Pasofino Gold (VEIN) AI Stock Analysis

• Market Cap: C$128.38M
• Dividend Yield: N/A
• Average Volume (3M): 171.12K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.33
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): -0.01
• Shares Outstanding: 151,034,590
• 10 Day Avg. Volume: 181,871
• 30 Day Avg. Volume: 171,122
• PEG Ratio: >-0.01
• Price to Book (P/B): -3.51
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -19.51
• 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: 50 Neutral
• Price Target: C$0.87 ▲(55.36% Upside)

The score is held down primarily by weak financial performance (no revenue, ongoing losses, cash burn, and negative equity). Technicals are supportive with strong momentum above major moving averages, but overbought signals temper the outlook. Valuation is also constrained by a negative P/E and no dividend yield data.

Positive Factors

No Reported Debt

Zero reported debt reduces near-term leverage risk and interest obligations, preserving flexibility to pursue project-level financing or equity raises. This structural lack of bank debt improves optionality for capital structure choices during multi-year mine development.

Focused Asset Strategy (Dugbe)

A concentrated development focus on the Dugbe Gold Project concentrates technical and managerial resources on one scalable asset, improving chances to de-risk and advance through studies and permitting. Long-term value creation depends on successful project de-risking and construction milestones.

Improving Free Cash Flow Trend

An improving free-cash-flow trajectory in the TTM period signals better capital efficiency and progress toward reducing cash burn. If sustained, this structural improvement can lengthen runway, lower financing frequency, and support more predictable funding for development phases.

Negative Factors

No Revenue / Persistent Losses

The absence of revenue and sustained large net losses mean the business remains pre-revenue and dependent on external capital. Over months to years this undermines self-sufficiency, delays path to profitable operations, and increases dilution risk as development spending continues.

Significant Cash Burn

Ongoing negative operating and free cash flow at multi-million-dollar annualized levels necessitates repeated financings or asset sales to sustain development. This structural cash burn constrains strategic options, shortens runway, and can delay critical development milestones.

Deeply Negative Shareholders' Equity

Negative shareholders' equity reflects accumulated deficits and weak balance-sheet resilience. Structurally this limits access to debt financing, raises cost of capital, and increases likelihood of recapitalization or equity dilution to restore financial stability during the multi-year development cycle.

Pasofino Gold Business Overview & Revenue Model

Company Description

Pasofino Gold Limited engages in the acquisition, exploration, and development of mineral properties. It has an option to acquire 49% interest in the Dugbe gold project covering an area of 2,559 square kilometers situated in southern Liberia. The company was formerly known as Enforcer Gold Corp. and changed its name to Pasofino Gold Limited in October 2019. Pasofino Gold Limited was incorporated in 2010 and is headquartered in Toronto, Canada.

How the Company Makes Money

Pasofino Gold Financial Statement Overview

Summary

Income statement shows no revenue and persistent large losses; cash flow remains meaningfully negative with ongoing free-cash-flow burn, implying continued external funding needs. Balance sheet has zero reported debt (a positive), but deeply negative equity is a major financial weakness and reduces flexibility.

Income Statement

TTM (Trailing-Twelve-Months) and annual results show no revenue and persistent losses. Losses remain very large (TTM net loss of ~18.6M; annual net losses have been consistently negative across all years shown), indicating the company is still in a heavy spend/development phase with no operating scale. A modest improvement versus some prior extreme-loss years is a relative positive, but profitability is not yet in sight given the continued negative gross profit and negative operating earnings.

Balance Sheet

Debt is currently reported at zero (TTM and most annual periods), which reduces near-term financial leverage risk. However, stockholders’ equity is deeply negative in the most recent periods (TTM ~-14.5M; annual ~-27.0M in 2025), which is a major balance-sheet weakness and typically signals accumulated deficits and limited financial flexibility. The historical presence of very large debt in 2023 further highlights potential funding/recapitalization risk even if current debt is reported as zero.

