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Belo Sun Mining
(TSX:BSX)
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Rating:43Neutral
Price Target:
C$0.95
▼(-42.32% Downside)
Action:Reiterated
Date:10/23/26
The score is driven primarily by weak financial performance (no revenue, widening losses, and ongoing negative free cash flow), which increases funding and dilution risk despite low debt. Technical indicators also point to a bearish trend with weak momentum. Valuation metrics provide limited support because the company is loss-making and offers no dividend yield.
Positive Factors
Large-Scale Gold Project
A large-scale development project gives Belo Sun a defined pathway toward a future operating business rather than a broad, unfocused exploration strategy. If permitting, construction, and operations progress, gold sales could create a recurring revenue base and transform the company’s financial profile.
Negative Factors
No Operating Revenue
Belo Sun remains pre-revenue, so it has no operating sales base to fund ongoing activities or absorb project delays. Its financial outlook depends on successfully permitting, financing, constructing, and operating the mine before gold production can generate recurring cash inflows.
Read all positive and negative factors
Positive Factors
Negative Factors
Large-Scale Gold Project
A large-scale development project gives Belo Sun a defined pathway toward a future operating business rather than a broad, unfocused exploration strategy. If permitting, construction, and operations progress, gold sales could create a recurring revenue base and transform the company’s financial profile.
Read all positive factors
Belo Sun Mining (BSX) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$500.28M
Dividend YieldN/A
Average Volume (3M)724.18K
Price to Earnings (P/E)―
Beta (1Y)2.56
Revenue GrowthN/A
EPS Growth-12.04%
CountryCA
Employees40
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-0.02
Shares Outstanding568,237,500
10 Day Avg. Volume964,486
30 Day Avg. Volume724,176
Financial Highlights & Ratios
PEG Ratio-1.08
Price to Book (P/B)18.13
Price to Sales (P/S)0.00
P/FCF Ratio-38.18
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.01
Revenue Forecast (FY)N/A
Belo Sun Mining Business Overview & Revenue Model
Company Description
Belo Sun Mining Corp., operating through its subsidiaries, specializes in the exploration and development of gold resources across Brazil. The company's principal asset is its entirely owned Volta Grande Gold project, a vast venture comprising fou...
How the Company Makes Money
As a development-stage company, Belo Sun’s expected long-term revenue model is to generate cash flow from selling gold produced from the Volta Grande Gold Project once the mine is permitted, constructed, and operating. In that operating scenario, ...
Belo Sun Mining Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
58
Neutral
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -43.15K | -38.31K | -38.00K | -144.00K | -46.87K | -59.50K |
| EBITDA | -11.27M | -10.28M | -7.25M | -10.57M | -13.30M | -6.12M |
| Net Income | -11.00M | -9.79M | -7.29M | -10.72M | -13.35M | -6.21M |
Balance Sheet | ||||||
| Total Assets | 52.19M | 15.92M | 23.34M | 26.81M | 36.74M | 48.40M |
| Cash, Cash Equivalents and Short-Term Investments | 40.55M | 4.70M | 10.88M | 15.10M | 17.58M | 23.96M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 8.92K | 23.09K |
| Total Liabilities | 2.31M | 1.96M | 3.11M | 1.72M | 1.50M | 1.85M |
| Stockholders Equity | 49.88M | 13.96M | 20.23M | 25.09M | 35.24M | 46.55M |
Cash Flow | ||||||
| Free Cash Flow | -9.27M | -6.63M | -5.25M | -4.67M | -9.90M | -5.90M |
| Operating Cash Flow | -9.19M | -6.59M | -5.24M | -4.62M | -9.89M | -5.89M |
| Investing Cash Flow | 322.38K | 356.49K | -9.00K | 1.90M | 3.53M | -3.92K |
| Financing Cash Flow | 40.63M | -11.14K | 1.16M | -9.65K | -117.67K | -16.77K |
Belo Sun Mining Technical Analysis
Negative
1.64
Price Trends
1.26
Negative
1.16
Negative
1.14
Negative
Market Momentum
-0.09
Positive
26.22
Positive
8.33
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BSX, the sentiment is Negative. The current price of 1.64 is above the 20-day moving average (MA) of 1.10, above the 50-day MA of 1.26, and above the 200-day MA of 1.14, indicating a bearish trend. The MACD of -0.09 indicates Positive momentum. The RSI at 26.22 is Positive, neither overbought nor oversold. The STOCH value of 8.33 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:BSX.
Belo Sun Mining Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
48 Neutral | C$883.97M | -14.86 | -38.71% | 23.60% | ― | -43.51% | |
45 Neutral | C$191.18M | -9.29 | -16.60% | 769.23% | ― | 38.12% | |
45 Neutral | C$369.85M | -62.12 | -4.25% | ― | ― | -101.53% | |
43 Neutral | C$500.28M | -42.06 | -33.19% | ― | ― | -12.04% |
* Basic Materials Sector Average
TSE:BSX
Belo Sun Mining
0.90
0.60
195.08%
TSE:GRZ
Gold Reserve
5.97
3.78
172.60%
TSE:STLR
STLLR Gold
1.26
-0.08
-5.97%
TSE:WGO
White Gold
1.64
0.73
80.22%
TSE:CERT
Cerrado Gold
2.32
0.91
64.54%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.