Waraba Gold Limited (WBGD) AI Stock Analysis

• Market Cap: C$4.07M
• Dividend Yield: N/A
• Average Volume (3M): 17.96K
• Price to Earnings (P/E): ―
• Beta (1Y): -1.20
• Revenue Growth: N/A
• EPS Growth: -76.03%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): N/A
• Shares Outstanding: 9,355,808
• 10 Day Avg. Volume: 7,456
• 30 Day Avg. Volume: 17,963
• PEG Ratio: -0.02
• Price to Book (P/B): -3.64
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -3.15
• 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: 46 Neutral
• Price Target: C$0.48 ▲(380.00% Upside)
• Action: Reiterated Date: 02/10/26
• Date: Action: Reiterated 02/10/26

The score is held down primarily by very weak financial performance (no revenue, large losses, persistent cash burn, and negative equity with rising debt). Technicals are comparatively stronger with prices above key moving averages and positive MACD, but valuation is constrained by losses (negative P/E) and no dividend data.

Positive Factors

Improving free cash flow trend

Reported improvement in free cash flow burn versus earlier years indicates management has taken steps that reduced cash outflow. This trend, if sustained, lengthens the operational runway and lowers near-term funding urgency, improving survivability over 2–6 months.

Access to external financing

The company has been able to source meaningful debt where previously none existed, demonstrating continued access to external capital markets or lenders. That ability supports short-to-medium term funding needs and provides flexibility to sustain operations while pursuing turnaround actions.

Share liquidity supports financing options

A multi-month average trading volume suggests reasonable market liquidity relative to the company's scale. Sufficient liquidity improves the feasibility of equity raises or secondary placements, giving management a durable channel to replenish cash over the coming months if needed.

Negative Factors

No revenue generation

Zero reported revenue across multiple periods means the business is not generating operating inflows, so it cannot self-fund. Persisting without a top line raises fundamental questions about product-market fit and increases execution risk for any recovery in the 2–6 month horizon.

Persistent negative cash flow

Consistent negative operating and free cash flow depletes reserves and forces recurring reliance on external funding. Over months this elevates dilution and refinancing risk, constrains capital allocation to growth or restructuring, and limits strategic optionality.

Negative equity and rising leverage

A shift to negative shareholders' equity combined with new debt signals deteriorated solvency and higher leverage. This structural weakness raises default and covenant risks, restricts future borrowing capacity, and increases the cost of capital, constraining options over the medium term.

Waraba Gold Limited Business Overview & Revenue Model

Company Description

Waraba Gold Limited acquires and evaluates gold properties in Mali, West Africa. Its flagship prospective gold exploration project is the Fokolore project located in West Mali. The company was formerly known as Zenith Exploration Inc. and changed its name to Waraba Gold Limited in October 2020. Waraba Gold Limited was incorporated in 2015 and is headquartered in Vancouver, Canada.

How the Company Makes Money

Waraba Gold Limited generates revenue primarily through the exploration, development, and eventual production of gold from its mining properties. The company invests in early-stage exploration projects with the potential for high-grade gold deposits. Once a viable resource is identified, Waraba Gold advances the project through feasibility studies, permitting, and ultimately, to production. Revenue streams are generated from the sale of extracted gold, either through direct sales or long-term supply agreements with refiners and other buyers. Strategic partnerships with local mining companies and international investors may also provide financial and operational support, contributing to the company's earnings.

Waraba Gold Limited Financial Statement Overview

Summary

Financial strength is very weak: no revenue across periods, persistent and widening losses, ongoing negative operating/free cash flow, and a deterioration to negative shareholders’ equity alongside rising debt—indicating elevated solvency and funding-risk.

Income Statement

The company has generated no revenue across the annual periods and TTM (Trailing-Twelve-Months), while expenses continue to drive persistent losses. Net losses remain very large, and the trajectory is unfavorable with losses widening versus prior years (e.g., worse than 2024 and 2023). With no demonstrated top-line base and ongoing negative profitability, income statement strength is very weak.

Balance Sheet

The balance sheet has deteriorated materially: shareholders’ equity has flipped from positive in prior years to negative in the latest annual period and TTM (Trailing-Twelve-Months), which raises solvency and financing-risk concerns. Debt has increased from zero in 2023–2024 to meaningful levels in 2025, while total assets are very small in the latest periods. Overall, leverage and negative equity meaningfully constrain financial flexibility.

Cash Flow

Cash burn is persistent, with operating cash flow and free cash flow negative in every period shown, including TTM (Trailing-Twelve-Months). While free cash flow burn has improved versus some earlier years, it remains deeply negative and does not indicate self-funding operations. The continued reliance on external capital to sustain activities is the key weakness.

