Tocvan Ventures Corp. (TOC) AI Stock Analysis

• Market Cap: C$72.24M
• Dividend Yield: N/A
• Average Volume (3M): 87.24K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.43
• Revenue Growth: N/A
• EPS Growth: 23.78%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): N/A
• Shares Outstanding: 66,884,960
• 10 Day Avg. Volume: 136,311
• 30 Day Avg. Volume: 87,243
• PEG Ratio: 1.37
• Price to Book (P/B): 3.84
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -28.21
• 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$1.00 ▼(-12.28% Downside)

The score is held down primarily by weak financial performance (no revenue, continuing losses, and ongoing cash burn). Technicals provide a partial offset with a positive multi-timeframe uptrend and moderate momentum. Valuation remains a headwind due to negative earnings (negative P/E) and no dividend support.

Positive Factors

Low Leverage

Zero reported debt materially reduces solvency and financial distress risk, preserving flexibility to fund multi-stage exploration. For a capital-intensive explorer, low leverage sustains runway, enables orderly program pacing, and improves the company’s ability to raise capital on better terms over months.

Equity Capital Cushion

A materially larger equity base provides a stronger capital cushion to finance drilling and geophysical work without immediate revenue. This reduces short-term solvency pressures, supports multi-phase exploration programs, and gives management capacity to advance targets toward value-creating milestones over the medium term.

Focused Exploration Model

A clear, asset-focused business model emphasizing gold/silver exploration and systematic geological programs creates a repeatable path to de-risk projects. Discipline in technical work (mapping, sampling, geophysics, drilling) is a durable driver of discovery potential and long-term value creation if exploration success follows.

Negative Factors

No Revenue / Ongoing Losses

Persistent zero revenue and recurring operating losses mean the business cannot self-sustain operations from cash generation. Over a multi-month horizon this heightens execution risk, limits reinvestment capacity, and forces dependence on external financing until projects produce demonstrable asset value or commercial revenue.

Negative Cash Flow

Consistently negative operating and free cash flows erode cash reserves and compel recurring capital raises. For exploration firms, this raises dilution risk and can disrupt planned drilling schedules if market access tightens, thereby constraining the company’s ability to advance targets reliably over the medium term.

Negative Returns on Equity

A negative ROE shows that despite equity injections the company has not converted capital into profitable outcomes. This structural profitability gap signals that exploration spending has yet to yield value-driving results and may persist absent successful discoveries or a clear path to commercialization.

Tocvan Ventures Corp. Business Overview & Revenue Model

Company Description

Tocvan is a well-structured exploration development company. Tocvan was created in order to take advantage of the prolonged downturn the junior mining exploration sector, by identifying and negotiating interest in opportunities where management feels they can build upon previous success. Tocvan has approximately 32 million shares outstanding and is earning 100% into two exciting opportunities in Sonora, Mexico: the Pilar Gold-Silver project and the El Picacho Gold-Silver project. Management feels both projects represent tremendous opportunity to create shareholder value.

How the Company Makes Money

Tocvan Ventures Corp. generates revenue through the exploration and development of mineral properties, primarily focusing on gold and silver. The company makes money by increasing the value of its mineral assets through successful exploration and project development, which can lead to profitable sale or joint ventures with larger mining companies. Additionally, Tocvan may enter into option agreements where they earn revenue by selling or leasing exploration rights to other companies. Key revenue streams include capital raised from investors and potential profits from the sale or partnership of mineral properties once they have been sufficiently advanced. The company may also benefit from strategic partnerships with other mining companies that can provide financial support and expertise to further develop its projects.

Tocvan Ventures Corp. Financial Statement Overview

Summary

Financials are weak due to no reported revenue and ongoing losses (TTM EBIT -2.8M; net loss -1.0M) alongside persistent negative operating and free cash flow (~-2.3M TTM). The main offset is a stronger balance sheet with zero debt and higher equity (~14.3M TTM), which lowers solvency risk but does not yet translate into positive returns (negative ROE).

Income Statement

The company reports no revenue across the annual periods and TTM (Trailing-Twelve-Months), while operating losses persist (TTM EBIT of -2.8M and net loss of -1.0M). Profitability is consistently negative and there is no visible top-line trajectory to absorb fixed costs, which keeps overall earnings quality weak. A modest improvement in net loss versus some prior years is a positive, but the business is still firmly loss-making.

