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Argo Gold
(ARQ)
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Rating:44Neutral
Price Target:
C$0.09
▼(-13.00% Downside)
Action:Reiterated
Date:09/17/26
The score is primarily constrained by weak financial performance (continued net losses, negative ROE, and negative/volatile free cash flow) despite some improvement in operating profitability and leverage. Technicals are mildly supportive with the price holding above key moving averages but mixed momentum signals. Valuation is also a headwind due to the negative P/E and lack of dividend yield data.
Positive Factors
Operating rebound
The recent return to positive operating profitability, alongside 7.1% TTM revenue growth, indicates improved project or corporate activity versus the prior loss-making profile. If sustained, stronger operating performance could support exploration progress and improve access to future financing.
Negative Factors
Persistent net losses
The sizable net loss and deeply negative return on equity show that recent operating improvement has not translated into sustainable bottom-line profitability. Continued losses can erode equity, constrain reinvestment capacity, and increase reliance on external funding to advance properties.
Read all positive and negative factors
Positive Factors
Negative Factors
Operating rebound
The recent return to positive operating profitability, alongside 7.1% TTM revenue growth, indicates improved project or corporate activity versus the prior loss-making profile. If sustained, stronger operating performance could support exploration progress and improve access to future financing.
Read all positive factors
Argo Gold (ARQ) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$6.58M
Dividend YieldN/A
Average Volume (3M)22.00K
Price to Earnings (P/E)―
Beta (1Y)0.31
Revenue Growth-32.20%
EPS Growth-311.67%
CountryCA
EmployeesN/A
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding73,077,774
10 Day Avg. Volume38,701
30 Day Avg. Volume22,000
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)9.99
Price to Sales (P/S)2.85
P/FCF Ratio-144.27
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)C$1.91M
Argo Gold Business Overview & Revenue Model
Company Description
Argo Gold Inc. is an early-stage company focused on the discovery and advancement of mineral resources in northwestern Ontario. The firm primarily explores for valuable deposits of gold, silver, cobalt, and zinc. Its most significant asset is the ...
How the Company Makes Money
Argo Gold generally does not operate producing mines; instead, as an exploration-stage company it typically aims to create value and generate potential future revenue through (1) advancing its mineral properties to increase their market value, (2)...
Argo Gold Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
46
Neutral
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.55M | 1.52M | 2.24M | 952.69K | 0.00 | 0.00 |
| Gross Profit | 760.69K | 445.12K | 1.24M | 662.99K | -3.36K | -2.14K |
| EBITDA | 452.41K | -364.49K | 950.00K | -25.43K | -1.44M | -2.17M |
| Net Income | -652.70K | -920.95K | 437.08K | -280.00K | -1.45M | -2.18M |
Balance Sheet | ||||||
| Total Assets | 2.62M | 2.28M | 3.30M | 2.78M | 1.09M | 2.14M |
| Cash, Cash Equivalents and Short-Term Investments | 127.41K | 130.02K | 289.92K | 74.89K | 85.37K | 1.15M |
| Total Debt | 1.11M | 1.11M | 1.11M | 1.11M | 0.00 | 0.00 |
| Total Liabilities | 1.84M | 1.85M | 1.83M | 1.83M | 478.43K | 79.16K |
| Stockholders Equity | 785.13K | 432.77K | 1.47M | 949.13K | 613.73K | 2.06M |
Cash Flow | ||||||
| Free Cash Flow | -49.63K | -29.98K | 238.17K | -1.67M | -815.06K | -1.98M |
| Operating Cash Flow | 144.02K | 116.07K | 952.43K | 122.01K | -807.70K | -1.98M |
| Investing Cash Flow | -196.11K | -156.62K | -714.26K | -1.73M | -6.92K | 673.68K |
| Financing Cash Flow | -92.88K | -119.35K | -23.14K | 1.68M | 0.00 | 322.00K |
Argo Gold Technical Analysis
Negative
0.10
Price Trends
0.11
Negative
0.10
Negative
0.10
Negative
Market Momentum
>-0.01
Positive
36.06
Neutral
66.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ARQ, the sentiment is Negative. The current price of 0.1 is above the 20-day moving average (MA) of 0.10, below the 50-day MA of 0.11, and below the 200-day MA of 0.10, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 36.06 is Neutral, neither overbought nor oversold. The STOCH value of 66.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:ARQ.
Argo Gold 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% | |
45 Neutral | C$6.13M | 2.14 | 314.44% | ― | ― | ― | |
45 Neutral | C$2.02M | -6.41 | -51.35% | ― | ― | 25.49% | |
44 Neutral | C$6.58M | -9.98 | -76.35% | ― | -32.20% | -311.67% | |
44 Neutral | C$4.48M | -3.25 | -15.70% | ― | ― | 82.89% | |
44 Neutral | C$2.72M | -4.81 | -56.16% | ― | ― | -126.09% | |
42 Neutral | C$4.97M | -0.94 | -143.34% | ― | ― | -369.11% |
* Basic Materials Sector Average
TSE:ARQ
Argo Gold
0.09
0.02
38.46%
TSE:HVG
Harvest Gold
0.03
-0.06
-68.75%
TSE:KGC
Kestrel Gold
0.03
-0.03
-50.00%
TSE:VGD
Visible Gold Mines
0.17
0.04
34.15%
TSE:GCN
Goldcliff Resource
0.03
-0.03
-54.55%
TSE:EDGM
Edgemont Gold Corp.
0.18
0.00
0.00%
Argo Gold Corporate Events
Business Operations and StrategyFinancial Disclosures
Argo Gold Posts Solid August Oil Output and Cash Flow
Positive
Oct 9, 2026
Argo Gold reported August 2026 oil production of 2,838 barrels, averaging 91 barrels per day across its Alberta properties. With average realized pricing of CAD$87 per barrel, the company generated oil revenue of $247,143 and net operating cash fl...
Business Operations and StrategyFinancial Disclosures
Argo Gold Posts Positive Cash Flow from July Oil Production
Positive
Sep 18, 2026
Argo Gold reported July 2026 oil production of 2,203 barrels, averaging 71 barrels per day across its interests in the Lindbergh and Lloyd oil fields. At an average realized price of CAD$83 per barrel, the company generated oil revenue of $182,443...
Business Operations and StrategyFinancial Disclosures
Argo Gold Posts Positive Cash Flow From June Oil Output
Positive
Aug 13, 2026
Argo Gold reported that its June 2026 oil production totaled 2,159 barrels, averaging 72 barrels per day across its interests in the Lindbergh and Lloyd fields. With average realized oil prices of CAD$84 per barrel, the company generated oil reven...
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.