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Patagonia Gold
(PGDC)
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Rating:45Neutral
Price Target:
C$0.54
▲(14.04% Upside)
Action:Reiterated
Date:08/24/26
The score is primarily held down by very weak financial fundamentals—large ongoing losses, negative operating/free cash flow, and a strained balance sheet with negative equity and rising debt. Technicals provide only modest support with neutral momentum, while valuation is constrained by a negative P/E and no stated dividend yield. Corporate events are mixed, with an operational suspension risk partly offset by a favorable earn-in partnership.
Positive Factors
Revenue improvement
Improving revenue indicates some recovery in operating scale and asset output. If sustained, higher sales can improve fixed-cost absorption and provide a stronger base for reaching break-even, although profitability remains unproven.
Negative Factors
Negative equity and rising debt
Negative equity and materially higher debt indicate a strained capital structure with limited financial flexibility. This raises refinancing, dilution, and solvency risks and may constrain investment in mines and exploration over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue improvement
Improving revenue indicates some recovery in operating scale and asset output. If sustained, higher sales can improve fixed-cost absorption and provide a stronger base for reaching break-even, although profitability remains unproven.
Read all positive factors
Patagonia Gold (PGDC) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$258.36M
Dividend YieldN/A
Average Volume (3M)52.54K
Price to Earnings (P/E)―
Beta (1Y)1.97
Revenue Growth20.25%
EPS Growth36.72%
CountryCA
Employees154
SectorGeneral
Sector StrengthN/A
IndustryOther Precious Metals
Share Statistics
EPS (TTM)-0.02
Shares Outstanding469,751,500
10 Day Avg. Volume53,830
30 Day Avg. Volume52,539
Financial Highlights & Ratios
PEG Ratio0.45
Price to Book (P/B)-15.90
Price to Sales (P/S)13.86
P/FCF Ratio-3.09
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
Patagonia Gold Business Overview & Revenue Model
Company Description
Patagonia Gold Corp. operates as a mining and exploration firm primarily dedicated to discovering, extracting, and advancing mineral deposits throughout Argentina. Its flagship asset is the Calcatreu project, situated in south-central Rio Negro Pr...
How the Company Makes Money
Patagonia Gold makes money primarily by producing and selling gold and silver (and, where applicable, associated by-products) from its mining operations. Revenue is generated when ore is mined and processed into saleable metal (typically as doré o...
Patagonia Gold Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
12
Very Negative
Cash Flow
14
Very Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 9.16M | 8.83M | 8.22M | 12.34M | 18.10M |
| Gross Profit | ― | -549.00K | -2.41M | -2.81M | 4.54M |
| EBITDA | -4.46M | -7.31M | -10.17M | -13.07M | -6.29M |
| Net Income | -6.49M | -11.55M | -6.30M | -4.22M | -11.17M |
Balance Sheet | |||||
| Total Assets | 98.11M | 50.96M | 49.57M | 54.29M | 57.74M |
| Cash, Cash Equivalents and Short-Term Investments | 2.85M | 948.00K | 185.00K | 231.00K | 291.00K |
| Total Debt | 52.60M | 47.75M | 37.01M | 29.35M | 22.98M |
| Total Liabilities | 68.92M | 55.89M | 42.31M | 41.49M | 40.04M |
| Stockholders Equity | -7.99M | -2.96M | 8.87M | 14.30M | 19.09M |
Cash Flow | |||||
| Free Cash Flow | -41.04M | -8.26M | -6.19M | -5.64M | -4.82M |
| Operating Cash Flow | -4.78M | -5.15M | -5.74M | -5.33M | -591.00K |
| Investing Cash Flow | -36.16M | -3.07M | -294.00K | -286.00K | -3.89M |
| Financing Cash Flow | 42.57M | 8.20M | 5.55M | 5.58M | 3.87M |
Patagonia Gold Technical Analysis
Positive
0.47
Price Trends
0.52
Positive
0.66
Negative
0.65
Negative
Market Momentum
<0.01
Negative
53.18
Neutral
52.17
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:PGDC, the sentiment is Positive. The current price of 0.47 is below the 20-day moving average (MA) of 0.52, below the 50-day MA of 0.52, and below the 200-day MA of 0.65, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 53.18 is Neutral, neither overbought nor oversold. The STOCH value of 52.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:PGDC.
Patagonia Gold Risk Analysis
Patagonia Gold disclosed 48 risk factors in its most recent earnings report. Patagonia Gold reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Patagonia 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% | |
51 Neutral | C$102.38M | -19.97 | -41.42% | ― | ― | -83.16% | |
47 Neutral | C$103.58M | -289.66 | -3.38% | ― | ― | 87.68% | |
46 Neutral | C$52.32M | -8.84 | -59.49% | ― | ― | -29.44% | |
45 Neutral | C$258.36M | -24.47 | 626.64% | ― | 20.25% | 36.72% | |
44 Neutral | C$51.57M | -9.86 | -26.36% | ― | ― | 9.03% | |
39 Underperform | C$73.35M | -27.14 | -4.50% | ― | ― | 42.54% |
* General Sector Average
TSE:PGDC
Patagonia Gold
0.55
0.47
587.50%
TSE:CTM
Canterra Minerals
0.14
0.05
47.37%
TSE:DEF
Defiance Silver
0.19
<0.01
1.06%
TSE:MMG
Metallic Minerals
0.25
<0.01
2.08%
TSE:TUO
Teuton Resources
1.68
0.59
54.13%
TSE:CUAU
Forte Minerals Corp.
1.39
0.63
82.89%
Patagonia Gold Corporate Events
Business Operations and StrategyLegal Proceedings
Patagonia Gold Faces Partial Suspension at Key Calcatreu Project in Argentina
Negative
Aug 21, 2026
Patagonia Gold Corp., a South America-focused gold and silver miner listed on the TSX Venture Exchange, is concentrating its efforts on the Calcatreu project in Río Negro and the Cap-Oeste underground project in Argentina. The company also ho...
Business Operations and Strategy
Patagonia Gold Confirms Astra’s 80% Earn-In at La Manchuria Project
Positive
Aug 18, 2026
Patagonia Gold said Astra Exploration has exercised its first earn-in option at the La Manchuria gold and silver property in Santa Cruz, Argentina after spending more than US$3.0 million on exploration and development. Astra now holds an 80% inter...
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.