Cash Flow

Cash burn remains significant: TTM operating cash flow is about -7.0M and free cash flow about -7.0M, indicating ongoing funding needs. While free cash flow shows improvement in the TTM period versus the most recent annual figure (positive free-cash-flow growth in TTM), cash generation is still negative and not self-funding. Free cash flow tracks net loss closely (near 1x), which suggests losses are translating into cash outflows rather than being cushioned by non-cash items.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2022	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-6.10K	-94.02K	0.00	-20.21K	-20.21K	-5.05K
EBITDA	-7.85M	-9.13M	-2.90M	-15.61M	-1.22M	-45.92M
Net Income	-18.65M	-21.05M	-25.45M	-15.63M	-3.08M	-45.86M
Balance Sheet
Total Assets	12.37M	895.95K	2.13M	2.05M	1.32M	2.83M
Cash, Cash Equivalents and Short-Term Investments	12.07M	482.55K	1.59M	1.87M	48.38K	1.93M
Total Debt	0.00	0.00	0.00	0.00	52.15M	0.00
Total Liabilities	26.86M	27.88M	14.04M	1.62M	62.44M	5.05M
Stockholders Equity	-14.49M	-26.98M	-11.90M	432.55K	-61.12M	-2.22M
Cash Flow
Free Cash Flow	-7.00M	-4.52M	-2.14M	-13.51M	-624.34K	-12.78M
Operating Cash Flow	-6.97M	-4.52M	-2.14M	-13.51M	-624.34K	-12.71M
Investing Cash Flow	-26.15K	0.00	606.08K	430.66K	0.00	-2.95M
Financing Cash Flow	16.39M	3.41M	3.06M	13.02M	624.13K	17.47M

Pasofino 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%
GWM	56 Neutral	C$80.72M	-8.23	-63.27%	―	―	-68.53%
FMAN	54 Neutral	C$132.28M	-25.29	-11.02%	―	―	-58.88%
TECT	51 Neutral	C$278.97M	-10.68	-174.89%	―	―	-48.84%
VEIN	50 Neutral	C$128.38M	-5.42	―	―	―	―
SGN	49 Neutral	C$113.22M	-3.33	-62.60%	―	―	-57.61%

Pasofino Gold Corporate Events

Pasofino Gold Agrees to CAD$141.6 Million All-Cash Takeover by Mansa Resources

Pasofino Gold has agreed to be acquired by Mansa Resources Limited in an all-cash transaction valuing the company at approximately CAD$141.6 million, with Mansa’s wholly owned subsidiary offering CAD$0.90 per share for all outstanding shares it does not already own. The deal, which provides a significant premium to recent market prices and includes a US$10 million promissory note to fund Pasofino’s interim working capital, has been unanimously recommended by an independent special committee and the board and is backed by shareholders representing about 76% of the company’s equity, reflecting a consensus that the transaction offers the most favourable outcome given prior unsuccessful sale processes and a recent default notice from the Government of Liberia that has constrained the company’s strategic alternatives.

The most recent analyst rating on (TSE:VEIN) stock is a Hold with a C$0.76 price target. To see the full list of analyst forecasts on Pasofino Gold stock, see the TSE:VEIN Stock Forecast page.

Pasofino Gold Faces Liberian Default Claims on Dugbe Project Agreement

Pasofino Gold has received a notice from the Government of Liberia alleging that the company has failed to meet several obligations under its Mineral Development Agreement for the Dugbe Gold Project, including payment and project-activity deadlines, some of which fell during the COVID-19 period. The company plans to meet Liberian officials in January 2026 to clarify the alleged defaults, agree remedial steps and, where necessary, secure funding support from controlling shareholder Mansa Resources to address financial remedies, while working within contractual timelines that give Pasofino a limited window to contest the allegations, cure any breaches and avoid potential termination of the agreement, a process that could materially affect the project’s development path and stakeholder interests but is ultimately backed by consultation and arbitration mechanisms if disputes persist.