African Gold Ltd. (AU:A1G)
ASX:A1G
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African Gold Ltd.
(Sydney:A1G)
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Rating:52Neutral
Price Target:
AU$1.00
▲(51.52% Upside)
Action:ReiteratedDate:04/09/26
The score is held back primarily by weak financial performance—pre-revenue operations, widening losses, and ongoing cash burn—despite the benefit of low leverage and a strengthened equity base. Technicals are comparatively strong with an uptrend and positive momentum, but valuation remains constrained by negative earnings and no provided dividend yield.
Positive Factors
Low leverage
Having effectively no debt materially reduces financial risk for an exploration company, lowering refinancing and covenant pressure. This durable strength gives management flexibility to time capital programs, supports survival through long exploration cycles, and preserves optionality to fund drilling or partner projects without immediate debt service strain.
Negative Factors
Pre-revenue operations
Being pre-revenue means the company has no operating income to fund activities and remains dependent on external capital. Over a multi-month horizon this raises execution and financing risk: project advancement, timetable and commercialisation depend on successful future raises or joint ventures rather than internal cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage
Having effectively no debt materially reduces financial risk for an exploration company, lowering refinancing and covenant pressure. This durable strength gives management flexibility to time capital programs, supports survival through long exploration cycles, and preserves optionality to fund drilling or partner projects without immediate debt service strain.
Read all positive factors
African Gold Ltd. (A1G) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$592.19M
Dividend YieldN/A
Average Volume (3M)671.03K
Price to Earnings (P/E)―
Beta (1Y)3.00
Revenue GrowthN/A
EPS GrowthN/A
CountryAU
EmployeesN/A
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding569,418,150
10 Day Avg. Volume525,270
30 Day Avg. Volume671,032
Financial Highlights & Ratios
PEG Ratio-0.95
Price to Book (P/B)17.27
Price to Sales (P/S)0.00
P/FCF Ratio-185.21
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)>-0.01
Revenue Forecast (FY)N/A
African Gold Ltd. Business Overview & Revenue Model
Company Description
African Gold Limited engages in acquiring, exploring, evaluating, and exploiting mineral resource projects in Africa. The company explores for gold, nickel, cobalt, copper, lithium, tantalum, niobium, and beryllium deposits. It holds interests in ...
How the Company Makes Money
null...
African Gold Ltd. Financial Statement Overview
Summary
Income Statement
8
Very Negative
Balance Sheet
58
Neutral
Cash Flow
22
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -15.64K | -14.66K | -11.78K | 0.00 | -385.00 |
| EBITDA | -16.30M | -7.28M | -1.80M | -2.00M | -2.53M |
| Net Income | -16.48M | -7.30M | -1.81M | -2.01M | -2.53M |
Balance Sheet | |||||
| Total Assets | 21.65M | 9.15M | 11.27M | 11.66M | 11.93M |
| Cash, Cash Equivalents and Short-Term Investments | 15.45M | 1.11M | 85.16K | 1.44M | 3.47M |
| Total Debt | 0.00 | 0.00 | 150.00K | 0.00 | 0.00 |
| Total Liabilities | 3.23M | 624.08K | 963.08K | 577.69K | 804.51K |
| Stockholders Equity | 18.42M | 8.52M | 10.30M | 11.08M | 11.13M |
Cash Flow | |||||
| Free Cash Flow | -1.72M | -2.24M | -2.17M | -3.80M | -3.23M |
| Operating Cash Flow | -1.72M | -877.37K | -501.40K | -765.70K | -911.51K |
| Investing Cash Flow | 10.95M | -1.36M | -1.67M | -3.04M | -2.32M |
| Financing Cash Flow | 5.13M | 3.27M | 806.46K | 1.78M | 5.23M |
African Gold Ltd. 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% | |
52 Neutral | AU$592.19M | -19.31 | -16.86% | ― | ― | ― | |
50 Neutral | AU$1.75B | -12.21 | -33.71% | ― | 149.43% | 1.20% | |
46 Neutral | AU$135.02M | -23.96 | -23.79% | ― | ― | -280.00% | |
45 Neutral | AU$132.59M | -4.63 | 18.38% | ― | 64.66% | ― | |
41 Neutral | ― | -10.51 | -5.76% | ― | ― | 86.93% |
* Basic Materials Sector Average
AU:A1G
African Gold Ltd.
