Pasofino Gold (VEIN) AI Stock Analysis

• Market Cap: C$130.32M
• 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: 151,539,600
• 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

Zero reported debt

Reported zero debt materially reduces near-term leverage risk for an exploration developer. This lowers fixed financing obligations and preserves optionality to fund development via equity, JV or project finance, a durable structural advantage vs highly leveraged peers.

Focused Dugbe Gold project exposure

Concentration on the Dugbe Gold Project aligns management, capital and technical work toward a single large asset, improving operational focus and permitting/engagement efficiency. If the asset proves economic, a focused development path supports clearer long-term value realization.

Improving free cash flow trend (TTM)

A directional improvement in TTM free cash flow versus annual results suggests better spending discipline or progress on project milestones. While still negative, this trend reduces near-term dilution risk if sustained and is a meaningful step toward eventual self-funding capability.

Negative Factors

No revenue; persistent large losses

Absence of operating revenue and sustained material net losses mean the business is wholly dependent on external capital rather than operating cash flows. Over the medium term this pressures financing needs, raises dilution risk and leaves no internal path to fund development until production.

Deeply negative shareholders' equity

Substantially negative equity reflects accumulated deficits and a weakened balance sheet, constraining access to traditional credit and reducing financial flexibility. This structural weakness increases reliance on potentially dilutive financing or asset sales to sustain development.

Significant operating cash burn

Sustained TTM cash outflows near -7M demonstrate an ongoing funding gap typical of exploration stage companies. Persistent burn elevates execution risk if capital markets tighten, potentially delaying project timelines or forcing unfavorable financing that impairs long-term project economics.

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

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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%
GWM	56 Neutral	C$63.93M	-6.39	-57.68%	―	―	-68.53%
FMAN	52 Neutral	C$92.29M	-8.16	-15.57%	―	―	-58.88%
VEIN	50 Neutral	C$130.32M	-9.78	―	―	―	―
SGN	49 Neutral	C$114.04M	2.20	-146.98%	―	―	-57.61%
TECT	46 Neutral	C$183.33M	-2.51	-206.45%	―	―	-48.84%

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.