Balance Sheet

Leverage is currently very low with total debt at 0 in the latest annual period and in TTM (Trailing-Twelve-Months), which materially reduces financial risk. Equity has grown meaningfully over the period (from ~2.8M in 2021 to ~13.1M in 2025 annual; ~14.3M in TTM), supporting a stronger capital cushion. The key weakness is returns: negative profitability drives negative returns on equity (TTM about -7.9%), indicating the balance sheet strength is not yet translating into shareholder value creation.

Cash Flow

Cash generation remains a major issue: operating cash flow and free cash flow are consistently negative, including TTM (Trailing-Twelve-Months) operating cash flow of about -2.3M and free cash flow of about -2.3M. While free cash flow shows a large positive growth rate in TTM (reflecting a change from a more negative prior base), the company is still burning cash and appears reliant on financing rather than self-funding operations. Cash flow deficits broadly align with ongoing net losses, offering limited evidence of near-term cash break-even.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	0.00	0.00	0.00	0.00	0.00
EBITDA	-789.98K	-1.13M	-1.70M	-434.88K	-1.44M
Net Income	-803.89K	-1.17M	-1.76M	-3.09M	-1.44M
Balance Sheet
Total Assets	15.51M	10.17M	7.90M	7.64M	2.84M
Cash, Cash Equivalents and Short-Term Investments	3.04M	780.03K	1.38M	1.92M	149.86K
Total Debt	0.00	775.21K	1.96M	1.92M	0.00
Total Liabilities	2.43M	2.26M	3.62M	4.05M	82.39K
Stockholders Equity	13.09M	7.91M	4.28M	3.59M	2.75M
Cash Flow
Free Cash Flow	-1.78M	-1.26M	-1.08M	-1.86M	-2.47M
Operating Cash Flow	-1.78M	-1.26M	-1.08M	-912.84K	-1.23M
Investing Cash Flow	-1.39M	-1.55M	-951.44K	-943.41K	-1.24M
Financing Cash Flow	3.97M	2.89M	1.96M	1.79M	1.73M

Tocvan Ventures Corp. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.14
• 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:TOC, the sentiment is Positive. The current price of 1.14 is below the 20-day moving average (MA) of 1.18, above the 50-day MA of 1.07, and above the 200-day MA of 0.84, indicating a bullish trend. The MACD of 0.03 indicates Positive momentum. The RSI at 55.88 is Neutral, neither overbought nor oversold. The STOCH value of 69.84 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:TOC.

Tocvan Ventures Corp. 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%
RUA	55 Neutral	C$101.35M	-2.26	-294.20%	―	―	-97.52%
AAN	52 Neutral	C$66.91M	-5.27	―	―	―	―
NKG	50 Neutral	C$78.46M	-4.63	-74.18%	―	―	42.92%
TOC	49 Neutral	C$72.24M	-69.94	―	―	―	23.78%
BVA	46 Neutral	C$15.65M	-30.36	―	―	―	30.00%
PX	41 Neutral	C$56.03M	-50.00	―	―	―	47.56%

Tocvan Ventures Corp. Corporate Events

Tocvan Ventures Secures $6 Million Bought-Deal Financing to Advance Sonora Gold Projects

Tocvan Ventures Corp. has arranged a $6 million bought-deal private placement with Stifel Canada as sole underwriter and bookrunner, issuing 6 million units at C$1.00 each, with each unit comprising one common share and one warrant exercisable at C$1.40 for 36 months. The financing, which may increase by up to 900,000 additional units under an over-allotment option and will be conducted under the listed issuer financing exemption without a statutory hold period in Canada (excluding Quebec), is intended to fund advancement of Tocvan’s gold projects in Sonora and general working capital, underscoring the company’s push toward project development and potentially strengthening its capital position and market visibility, while providing investors with leveraged exposure through attached warrants.

The most recent analyst rating on (TSE:TOC) stock is a Hold with a C$1.00 price target. To see the full list of analyst forecasts on Tocvan Ventures Corp. stock, see the TSE:TOC Stock Forecast page.

