Harvest Gold (HVG) AI Stock Analysis

• Market Cap: C$6.07M
• Dividend Yield: N/A
• Average Volume (3M): 234.59K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.89
• Revenue Growth: N/A
• EPS Growth: -230.94%
• Country: CA
• Employees: N/A
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Gold
• EPS (TTM): >-0.01
• Shares Outstanding: 121,354,790
• 10 Day Avg. Volume: 203,008
• 30 Day Avg. Volume: 234,594
• PEG Ratio: >-0.01
• Price to Book (P/B): 2.22
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -3.75
• 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: 45 Neutral
• Price Target: C$0.05 ▼(-18.33% Downside)

The score is held down primarily by pre-revenue financials with widening losses and continued cash burn, alongside weak technical trend signals. Positive exploration progress and a debt-free balance sheet provide support but do not fully offset funding/dilution risk and the lack of profitability-based valuation support.

Positive Factors

Debt-free balance sheet

Zero financial leverage materially reduces solvency risk and gives management structural flexibility to stage exploration programs, pursue partnerships or asset sales, and time financings. This supports the company’s ability to fund operations without short-term creditor pressure.

Active exploration progress

Ongoing drilling and identification of a new mineralized horizon are durable operational advances that increase project de‑risking and resource upside. Persistent discovery activity raises the chance of attracting JV partners or acquirers and enhances long-term asset value.

Focused exploration business model

An acquisition-and-advance exploration model provides asymmetric upside: low fixed costs and staged capital deployment allow value creation from discoveries. Structurally, successful exploration can transform balance-sheet value and create partnership or M&A optionality over months.

Negative Factors

Pre-revenue with widening losses

Persistent, widening net losses are a structural weakness for an explorer: they erode equity, shorten effective runway, and force external capital raises. Over a multi‑month horizon this increases execution risk and the chance projects are slowed or shelved before value is realized.

Negative operating and free cash flow

Sustained negative operating and free cash flow indicate the company cannot self-fund exploration. This structural cash burn forces dependence on external financing, constrains continuous drill programs, and raises contingency risk that milestones cannot be met without dilutive raises.

Reliance on equity funding / dilution risk

Dependence on equity raises is a lasting governance and capital-structure constraint: repeated issuances dilute existing holders, can reduce per‑share economics from discoveries, and may limit strategic options or deter large partners seeking better-funded counterparties.

Harvest Gold Business Overview & Revenue Model

Company Description

Harvest 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 Money

Harvest Gold makes money through the sale of its bakery products to various customer segments. The company's revenue model is primarily based on direct sales to grocery stores, supermarkets, and food service providers. Additionally, HVG generates income through strategic partnerships with retail chains, enabling broader distribution and brand visibility. The company also benefits from economies of scale in production and distribution, contributing to its profitability. Key revenue streams include retail sales, wholesale contracts, and private label manufacturing for other brands.

Harvest Gold Financial Statement Overview

Summary

Exploration-stage profile with no revenue and persistent, widening net losses plus negative operating/free cash flow, creating ongoing funding and dilution risk. The key offset is a debt-free balance sheet, which lowers near-term solvency risk.

Income Statement

The company is pre-revenue (revenue is 0 across annual periods and TTM (Trailing-Twelve-Months)), and it continues to report operating losses and net losses. Losses have widened materially in TTM (Trailing-Twelve-Months) (net loss of about $3.1M vs. about $2.6M in the most recent annual period), indicating higher spending without an offsetting revenue base. While this is not unusual for an early-stage gold explorer, profitability and operating leverage remain key weaknesses.

Balance Sheet

The balance sheet shows no debt (total debt of 0 and debt-to-equity of 0), which reduces financial risk and provides flexibility. However, equity has been volatile (roughly $0.7M in the latest annual period vs. about $3.6M in TTM (Trailing-Twelve-Months)), and returns on equity are deeply negative due to ongoing losses. Overall, the company is not levered, but it is reliant on equity funding and remains vulnerable to dilution if losses persist.

