Northstar Gold (NSG) AI Stock Analysis

• Market Cap: C$13.36M
• Dividend Yield: N/A
• Average Volume (3M): 144.99K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.10
• Revenue Growth: N/A
• EPS Growth: 34.71%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): N/A
• Shares Outstanding: 140,600,890
• 10 Day Avg. Volume: 167,113
• 30 Day Avg. Volume: 144,992
• PEG Ratio: 0.04
• Price to Book (P/B): 0.53
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -1.84
• 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: 46 Neutral
• Price Target: C$0.08 ▲(95.00% Upside)

The score is primarily held down by weak financial performance (no revenue, ongoing losses, and continued cash burn). Technicals provide some support due to a strong uptrend and positive MACD, but extremely overbought readings raise pullback risk. Valuation is constrained by negative earnings and no dividend yield.

Positive Factors

Conservative leverage

The balance sheet shows very low financial leverage and a meaningful equity base, giving the company financial flexibility and lower solvency risk. For a junior gold explorer, low debt reduces near-term default risk and preserves optionality to raise capital or pursue projects without heavy interest burdens.

Narrowing operating losses

Multi-year reduction in EBIT losses demonstrates operational progress and cost discipline. Sustained narrowing of operating deficits increases the chance management can reach breakeven once revenues start, shortening the runway to self-sustaining operations and improving long-term viability.

Cash-backed losses

Free cash flow closely matching net loss indicates reported losses are largely cash-based rather than driven by non-cash accounting items. This transparency aids financing planning and gives clearer visibility into true cash burn, improving predictability of funding needs over the medium term.

Negative Factors

Pre-revenue status

The company has no revenue across reported periods, meaning it relies entirely on financing and has no operating cash inflows. For a gold company, the path from exploration to production is capital-intensive and lengthy, making durable execution and funding risks core threats to value creation.

Worsening cash burn

Consistent negative operating and free cash flow, with a recent ~43% decline in free cash flow, signals increasing cash burn. Structurally higher burn forces repeated financing rounds or asset sales, raising dilution risk and limiting the firm's ability to invest steadily in project development over the coming months.

Equity erosion and negative returns

Declining shareholders' equity and persistently negative ROE reflect cumulative capital destruction from losses. Even with low debt, continued erosion increases the likelihood of equity raises or dilution, undermining long-term shareholder value unless the company shifts to profitable operations or secures non-dilutive funding.

Northstar Gold Business Overview & Revenue Model

Company Description

Northstar Gold Corp. engages in the identification, evaluation, and exploration of mineral properties in Canada. Its flagship property is the Miller Gold property covering an area of 1,100 hectares located to the southeast of Kirkland Lake, Ontario. The company also hold 100% interest in Bryce Gold property covering an area of 4,650 hectares situated in Northeastern Ontario; and hold an option agreement to acquire 100% interest in the Searles property located to southeast of Kirkland Lake, Ontario. The company was incorporated in 2008 and is based in New Liskeard, Canada.

How the Company Makes Money

Northstar Gold makes money primarily through the discovery and development of gold resources, which are then either sold to larger mining companies or developed into operational mines. Revenue is generated through the sale of gold or by forming joint ventures and partnerships with other mining companies to share in the production profits. Additionally, NSG may raise funds through equity financing from investors to support its exploration activities, which could lead to future earnings as projects mature and become commercially viable.

Northstar Gold Financial Statement Overview

Summary

Very weak operating profile: the company is pre-revenue with persistent net losses and negative EBIT. Cash flow is also consistently negative with ongoing free-cash-flow burn, despite low leverage and a still-meaningful equity base.

Income Statement

Northstar Gold is still pre-revenue (revenue is 0 across annual periods and TTM (Trailing-Twelve-Months)), so losses are the primary story. While EBIT loss improved from about -3.0M (FY2021) to about -1.26M (FY2025) and TTM EBIT is about -1.38M, the business remains structurally unprofitable with consistently negative net income (TTM net loss ~-1.34M). The lack of revenue generation and ongoing operating losses are the key weaknesses, partially offset by the multi-year narrowing of losses versus earlier years.

Balance Sheet

The balance sheet is relatively conservative from a leverage standpoint, with low debt (TTM total debt ~100.6K) and very low debt-to-equity (~0.026 TTM; 0.0 in several annual periods). Equity remains sizable (~3.87M TTM), but it has trended down from ~5.23M (FY2021), reflecting ongoing losses. Returns on equity are consistently negative (around -0.32 TTM), so the main risk is continued equity erosion if losses persist, despite limited balance-sheet leverage today.

Cash Flow

Cash generation is weak, with negative operating cash flow and negative free cash flow in every period provided (TTM operating cash flow ~-0.98M; TTM free cash flow ~-0.99M). TTM free cash flow also declined versus the prior period (free cash flow growth ~-43.1%), indicating a worsening cash burn rate recently. A positive point is that free cash flow roughly tracks net losses (free cash flow to net income ~1.01 TTM), suggesting losses are largely cash-backed rather than being masked by non-cash gains, but overall funding needs remain a key concern.

