Viva Gold (VAU) AI Stock Analysis

• Market Cap: C$26.67M
• Dividend Yield: N/A
• Average Volume (3M): 161.74K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.71
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: CA
• Employees: 1
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): N/A
• Shares Outstanding: 172,042,080
• 10 Day Avg. Volume: 126,131
• 30 Day Avg. Volume: 161,743
• PEG Ratio: 1.15
• Price to Book (P/B): 15.42
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -10.76
• 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: 48 Neutral
• Price Target: C$0.15 ▼(-4.38% Downside)
• Action: N/A Date: 03/03/26
• Date: Action: N/A 03/03/26

The score is primarily held back by weak financial performance (no revenue, ongoing losses, and persistent cash burn), partially offset by a low-debt balance sheet. Technicals are modestly supportive with neutral momentum, while valuation is constrained by negative earnings and no dividend yield data.

Positive Factors

Very low debt

A near-zero debt profile materially reduces solvency and interest-rate risk over the medium term, giving management strategic optionality to fund exploration via equity, JV or staged project financing without large fixed-charge burdens. This durable capital-structure strength supports survival during multi-year development cycles.

Narrowing net losses

A multi-year improvement in loss magnitude suggests improving cost control or efficiency in exploration spending. Over 2-6 months this trend is indicative of management prioritizing capital efficiency; sustained narrowing of losses improves runway and reduces the quantum of future external financing needed.

Periods of reduced cash burn

Demonstrated ability to materially lower cash burn in 2024 points to operational discipline in managing exploration budgets and timing of capital deployment. If sustained, disciplined cash management lengthens runway and reduces dilution risk inherent to pre-revenue miners, a durable positive for project advancement.

Negative Factors

Pre-revenue profile

A persistent pre-revenue status means the business lacks internal cash generation and remains dependent on external capital to progress projects. Over months this structural reality limits financial flexibility, increases execution risk for advancing Tonopah toward a resource or production decision, and delays path to profitability.

Consistent cash burn

Ongoing negative operating and free cash flow creates a steady financing need that can force equity issuance or costly financing terms. Structurally, persistent cash burn without revenue undermines long-term sustainability and raises dilution risk absent clear near-term project monetization or committed funding sources.

Equity volatility / dilution risk

Volatile equity levels reflect periodic fundraising and potential dilution, signaling reliance on external capital. Over a 2-6 month horizon this structural weakness can erode shareholder value and complicate long-term planning, as repeated equity raises can dilute existing holders and constrain incentive alignment.

Viva Gold Business Overview & Revenue Model

Company Description

Viva Gold Corp. engages in the acquisition, exploration, and development of precious metal properties in the United States. It holds 100% interest in the Tonopah gold project comprising 508 unpatented mineral claims covering an area of approximately 10, 200 acres located in the Walker Lane Trend in Western Nevada. The company was formerly known as Aintree Resources Inc. Viva Gold Corp. was incorporated in 2009 and is based in Langley, Canada.

How the Company Makes Money

Viva Gold Financial Statement Overview

Summary

Overall fundamentals reflect a pre-revenue profile: no revenue, persistent net losses, and consistently negative operating/free cash flow (ongoing cash burn). The key offset is very low debt, which reduces leverage-driven solvency risk, but equity volatility and continued losses imply ongoing reliance on external funding.

Income Statement

The company reports no revenue across the annual periods provided, and profitability remains deeply negative. Net losses were roughly stable-to-improving versus the very weak 2022–2023 levels (loss narrowed from about -3.8M in 2022/2023 to about -2.6M in 2025), but there is still no sign of operating leverage given ongoing negative EBIT/EBITDA and negative gross profit in some years. Strength: loss magnitude has generally improved from the 2022–2023 trough; weakness: persistent pre-revenue profile with continued sizeable losses.

Balance Sheet

The balance sheet shows minimal financial leverage, with total debt at or near zero in most years, which reduces solvency risk. However, equity and assets have been volatile (equity fell sharply in 2023, then rebuilt in 2024 before declining again in 2025), and returns on shareholder capital are consistently negative due to ongoing losses. Strength: very low debt burden; weakness: equity volatility and consistently negative returns reflect continuing value dilution/erosion risk until operations generate revenue.