Breakdown	Oct 2025	Oct 2024	Oct 2023	Oct 2022	Oct 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	-50.60K	-68.55K	-76.45K	-74.85K	-4.79K
EBITDA	-2.79M	-1.42M	-1.15M	-2.46M	-13.23M
Net Income	-2.76M	-1.31M	-1.11M	-2.30M	-13.65M
Balance Sheet
Total Assets	19.01K	533.91K	748.51K	896.18K	3.30M
Cash, Cash Equivalents and Short-Term Investments	3.76K	434.19K	561.17K	648.46K	3.04M
Total Debt	631.32K	0.00	0.00	177.14K	344.27K
Total Liabilities	1.70M	455.73K	249.95K	665.57K	539.73K
Stockholders Equity	-895.95K	784.07K	1.03M	642.83K	2.94M
Cash Flow
Free Cash Flow	-1.04M	-1.19M	-1.39M	-2.39M	-3.95M
Operating Cash Flow	-1.04M	-1.19M	-1.37M	-2.34M	-3.70M
Investing Cash Flow	0.00	0.00	-15.28K	-48.39K	-157.10K
Financing Cash Flow	606.07K	1.07M	1.30M	0.00	6.81M

Waraba Gold Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.10
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:WBGD, the sentiment is Positive. The current price of 0.1 is below the 20-day moving average (MA) of 0.45, below the 50-day MA of 0.37, and below the 200-day MA of 0.27, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 52.02 is Neutral, neither overbought nor oversold. The STOCH value of 24.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:WBGD.

Waraba Gold Limited 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%
GOH	57 Neutral	C$13.28M	-2.46	-42.65%	―	―	88.29%
NSJ	50 Neutral	C$2.85M	-14.12	-52.50%	―	―	10.85%
DG	48 Neutral	C$2.22M	-7.77	-78.72%	―	―	-1438.89%
WBGD	46 Neutral	C$4.07M	-1.83	―	―	―	-76.03%
NEV	43 Neutral	C$5.05M	-1.72	-4.44%	―	―	―

Waraba Gold Limited Corporate Events

Waraba Gold Shareholders Approve All Resolutions at Annual Meeting

Waraba Gold Limited, a resource exploration company listed in Canada and Germany, focuses on acquiring and exploring mineral properties in key jurisdictions. The firm reports under Canadian securities regulations in British Columbia and Alberta, giving investors regulated access to an early-stage mining explorer.

The company announced that shareholders approved all resolutions at its recent annual general and special meeting, including the re-election of the full slate of directors and the reappointment of its auditor. Investors also backed an omnibus equity incentive plan, the ratification of prior RSU grants, approval of share issuances tied to pre-funded warrants in a private placement, insider participation in those transactions, and the adoption of new corporate articles, collectively reinforcing Waraba’s capital-raising flexibility and governance framework.

The most recent analyst rating on (TSE:WBGD) stock is a Hold with a C$0.49 price target. To see the full list of analyst forecasts on Waraba Gold Limited stock, see the TSE:WBGD Stock Forecast page.

Waraba Gold Clarifies Expanded Financing and Warrant Structure Ahead of Key Shareholder Vote

Waraba Gold Limited has issued supplemental and corrective disclosure related to its management information circular ahead of a February 23, 2026 shareholder meeting, clarifying terms of its previously announced debenture financing, debt settlements and private placement. The company detailed that it upsized its non-convertible debenture financing from US$500,000 to US$700,000 and a related equity financing from C$1.5 million to up to C$2.5 million, with proceeds earmarked for Ivory Coast project earn-in commitments and working capital.

The board established a pricing committee that set the securities price at C$0.07, aligned with CSE policies and recent market prices, and structured part of the financing as pre-funded warrants to accommodate strong demand while managing exchange rules on large issuances. These pre-funded warrants, which require disinterested shareholder approval due to CSE thresholds, can be redeemed for 10% unsecured replacement debentures if such approval is not obtained, a mechanism that balances investor protection with Waraba’s capital-raising objectives and could meaningfully affect its balance sheet and project funding path.

The most recent analyst rating on (TSE:WBGD) stock is a Hold with a C$0.42 price target. To see the full list of analyst forecasts on Waraba Gold Limited stock, see the TSE:WBGD Stock Forecast page.

Waraba Gold Upsizes Financing and Settles Debt to Support Ivory Coast Projects

Waraba Gold Limited has increased its previously announced private placement from $1.5 million to up to $2.5 million, issuing shares and pre-funded warrants at $0.07 per security, with proceeds earmarked primarily to fund obligations under its Ivory Coast project earn-in agreements and to bolster working capital. The company has closed an initial tranche raising approximately $1.5 million, including the settlement of $350,000 of debt through equity and pre-funded warrants, issued an additional US$100,000 debenture to an arm’s-length investor, and facilitated insider participation via pre-funded warrants under financial-hardship exemptions, moves that collectively improve liquidity while subjecting warrant exercises and insider participation to disinterested shareholder approval and standard resale restrictions.

The most recent analyst rating on (TSE:WBGD) stock is a Hold with a C$0.17 price target. To see the full list of analyst forecasts on Waraba Gold Limited stock, see the TSE:WBGD Stock Forecast page.