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Montage Gold Corp.
(TSX:MAU)
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Rating:53Neutral
Price Target:
C$15.50
▼(-22.50% Downside)
Action:Reiterated
Date:08/19/26
The score is primarily constrained by weak financial performance (pre-revenue, sizable ongoing losses, and materially negative free cash flow that implies continued funding needs). Technicals are a meaningful positive, with a strong uptrend versus key moving averages and positive MACD, partially offset by a stretched stochastic. Valuation contributes little support due to negative earnings (negative P/E) and no dividend yield data.
Positive Factors
Strong Equity Base
A sizable equity base combined with modest leverage provides financial resilience for an early-stage developer. This structure can support continued exploration, technical work, permitting, and project advancement while reducing reliance on debt as the company works toward an operating mine.
Negative Factors
Pre-Revenue Business
Montage has not yet established revenue generation, leaving its financial profile dependent on project advancement rather than operating cash sales. Until a mine is developed and begins production, earnings visibility remains limited and shareholder returns depend on successful execution of development plans.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Equity Base
A sizable equity base combined with modest leverage provides financial resilience for an early-stage developer. This structure can support continued exploration, technical work, permitting, and project advancement while reducing reliance on debt as the company works toward an operating mine.
Read all positive factors
Montage Gold Corp. (MAU) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$5.95B
Dividend YieldN/A
Average Volume (3M)730.56K
Price to Earnings (P/E)―
Beta (1Y)2.26
Revenue GrowthN/A
EPS Growth42.62%
CountryCA
Employees35
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-0.13
Shares Outstanding405,930,820
10 Day Avg. Volume517,784
30 Day Avg. Volume730,560
Financial Highlights & Ratios
PEG Ratio1.60
Price to Book (P/B)30.24
Price to Sales (P/S)0.00
P/FCF Ratio-8.92
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$22.38Price Target Upside11.88% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.02
Revenue Forecast (FY)C$157.77M
Montage Gold Corp. Business Overview & Revenue Model
Company Description
Headquartered in Vancouver, Canada, Montage Gold Corp. is a precious metals exploration and development firm. The company's primary focus is identifying and advancing mineral properties, with its flagship asset being the Koné Gold Project. This si...
Montage Gold Corp. Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
62
Positive
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | 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 | -1.00M | -802.81K | -295.00K | -231.38K | -190.98K | -181.01K |
| EBITDA | -42.36M | -33.19M | -68.47M | -24.19M | -8.62M | -23.33M |
| Net Income | -48.43M | -50.45M | -67.66M | -24.42M | -9.78M | -23.46M |
Balance Sheet | ||||||
| Total Assets | 1.30B | 731.14M | 368.40M | 45.69M | 51.97M | 23.41M |
| Cash, Cash Equivalents and Short-Term Investments | 158.50M | 207.02M | 165.49M | 6.72M | 8.69M | 10.71M |
| Total Debt | 64.40M | 0.00 | 553.00K | 139.55K | 0.00 | 0.00 |
| Total Liabilities | 847.81M | 614.70M | 162.97M | 1.34M | 2.17M | 1.10M |
| Stockholders Equity | 419.39M | 116.64M | 205.28M | 44.34M | 49.80M | 22.31M |
Cash Flow | ||||||
| Free Cash Flow | -519.09M | -395.58M | -92.08M | -17.79M | -8.18M | -22.79M |
| Operating Cash Flow | -23.24M | -35.18M | -45.77M | -17.41M | -7.93M | -22.62M |
| Investing Cash Flow | -480.69M | -360.58M | -116.53M | 184.50K | -15.08M | -169.95K |
| Financing Cash Flow | 583.60M | 473.15M | 321.49M | 15.86M | 21.26M | 45.00K |
Montage Gold Corp. Technical Analysis
Negative
20.00
Price Trends
18.30
Negative
17.47
Negative
16.03
Negative
Market Momentum
-0.91
Positive
32.57
Neutral
29.86
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:MAU, the sentiment is Negative. The current price of 20 is above the 20-day moving average (MA) of 16.36, above the 50-day MA of 18.30, and above the 200-day MA of 16.03, indicating a bearish trend. The MACD of -0.91 indicates Positive momentum. The RSI at 32.57 is Neutral, neither overbought nor oversold. The STOCH value of 29.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:MAU.
Montage Gold Corp. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | C$3.77B | 9.16 | 43.77% | 0.12% | 49.49% | 73.36% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
59 Neutral | C$3.66B | -36.17 | -15.60% | ― | 53.83% | 64.41% | |
58 Neutral | C$2.47B | -31.07 | -60.63% | ― | ― | -104.86% | |
53 Neutral | C$5.95B | -81.47 | -25.28% | ― | ― | 42.62% | |
53 Neutral | C$3.65B | 117.47 | 3.10% | ― | ― | ― | |
52 Neutral | C$1.68B | -5.00 | -85.63% | 29.41% | 67.80% | -2.37% |
* Basic Materials Sector Average
TSE:MAU
Montage Gold Corp.
14.65
7.69
110.49%
TSE:SEA
Seabridge Gold
33.83
0.81
2.45%
TSE:WDO
Wesdome Gold Mines
25.56
4.42
20.91%
TSE:SGD
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13.10
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8.18%
TSE:IAU
i-80 Gold Corp
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44.78%
TSE:AAUC
Allied Gold Corporation
26.28
4.94
23.15%
Montage Gold Corp. Corporate Events
Business Operations and Strategy
Montage Gold Pours First Gold at Koné Mine Ahead of Schedule
Positive
Sep 27, 2026
Montage Gold has achieved first gold pour at its Koné mine in Côte d’Ivoire on budget and ahead of schedule, producing about 1,140 ounces after processing more than 400,000 tonnes of ore through its newly completed oxide circuit. T...
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.