Harvest Gold (HVG) AI Stock Analysis

• Market Cap: C$8.49M
• Dividend Yield: N/A
• Average Volume (3M): 234.59K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.42
• 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: 49 Neutral
• Price Target: C$0.07 ▲(16.67% Upside)
• Action: Reiterated Date: 03/05/26
• Date: Action: Reiterated 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

Exploration-focused business model

Harvest Gold's core model is early-stage mineral exploration, which provides scalable upside from discoveries with relatively low ongoing fixed costs. This optionality is a durable structural advantage in mining: successful hits can re-rate fundamentals even if long lead times and funding needs persist.

Debt-free balance sheet

A zero-debt position materially lowers refinancing and solvency risk, giving management flexibility to fund exploration through equity or partnerships without fixed interest burdens. Over the medium term this reduces bankruptcy risk and preserves strategic optionality during cyclical commodity swings.

Smaller recent free cash outflow

TTM free cash outflow contracting versus prior years suggests improved cash discipline or lower program spend, extending runway for exploration activity. If sustained, lower absolute burn reduces near-term financing frequency and supports execution of multi-stage field programs.

Negative Factors

No revenue; persistent losses

The company reports no operating revenue and large recurring net losses, meaning it cannot self-fund operations. Over the medium term this forces reliance on external capital or asset sales, compresses resilience to setbacks, and makes sustained value creation contingent on exploration success.

Negative operating and free cash flow

Consistent negative operating and free cash flow indicates structural cash burn from exploration programs. This ongoing outflow raises execution and funding risk: management must secure financing periodically, which can dilute shareholders and limit the scale or continuity of multi-stage drill campaigns.

Equity erosion and dilution risk

Rapid decline in shareholder equity signals value erosion likely from losses and/or dilution. This weakens the balance sheet buffer against adverse results and increases probability of further equity raises, which can be dilutive and restrict the company's ability to pursue larger or longer-term exploration commitments.

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

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

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

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

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.

Breakdown	TTM	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 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	-3.16M	-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 Assets	3.95M	1.03M	2.79M	3.04M	3.51M	1.13M
Cash, Cash Equivalents and Short-Term Investments	1.23M	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	362.92K	290.95K	212.48K	79.10K	112.90K	146.58K
Stockholders Equity	3.59M	737.21K	2.57M	2.96M	3.39M	978.46K
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	-396.69K	22.06K	-76.94K	-2.33M	-208.54K
Financing Cash Flow	3.43M	692.23K	0.00	0.00	2.99M	1.16M

Harvest Gold Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.06
• 50DMA: Positive
• 100DMA: Positive
• 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:HVG, the sentiment is Positive. 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 neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 51.41 is Neutral, neither overbought nor oversold. The STOCH value of 5.56 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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	56 Neutral	C$8.35M	0.50	―	―	―	38.50%
HVG	49 Neutral	C$8.49M	-7.56	-93.08%	―	―	-230.94%
TRU	48 Neutral	C$11.51M	3.99	-46.43%	―	―	94.57%
WINS	46 Neutral	C$11.08M	-2.08	-107.25%	―	―	―
GCN	42 Neutral	C$3.23M	-11.83	-89.21%	―	―	-64.52%
EDGM	42 Neutral	C$4.97M	-6.73	-13.58%	―	―	-50.00%

Harvest Gold Corporate Events

Harvest Gold Hits 105 g/t Gold at Central Mosseau, Expands Kiask River Corridor

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.

Harvest Gold Hits Mosseau Spend Milestone, Advances Toward 80% Ownership in Flagship Quebec Asset

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.

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.