is that losses have fluctuated rather than accelerating every year, but overall earnings quality is weak.
Balance Sheet
55
Neutral
The balance sheet shows no debt across periods, which materially reduces financial risk and refinancing pressure. However, equity has been volatile (down sharply from ~$2.6M in 2024 to ~$0.7M in 2025 annual), and returns on equity are deeply negative (TTM and annual), reflecting ongoing value dilution/erosion from losses. Asset levels remain modest, and the key risk is continued equity burn given the lack of revenue.
Cash Flow
22
Negative
Cash generation is consistently negative: TTM operating cash flow is about -$0.7M and free cash flow is about -$0.34M, indicating ongoing cash burn. Free cash flow has been volatile year-to-year (including a very large outflow in 2022 and a sharp decline again in TTM), which raises funding and execution risk. A partial positive is that recent free cash outflow (TTM) is smaller than some prior years, but cash flow remains structurally weak without operating inflows.
BreakdownTTMJun 2025Jun 2024Jun 2023Jun 2022Jun 2021
Income Statement
Total Revenue0.000.000.000.000.000.00
Gross Profit0.000.000.000.000.000.00
EBITDA-3.16M-357.01K-263.00K-309.00K-744.00K-440.00K
Net Income-3.18M-2.63M-464.00K-435.00K-594.00K-504.00K
Balance Sheet
Total Assets3.95M1.03M2.79M3.04M3.51M1.13M
Cash, Cash Equivalents and Short-Term Investments1.23M170.69K311.84K514.81K819.03K818.21K
Total Debt0.000.000.000.000.000.00
Total Liabilities362.92K290.95K212.48K79.10K112.90K146.58K
Stockholders Equity3.59M737.21K2.57M2.96M3.39M978.46K
Cash Flow
Free Cash Flow-336.13K-436.69K-335.01K-524.88K-2.95M-490.79K
Operating Cash Flow-708.23K-436.69K-225.03K-227.28K-665.50K-266.26K
Investing Cash Flow-1.68M-396.69K22.06K-76.94K-2.33M-208.54K
Financing Cash Flow3.43M692.23K0.000.002.99M1.16M

Harvest Gold Technical Analysis

Technical Analysis Sentiment
Negative
Last Price0.06
Price Trends
50DMA
0.06
Negative
100DMA
0.07
Negative
200DMA
0.08
Negative
Market Momentum
MACD
>-0.01
Positive
RSI
43.32
Neutral
STOCH
>-0.01
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:HVG, the sentiment is Negative. The current price of 0.06 is below the 20-day moving average (MA) of 0.07, below the 50-day MA of 0.06, and below the 200-day MA of 0.08, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 43.32 is Neutral, neither overbought nor oversold. The STOCH value of >-0.01 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:HVG.

Harvest Gold Peers Comparison

Overall Rating
UnderperformOutperform
Sector (62)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
62
Neutral
$20.33B14.63-3.31%3.23%1.93%-12.26%
56
Neutral
C$8.46M0.5038.50%
49
Neutral
C$7.42M-7.56-93.08%-230.94%
48
Neutral
C$10.69M3.99-46.43%94.57%
46
Neutral
C$10.39M-2.08-107.25%
42
Neutral
C$3.64M-11.83-89.21%-64.52%
42
Neutral
C$4.97M-6.73-13.58%-50.00%
* Consumer Defensive Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:HVG
Harvest Gold
0.06
0.04
200.00%
TSE:WINS
Winshear Gold
0.15
0.06
66.67%
TSE:TRU
TRU Precious Metals Corp.
0.07
0.05
225.00%
TSE:VGD
Visible Gold Mines
0.23
0.15
204.00%
TSE:GCN
Goldcliff Resource
0.05
0.02
80.00%
TSE:EDGM
Edgemont Gold Corp.
0.18
0.02
12.50%

Harvest Gold Corporate Events

Business Operations and StrategyM&A Transactions
Harvest Gold Expands Mosseau Footprint With New Claims in Urban Barry Belt
Positive
Mar 12, 2026

Harvest Gold has signed definitive agreements to acquire 24 additional mineral claims totaling 1,356 hectares from two prospector groups, expanding its Mosseau Project both north and south in Quebec’s Urban Barry Greenstone Belt. The newly acquired ground links the Mosseau and LaBelle properties and secures continuous coverage over the entire Kiask River Deformation Zone, bringing the company’s total land position in the belt to more than 50 kilometres of favorable strike.

The expansion adds eight documented mineral showings, including historical gold, copper, silver, zinc and lead intervals, underscoring the exploration potential of what remains a largely underexplored, 100% owned land package. Harvest Gold will pay up to $65,000 in cash, issue 750,000 shares and grant a 1% NSR royalty on part of the claims, subject to TSX Venture Exchange approval, in a move that strengthens its strategic footprint and could enhance its attractiveness to investors seeking exposure to emerging Quebec gold camps.

The most recent analyst rating on (TSE:HVG) stock is a Hold with a C$0.07 price target. To see the full list of analyst forecasts on Harvest Gold stock, see the TSE:HVG Stock Forecast page.

Business Operations and Strategy
Harvest Gold Hits 105 g/t Gold at Central Mosseau, Expands Kiask River Corridor
Positive
Feb 11, 2026

Harvest Gold reported high-grade drill results from the central part of its Mosseau Property in Quebec, highlighted by an interval of 105.0 g/t gold over 1.15 metres with visible gold in hole MO-25-25. The intercept lies within the Kiask River Deformation Zone and is surrounded by a broader lower-grade halo, confirming a significant mineralized corridor traced for about 3 kilometres along strike and up to 16 metres wide.

