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Independence Gold
(IGO)
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Rating:47Neutral
Price Target:
C$0.14
▼(-20.56% Downside)
Action:Reiterated
Date:10/03/26
The score is primarily held back by weak financial performance—no revenue, recurring losses, and heavy negative operating/free cash flow that imply ongoing financing and dilution risk. Technical indicators also lean bearish with price below key short-term averages and a negative MACD, despite oversold readings. Valuation contributes limited support because the negative P/E reflects unprofitable operations and no dividend yield is available.
Positive Factors
Very Low Leverage
Minimal debt reduces interest burden and financial distress risk while Independence Gold advances its exploration portfolio. This preserves flexibility to allocate capital toward geological work and project development, although it does not remove the need for future financing.
Negative Factors
No Operating Revenue
Without operating revenue, Independence Gold cannot currently fund exploration from internally generated sales and has limited evidence of operating leverage or commercial scalability. Its financial progress remains dependent on advancing projects toward future monetization or securing external capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Very Low Leverage
Minimal debt reduces interest burden and financial distress risk while Independence Gold advances its exploration portfolio. This preserves flexibility to allocate capital toward geological work and project development, although it does not remove the need for future financing.
Read all positive factors
Independence Gold (IGO) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$38.27M
Dividend YieldN/A
Average Volume (3M)562.38K
Price to Earnings (P/E)―
Beta (1Y)1.93
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. Volume347,537
30 Day Avg. Volume562,384
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
Neutral
0.18
Price Trends
0.15
Negative
0.13
Positive
0.11
Positive
Market Momentum
>-0.01
Positive
34.70
Neutral
2.78
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:IGO, the sentiment is Neutral. The current price of 0.18 is above the 20-day moving average (MA) of 0.18, above the 50-day MA of 0.15, and above the 200-day MA of 0.11, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 34.70 is Neutral, neither overbought nor oversold. The STOCH value of 2.78 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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% | |
48 Neutral | C$27.76M | -15.47 | -3.51% | ― | ― | 71.25% | |
47 Neutral | C$38.27M | -5.94 | -68.53% | ― | ― | 22.08% | |
47 Neutral | C$17.94M | -14.22 | -83.66% | ― | ― | -30.85% | |
41 Neutral | C$15.11M | -4.05 | 271.05% | ― | ― | 63.82% | |
41 Neutral | C$19.10M | -7.55 | -68.49% | ― | ― | -1878.57% |
* General Sector Average
TSE:IGO
Independence Gold
0.15
-0.02
-9.38%
TSE:IRV
Irving Resources
0.28
-0.04
-12.50%
TSE:RAK
Rackla Metals
0.33
0.13
65.00%
TSE:RDU
Radius Gold
0.16
<0.01
3.33%
TSE:SWA
Sarama Resources
0.03
-0.01
-25.00%
TSE:NBRK
New Break Resources Ltd.
0.21
-0.03
-12.50%
Independence Gold Corporate Events
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.