Breakdown	Dec 2025	Dec 2023	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	-59.00	-876.00	-780.00	-1.06K	-1.87K
EBITDA	-1.26M	-1.47M	-1.32M	-2.51M	-3.01M
Net Income	-1.47M	-1.47M	-1.54M	-2.37M	-3.01M
Balance Sheet
Total Assets	4.99M	5.29M	5.01M	5.42M	6.00M
Cash, Cash Equivalents and Short-Term Investments	43.39K	263.84K	109.84K	709.00K	1.26M
Total Debt	0.00	60.00K	0.00	60.00K	60.00K
Total Liabilities	715.93K	467.15K	434.48K	461.74K	769.99K
Stockholders Equity	4.28M	4.82M	4.57M	4.96M	5.23M
Cash Flow
Free Cash Flow	-1.24M	-1.81M	-1.35M	-2.57M	-2.73M
Operating Cash Flow	-1.24M	-1.72M	-1.35M	-2.49M	-2.72M
Investing Cash Flow	-5.76K	-93.20K	-4.70K	-75.00K	492.84K
Financing Cash Flow	1.18M	1.37M	1.20M	2.02M	2.58M

Northstar Gold Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.04
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:NSG, the sentiment is Positive. The current price of 0.04 is below the 20-day moving average (MA) of 0.06, below the 50-day MA of 0.05, and above the 200-day MA of 0.04, indicating a bullish trend. The MACD of 0.01 indicates Negative momentum. The RSI at 79.65 is Negative, neither overbought nor oversold. The STOCH value of 84.55 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:NSG.

Northstar Gold 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%
VGD	51 Neutral	C$5.94M	2.94	―	―	―	38.50%
ZFR	48 Neutral	C$5.65M	-19.70	-5.00%	―	―	21.43%
NSG	46 Neutral	C$13.36M	-8.96	-30.58%	―	―	34.71%
KGC	42 Neutral	C$4.87M	-10.47	-22.19%	―	―	-4.55%
GCN	27 Underperform	$5.32M	-14.71	-75.44%	―	―	-64.52%

Northstar Gold Corporate Events

Northstar Gold Raises $916,700 and Completes Cam Copper Zone 2 Infill Drilling

Northstar Gold Corp. has closed the second tranche of its previously announced non-brokered private placement, raising an additional $61,000 through a mix of flow-through and non-flow-through units and bringing total proceeds from the offering to $916,700. The financing, which included insider participation and is subject to a four-month hold period, is intended to fund the company’s Cam Copper Zone 2 Surgical Mining pilot in partnership with Novamera, support permitting, engineering, mine planning and working capital, and underpin a NI 43-101-compliant technical report and mineral resource estimate. Northstar also reported completion of a seven-hole, 1,194-metre infill diamond drill program at Cam Copper Zone 2 in December and plans to release assay results in late January 2026, marking a key step toward a notice-to-proceed for the Surgical Mining program and potentially advancing the Miller Copper-Gold Property toward future production.

The most recent analyst rating on (TSE:NSG) stock is a Hold with a C$0.04 price target. To see the full list of analyst forecasts on Northstar Gold stock, see the TSE:NSG Stock Forecast page.

Northstar Launches Definition Drilling to Advance High-Grade Cam Copper Surgical Mining Pilot

Northstar Gold Corp. has launched a 1,200-metre diamond drilling program at its 100%-owned historic Cam Copper Mine’s Zone 2 lens in northeastern Ontario, aiming to generate a NI 43-101 mineral resource estimate and technical report on the high-grade Besshi-style VMS copper zone. The work underpins a planned “surgical mining” pilot with partner Novamera Inc., which intends to extract approximately 120,000 tonnes of copper-rich material over 31 months using large-diameter precision drilling, real-time downhole imaging and immediate backfilling to reduce dilution, surface disturbance and water discharge; with low upfront capital, a 5% revenue share to Novamera and an off-balance-sheet funding structure, the initiative could provide Northstar with a relatively low-cost, environmentally lean path to near-term production and strengthen its positioning as an early adopter of novel mining technology in the copper sector.

Northstar Gold Advances Cam Copper Project with Successful Private Placement

Northstar Gold Corp. has successfully closed the first tranche of its non-brokered private placements, raising a total of $855,700 through the issuance of flow-through units, non-flow through units, and royalty units. This financing will support the advancement of the Cam Copper Surgical Mining project, including a Zone 2 infill diamond drill program, metallurgical test work, and mine permitting. The project will also benefit from partnerships with DIGITAL, Novamera Inc., and Micon International Limited, which will provide additional funding and support for data-driven and digital solutions. The proceeds will facilitate the execution of a definitive Turnkey Surgical Mining Services Agreement with Novamera, aiming to enhance Northstar’s operational capabilities and market positioning.

Northstar Gold Secures Funding for Innovative Copper Mining Project

Northstar Gold Corp. has entered into a Master Project Agreement with DIGITAL, Novamera Inc., and Micon International Limited to support its Cam Copper Surgical Mining Project in Ontario. This agreement, which includes partial funding, will utilize Novamera’s precision-mining solution to extract copper with minimal environmental impact, potentially streamlining regulatory processes and reducing costs. The project aims to responsibly produce critical minerals in Ontario, with Novamera earning a 5% revenue share.

Northstar Gold Corp Secures Financing for Innovative Copper Mining Project

Northstar Gold Corp has announced a strategic financing initiative to advance its Cam Copper Project in Ontario, utilizing Novamera Inc.’s Surgical Mining™ system. The financing, which could raise up to $3 million CAD, will support permitting, engineering, and the implementation of a pilot program aimed at extracting high-grade copper with reduced environmental impact. This initiative marks a significant step in transitioning the Cam Copper Project from concept to implementation, potentially enhancing Northstar’s position in the critical minerals market.