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Patagonia Gold
(PGDC)
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Rating:44Neutral
Price Target:
C$0.56
▼(-6.17% Downside)
Action:Reiterated
Date:09/06/26
The score is held down primarily by very weak financial performance: negative gross profitability, large net losses, heavy cash burn (deeply negative TTM free cash flow), and a stressed balance sheet with negative equity and rising debt. Technicals provide only modest support with mild short-term momentum, while valuation remains unattractive/unclear due to negative earnings and no dividend yield provided.
Positive Factors
Revenue rebound and growth
The revenue rebound indicates that Patagonia Gold is generating greater activity from its mining portfolio, providing a stronger operating base than in the prior period. Continued top-line expansion could improve scale and support future investment if production economics strengthen.
Negative Factors
Persistently negative profitability
Negative gross margin means the company is not currently covering production-related costs through revenue, while the deeply negative net margin shows losses extend across the business. Without durable improvement in mine economics, revenue growth may not translate into sustainable earnings.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue rebound and growth
The revenue rebound indicates that Patagonia Gold is generating greater activity from its mining portfolio, providing a stronger operating base than in the prior period. Continued top-line expansion could improve scale and support future investment if production economics strengthen.
Read all positive factors
Patagonia Gold (PGDC) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$272.46M
Dividend YieldN/A
Average Volume (3M)89.89K
Price to Earnings (P/E)―
Beta (1Y)1.98
Revenue Growth31.35%
EPS Growth20.45%
CountryCA
Employees154
SectorGeneral
Sector StrengthN/A
IndustryOther Precious Metals
Share Statistics
EPS (TTM)-0.02
Shares Outstanding469,751,500
10 Day Avg. Volume133,899
30 Day Avg. Volume89,892
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
14
Very Negative
Balance Sheet
9
Very Negative
Cash Flow
8
Very Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 11.38M | 9.16M | 8.83M | 8.22M | 12.34M | 18.10M |
| Gross Profit | -671.36K | ― | -549.00K | -2.41M | -2.81M | 4.54M |
| EBITDA | -4.72M | -4.46M | -7.31M | -10.17M | -13.07M | -6.29M |
| Net Income | -8.41M | -6.49M | -11.55M | -6.30M | -4.22M | -11.17M |
Balance Sheet | ||||||
| Total Assets | 106.74M | 98.11M | 50.96M | 49.57M | 54.29M | 57.74M |
| Cash, Cash Equivalents and Short-Term Investments | 256.58K | 2.85M | 948.00K | 185.00K | 231.00K | 291.00K |
| Total Debt | 70.39M | 52.60M | 47.75M | 37.01M | 29.35M | 22.98M |
| Total Liabilities | 85.60M | 68.92M | 55.89M | 42.31M | 41.49M | 40.04M |
| Stockholders Equity | -14.47M | -7.99M | -2.96M | 8.87M | 14.30M | 19.09M |
Cash Flow | ||||||
| Free Cash Flow | -41.67M | -41.04M | -8.26M | -6.19M | -5.64M | -4.82M |
| Operating Cash Flow | -5.40M | -4.78M | -5.15M | -5.74M | -5.33M | -591.00K |
| Investing Cash Flow | -36.19M | -36.16M | -3.07M | -294.00K | -286.00K | -3.89M |
| Financing Cash Flow | 17.10M | 42.57M | 8.20M | 5.55M | 5.58M | 3.87M |
Patagonia Gold Technical Analysis
Positive
0.60
Price Trends
0.52
Positive
0.64
Negative
0.67
Negative
Market Momentum
0.02
Negative
54.39
Neutral
67.90
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 0.6 is above the 20-day moving average (MA) of 0.56, above the 50-day MA of 0.52, and below the 200-day MA of 0.67, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 54.39 is Neutral, neither overbought nor oversold. The STOCH value of 67.90 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% | |
54 Neutral | C$117.30M | -20.55 | -36.24% | ― | ― | -101.66% | |
50 Neutral | C$105.37M | 110.00 | 9.62% | ― | ― | ― | |
46 Neutral | C$48.05M | -8.12 | -59.49% | ― | ― | -29.44% | |
44 Neutral | C$272.46M | -23.30 | 82.09% | ― | 31.35% | 20.45% | |
43 Neutral | C$53.60M | -7.94 | -32.64% | ― | ― | 9.03% | |
39 Underperform | C$77.11M | -29.29 | -4.50% | ― | ― | 42.54% |
* General Sector Average
TSE:PGDC
Patagonia Gold
0.58
0.50
625.00%
TSE:CTM
Canterra Minerals
0.14
0.02
12.50%
TSE:DEF
Defiance Silver
0.21
0.02
10.81%
TSE:MMG
Metallic Minerals
0.23
-0.06
-22.41%
TSE:TUO
Teuton Resources
1.76
0.29
19.73%
TSE:CUAU
Forte Minerals Corp.
1.50
0.79
111.27%
Patagonia Gold Corporate Events
Business Operations and StrategyFinancial Disclosures
Patagonia Gold Reports Q2 2026 Output, Revenue and Exploration Spend
Positive
Aug 31, 2026
Patagonia Gold posted second-quarter 2026 results showing steady output from its Argentine operations, producing 1,960 gold equivalent ounces and selling 515 from the Calcatreu project, alongside 443 gold equivalent ounces produced and 547 sold fr...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Patagonia Gold Restarts Calcatreu Operations and Doubles Doré Shipment
Positive
Aug 27, 2026
Patagonia Gold announced that provincial authorities in Rio Negro have lifted the preventive, partial and temporary suspension on certain activities at its flagship Calcatreu gold-silver project, following an agreement on hiring and training local...
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.