Waraba Gold Limited (WBGD) AI Stock Analysis

• Market Cap: C$4.58M
• Dividend Yield: N/A
• Average Volume (3M): 17.96K
• Price to Earnings (P/E): ―
• Beta (1Y): -4.86
• 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: 45 Neutral
• Price Target: C$0.49 ▲(388.00% Upside)

The score is driven down primarily by very weak financial performance (no revenue, large losses, ongoing cash burn, and negative equity with rising debt). Technicals show strong momentum with the stock far above key moving averages, but extreme overbought readings add pullback risk. Valuation is also unattractive/unclear due to loss-driven negative P/E and no dividend support.

Positive Factors

Industry exposure

Operating in industrial materials gives Waraba exposure to structurally recurring demand tied to infrastructure, construction and resource cycles. That sector alignment can support long-run commodity/service demand versus narrow or fad-driven markets, aiding revenue potential if operations scale.

Improving free cash flow trend

A reduction in free cash flow burn versus earlier years signals initial operational progress and demonstrates some emerging cost or efficiency improvements. If sustained, this trend can extend runway, lower financing needs, and create optionality to invest in project development or stabilization.

Access to public capital markets

A public listing on CNQX provides ongoing access to equity and public capital markets, a durable structural advantage for capital-intensive ventures. Continued listing preserves the company’s ability to raise fresh funding (equity, convertible instruments) to support development or de-risk milestones.

Negative Factors

No revenue base

Absence of any revenue over multiple periods means the business lacks an operating cash engine and product-market validation. Long-term viability depends on converting exploration/asset potential into sales; without revenue, the firm remains reliant on finance raises rather than operating cash generation.

Negative equity and rising leverage

Negative shareholders’ equity alongside newly material debt weakens solvency and reduces financial flexibility. Over months this constrains ability to borrow, makes covenants and refinancing harder, and elevates risk that future capital infusions are dilutive or unavailable when needed to fund core activities.

Persistent operating cash burn

Consistent negative operating and free cash flow across periods indicates the company cannot self-fund operations or growth. This structural cash burn necessitates repeated external financing, increasing dilution risk, raising funding cost, and limiting the company’s ability to invest in long-term assets or scale.

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, large and widening net losses, persistent negative operating/free cash flow, and a material balance sheet deterioration with equity turning negative alongside rising debt—raising solvency and funding-risk concerns.

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	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 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: Negative
• 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 0.28, below the 50-day MA of 0.18, and below the 200-day MA of 0.24, indicating a bullish trend. The MACD of 0.10 indicates Negative momentum. The RSI at 65.83 is Neutral, neither overbought nor oversold. The STOCH value of 57.18 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	52 Neutral	C$10.99M	-4.62	-42.65%	―	―	88.29%
NSJ	50 Neutral	C$3.09M	-11.30	-52.50%	―	―	10.85%
DG	48 Neutral	C$1.90M	-2.17	-78.72%	―	―	-1438.89%
WBGD	45 Neutral	C$4.58M	-1.68	―	―	―	-76.03%

Waraba Gold Limited Corporate Events

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.

Waraba Gold Announces Joint Venture and New Equity Compensation Plan

Waraba Gold Limited has entered into a joint venture agreement for its Ivory Coast Projects, involving the Sirasso and Tengrela Licenses, with milestone payments in restricted share units tied to gold discoveries. Additionally, the company has adopted a new 20% rolling omnibus equity compensation plan to attract and retain talent, replacing its previous stock option plan, and allowing for various equity-based incentives, subject to shareholder approval.