Northstar Gold (NSG) AI Stock Analysis

• Market Cap: C$8.44M
• Dividend Yield: N/A
• Average Volume (3M): 144.99K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.36
• 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: 45 Neutral
• Price Target: C$0.06 ▲(47.50% Upside)
• Action: Reiterated Date: 03/14/26
• Date: Action: Reiterated 03/14/26

The score is primarily held down by financial performance: the company is pre-revenue with ongoing losses and persistent negative operating/free cash flow, implying continued funding risk despite improving losses. Technicals are only modestly supportive (above longer-term averages but below short-term averages with slightly negative MACD). Valuation is penalized by the negative P/E and lack of dividend yield.

Positive Factors

Low leverage / conservative balance sheet

The company’s very low debt and minimal debt-to-equity reduce refinancing and interest-rate risk over the medium term, giving management financial flexibility to fund exploration or development through equity or measured project spending without immediate solvency pressure.

Multi-year narrowing of operating losses

A sustained reduction in EBIT losses over several years signals improving cost control and operating efficiency. That structural trend increases the likelihood management can approach break-even with disciplined spending or scalable operations as projects advance.

Losses largely cash-backed (transparent cash burn)

When net losses are cash-based rather than driven by non-cash accruals, forecasting and liquidity planning are more reliable. This alignment reduces hidden accounting risk and makes funding needs and runway easier to model for medium-term planning.

Negative Factors

Pre-revenue business model

Being pre-revenue means the company lacks operating cash generation and remains dependent on external financing. Over the next several months this structural position forces priority on capital raises or partnerships rather than internal reinvestment or margin expansion.

Persistent negative operating and free cash flow

Consistent negative OCF and FCF indicate ongoing cash burn that will require fresh capital absent a revenue shift. This persistent outflow increases dilution risk and constrains the firm’s ability to fund exploration, development, or strategic investments organically.

Eroding equity base

Declining shareholders' equity reflects cumulative losses and reduces the balance-sheet buffer available for future write-downs or project spending. Over months this makes new capital raises more dilutive or costly and weakens shock absorbers against adverse outcomes.

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

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Northstar Gold Financial Statement Overview

Summary

Pre-revenue with persistent losses and cash burn (TTM net loss ~-1.34M; TTM operating cash flow ~-0.98M; TTM free cash flow ~-0.99M). Balance sheet leverage is low (TTM debt ~100.6K; debt-to-equity ~0.026) and EBIT losses have narrowed versus earlier years, but continued equity erosion and funding/dilution risk remain the dominant issues.

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	TTM	Jul 2025	Jul 2023	Jul 2022	Jul 2021	Jul 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-42.00	-59.00	-780.00	-1.06K	-1.87K	-2.05K
EBITDA	-1.38M	-1.26M	-1.32M	-2.51M	-3.01M	-1.96M
Net Income	-1.34M	-1.47M	-1.54M	-2.37M	-3.01M	-1.96M
Balance Sheet
Total Assets	4.95M	4.99M	5.01M	5.42M	6.00M	6.32M
Cash, Cash Equivalents and Short-Term Investments	116.05K	43.39K	109.84K	709.00K	1.26M	905.38K
Total Debt	100.63K	0.00	0.00	60.00K	60.00K	35.00K
Total Liabilities	1.08M	715.93K	434.48K	461.74K	769.99K	365.85K
Stockholders Equity	3.87M	4.28M	4.57M	4.96M	5.23M	5.95M
Cash Flow
Free Cash Flow	-988.88K	-1.24M	-1.35M	-2.57M	-2.73M	-1.98M
Operating Cash Flow	-982.34K	-1.24M	-1.35M	-2.49M	-2.72M	-1.98M
Investing Cash Flow	-7.10K	-5.76K	-4.70K	-75.00K	492.84K	-502.84K
Financing Cash Flow	975.63K	1.18M	1.20M	2.02M	2.58M	3.30M

Northstar Gold Technical Analysis

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:NSG, the sentiment is Neutral. The current price of 0.04 is below the 20-day moving average (MA) of 0.06, below the 50-day MA of 0.06, and below the 200-day MA of 0.04, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 46.86 is Neutral, neither overbought nor oversold. The STOCH value of 50.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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	56 Neutral	C$8.35M	0.50	―	―	―	38.50%
ZFR	48 Neutral	C$6.08M	-23.89	-5.00%	―	―	21.43%
NSG	45 Neutral	C$8.44M	-6.43	-30.58%	―	―	34.71%
KGC	42 Neutral	C$3.81M	-34.21	-22.19%	―	―	-4.55%
GCN	42 Neutral	C$3.64M	-11.83	-89.21%	―	―	-64.52%

