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Spanish Mountain Gold
(SPA)
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Rating:44Neutral
Price Target:
C$0.19
▼(-47.57% Downside)
Action:Reiterated
Date:10/09/26
The score is held down primarily by weak financial performance (no revenue, widening losses, and significant free-cash-flow burn) and bearish technicals (price below key moving averages with negative MACD). Very low balance-sheet leverage and a sizable equity base provide some stability, but the negative P/E and lack of dividend data offer limited valuation support.
Positive Factors
Very low leverage
Minimal debt materially reduces refinancing and solvency pressure while the company advances its project. This provides greater financial flexibility than a highly leveraged development company and leaves less cash flow exposed to interest costs or mandatory debt repayment.
Negative Factors
No operating revenue
The absence of revenue means the company has not yet demonstrated an operating business capable of funding itself. Until production or another revenue source begins, project advancement remains dependent on available capital and continued access to external funding.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage
Minimal debt materially reduces refinancing and solvency pressure while the company advances its project. This provides greater financial flexibility than a highly leveraged development company and leaves less cash flow exposed to interest costs or mandatory debt repayment.
Read all positive factors
Spanish Mountain Gold (SPA) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$121.62M
Dividend YieldN/A
Average Volume (3M)712.52K
Price to Earnings (P/E)―
Beta (1Y)1.40
Revenue GrowthN/A
EPS Growth-79.59%
CountryCA
EmployeesN/A
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding528,799,200
10 Day Avg. Volume567,816
30 Day Avg. Volume712,520
Financial Highlights & Ratios
PEG Ratio4.38
Price to Book (P/B)0.98
Price to Sales (P/S)0.00
P/FCF Ratio-8.25
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$1.20Price Target Upside224.32% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Spanish Mountain Gold Business Overview & Revenue Model
Company Description
Spanish Mountain Gold Ltd. functions as a resource exploration company, primarily engaged in identifying, acquiring, and advancing mineral properties across Canada. The company's principal asset is the Spanish Mountain gold project, which it fully...
Spanish Mountain Gold Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
74
Positive
Cash Flow
23
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 | -74.83K | -73.98K | -75.20K | -76.35K | -72.16K | -83.72K |
| EBITDA | -3.03M | -1.84M | -2.38M | -2.25M | -963.06K | -1.06M |
| Net Income | -4.43M | -2.64M | -2.47M | -2.14M | -876.46K | -965.43K |
Balance Sheet | ||||||
| Total Assets | 148.30M | 125.62M | 106.59M | 97.25M | 94.15M | 93.52M |
| Cash, Cash Equivalents and Short-Term Investments | 29.86M | 3.84M | 6.87M | 3.31M | 3.07M | 6.94M |
| Total Debt | 130.88K | 165.65K | 230.96K | 290.85K | 377.01K | 79.79K |
| Total Liabilities | 33.75M | 13.54M | 1.60M | 695.60K | 1.73M | 1.83M |
| Stockholders Equity | 114.55M | 112.07M | 104.99M | 96.56M | 92.42M | 91.70M |
Cash Flow | ||||||
| Free Cash Flow | -16.76M | -13.29M | -7.31M | -5.82M | -4.95M | -6.60M |
| Operating Cash Flow | -1.89M | -2.35M | -1.76M | -2.28M | -464.79K | -465.76K |
| Investing Cash Flow | -11.83M | -9.61M | -5.55M | -3.29M | -4.49M | 4.50M |
| Financing Cash Flow | 41.89M | 8.92M | 10.79M | 6.06M | 1.08M | 723.81K |
Spanish Mountain Gold Technical Analysis
Negative
0.37
Price Trends
0.31
Negative
0.32
Negative
0.29
Negative
Market Momentum
-0.03
Positive
40.21
Neutral
31.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:SPA, the sentiment is Negative. The current price of 0.37 is above the 20-day moving average (MA) of 0.25, above the 50-day MA of 0.31, and above the 200-day MA of 0.29, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 40.21 is Neutral, neither overbought nor oversold. The STOCH value of 31.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:SPA.
Spanish Mountain Gold Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
48 Neutral | C$191.37M | -17.67 | -29.15% | ― | ― | -489.74% | |
48 Neutral | C$87.55M | -9.62 | -10.51% | ― | ― | -108.87% | |
44 Neutral | C$121.62M | -26.44 | -3.94% | ― | ― | -79.59% | |
44 Neutral | C$69.98M | -7.50 | 216.13% | ― | ― | -1700.00% | |
43 Neutral | C$90.02M | -26.63 | -8.73% | ― | ― | -66.29% |
* Basic Materials Sector Average
TSE:SPA
Spanish Mountain Gold
0.22
0.08
65.38%
TSE:ESM
Euro Sun Mining
0.15
-0.03
-16.67%
TSE:KTO
K2 Gold
0.73
0.35
89.61%
TSE:NCAU
Newcore Gold
0.31
-0.36
-53.73%
TSE:WVM
West Kirkland Mining
1.60
-0.15
-8.57%
Spanish Mountain Gold Corporate Events
Business Operations and Strategy
Spanish Mountain Gold Extends Near-Surface Mineralization in Feasibility Drill Program
Positive
Oct 8, 2026
Spanish Mountain Gold reported new assay results from 28 diamond drill holes at its Spanish Mountain project in British Columbia, showing extensive near-surface gold mineralization in the Main Deposit. Key intercepts include 295.5 metres grading 0...
Business Operations and StrategyRegulatory Filings and Compliance
Spanish Mountain Gold Advances Environmental Review and Deepens First Nations Engagement
Positive
Oct 2, 2026
Spanish Mountain Gold says its Spanish Mountain Gold Project is progressing through provincial and federal environmental assessment reviews, with a detailed project description expected in the first quarter of 2027. The company is actively engagin...
Business Operations and StrategyRegulatory Filings and Compliance
Spanish Mountain Gold Boosts Project Economics and Restarts B.C. Environmental Review
Positive
Sep 21, 2026
Spanish Mountain Gold has released an updated Preliminary Economic Assessment and Mineral Resource Estimate for its Spanish Mountain Gold Project in British Columbia, outlining a 25.8-year open-pit operation expected to produce 3.33 million ounces...
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.