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Newcore Gold
(NCAU)
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Rating:45Neutral
Price Target:
C$0.32
▼(-5.29% Downside)
Action:Reiterated
Date:08/28/26
The score is driven primarily by weak financial performance typical of a pre-revenue explorer (recurring losses and negative operating/free cash flow), partly cushioned by a strong, debt-free balance sheet. Technicals are mildly negative with the stock below key longer-term moving averages, and valuation is constrained by negative earnings and the absence of a dividend yield.
Positive Factors
Debt-Free Balance Sheet
A debt-free balance sheet removes interest obligations and financial leverage risk, preserving flexibility for exploration spending and future project development while reducing vulnerability to tighter financing conditions.
Negative Factors
Pre-Revenue Business Model
With no operating revenue, the company has no recurring sales base to fund exploration or development. Progress therefore depends on discovering and advancing assets toward a transaction or future production, creating substantial execution uncertainty.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-Free Balance Sheet
A debt-free balance sheet removes interest obligations and financial leverage risk, preserving flexibility for exploration spending and future project development while reducing vulnerability to tighter financing conditions.
Read all positive factors
Newcore Gold (NCAU) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$95.37M
Dividend YieldN/A
Average Volume (3M)413.66K
Price to Earnings (P/E)―
Beta (1Y)1.70
Revenue GrowthN/A
EPS Growth-108.87%
CountryCA
Employees41
SectorGeneral
Sector StrengthN/A
IndustryGold
Share Statistics
EPS (TTM)-0.03
Shares Outstanding312,695,650
10 Day Avg. Volume477,362
30 Day Avg. Volume413,658
Financial Highlights & Ratios
PEG Ratio1.17
Price to Book (P/B)2.35
Price to Sales (P/S)0.00
P/FCF Ratio-35.96
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)-0.02
Revenue Forecast (FY)N/A
Newcore Gold Business Overview & Revenue Model
Company Description
Newcore Gold Ltd. is a mining firm specializing in the exploration, acquisition, and progressive development of valuable mineral assets in Ghana. The company maintains full ownership of the Enchi gold project, a 216-square-kilometer site located i...
How the Company Makes Money
Newcore Gold is an exploration-stage company and typically does not generate recurring operating revenue from selling gold because it is focused on exploration and project advancement rather than production. As a result, revenue from commercial go...
Newcore Gold Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
72
Positive
Cash Flow
34
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 | -36.84K | -39.98K | -16.33K | -11.29K | -9.35K | -6.41K |
| EBITDA | -5.82M | -5.02M | -4.05M | -1.94M | -2.62M | -4.01M |
| Net Income | -7.80M | -1.77M | -5.27M | -2.42M | -2.63M | -4.02M |
Balance Sheet | ||||||
| Total Assets | 94.86M | 69.33M | 56.75M | 46.23M | 44.51M | 40.39M |
| Cash, Cash Equivalents and Short-Term Investments | 15.51M | 4.18M | 5.15M | 3.75M | 3.59M | 5.53M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 5.10M | 3.64M | 6.89M | 170.25K | 492.97K | 1.31M |
| Stockholders Equity | 89.76M | 65.69M | 49.85M | 46.06M | 44.02M | 39.08M |
Cash Flow | ||||||
| Free Cash Flow | -3.66M | -4.29M | -2.68M | -1.99M | -6.91M | -18.36M |
| Operating Cash Flow | -3.62M | -4.26M | -2.68M | -1.99M | -2.19M | -2.53M |
| Investing Cash Flow | -19.42M | -15.28M | -4.63M | 287.90K | -2.90M | -8.61M |
| Financing Cash Flow | 27.90M | 18.44M | 8.69M | 4.92M | 5.12M | 10.67M |
Newcore Gold Technical Analysis
Negative
0.34
Price Trends
0.32
Negative
0.44
Negative
0.57
Negative
Market Momentum
>-0.01
Positive
36.67
Neutral
24.51
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:NCAU, the sentiment is Negative. The current price of 0.34 is above the 20-day moving average (MA) of 0.33, above the 50-day MA of 0.32, and below the 200-day MA of 0.57, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 36.67 is Neutral, neither overbought nor oversold. The STOCH value of 24.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:NCAU.
Newcore Gold Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | C$109.48M | 11.16 | 4.37% | 13.33% | 22.69% | -20.87% | |
58 Neutral | C$125.07M | 22.35 | 23.88% | ― | ― | 62.95% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | C$188.59M | -9.86 | -85.87% | ― | ― | -156.25% | |
45 Neutral | C$95.37M | -10.48 | -10.51% | ― | ― | -108.87% | |
44 Neutral | C$148.78M | -12.64 | -28.32% | 0.00% | ― | 32.99% | |
42 Neutral | C$107.68M | -8.91 | 15.78% | ― | ― | ― |
* General Sector Average
TSE:NCAU
Newcore Gold
0.29
-0.36
-55.38%
TSE:PPP
Prospector Metals
0.92
0.72
355.45%
TSE:MGG
Minaurum Gold
0.37
0.04
14.06%
TSE:MJS
Majestic Gold
0.12
-0.05
-29.01%
TSE:XTG
Xtra-Gold Resource
2.65
0.09
3.52%
TSE:OMI
Orosur Mining
0.29
-0.14
-32.94%
Newcore Gold Corporate Events
Business Operations and StrategyExecutive/Board Changes
Newcore Gold Bolsters Leadership and Grants Equity Awards to Advance Enchi Project
Positive
Aug 21, 2026
Newcore Gold has strengthened its leadership team with the appointment of Ben Collins as Vice President, Projects, effective September 7, 2026, and the promotion of Mal Karwowska to Senior Vice President, Corporate Development and Investor Relatio...
Business Operations and StrategyRegulatory Filings and Compliance
Newcore Gold Files Pre-Feasibility Technical Report for Enchi Project in Ghana
Positive
Aug 7, 2026
Newcore Gold has filed the NI 43-101 compliant technical report supporting the Pre-Feasibility Study for its Enchi Gold Project in Ghana, marking a key step in advancing the project toward potential development. The study outlines a conventional o...
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.