Irving Resources (IRV) AI Stock Analysis

• Market Cap: C$22.09M
• Dividend Yield: N/A
• Average Volume (3M): 58.88K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.06
• Revenue Growth: N/A
• EPS Growth: -165.27%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): >-0.01
• Shares Outstanding: 83,355,640
• 10 Day Avg. Volume: 52,395
• 30 Day Avg. Volume: 58,884
• PEG Ratio: -0.04
• Price to Book (P/B): 0.44
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -8.59
• 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: 53 Neutral
• Price Target: C$0.27 ▲(16.96% Upside)

The score is primarily constrained by weak financial performance from a pre-revenue model with ongoing losses and negative cash flow, implying continued funding dependence. This is partially offset by a low-leverage balance sheet and improving free-cash-flow trend, while technicals are moderately supportive with price trading above major moving averages. Valuation remains challenged due to negative earnings and no indicated dividend support.

Positive Factors

Low leverage / strong balance sheet

Very low debt relative to equity materially reduces solvency and refinancing risk, giving management durable financial flexibility. This supports sustained exploration spending and strategic project choices over the next several months without immediate debt pressure.

Improving free cash flow trend

The marked improvement in free cash flow over successive periods suggests better cash discipline or timing benefits. While still negative, the trend reduces near-term funding intensity and makes the company less reliant on frequent financings in the medium term if maintained.

Equity-funded asset base provides runway

A sizable asset base funded mainly by equity provides a cushion for capital-intensive exploration activities. This equity funding lowers immediate solvency risk and enables multi-stage exploration programs without adding significant leverage, preserving operational optionality.

Negative Factors

Pre-revenue business model

Being an early-stage explorer with no revenues means long-term viability hinges on successful discovery and resource development. Revenue uncertainty creates structural profitability risk and delays the path to sustainable margins and cash generation for investors.

Persistent net losses and rising burn

Growing net losses indicate a higher burn profile versus prior years, increasing the probability of future equity raises or other financing. Over time this can dilute existing shareholders and consume asset value, pressuring long-term returns if discoveries are delayed.

Negative returns on equity; dilution risk

A negative ROE signals the company is consuming shareholder capital rather than generating returns. If exploration spending continues without commercial discoveries, sustained negative ROE increases likelihood of dilution and erodes long-term shareholder value.

Irving Resources Business Overview & Revenue Model

Company Description

Irving Resources Inc., a junior exploration stage company, focuses on exploring gold in Japan. It also explores for silver and rare earth elements. The company holds interest in the Omui property that covers an area of 2.98 square kilometers; the Shimokawa property covering an area of 48.50 square kilometers; the Utanobori property that covers an area of 121.55 square kilometers; the Engaru property that covers an area of 84.42 square kilometers; the Noto property covering an area of 337.37 square kilometers; the Yamagano property; and the Eniwa project, which comprises an area of 56.15 square kilometers located in Japan. The company was incorporated in 2015 and is headquartered in Vancouver, Canada.

How the Company Makes Money

Irving Resources makes money through the exploration and development of mineral properties with a primary focus on gold and silver. The company generates revenue by identifying and advancing potential mineral-rich sites, which can then be sold, joint-ventured, or developed into operational mines. Significant partnerships, such as those with experienced industry players or local stakeholders, can enhance the value of its projects and lead to potential revenue-generating opportunities. Additionally, Irving Resources may raise funds through equity financing to support its exploration and development activities, although this is primarily for capital rather than direct revenue generation.

Irving Resources Financial Statement Overview

Summary

Strong balance-sheet position with very low debt relative to equity, reducing near-term solvency risk. However, the company remains pre-revenue with persistent net losses and negative operating/free cash flow, indicating ongoing reliance on external funding despite some recent improvement in free cash flow.

Income Statement

The company reports no revenue across the annual periods and TTM (Trailing-Twelve-Months), consistent with an early-stage explorer. Losses are persistent and sizable, with TTM net loss of about $5.4M versus ~$5.1M in FY2025 and ~$2.2M in FY2024, indicating a higher burn profile than last year. Gross profit is consistently negative, and profitability remains structurally weak until a revenue base is established.

Balance Sheet

Balance sheet leverage is very low, with total debt of roughly $0.12M in TTM (Trailing-Twelve-Months) against ~$46.3M of equity, implying ample balance-sheet flexibility. Total assets (~$46.7M TTM) are largely equity-funded, which lowers financial risk. The main weakness is continued negative returns on equity (about -10% TTM), reflecting ongoing losses and dilution/asset consumption risk over time if spending continues.

Cash Flow

Cash generation is weak: operating cash flow is negative in every period, including about -$3.1M in TTM (Trailing-Twelve-Months). Free cash flow is also negative TTM (about -$1.7M), though it improved versus FY2025 (around -$2.3M) and dramatically versus FY2024 (around -$7.6M), suggesting better cash discipline or timing benefits. Despite the improvement trend, the business still relies on external funding to sustain exploration and corporate costs.