Cash Flow

Cash generation is weak, with operating and free cash flow consistently negative each year, indicating ongoing cash burn to fund operations. There was improvement from 2023 to 2024 (cash burn decreased meaningfully), but 2025 worsened again versus 2024, and multi-year free cash flow growth is volatile. Strength: periods of reduced burn (notably 2024); weakness: persistent negative operating and free cash flow with no revenue base to self-fund spending.

Breakdown	Oct 2025	Jan 2025	Jan 2024	Jan 2023	Jan 2022
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	-26.61K	0.00	0.00	0.00	-4.69K
EBITDA	-2.60M	-2.45M	-3.79M	-3.83M	-2.60M
Net Income	-2.61M	-2.43M	-3.77M	-3.83M	-2.60M
Balance Sheet
Total Assets	1.94M	2.55M	1.39M	3.48M	2.07M
Cash, Cash Equivalents and Short-Term Investments	757.77K	1.34M	222.65K	2.13M	1.26M
Total Debt	0.00	0.00	0.00	0.00	0.00
Total Liabilities	397.42K	311.62K	436.95K	1.16M	250.22K
Stockholders Equity	1.55M	2.24M	957.15K	2.32M	1.82M
Cash Flow
Free Cash Flow	-2.21M	-2.31M	-3.96M	-3.21M	-2.27M
Operating Cash Flow	-2.21M	-2.31M	-3.96M	-2.98M	-2.27M
Investing Cash Flow	0.00	0.00	0.00	-225.38K	0.00
Financing Cash Flow	1.64M	3.41M	2.05M	4.11M	2.41M

Viva 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%
YRB	57 Neutral	C$33.27M	52.27	31.09%	―	-100.00%	―
SGC	51 Neutral	C$23.60M	-18.79	-1390.86%	―	―	-100.00%
AUOZ	51 Neutral	C$27.04M	-15.87	-15.89%	―	―	47.41%
VAU	48 Neutral	C$26.67M	-9.14	-135.19%	―	―	―
WG	46 Neutral	C$25.68M	-15.35	-16.82%	―	―	14.38%

Viva Gold Corporate Events

Viva Gold Launches New Drilling Phase at Nevada’s Tonopah Project

Viva Gold Corp has begun a 2,500-metre reverse circulation drilling campaign at its Tonopah Gold Project in Nevada, targeting the conversion of inferred mineralization to measured and indicated categories and closing gaps around the planned pit area defined in its June 2025 economic study. The program also includes drilling at the Midway Hills prospect to confirm historical 1988 discovery holes, with results feeding directly into an ongoing pre-feasibility study aimed at de-risking the project and moving it toward formal permitting and potential development.

Management says the coordinated drilling and study work is intended to demonstrate further resource growth while maintaining disciplined capital use and a clear development pathway. The initiative underscores Viva’s efforts to strengthen Tonopah’s economic case and solidify its position in Nevada’s competitive gold mining sector, with updates to follow as assay results are received.

Viva Gold Launches Advanced Technical Study for Tonopah Project in Nevada

Viva Gold Corp has launched a comprehensive Technical Study for its Tonopah Gold Project in Nevada, targeting Pre-Feasibility standards with some Feasibility-level components to refine mine design, processing options, and cost estimates. The company aims to use this work to define Proven and Probable reserves, establish a detailed mine plan and cost framework, and set a clear roadmap toward permitting and capital-efficient mine development over the next eight to nine months.

Specialist firms Kappes Cassiday & Associates and Independent Mining Consultants will lead key aspects of metallurgy, plant design, resource and reserve estimation, and mine planning, supported by regional experts in geotechnical, environmental, and permitting disciplines. The study will update the resource model, prioritize early access to higher-grade mill feed, stage capital for high-return mill operations, optimize pit slopes, and evaluate mining options, all intended to sharpen project definition, enhance capital efficiency, and advance Tonopah toward permitting and eventual production.

