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Gold Reserve
(GRZ)
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Rating:48Neutral
Price Target:
C$5.50
▼(-16.92% Downside)
Action:Reiterated
Date:08/17/26
The score is held down primarily by weak financial performance—no consistent revenue, sizable losses, and heavy ongoing cash burn—despite a very low-debt balance sheet. Technicals are broadly neutral with modest longer-term support above the 200DMA, but slightly negative MACD tempers momentum. Valuation is constrained by negative earnings (negative P/E) and no indicated dividend yield.
Positive Factors
Very Low Leverage
Minimal debt materially reduces financial risk and interest-related pressure, giving Gold Reserve greater flexibility while it advances its mining assets. This conservative capital structure could help preserve strategic options during project development, provided the company can manage its substantial cash needs.
Negative Factors
No Consistent Operating Revenue
The absence of consistent operating revenue shows that Gold Reserve has not yet established a recurring commercial earnings base. Without reliable revenue from its projects, the company remains dependent on advancing assets toward future value realization while continuing to fund corporate and development activities.
Read all positive and negative factors
Positive Factors
Negative Factors
Very Low Leverage
Minimal debt materially reduces financial risk and interest-related pressure, giving Gold Reserve greater flexibility while it advances its mining assets. This conservative capital structure could help preserve strategic options during project development, provided the company can manage its substantial cash needs.
Read all positive factors
Gold Reserve (GRZ) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$852.87M
Dividend Yield23.6%
Average Volume (3M)15.08K
Price to Earnings (P/E)―
Beta (1Y)1.30
Revenue GrowthN/A
EPS Growth-43.51%
CountryCA
Employees3
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-0.29
Shares Outstanding148,068,150
10 Day Avg. Volume9,882
30 Day Avg. Volume15,079
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)3.24
Price to Sales (P/S)0.00
P/FCF Ratio-6.36
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)-0.3
Revenue Forecast (FY)N/A
Gold Reserve Business Overview & Revenue Model
Company Description
Gold Reserve Ltd. engages in acquiring, exploring, and developing mining projects. The company holds interest in the LMS Gold project located in Alaska, the United States. Gold Reserve Ltd. was founded in 1956 and is based in Pembroke, Bermuda....
Gold Reserve Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
62
Positive
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 3.17M | 0.00 | 0.00 | 0.00 |
| Gross Profit | -133.97K | -127.52K | 3.17M | 0.00 | 0.00 | 0.00 |
| EBITDA | -24.68M | -10.30M | -8.80M | -6.22M | -6.70M | -7.99M |
| Net Income | -36.44M | -34.88M | -15.19M | -23.12M | -8.60M | -10.60M |
Balance Sheet | ||||||
| Total Assets | 134.47M | 79.03M | 79.04M | 39.74M | 52.94M | 60.64M |
| Cash, Cash Equivalents and Short-Term Investments | 132.52M | 77.89M | 78.42M | 39.07M | 42.98M | 49.22M |
| Total Debt | 115.45K | 180.98K | 0.00 | 0.00 | 0.00 | 77.09K |
| Total Liabilities | 14.07M | 19.08M | 13.94M | 11.16M | 1.35M | 610.56K |
| Stockholders Equity | 120.40M | 59.95M | 65.10M | 28.58M | 51.59M | 60.03M |
Cash Flow | ||||||
| Free Cash Flow | -37.38M | -30.58M | -12.05M | -7.43M | -6.36M | -8.61M |
| Operating Cash Flow | -37.38M | -30.47M | -12.05M | -7.43M | -6.36M | -8.61M |
| Investing Cash Flow | -2.72M | 27.84M | -3.50M | 576.09K | -27.37M | 313.01K |
| Financing Cash Flow | 100.17M | 29.19M | 49.84M | 1.08K | 0.00 | 0.00 |
Gold Reserve Technical Analysis
Negative
6.62
Price Trends
6.82
Negative
6.65
Negative
6.21
Negative
Market Momentum
-0.21
Positive
20.38
Positive
10.19
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:GRZ, the sentiment is Negative. The current price of 6.62 is below the 20-day moving average (MA) of 6.94, below the 50-day MA of 6.82, and above the 200-day MA of 6.21, indicating a bearish trend. The MACD of -0.21 indicates Positive momentum. The RSI at 20.38 is Positive, neither overbought nor oversold. The STOCH value of 10.19 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:GRZ.
Gold Reserve Risk Analysis
Gold Reserve disclosed 18 risk factors in its most recent earnings report. Gold Reserve reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Gold Reserve 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% | |
57 Neutral | C$296.86M | -59.02 | -1.96% | ― | ― | ― | |
50 Neutral | C$222.90M | -10.43 | -42.82% | ― | ― | -120.53% | |
48 Neutral | C$852.87M | -14.35 | -38.71% | 23.60% | ― | -43.51% | |
45 Neutral | C$349.55M | -58.71 | -4.25% | ― | ― | -101.53% | |
43 Neutral | C$483.61M | -40.65 | -33.19% | ― | ― | -12.04% |
* Basic Materials Sector Average
TSE:GRZ
Gold Reserve
5.76
3.57
163.01%
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Gold Reserve Corporate Events
Business Operations and StrategyLegal Proceedings
Gold Reserve Backs Venezuela’s Bid to Pause Citgo-Linked Appeal
Neutral
Oct 9, 2026
Gold Reserve has filed a legal response backing Venezuela’s request for a six-month pause in the appeal over the proposed judicial sale of PDVH shares to Elliott/Amber Energy. The company’s support is conditional on concurrent backing ...
Business Operations and StrategyStock Buyback
Gold Reserve to Buy Back Up to 5% of Shares Under New NCIB
Positive
Sep 3, 2026
Gold Reserve Ltd. plans to launch a normal course issuer bid to repurchase and cancel up to 7,393,451 common shares, or 5% of its outstanding stock, through the TSX Venture Exchange and other Canadian trading systems starting September 4, 2026. Th...
Business Operations and StrategyLegal Proceedings
Gold Reserve Clears Key Legal Hurdle in PDVH Consortium Dispute
Positive
Aug 17, 2026
Gold Reserve Ltd., a primarily U.S.-owned mineral exploration and development company, focuses on advancing high-quality mineral assets to generate long-term value for shareholders. The company is listed in Canada, Bermuda and the U.S., giving it ...
Business Operations and StrategyLegal Proceedings
Gold Reserve Plans Venezuela Return After Release of Former Attorney
Positive
Aug 17, 2026
Gold Reserve has announced the release of its former Venezuelan attorney and legal representative, José Ignacio Moreno Suárez, from Rodeo I prison after more than three years of detention without the start of a criminal trial. Company vi...
Business Operations and StrategyLegal Proceedings
Gold Reserve Flags Key Dates in High-Stakes Legal and Arbitration Battles
Neutral
Aug 15, 2026
Gold Reserve has outlined key upcoming milestones in several legal and arbitration processes that could materially influence its rights and financial position. The company disclosed that a decision is expected shortly in a motion to dismiss brough...
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.