Breakdown	TTM	Dec 2024	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	-165.14K	-167.75K	-158.34K	-218.50K	-125.48K	-112.87K
EBITDA	-5.19M	-1.96M	-4.88M	-1.22M	-2.69M	-5.24M
Net Income	-5.37M	-2.20M	-5.05M	-552.18K	-2.78M	-5.37M
Balance Sheet
Total Assets	46.69M	50.16M	46.80M	49.88M	38.39M	31.60M
Cash, Cash Equivalents and Short-Term Investments	1.90M	4.73M	3.09M	10.91M	9.69M	8.76M
Total Debt	124.28K	215.94K	157.47K	233.21K	119.34K	65.77K
Total Liabilities	355.93K	608.94K	958.32K	600.23K	863.65K	847.92K
Stockholders Equity	46.33M	49.55M	45.84M	49.28M	37.53M	30.75M
Cash Flow
Free Cash Flow	-1.68M	-7.58M	-2.34M	-11.15M	-6.68M	-10.74M
Operating Cash Flow	-3.06M	-885.94K	-1.29M	-236.12K	-1.09M	-1.79M
Investing Cash Flow	-696.84K	-6.69M	-1.17M	-10.92M	-5.59M	-8.67M
Financing Cash Flow	1.17M	1.40M	953.63K	11.72M	7.60M	6.23M

Irving Resources Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.23
• 50DMA: Positive
• 100DMA: Negative
• 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:IRV, the sentiment is Negative. The current price of 0.23 is below the 20-day moving average (MA) of 0.28, below the 50-day MA of 0.25, and below the 200-day MA of 0.25, indicating a neutral trend. The MACD of 0.01 indicates Positive momentum. The RSI at 45.71 is Neutral, neither overbought nor oversold. The STOCH value of 48.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:IRV.

Irving 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%
IRV	53 Neutral	C$22.09M	-3.82	-10.18%	―	―	-165.27%
IGO	50 Neutral	C$23.59M	-3.42	-102.24%	―	―	-4.78%
RDU	49 Neutral	C$18.51M	-13.01	-88.09%	―	―	21.15%
NBRK	48 Neutral	C$17.07M	125.00	13.19%	―	―	―
PRG	47 Neutral	C$55.41M	-36.64	-30.77%	―	―	-296.61%
SWA	44 Neutral	C$18.52M	-2.04	-3995.40%	―	―	-51.94%

Irving Resources Corporate Events

Irving Resources Doubles Private Placement to $4 Million for Japanese Gold Exploration

Irving Resources Inc. has doubled the size of its previously announced non-brokered private placement, increasing the offering from $2 million to $4 million. The financing will be carried out through the sale of units at $0.25 each, with every unit comprising one common share and one-half of a transferable share purchase warrant, and each whole warrant exercisable at $0.35 for three years. Proceeds are earmarked for advancing Irving’s resource exploration properties and for general working capital, with the placement potentially closing in tranches and all securities subject to a four-month hold period, underscoring the company’s intention to strengthen its funding base for its gold exploration activities in Japan.

The most recent analyst rating on (TSE:IRV) stock is a Hold with a C$0.32 price target. To see the full list of analyst forecasts on Irving Resources stock, see the TSE:IRV Stock Forecast page.

Irving Resources Launches $2 Million Non-Brokered Private Placement for Japanese Gold Exploration

Irving Resources Inc. plans to raise approximately $2 million through a non-brokered private placement of units priced at $0.25, each comprising one common share and half a warrant exercisable at $0.35 for three years. The funds are earmarked for advancing the company’s gold exploration properties in which it holds an interest and for general working capital, with the offering subject to a four-month hold period, potential finder’s fees and anticipated insider participation under Canadian securities exemptions, underscoring the company’s ongoing capital needs to support its exploration strategy in Japan.

The most recent analyst rating on (TSE:IRV) stock is a Hold with a C$0.28 price target. To see the full list of analyst forecasts on Irving Resources stock, see the TSE:IRV Stock Forecast page.

Irving Resources Extends Yamagano Gold System and Maps New Targets Ahead of 2026 Drilling

Irving Resources has reported encouraging assay results from its deepest diamond drill hole to date at the Yamagano East area of its Yamagano joint venture in Kyushu, where hole 25SY-002A confirmed multiple anomalous gold-bearing intervals and extended the known depth of the epithermal gold system to at least 450 metres below historic workings. The company has also completed a 5.88 km² grid soil sampling program totaling 673 soil and 57 rock samples, which returned high-grade gold and silver values and highlighted several anomalous geochemical trends around and beyond historical mine workings, laying the groundwork for additional drilling planned for 2026 and potentially strengthening Irving’s exploration pipeline and project value for stakeholders.

Irving Resources and JX Metals Advance Omu Project with Promising Discoveries

Irving Resources Inc. has completed the first year of its collaboration with JX Advanced Metals Corporation at the Omu Project in Hokkaido, Japan. The partnership, under a farm-in agreement, allows JX Metals to earn a significant interest in the Omu Sinter Pit and Omuisenbu by investing in exploration. Recent drilling has revealed promising gold and silver deposits, with plans underway to advance these sites as new sources of smelter flux in Japan. This development could enhance Irving’s industry positioning by expanding its resource base and potentially increasing its market influence.

Irving Resources Advances Gold-Silver Exploration in Japan’s Noto Peninsula

Irving Resources has provided an update on its exploration activities in the Noto Peninsula, Japan, where it holds extensive prospecting licenses for gold and silver. Despite initial setbacks due to the Covid pandemic and an earthquake, the company has ramped up its exploration efforts, conducting systematic rock and soil sampling. Notable progress includes the discovery of historical mining sites and promising mineralization in areas such as Shika and Mii, which indicate potential for further exploration and development. This progress strengthens Irving’s position in the region and suggests promising opportunities for stakeholders.