Viva Gold Expands Tonopah Land Package and Ramps Up Drilling in Nevada

Viva Gold Corp has expanded its land position at the Tonopah Gold Project in Nevada by staking 36 additional unpatented lode claims covering roughly 720 acres identified as highly prospective for new gold discoveries. The company is also launching a 14,000‑meter CSAMT geophysical program to refine subsurface targeting across the enlarged property.

The U.S. Bureau of Land Management has approved 23 new drill sites at and around the Tonopah PEA pit and the nearby Midway Hills prospect, with drilling expected to begin later this month. Viva aims to upgrade high‑grade inferred resources to measured and indicated categories for future feasibility work while testing step‑out and new targets, positioning the project for advancement through permitting and potential development in a premier U.S. mining jurisdiction.

Viva Gold Advances Tonopah Project Toward Feasibility With New Drilling and Optimization Work

Viva Gold has launched a series of work programs aimed at moving its Tonopah project into pre-feasibility and feasibility studies while expanding and upgrading its gold and silver resources. The company has submitted a drilling plan for up to 23 locations to convert high-grade inferred mineralization to measured and indicated resources and to follow up on extensions and historic drilling at the nearby Midway Hills prospect, and is also running metallurgical tests to evaluate coarser crush sizes that could lower capital and operating costs for heap leach processing. In parallel, Viva is defining engineering scopes to potentially prioritize early mill production from high-grade material ahead of developing heap-leach facilities, and has engaged geotechnical, hydrological, and geophysical specialists to optimize pit design, water management and identify new exploration targets, all of which are intended to enhance project economics and support permitting and long-term growth potential at Tonopah.

RAB Capital Boosts Strategic Stake in Viva Gold Through Private Placement

RAB Capital Jersey Limited, controlled by investor Philip Richards, has increased its stake in Viva Gold Corp. through a private placement, purchasing 1,250,000 units at C$0.16 per unit for a total of C$200,000, each unit comprising one common share and a half warrant exercisable at C$0.24 until late 2028. Following this transaction, Richards now beneficially owns or controls 22.22 million common shares and 5.78 million warrants, representing about 12.94% of Viva Gold’s outstanding shares on a non-diluted basis and approximately 16.31% on a partially diluted basis, underscoring continued institutional backing for the junior gold company and potentially strengthening its capital position and market visibility.

Viva Gold Raises C$4.18 Million in Oversubscribed Placement to Advance Tonopah Project

Viva Gold Corp. has closed an oversubscribed non-brokered private placement, issuing 26,145,456 units at C$0.16 each to raise gross proceeds of approximately C$4.18 million, with each unit comprising one common share and half a warrant exercisable at C$0.24 until late 2028. The financing, which included significant insider participation and is subject to final TSX Venture Exchange approval, will fund pre-feasibility and feasibility work, technical and environmental studies, additional geophysical and drilling programs at the Tonopah Gold Project, and general working capital, strengthening Viva’s capacity to advance the Nevada project toward permitting and enhancing its development trajectory in the regional gold sector.

Viva Gold Expands Private Placement to Boost Tonopah Project

Viva Gold Corp. has increased its non-brokered private placement offering due to strong investor demand, raising the potential gross proceeds to C$4,000,000. The funds will be used to advance technical and environmental studies for the Tonopah Gold Project, which is expected to enhance shareholder value through feasibility work and permitting.

Viva Gold Announces CDN$3 Million Private Placement to Advance Tonopah Project

Viva Gold Corp. has announced a non-brokered private placement offering of up to 18,750,000 units at CDN$0.16 per unit, aiming to raise up to CDN$3,000,000. The proceeds will be used for pre-feasibility and feasibility studies at the Tonopah Gold Project, as well as for geophysical surveys, drilling, and general working capital. This strategic move is expected to bolster the company’s operational capabilities and advance its high-grade gold project in Nevada.

Viva Gold CEO to Present Strategic Overview at Virtual Conference

Viva Gold Corp announced that its CEO, Jim Hesketh, will present at the John Tumazos Very Independent Research virtual conference, providing an overview of the company’s strategy as it progresses with feasibility studies and the Nevada permitting process for its Tonopah Gold Project. This presentation is part of Viva’s efforts to advance the project in a mining-friendly region, supported by institutional shareholders, and reflects the company’s commitment to environmentally and socially responsible development.