Rusoro Mining (RML) AI Stock Analysis

• Market Cap: C$752.10M
• Dividend Yield: N/A
• Average Volume (3M): 398.04K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.81
• Revenue Growth: N/A
• EPS Growth: -12.17%
• Country: CA
• Employees: 785
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): 0.03
• Shares Outstanding: 626,749,450
• 10 Day Avg. Volume: 333,536
• 30 Day Avg. Volume: 398,035
• PEG Ratio: -0.29
• Price to Book (P/B): -2.04
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -79.68
• 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$1.00 ▼(-20.63% Downside)

The score is primarily constrained by distressed financial performance (no revenue base, recurring and widening losses, deeply negative equity, rising debt, and increased cash burn). Technical indicators are mixed and provide only modest support, while valuation metrics are not supportive given ongoing losses and no dividend yield data.

Positive Factors

Workforce / Operational Capacity

A headcount of 785 indicates a sizeable operational workforce and retained institutional knowledge, supporting exploration, project execution or restart activities without immediate large-scale hiring. This scale can reduce execution risk and preserve operational readiness over months.

Historical Cashflow Resilience

The company notes periods of near breakeven or positive cash flow in 2020–2021, demonstrating prior ability to control costs or generate inflows. That historical flexibility suggests management has levers to stabilise cash burn, supporting potential recovery over a 2–6 month horizon if executed.

Reporting and Disclosure Discipline

A scheduled next earnings release shows adherence to reporting timelines and public disclosure cadence. Regular, timely reporting supports governance and investor oversight, enabling clearer assessment of operational changes and management actions over the medium term.

Negative Factors

No Revenue Base

Absence of any reported revenue or gross profit across multiple years indicates no operating revenue model. Without material strategic change or new revenue sources this undermines viability and makes sustainable profitability unlikely in the medium term.

Distressed Balance Sheet

Deep negative equity and sharply higher debt create acute solvency risk. With total assets of only 0.78M versus sizable liabilities, the company has minimal balance sheet flexibility and limited access to traditional financing without restructuring or significant capital injections.

Widening Cash Burn

Worsening operating cash flow and increased cash burn signal deteriorating cash generation and constrained internal funding capacity. Continued negative free cash flow increases reliance on external capital, raising dilution risk and pressuring near-term solvency and operations.

Rusoro Mining Business Overview & Revenue Model

Company Description

Rusoro Mining Ltd. is a Canadian-based gold mining company focused on the acquisition, exploration, development, and operations of gold mining properties in Venezuela. The company primarily engages in gold production and exploration activities, striving to leverage its expertise in the mining sector to maximize value extraction from its assets.

How the Company Makes Money

Rusoro Mining generates revenue through the extraction and sale of gold from its mining operations in Venezuela. The company's primary revenue stream comes from selling gold extracted from its mines to international markets. Rusoro Mining may also engage in strategic partnerships or joint ventures with other mining companies or local governments to enhance its operational capabilities and access to resources. Additionally, the company might explore opportunities for expanding its asset base through the acquisition of new mining properties or rights.

Rusoro Mining Financial Statement Overview

Summary

Very weak fundamentals: zero revenue and gross profit across 2019–2024, persistent operating losses, and widening net loss in 2024. Balance sheet is distressed with deeply negative equity (-162.6M in 2024), sharply higher debt (79.7M vs. 37.9M in 2023), and minimal assets (0.78M), implying elevated solvency risk. Cash flow shows renewed pressure with larger 2024 cash burn (-4.16M) versus 2023 (-1.08M).

Income Statement

Across 2019–2024 the company reports zero revenue and zero gross profit, while operating losses persist every year (EBIT negative throughout). Net losses widened in 2024 (net loss of 40.7M vs. 30.3M in 2023), indicating deteriorating profitability rather than stabilization. The main positive is that losses were smaller in some earlier years, but the overall trajectory remains structurally unprofitable with no visible revenue base.

