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Independence Gold
(IGO)
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Rating:45Neutral
Price Target:
C$0.13
▼(-29.44% Downside)
Action:Reiterated
Date:10/14/26
The score is held back primarily by weak financial performance (no revenue, ongoing losses, and significant negative free cash flow implying continued financing needs) and bearish technical signals (negative MACD and price below short-term moving averages). Low leverage modestly offsets risk, but negative earnings limit valuation support.
Positive Factors
Very Low Leverage
Very low debt relative to equity limits interest and repayment pressure while the company remains exploration-stage and cash-flow negative. This conservative capital structure preserves financial flexibility to fund technical work or respond to financing needs without the added burden of significant debt service.
Negative Factors
No Operating Revenue
Without revenue from producing mines, Independence Gold has no operating sales base to fund exploration, corporate costs, or future development. This limits visibility into scalability and leaves the business dependent on advancing projects toward monetization or securing external capital over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Very Low Leverage
Very low debt relative to equity limits interest and repayment pressure while the company remains exploration-stage and cash-flow negative. This conservative capital structure preserves financial flexibility to fund technical work or respond to financing needs without the added burden of significant debt service.
Read all positive factors
Independence Gold (IGO) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$31.67M
Dividend YieldN/A
Average Volume (3M)321.33K
Price to Earnings (P/E)―
Beta (1Y)2.02
Revenue GrowthN/A
EPS Growth22.08%
CountryCA
EmployeesN/A
SectorGeneral
Sector StrengthN/A
IndustryGold
Share Statistics
EPS (TTM)-0.02
Shares Outstanding263,947,850
10 Day Avg. Volume303,651
30 Day Avg. Volume321,330
Financial Highlights & Ratios
PEG Ratio1.20
Price to Book (P/B)2.37
Price to Sales (P/S)0.00
P/FCF Ratio-3.64
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)N/A
Revenue Forecast (FY)N/A
Independence Gold Business Overview & Revenue Model
Company Description
Independence Gold Corp., established in Vancouver, Canada, in 2011, specializes in the acquisition, exploration, and assessment of sites prospective for gold and silver deposits across North America. The company wholly owns several significant pro...
How the Company Makes Money
Independence Gold is an exploration-stage company and, based on publicly available information, does not have disclosed recurring revenue from mineral production. As a result, its ability to fund operations is typically driven by capital-raising a...
Independence Gold Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
67
Positive
Cash Flow
24
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -82.31K | -80.38K | -99.53K | -98.78K | -95.82K | -99.14K |
| EBITDA | -6.51M | -5.94M | -5.33M | -3.68M | -2.15M | -2.54M |
| Net Income | -6.00M | -6.04M | -5.46M | -3.81M | -2.28M | -8.95M |
Balance Sheet | ||||||
| Total Assets | 8.69M | 11.04M | 14.50M | 8.47M | 6.46M | 7.01M |
| Cash, Cash Equivalents and Short-Term Investments | 3.96M | 6.39M | 9.75M | 3.61M | 1.58M | 2.03M |
| Total Debt | 92.19K | 139.93K | 244.57K | 420.78K | 523.12K | 601.26K |
| Total Liabilities | 1.64M | 1.04M | 1.53M | 866.29K | 749.39K | 787.76K |
| Stockholders Equity | 7.05M | 10.00M | 12.98M | 7.60M | 5.71M | 6.23M |
Cash Flow | ||||||
| Free Cash Flow | -5.19M | -6.50M | -4.56M | -3.39M | -1.82M | -2.57M |
| Operating Cash Flow | -5.19M | -6.45M | -4.56M | -3.36M | -1.82M | -2.57M |
| Investing Cash Flow | -55.00K | -30.11K | -3.47K | -25.45K | -3.47K | 38.02K |
| Financing Cash Flow | 3.84M | 3.14M | 10.70M | 5.41M | 1.43M | 1.69M |
Independence Gold Technical Analysis
Negative
0.18
Price Trends
0.16
Negative
0.13
Negative
0.12
Positive
Market Momentum
-0.01
Negative
35.18
Neutral
40.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:IGO, the sentiment is Negative. The current price of 0.18 is above the 20-day moving average (MA) of 0.13, above the 50-day MA of 0.16, and above the 200-day MA of 0.12, indicating a neutral trend. The MACD of -0.01 indicates Negative momentum. The RSI at 35.18 is Neutral, neither overbought nor oversold. The STOCH value of 40.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:IGO.
Independence Gold Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | C$26.62M | -21.19 | -83.66% | ― | ― | -30.85% | |
48 Neutral | C$19.83M | -11.05 | -3.51% | ― | ― | 73.19% | |
45 Neutral | C$31.67M | -4.92 | -68.53% | ― | ― | 22.08% | |
41 Neutral | C$15.46M | -6.12 | -68.49% | ― | ― | -1878.57% | |
40 Underperform | C$12.59M | -3.44 | 271.05% | ― | ― | 63.82% |
* General Sector Average
TSE:IGO
Independence Gold
0.12
-0.01
-7.69%
TSE:IRV
Irving Resources
0.20
-0.08
-27.27%
TSE:RAK
Rackla Metals
0.19
0.02
11.76%
TSE:RDU
Radius Gold
0.23
0.09
64.29%
TSE:SWA
Sarama Resources
0.03
-0.02
-37.50%
TSE:NBRK
New Break Resources Ltd.
0.17
-0.12
-41.38%
Independence Gold Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Independence Gold Launches $6 Million Financing to Advance 3Ts Exploration
Positive
Oct 14, 2026
Independence Gold Corp. has announced a non-brokered equity financing of up to $6 million through the issuance of flow-through common shares and units priced at $0.16, for a maximum of 37.5 million shares. Each unit includes one share and half a w...
Business Operations and Strategy
Independence Gold Extends 3Ts Vein Mineralization and Plans New Exploration Program
Positive
Sep 24, 2026
Independence Gold reported assay results from three additional drill holes completed in its 2026 winter and spring program at the 3Ts Gold and Silver Project in British Columbia. The work targeted both the Balrog and Tommy veins, aiming to extend ...
Business Operations and Strategy
Independence Gold Confirms High-Grade Continuity at Goofy Vein on 3Ts Project
Positive
Aug 31, 2026
Independence Gold has reported additional high-grade gold and silver drill results from the recently discovered Goofy Vein at its 3Ts Gold Project in British Columbia. A key hole intersected 9.23 metres grading 5.12 g/t gold and 33.04 g/t silver a...
Business Operations and Strategy
Independence Gold Hits High-Grade Gold-Silver at Tommy Vein, 3Ts Project
Positive
Aug 19, 2026
Independence Gold Corp. reported strong drill results from the Tommy Vein System at its 3Ts Gold and Silver Project in British Columbia, with hole 3TS-26-34 intersecting 31.04 metres grading 9.07 g/t gold and 70.56 g/t silver. A second hole drille...
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.