Pasofino Gold (VEIN) AI Stock Analysis

• Market Cap: C$133.24M
• Dividend Yield: N/A
• Average Volume (3M): 171.12K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.34
• 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: 151,409,590
• 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): -0.11
• Revenue Forecast (FY): N/A

• Rating: 50 Neutral
• Price Target: C$0.87 ▲(55.36% Upside)
• Action: Downgraded Date: 01/27/26
• Date: Action: Downgraded 01/27/26

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

Low financial leverage

Zero reported debt materially reduces near-term leverage and interest obligations, giving management greater optionality to fund exploration or structure partner deals. For a development-stage gold company this preserves financial flexibility while advancing project studies and reducing refinancing pressure.

Clear flagship asset focus

A concentrated development pipeline centered on the Dugbe Gold Project provides a tangible path to value realization. Having a defined flagship asset improves ability to allocate capital efficiently, attract strategic partners or JVs, and de-risk exploration through targeted technical work and permitting.

Improving cash-flow trend

An improving free cash flow trend versus the prior annual period suggests management is tightening spending and improving capital efficiency. While still negative, a sustained reduction in burn supports a longer runway and lowers the frequency and size of future dilutive financings if the trend continues.

Negative Factors

No revenue / persistent losses

The absence of operating revenue and recurring large net losses means the business lacks an internal cash-generating engine. Over the medium term this necessitates ongoing external funding, increases dilution risk, and constrains the company's ability to progress to construction or sustain multi-year development without partners.

Material cash burn

Sustained TTM operating and free cash outflows near -$7M indicate losses are converting into real cash depletion. Persistent negative FCF shortens runway, forces reliance on equity or debt raises, and elevates execution risk on multi-year mine development timelines if capital access tightens.

Deeply negative shareholders' equity

Deep negative equity reflects accumulated deficits and a weakened balance sheet, which can impair borrowing capacity and negotiating position with partners or lenders. Combined with historical large debt in 2023, this heightens the risk of recapitalization, dilution or restructuring to fund project advancement.

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	Jul 2024	Jul 2023	Jul 2022	Jul 2020	Apr 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	-5.05K	0.00
EBITDA	-7.85M	-9.13M	-2.90M	-1.22M	-45.92M	-327.06K
Net Income	-18.65M	-21.05M	-25.45M	-3.08M	-45.86M	-339.70K
Balance Sheet
Total Assets	12.37M	895.95K	2.13M	1.32M	2.83M	151.75K
Cash, Cash Equivalents and Short-Term Investments	12.07M	482.55K	1.59M	48.38K	1.93M	119.23K
Total Debt	0.00	0.00	0.00	52.15M	0.00	0.00
Total Liabilities	26.86M	27.88M	14.04M	62.44M	5.05M	197.53K
Stockholders Equity	-14.49M	-26.98M	-11.90M	-61.12M	-2.22M	-45.78K
Cash Flow
Free Cash Flow	-7.00M	-4.52M	-2.14M	-624.34K	-12.78M	-472.68K
Operating Cash Flow	-6.97M	-4.52M	-2.14M	-624.34K	-12.71M	-472.68K
Investing Cash Flow	-26.15K	0.00	606.08K	0.00	-2.95M	0.00
Financing Cash Flow	16.39M	3.41M	3.06M	624.13K	17.47M	445.30K

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%
TECT	57 Neutral	C$208.12M	-2.51	-206.45%	―	―	-48.84%
GWM	56 Neutral	C$62.85M	-6.39	-57.68%	―	―	-68.53%
FMAN	52 Neutral	C$96.90M	-8.16	-15.57%	―	―	-58.88%
VEIN	50 Neutral	C$133.24M	-9.78	―	―	―	―
SGN	49 Neutral	C$126.05M	2.20	-146.98%	―	―	-57.61%

Pasofino Gold Corporate Events

Pasofino Gold Sets March Vote on C$0.90-a-Share Takeover by Mansa

Pasofino Gold has begun mailing its management information circular and related materials to shareholders, optionholders and warrantholders ahead of a special meeting on March 31, 2026 in Toronto. The meeting will consider a statutory plan of arrangement under which Mansa Resources, through a subsidiary, will acquire all Pasofino shares it does not already own for C$0.90 per share in cash.

The Supreme Court of British Columbia has granted an interim order authorizing the calling and conduct of the meeting and setting related procedural terms. The transaction requires multiple layers of securityholder approval, including a two-thirds majority and a separate simple-majority vote of minority shareholders, underscoring the importance of broad investor support for the proposed all-cash acquisition.

The most recent analyst rating on (TSE:VEIN) stock is a Hold with a C$0.87 price target. To see the full list of analyst forecasts on Pasofino Gold stock, see the TSE:VEIN Stock Forecast page.

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.