Additional holes along the Kiask River Deformation Zone returned broad zones of lower-grade gold with associated silver and copper, indicating a consistent Au-Ag-Cu halo similar to mineralization previously identified near the Morono deposit. These results underscore the potential scale of the underexplored central Mosseau area and support continued drilling to test the 10-kilometre-long Kiask River Mineralized Corridor along strike and at depth, which could enhance the project’s overall resource potential and strategic value.

The most recent analyst rating on (TSE:HVG) stock is a Sell with a C$0.05 price target. To see the full list of analyst forecasts on Harvest Gold stock, see the TSE:HVG Stock Forecast page.

Business Operations and Strategy
Harvest Gold Hits Mosseau Spend Milestone, Advances Toward 80% Ownership in Flagship Quebec Asset
Positive
Feb 3, 2026

Harvest Gold has fulfilled the $1.25 million exploration expenditure requirement for 2025 at its flagship Mosseau property in Quebec’s Urban Barry Belt, satisfying a key condition of its mineral agreement with Vior Gold Corporation. Meeting this milestone positions the company to move toward an 80% ownership stake in Mosseau by spending an additional $1.5 million on exploration over the next two years, after which it holds an option to acquire the remaining 20% for $1.5 million—a structure that strengthens its strategic control over a 7,265.88-hectare property hosting a 17.7-kilometre gold-bearing structure and reinforces its long-term growth ambitions in a highly prospective gold camp.

The most recent analyst rating on (TSE:HVG) stock is a Hold with a C$0.05 price target. To see the full list of analyst forecasts on Harvest Gold stock, see the TSE:HVG Stock Forecast page.

Business Operations and Strategy
Harvest Gold Uncovers Broad Gold-Silver-Copper Halos at Flagship Mosseau Property
Positive
Jan 29, 2026

Harvest Gold has identified multiple broad near-surface gold-silver-copper halos in the northern part of its Mosseau Property in Quebec’s Urban Barry Belt, following a detailed reassessment of both recent 2025 drilling and historical drill data using a lower gold cut-off grade. This reinterpretation has revealed significant mineralized zones around Trench #1 and the historic Morono Gold Deposit, including wide gold intersections with associated silver and copper that point to potential bulk-tonnage, open-pit style mineralization at shallow depths. The new geological model has narrowed the company’s focus to three key target areas and materially enhances its understanding of the Mosseau mineralizing system, prompting Harvest Gold to contemplate a substantial follow-up drill program of up to 40 diamond holes totalling 6,000 metres to further test and expand these halo zones, potentially reshaping the project’s development prospects and value proposition for investors.

The most recent analyst rating on (TSE:HVG) stock is a Sell with a C$0.06 price target. To see the full list of analyst forecasts on Harvest Gold stock, see the TSE:HVG Stock Forecast page.

Business Operations and Strategy
Harvest Gold Expands Gold-Silver-Copper System at Mosseau Dilation Zone
Positive
Jan 8, 2026

Harvest Gold reported the second set of assay results from its maiden drill program at the Mosseau property, highlighting the discovery of a significant gold-silver-copper halo associated with a major structural dilation zone southeast of the historical Morono deposit. The latest five holes from the northern area encountered thick intervals of anomalous and locally high-grade Au-Ag-Cu mineralization, confirming a regionally extensive and complex gold-rich system that bears similarities to known gold-rich base metal deposits in the Abitibi. Notably, drilling both down-dip of the Morono deposit and more than 300 metres to its southeast returned multiple wide zones of anomalous gold and copper, as well as narrower higher-grade intercepts, providing new, compelling exploration targets and supporting the potential for a sizeable mineralized system at Mosseau.

The most recent analyst rating on (TSE:HVG) stock is a Hold with a C$0.06 price target. To see the full list of analyst forecasts on Harvest Gold stock, see the TSE:HVG Stock Forecast page.

Business Operations and StrategyPrivate Placements and Financing
Harvest Gold Advances Quebec Gold Portfolio with Share Issuances and Cash Payment
Positive
Dec 29, 2025

Harvest Gold Corporation has issued 2,250,000 common shares at a deemed price of $0.06 per share and made a $100,000 cash payment as part of its mineral property option agreements on the Mosseau and Urban Barry gold properties in Quebec, advancing its land position along the Urban Barry Greenstone Belt. The share issuances, which are subject to standard Canadian securities hold periods, further consolidate the company’s exposure to a 17.7 km gold-bearing structure at Mosseau and additional ground in the Eeyou Istchee James Bay/Abitibi region, reinforcing its strategic focus on building a sizeable, contiguous gold exploration footprint in a highly prospective district.

Business Operations and StrategyPrivate Placements and Financing
Harvest Gold Completes Maiden Mosseau Drill Program and Advances Quebec Exploration Portfolio
Positive
Dec 23, 2025

Harvest Gold Corporation has completed its maiden 21-hole, 4,692-metre diamond drill program on the northern and central areas of its flagship Mosseau project in Quebec’s Abitibi Urban Barry belt, with full assay results expected in January alongside data from additional magnetic, prospecting and soil sampling work carried out in 2025. The company also advanced regional exploration across its Urban Barry and LaBelle properties through till sampling and high-resolution airborne magnetic surveys, confirmed key structural extensions such as the Kiask River Corridor, and raised approximately $3.43 million in non-brokered private placements to fund these programs, strengthening its exploration pipeline and positioning within a highly prospective gold district for 2026.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Mar 05, 2026