Cash Flow

Cash generation is weak: operating cash flow and free cash flow are negative in both the latest annual period (about -$0.44M) and TTM (Trailing-Twelve-Months) (operating cash flow about -$0.87M; free cash flow about -$0.71M). Free cash flow improved in TTM (Trailing-Twelve-Months) versus the prior annual period (positive growth rate shown), but the business is still consuming cash and does not have internally funded runway based on current cash flow trends.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
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	-3.06M	-357.01K	-263.00K	-309.00K	-744.00K	-440.00K
Net Income	-3.08M	-2.63M	-464.00K	-435.00K	-594.00K	-504.00K
Balance Sheet
Total Assets	3.90M	1.03M	2.79M	3.04M	3.51M	1.13M
Cash, Cash Equivalents and Short-Term Investments	2.29M	170.69K	311.84K	514.81K	819.03K	818.21K
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	334.27K	290.95K	212.48K	79.10K	112.90K	146.58K
Stockholders Equity	3.57M	737.21K	2.57M	2.96M	3.39M	978.46K
Cash Flow
Free Cash Flow	-711.20K	-436.69K	-335.01K	-524.88K	-2.95M	-490.79K
Operating Cash Flow	-865.16K	-436.69K	-225.03K	-227.28K	-665.50K	-266.26K
Investing Cash Flow	-914.76K	-396.69K	22.06K	-76.94K	-2.33M	-208.54K
Financing Cash Flow	3.38M	692.23K	0.00	0.00	2.99M	1.16M

Harvest Gold Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.06
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Neutral

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 above the 20-day moving average (MA) of 0.06, 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 19.10 is Positive, neither overbought nor oversold. The STOCH value of 25.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:HVG.

Harvest Gold Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
VGD	51 Neutral	C$5.94M	2.94	―	―	―	38.50%
WINS	49 Neutral	C$5.31M	-1.92	-107.25%	―	―	―
TRU	48 Neutral	C$6.58M	-80.00	-46.43%	―	―	94.57%
HVG	45 Neutral	C$6.07M	-1.09	-93.08%	―	―	-230.94%
EDGM	42 Neutral	C$4.97M	-13.64	-13.58%	―	―	-50.00%
GCN	27 Underperform	$5.32M	-14.71	-75.44%	―	―	-64.52%

Harvest Gold Corporate Events

Harvest Gold Uncovers Broad Gold-Silver-Copper Halos at Flagship Mosseau Property

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.

Harvest Gold Expands Gold-Silver-Copper System at Mosseau Dilation Zone

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.

Harvest Gold Advances Quebec Gold Portfolio with Share Issuances and Cash Payment

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.

Harvest Gold Completes Maiden Mosseau Drill Program and Advances Quebec Exploration Portfolio

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.

Harvest Gold Unveils New Mineralized Horizon at Mosseau Property

Harvest Gold Corporation announced the discovery of a new mineralized horizon at the Trench 1B target in its Mosseau property, located in the Urban Barry Belt in Quebec’s Abitibi region. The initial assay results from the company’s maiden drill program revealed a 600-meter strike length horizon with significant gold and base metal mineralization. This discovery, which includes promising gold grades and semi-massive sulphides, supports the potential to expand historical mineralization and enhance the company’s positioning in the gold exploration industry.

Harvest Gold Resumes Drilling at Mosseau Property

Harvest Gold Corporation announced the resumption of diamond drilling in the central area of its Mosseau property, part of its flagship project in the Urban Barry Belt, Quebec. The central area, which has seen less exploration, is now accessible with new roads and drill pads prepared. The company plans to drill approximately 2,800 meters in this area as part of its 5,000-meter drill program. Assay results from the northern area are expected soon, and the fall exploration program on the southern part of Mosseau and Labelle properties is underway. This development is crucial for Harvest Gold’s exploration efforts, potentially enhancing its position in the mining industry and impacting stakeholders positively.