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BULGOLD Inc., a gold exploration company, engages in the exploration and development of epithermal gold projects in Eastern and Central Europe. Its principal projects are the 100% owned Lutila Gold Project located in the northeast of the capital city of the Slovak Republic, Bratislava; the Kostilkovo Gold Project located in Sofia, Bulgaria; and the Kutel Gold Project located in the Eastern Rhodope, in the south-east of Bulgari. The company is headquartered in Toronto, Canada.
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A unique technical analysis driven score developed by Kalkine showing momentum in stock prices based on select technical indicators identified.
Public information on Bulgold Inc. (ZLTO.V) is limited and formal disclosures are sparse; it is a TSX Venture–listed junior resource issuer. Long-term growth drivers would typically include successful advancement of its mineral projects, access to capital to fund development, and supportive commodity prices; these factors may benefit investors seeking high-upside small-cap exposure.
Key risks include high operational and execution risk common to junior explorers, low stock liquidity and marketability, potential share dilution from additional financings, and exposure to regulatory, environmental and geopolitical uncertainties.
Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
| Income before tax | -0.59M | -0.67M | -1.87M | -0.41M |
| Net income | -0.59M | -0.67M | -1.87M | -0.41M |
| Selling general administrative | 0.48M | 0.60M | 1.02M | 0.38M |
| Gross profit | 0.00M | -0.00M | -0.00M | 0.00M |
| Reconciled depreciation | 0.00M | 0.00M | 0.00M | -0.00M |
| Operating income | -0.60M | -0.71M | -1.91M | -0.38M |
| Interest income | 0.01M | 0.04M | 0.04M | 0.03M |
| Net interest income | 0.01M | 0.04M | 0.04M | -0.03M |
| Total revenue | 0.00M | 0.00M | 0.00M | 0.00M |
| Total operating expenses | 0.60M | 0.71M | 1.91M | 0.38M |
| Cost of revenue | 0.00M | 0.00M | 0.00M | -0.00M |
| Net income from continuing ops | -0.59M | -0.67M | -1.87M | -0.41M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Total assets | 3.54M | 2.77M | 3.27M | 0.62M | 0.39M |
| Total liab | 0.73M | 0.63M | 0.62M | 0.69M | 0.02M |
| Total stockholder equity | 2.81M | 2.14M | 2.65M | -0.07M | 0.37M |
| Capital stock | 5.21M | 4.23M | 4.23M | 0.48M | 0.37M |
| Retained earnings | -3.69M | -3.10M | -2.43M | -0.56M | -0.00M |
| Cash | 0.26M | 0.31M | 2.00M | 0.08M | 0.32M |
| Total current liabilities | 0.73M | 0.62M | 0.62M | 0.14M | 0.02M |
| Total current assets | 0.33M | 0.37M | 2.10M | 0.14M | 0.39M |
| Accounts payable | 0.52M | 0.52M | 0.21M | 0.04M | - |
| Non current assets total | 3.21M | 2.39M | 1.17M | 0.48M | 0.00M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
| Total cash from financing activities | 0.99M | 0.00M | 1.81M | 0.58M |
| Net income | -0.59M | -0.67M | -1.87M | -0.41M |
| Change in cash | -0.01M | -1.70M | 1.96M | 0.13M |
| Begin period cash flow | 0.31M | 1.98M | 0.08M | 0.05M |
| End period cash flow | 0.26M | 0.31M | 2.02M | 0.08M |
| Total cash from operating activities | -0.37M | -0.47M | -0.94M | -0.36M |
| Issuance of capital stock | 1.08M | 0.00M | 2.21M | 0.48M |
| Depreciation | 0.00M | 0.00M | 0.00M | -0.00M |
| Change to account receivables | - | - | -0.01M | -0.00M |
| Capital expenditures | 0.64M | 1.24M | 0.70M | 0.09M |
| Change in working capital | 0.10M | 0.06M | -0.01M | -0.08M |
| Stock based compensation | 0.12M | 0.14M | 0.19M | 0.00M |
| Other non cash items | - | - | 0.76M | 0.13M |
| Free cash flow | -1.01M | -1.71M | -1.64M | -0.45M |
Sector: Basic Materials Industry: Gold
|
Stock Name
|
Change
(CAD) |
Price
(CAD) |
Trailing
PE (x) |
Forward
PE (x) |
Price Sales
TTM (x) |
Price to Book Value (x)
|
Enterprise Value
to EBITDA (x) |
|---|---|---|---|---|---|---|---|
| ZLTO BULGOLD Inc. |
- -% |
0.04 | - | - | - | 1.14 | 0.24 |
| OMG Omai Gold Mines Corp |
0.18 12.08% |
1.67 | - | - | - | 62.63 | -4.09 |
| ASE Asante Gold Corporation |
0.07 12.07% |
0.65 | - | 6.57 | 2.23 | 269.42 | 49.52 |
| THX Thor Explorations Ltd. |
0.06 6.98% |
0.92 | 3.41 | 2.77 | 2.87 | 1.88 | 2.44 |
| MKO Mako Mining Corp |
0.80 7.86% |
10.98 | 18.47 | 2.34 | 6.21 | 4.73 | 10.00 |
BULGOLD Inc., a gold exploration company, engages in the exploration and development of epithermal gold projects in Eastern and Central Europe. Its principal projects are the 100% owned Lutila Gold Project located in the northeast of the capital city of the Slovak Republic, Bratislava; the Kostilkovo Gold Project located in Sofia, Bulgaria; and the Kutel Gold Project located in the Eastern Rhodope, in the south-east of Bulgari. The company is headquartered in Toronto, Canada.
| Name | Title | Year Born |
|---|---|---|
| Mr. James Arnott Crombie B.Sc. | Executive Chairman | 1958 |
| Mr. Sean M. Hasson | CEO, President & Director | 1973 |
| Mr. Jeffrey Allen Pennock | Chief Financial Officer | 1960 |
| Mr. Danko Zhelev | Chief Geologist | NA |
| Dr. Demetrios Constantinides MSc Geology, Ph.D. | Managing Director of Slovakia | 1945 |
| Mr. Andrew Newbury CPA | Corporate Secretary | NA |
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