Tristar Gold (TSG) AI Stock Analysis

• Market Cap: C$93.30M
• Dividend Yield: N/A
• Average Volume (3M): 104.94K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.72
• Revenue Growth: N/A
• EPS Growth: 50.45%
• Country: CA
• Employees: 31
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): 0.00
• Shares Outstanding: 352,059,750
• 10 Day Avg. Volume: 29,792
• 30 Day Avg. Volume: 104,941
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.91
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -7.97
• 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$0.22 ▲(1.36% Upside)

The score is held back primarily by weak operating fundamentals (no revenue, ongoing losses, and cash burn) despite a strong, debt-free balance sheet. Technicals are moderately supportive with price above major moving averages and positive MACD, but valuation is constrained by negative earnings and the absence of a dividend.

Positive Factors

Debt-free balance sheet

A zero-debt capital structure materially lowers financial risk for an exploration-stage miner, preserving flexibility to fund drilling or development through equity or JV structures. This durable strength reduces default and interest burdens, supporting multi-month project activity.

Sizable and growing shareholders' equity

Material equity growth provides a tangible funding runway for exploration and limits near-term refinancing pressure. A larger equity base supports capital-intensive programs or partnerships without immediate debt, reducing dilution risk over the coming months and enabling strategic optionality.

Improving loss trend versus prior year

Year-over-year reduction in net loss signals expense control and operational discipline, which can extend project runway and lower interim financing needs. Sustained improvement suggests management can tighten cost execution while advancing exploration objectives over a 2-6 month horizon.

Negative Factors

No operating revenue

Absence of revenue is a core structural limitation: operating cash must come from financing rather than sales, making long-term sustainability dependent on successful resource definition or asset monetization. This elevates execution and funding risk for months ahead.

Persistent negative cash flow

Ongoing operating and free cash outflows create structural reliance on external capital to sustain exploration programs. Over a 2-6 month horizon this increases dilution or fund-raising frequency risk, and can constrain ability to accelerate drilling or new project commitments.

Negative return on equity

A negative ROE reflects that invested capital is not generating economic returns, highlighting the speculative nature of exploration. Persistently negative returns can pressure management toward dilutive financing or asset sales, and impede long-term shareholder value creation.

Tristar Gold Business Overview & Revenue Model

Company Description

TriStar Gold, Inc. engages in the acquisition, exploration, and development of precious metal prospects in the Americas. Its flagship property is its 100% owned the Castelo de Sonhos gold project that consists of approximately 17,177 hectares of mineral rights on six contiguous claims located in Pará State, Brazil. The company was incorporated in 2010 and is headquartered in Scottsdale, Arizona.

How the Company Makes Money

TriStar Gold generates revenue through the exploration and development of its gold properties, with a primary focus on increasing the value of its flagship project, Castelo de Sonhos. The company primarily makes money by advancing its projects to stages where they become attractive for acquisition or joint ventures with larger mining companies. Additionally, TriStar may raise capital through the issuance of shares or debt to fund its exploration and development activities, which is common in the mineral exploration industry. Partnerships with other mining companies or investors can also provide funding and expertise to help advance projects towards production. The ultimate goal is to establish a profitable mining operation or to sell its developed projects to larger mining entities.

Tristar Gold Financial Statement Overview

Summary

Exploration-stage fundamentals remain weak with no revenue, recurring losses (TTM net income about -$1.2M), and renewed cash burn (TTM operating cash flow about -$1.8M; free cash flow about -$3.5M). Offsetting this, the balance sheet is strong and low-risk with zero debt and materially higher equity versus 2024, providing funding flexibility despite negative ROE.

Income Statement

The company reports no revenue across the disclosed periods, consistent with an exploration-stage profile. Profitability remains weak, with TTM (Trailing-Twelve-Months) net income of about -$1.2M and negative EBIT/EBITDA, though losses improved versus 2024 (net loss of about -$1.9M). Overall, results show some expense control year over year, but the lack of revenue and recurring losses keep earnings quality and operating momentum limited.

Balance Sheet

The balance sheet is conservatively positioned with zero debt in both TTM (Trailing-Twelve-Months) and annual periods, reducing financial risk. Stockholders’ equity is sizable (about $44.9M in TTM) and has increased materially versus 2024 (~$27.9M), supporting liquidity and funding flexibility. The main drawback is continued negative returns on equity in recent periods (TTM ROE ~-3.7%), reflecting ongoing losses despite a solid capital base.

Cash Flow

Cash generation has turned weaker recently: TTM (Trailing-Twelve-Months) operating cash flow is about -$1.8M and free cash flow about -$3.5M, indicating cash burn. While free cash flow improved versus 2024 (positive growth off a more negative base), the business remains reliant on external funding until it can consistently generate operating cash flow. Earlier years showed occasional positive operating cash flow, but the recent reversal raises sustainability risk.

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	-1.64K	-1.70K
EBITDA	-1.30M	-1.54M	―	-2.34M	-1.39M	-1.17M
Net Income	-1.21M	-1.93M	―	-967.20K	207.91K	-125.27K
Balance Sheet
Total Assets	34.89M	28.84M	30.43M	29.43M	27.55M	29.23M
Cash, Cash Equivalents and Short-Term Investments	7.28M	502.59K	3.77M	4.98M	5.37M	10.02M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	3.62M	912.90K	893.71K	1.16M	1.92M	3.97M
Stockholders Equity	44.93M	27.93M	29.53M	28.28M	25.63M	25.26M
Cash Flow
Free Cash Flow	-3.48M	-3.17M	-90.78K	-1.53M	746.72K	-1.40M
Operating Cash Flow	-1.79M	-1.45M	2.17M	785.66K	3.67M	2.49M
Investing Cash Flow	-1.94M	-1.72M	-2.26M	-2.29M	-2.93M	-3.89M
Financing Cash Flow	7.41M	0.00	2.34M	3.95M	80.86K	9.30M

Tristar Gold Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.22
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:TSG, the sentiment is Positive. The current price of 0.22 is above the 20-day moving average (MA) of 0.22, above the 50-day MA of 0.20, and above the 200-day MA of 0.18, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 69.75 is Neutral, neither overbought nor oversold. The STOCH value of 90.77 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:TSG.

Tristar 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%
ALTA	56 Neutral	C$60.78M	-30.15	-5.78%	―	―	37.37%
BRAU	54 Neutral	C$99.38M	-39.89	-24.87%	―	―	60.96%
TSG	53 Neutral	C$93.30M	-48.18	-4.12%	―	―	50.45%
YGT	52 Neutral	C$97.22M	-61.84	-2.88%	―	―	36.67%
GTCH	45 Neutral	C$68.68M	-9.26	-651.67%	―	―	30.90%
GPAC	43 Neutral	C$62.45M	-3.79	-43.89%	―	―	―

Tristar Gold Corporate Events

TriStar Gold Advances in Legal Proceedings for Castelo de Sonhos Project

TriStar Gold has reported a positive development in the ongoing Civil Public Action regarding the environmental license for its Castelo de Sonhos gold project. A judge has decided not to rule on an injunction request that sought to suspend the license, allowing the case to proceed through the normal legal process. This decision is seen as favorable by TriStar, as it allows for evidence production, which the company is confident will demonstrate no environmental impact from the project. The project remains operational under its current preliminary license, and the company emphasizes that it is located a significant distance from Indigenous Lands, with studies confirming no adverse impacts.