PureBase Corporation

What they do

Purebase develops and sells agricultural products derived from natural minerals, primarily kaolin clay and leonardite. Its main products include Purebase Shade Advantage WP, a sun protectant for crops, and Humic Advantage, a humic acid soil amendment. The company operates through two subsidiaries, Purebase AG and Purebase AM, and historically sourced minerals from related-party entities until June 2025.

Revenue drivers

• Purebase Shade Advantage WP — Kaolin-clay based sun protectant for crops; is a primary product line but annual revenue has declined from $369,450 in 2021 to $285,435 in 2025.
• Humic Advantage — Humic acid product derived from leonardite; marketed as a soil amendment but specific revenue split is not disclosed.
• Other agricultural minerals — Company also develops fertilizers, bio-stimulants and other soil amendments from laterite and other natural minerals; contribution is not separately quantified.

Recent performance

For fiscal 2025 (ended November 30, 2025), revenue was $285,435, down from $310,511 in 2024; net loss widened to $2.3 million from $1.5 million. The latest quarter (ended February 28, 2026) reported zero revenue and zero cost of goods sold, with operating income of $0. The company had cash of $111,629 as of February 28, 2026, and a negative shareholder equity of $1.3 million. Operating cash flow for 2025 was negative $1.1 million.

Strategy

Management has decided to exit the supplementary cementitious materials (SCM) construction market to focus on agriculture, citing higher margins and the two-year construction timeline for an SCM plant. In June 2025, the company cancelled mining rights to up to 100,000,000 tons of metakaolin SCM and a stock option held by US Mine LLC, ending that related-party arrangement. In February 2026, it secured a $1,000,000 convertible line of credit from CoreTer LLC, owned by its CEO, and plans to invest in CoreTer's mining projects in exchange for equity, entitling Purebase to a percentage of mined resources.

Risks

• Going concern doubt — Auditors expressed substantial doubt about the company's ability to continue as a going concern due to recurring losses, negative cash flows, and significant working capital deficiency.
• Dependence on related parties — The company continues to purchase minerals from USMC, a related party, and now relies on a line of credit from CoreTer LLC, owned by its CEO.
• No revenue in latest quarter — The company reported zero revenue for the three months ended February 28, 2026, indicating a potential halt in sales activity.
• Accumulated deficit — As of November 30, 2025, the company had an accumulated deficit of $66,488,227 and a working capital deficit, indicating long-term financial strain.

Outlook

Management intends to focus exclusively on agricultural products and pursue investments in CoreTer's mining projects, expecting to receive a percentage of mined resources in exchange for equity. The company plans to further develop its agriculture product line, though it has not provided specific revenue or profitability targets. The success of this strategy depends on raising additional capital and establishing a stable customer base.