Northstar Gold Corporate Events

Northstar Gold Extends High-Grade Copper Mineralization at Cam Copper Mine

Northstar Gold Corp. has reported definition drilling results from Zone 2 at its Cam Copper Mine that confirm a high-grade polymetallic VMS system with increasing copper, gold, silver and molybdenum grades and thickness at depth. The program intersected notable copper-rich intervals, discovered a new high-grade domain, and identified a previously untested Zone 1 area, reinforcing the down-plunge continuity and expansion potential of the mineralized corridor.

The company plans to update its 3D geological model, conduct step-out drilling and commission a NI 43-101 Technical Report and Mineral Resource Estimate to evaluate the economic prospects of the project. These steps support a planned Surgical Mining pilot with partner Novamera and an $11 million consortium-backed initiative, backed by up to $4 million in co-investment funding, aimed at advancing sustainable, high-grade critical mineral production at Cam Copper.

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

Northstar Gold Raises $558,000 in First Tranche to Advance Cam Copper Surgical Mining Project

Northstar Gold Corp. has closed the first tranche of a non-brokered private placement, raising $558,000 through the issuance of 9.3 million units priced at $0.06, each comprising a share and a five-year warrant, to strategic investors. The company plans a near-term second tranche, with the overall offering of up to $800,000 still subject to final approval by the Canadian Securities Exchange.

Proceeds will help fund permitting, engineering, and early-stage implementation of Novamera Inc.’s Surgical Mining system at Northstar’s fully owned Cam Copper Project, part of an approximately $11 million, two-year initiative supported by up to $4 million in co-investment from DIGITAL – Canada’s Global Innovation Cluster. The capital will also support geological and metallurgical studies, an NI 43-101 Technical Report and resource estimate by Micon, and mine-planning and site preparation, positioning Northstar to move toward a Notice-to-Proceed and potential future development decisions at Cam Copper.

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

Northstar Gold launches financing to advance Surgical Mining at Cam Copper

Northstar Gold Corp. has launched a non-brokered private placement of up to C$800,000 to fund permitting, engineering and the initial rollout of Novamera’s Surgical Mining system at its Cam Copper Project in Ontario. The financing, priced at C$0.06 per unit with five-year warrants at C$0.075, is expected to see a first tranche of about C$530,000 close shortly, led by strategic investors aligned with its critical-minerals strategy.

Proceeds will support geological and block model updates for Zone 2, preliminary metallurgical work, and commissioning of an NI 43-101-compliant technical report and mineral resource estimate to assess the Cam Copper deposit’s economic potential. Funds will also be used for permitting, detailed engineering, mine planning, site preparation, mobilization and working capital, with participation open to existing shareholders and certain subscribers under Canadian prospectus exemptions, and potential involvement from company insiders under related-party rules.

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

Northstar Gold Secures Up to $4 Million in Digital Co-Investment to Advance Cam Copper Surgical Mining

Northstar Gold Corp. and its consortium partners have secured approval for up to $4 million in co-investment funding from DIGITAL – Canada’s Global Innovation Cluster for digital technologies, with Northstar eligible for approximately $1.8 million to advance the Cam Copper Surgical Mining for Critical Minerals Project led by Novamera Inc. The funding will support the application of Novamera’s Surgical Mining technology at Northstar’s Cam Copper Project near Kirkland Lake, using large-diameter rotary drilling to selectively extract copper-rich zones with reduced waste, surface disturbance, capital intensity and permitting timelines compared with conventional underground mining, positioning Northstar at the forefront of low-impact, tech-enabled critical minerals extraction. Work at Cam Copper is expected to progress in phases, focusing on advanced subsurface imaging, real-time orebody modelling, metallurgical validation and regulatory engagement, while Northstar has also granted 11.2 million stock options to directors, officers, employees and consultants at an exercise price of $0.08, aligning internal stakeholders with the company’s development plans.

The most recent analyst rating on (TSE:NSG) stock is a Hold with a C$0.08 price target. To see the full list of analyst forecasts on Northstar Gold stock, see the TSE:NSG Stock Forecast page.

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.