Tocvan Confirms New Silver-Rich Discovery at Gran Pilar North Block, Adds Second Drill Rig for Expansion

Tocvan Ventures reported the first analytical results from its maiden drill program on the North Block of the Gran Pilar Project in Sonora, Mexico, confirming a new silver-rich polymetallic system distinct from the project’s South Block/Main Zone. Initial drilling from five holes outlined 25 silver-rich intervals, including a standout intercept of 4.58 meters grading 35.7 g/t silver with a 1.5-meter sub-interval at 91.6 g/t silver, supported by elevated copper, lead, zinc, antimony and arsenic, and coinciding with strong epithermal-style alteration hosted in silicified andesitic dikes. With three of five holes returning grades above 1 oz/t silver across targets 1.8 kilometers apart, Tocvan plans aggressive follow-up including step-out drilling, systematic work on shallow polymetallic zones, expanded alteration mapping, 3D modelling and the mobilization of a second drill rig in February, positioning the company to rapidly assess the scale, continuity and growth potential of this emerging discovery for stakeholders.

The most recent analyst rating on (TSE:TOC) stock is a Hold with a C$1.00 price target. To see the full list of analyst forecasts on Tocvan Ventures Corp. stock, see the TSE:TOC Stock Forecast page.

Tocvan Adds Veteran Mining Finance Executive to Board as Exploration Progresses in Sonora

Tocvan Ventures Corp. has appointed seasoned mining executive Anna Ladd-Kruger as an independent director to its board, adding significant depth in capital markets, financial management, M&A, and ESG governance as the company advances its key gold projects in Sonora toward potential resource definition and production. In conjunction with her appointment, Tocvan granted Ladd-Kruger and certain consultants stock options, while highlighting strong recent drilling and sampling results at its Gran Pilar project, underscoring continued exploration momentum and efforts to scale the company from junior explorer to potential producer.

The most recent analyst rating on (TSE:TOC) stock is a Hold with a C$1.00 price target. To see the full list of analyst forecasts on Tocvan Ventures Corp. stock, see the TSE:TOC Stock Forecast page.

Tocvan Marks Breakout 2025 as Gran Pilar Moves From Discovery Toward Pilot Production

In 2025 Tocvan marked a pivotal shift at its Gran Pilar project from pure exploration toward development, reporting record high-grade gold and silver intercepts from core and RC drilling, multiple new mineralized target discoveries in both the North and South Blocks, and broader project-scale potential highlighted by airborne and drone magnetic surveys. The company secured key permits for drilling, extraction, and a 10-year, 50,000-tonne pilot heap-leach mine and related infrastructure, while strengthening its corporate team and funding base; these steps collectively advance Gran Pilar toward near-term pilot production and enhance Tocvan’s positioning as an emerging gold-silver developer in Sonora, with potential implications for future partnerships and value creation for shareholders.

The most recent analyst rating on (TSE:TOC) stock is a Buy with a C$0.90 price target. To see the full list of analyst forecasts on Tocvan Ventures Corp. stock, see the TSE:TOC Stock Forecast page.

Tocvan Starts Trenching and Site Works for Gran Pilar Pilot Mine in Mexico

Tocvan Ventures has begun trenching and sampling material for pilot mine feed at the South Block of its Gran Pilar gold-silver project in Mexico, after securing local community council approval and starting site preparation for a fully permitted 50,000-tonne heap leach facility. The company is simultaneously advancing mine infrastructure—clearing and leveling for leach pads, containment ponds, processing equipment and access roads—while expanding exploration through channel sampling, ongoing maiden drilling in the North Block, and planned geophysical surveys and drilling, positioning the project for near-term production and further resource definition.

The most recent analyst rating on (TSE:TOC) stock is a Buy with a C$0.90 price target. To see the full list of analyst forecasts on Tocvan Ventures Corp. stock, see the TSE:TOC Stock Forecast page.

Tocvan Ventures Launches Maiden Drill Program at Gran Pilar Project

Tocvan Ventures Corp. has commenced its maiden drill program at the North Block of the Gran Pilar Gold-Silver Project in Sonora, Mexico, targeting a 3.2 km by 1.5 km zone with strong mineralization indicators. The project, which includes site preparations and an initial 2,000 meters of drilling, aims to expand resource potential and support near-term production goals. Promising surface results and the identification of new mineralized targets underscore the project’s potential, positioning Tocvan for significant growth in the gold-silver mining sector.

The most recent analyst rating on (TSE:TOC) stock is a Buy with a C$0.90 price target. To see the full list of analyst forecasts on Tocvan Ventures Corp. stock, see the TSE:TOC Stock Forecast page.