Balance Sheet

The balance sheet is highly stressed: shareholders’ equity is deeply negative and has remained negative across all years shown (2024 equity of -162.6M). Debt increased sharply in 2024 (79.7M vs. 37.9M in 2023), raising financial risk while the asset base is extremely small relative to liabilities (2024 total assets of 0.78M). While a negative debt-to-equity ratio is shown, it reflects negative equity rather than conservative leverage, underscoring weak solvency.

Cash Flow

Cash generation is weak and mostly negative: operating cash flow and free cash flow were negative in 2024 (-4.16M) and 2023 (-1.08M), with 2024 showing a larger cash burn than the prior year. A modest positive is that cash burn has not been uniformly worsening over the full history (e.g., near breakeven/positive in 2020–2021), but recent years indicate renewed pressure and limited internal funding capacity.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
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	-79.63M	-26.80M	0.00	-5.26M	-2.71M	-1.77M
Net Income	-75.53M	-40.71M	-30.25M	-18.69M	-14.19M	-18.97M
Balance Sheet
Total Assets	86.00K	780.00K	1.87M	21.12K	18.65K	36.85K
Cash, Cash Equivalents and Short-Term Investments	21.00K	759.00K	1.86M	0.00	136.00	446.00
Total Debt	84.64M	79.66M	37.92M	35.25M	35.25M	35.25M
Total Liabilities	221.53M	183.05M	198.96M	169.17M	151.68M	137.52M
Stockholders Equity	-201.78M	-162.60M	-177.42M	-149.48M	-132.00M	-117.81M
Cash Flow
Free Cash Flow	-3.27M	-4.16M	-1.08M	-922.47K	-310.00	218.00
Operating Cash Flow	-3.27M	-4.16M	-1.08M	-922.47K	-310.00	218.00
Investing Cash Flow	0.00	0.00	0.00	0.00	0.00	0.00
Financing Cash Flow	319.00K	3.06M	2.94M	922.37K	0.00	0.00

Rusoro Mining Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 1.26
• 50DMA: Positive
• 100DMA: Positive
• 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:RML, the sentiment is Neutral. The current price of 1.26 is above the 20-day moving average (MA) of 1.23, above the 50-day MA of 1.10, and above the 200-day MA of 1.05, indicating a neutral trend. The MACD of 0.06 indicates Positive momentum. The RSI at 50.96 is Neutral, neither overbought nor oversold. The STOCH value of 47.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:RML.

Rusoro Mining Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HSTR	72 Outperform	C$733.82M	8.50	―	―	―	―
MKO	71 Outperform	C$846.60M	22.79	29.30%	―	45.36%	-14.35%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
TAU	59 Neutral	C$734.07M	-118.07	-1.82%	―	―	-251.92%
JAG	56 Neutral	C$640.31M	-27.87	-5.98%	―	-5.94%	-153.35%
FF	47 Neutral	C$913.75M	-29.96	-11.85%	―	―	50.54%
RML	45 Neutral	C$752.10M	-10.42	―	―	―	-12.17%

Rusoro Mining Corporate Events

Rusoro Mining to Benefit from Court-Ordered Sale of PDV Holding Shares

Rusoro Mining Ltd. announced that a U.S. District Court has authorized the sale of shares of PDV Holding, a subsidiary of Venezuela’s national oil company, to Amber MSub LLC. This sale is intended to settle several billion dollars in judgments against Venezuela and its entities, including a $1.550 billion judgment in favor of Rusoro. Rusoro will receive $400 million in cash and $650 million in convertible notes, along with warrants for equity in Amber, potentially allowing them to recover the full value of their judgment. However, the sale is subject to appeal and requires approval from the U.S. Department of the Treasury.

Rusoro Mining Ltd. Updates on CITGO Auction Legal Proceedings

Rusoro Mining Ltd. announced that the Delaware Court of Chancery denied Gold Reserve’s request for expedited treatment of its motion for a preliminary injunction related to the CITGO auction process. The court found that Gold Reserve did not demonstrate a risk of irreparable injury, and disputes can be addressed by the federal court. Additionally, Judge Stark denied motions from Gold Reserve, Citgo, PDVSA, and the Republic of Venezuela to disqualify the special master and recuse himself, stating that these motions lacked merit and suggesting that the parties involved may wish for the sale process to fail.