1.04
0.92
766.67%
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EQ Resources Limited
0.35
0.30
721.43%
AU:QPM
QPM Energy
0.03
>-0.01
-15.38%
AU:TVL
Touch Ventures Ltd.
0.06
>-0.01
-11.43%
AU:FHE
Frontier Energy Limited
0.24
0.08
54.84%
African Gold Ltd. Corporate Events
African Gold Sets Court Date for Montage Acquisition Schemes
Apr 9, 2026
African Gold Ltd. has scheduled a second court hearing in the Supreme Court of Western Australia on 17 April 2026 to seek approval for its proposed schemes of arrangement with shareholders and optionholders, underpinning the planned 100% acquisiti...
African Gold Director Silvia Bottero Sells Entire Shareholding in Off-Market Deal
Apr 2, 2026
African Gold Ltd has disclosed that director Silvia Bottero has sold her entire direct holding of 2,073,880 ordinary shares in the company. The off-market transaction, completed on 30 March 2026, realised consideration of about $1.83 million and l...
African Gold Issues 3 Million New Shares Under Disclosure Exemption
Apr 2, 2026
African Gold Ltd has issued 3,000,000 new ordinary shares, expanding its share capital as disclosed in a filing with the Australian Securities Exchange. The issuance was completed without a prospectus under the Corporations Act disclosure exemptio...
African Gold Seeks ASX Quotation for 3 Million New Shares
Apr 2, 2026
African Gold Ltd. has applied to the ASX for quotation of 3,000,000 new fully paid ordinary shares under code A1G, with an issue date of April 2, 2026. The additional securities, arising from the exercise or conversion of existing instruments, wil...
Independent Expert Backs African Gold–Montage Deal After FY25 Results
Mar 31, 2026
African Gold Ltd. has released its audited financial results for the year ended 31 December 2025 alongside the FY25 results of suitor Montage Gold Corp., as the two companies progress proposed share and option schemes of arrangement under which Mo...
African Gold Releases 2025 Annual Financial Report
Mar 27, 2026
African Gold Ltd. has issued its Annual Financial Report for 2025, which includes the directors’ report, audited financial statements, and related corporate disclosures. The release primarily serves as a formal notification of the availabili...
African Gold Director Reshapes Stake Through Cashless Option Exercise and Share Sales
Mar 16, 2026
African Gold Ltd director Silvia Bottero has adjusted her holding in the company through a cashless exercise of options and subsequent share sales. Between 10 March and 13 March 2026, she exercised 5,000,000 options at $0.10 each, receiving 4,501,...
African Gold dispatches scheme booklet for proposed Montage takeover
Mar 12, 2026
African Gold Ltd. has dispatched its Scheme Booklet to securityholders, detailing the proposed schemes of arrangement under which TSX-listed Montage Gold Corp. would acquire 100% of African Gold’s shares and related options. The materials, i...
African Gold Lodges Cleansing Notice After Issuing New Shares
Mar 11, 2026
African Gold Ltd. has issued 4,501,992 new ordinary shares, as reflected in a recent filing with the ASX, expanding its share capital base. The company confirmed that the shares were issued without a prospectus under relevant exemptions and that i...
African Gold Seeks ASX Quotation for 4.5 Million New Shares
Mar 11, 2026
African Gold Ltd. has applied for quotation on the ASX of 4,501,992 new fully paid ordinary shares under the code A1G, with an issue date of March 10, 2026. The additional securities, arising from the exercise or conversion of existing instruments...
African Gold Misses Out as S&P Dow Jones Revises All Ordinaries Rebalance
Mar 10, 2026
African Gold Ltd. will not be added to the SP/ASX All Ordinaries Index following SP Dow Jones Indices’ March 2026 quarterly rebalance, reversing an earlier indication that it would join the benchmark. The index committee also decided that Am...
African Gold Releases ASIC-Registered Scheme Booklet for Montage Takeover Vote
Mar 6, 2026
African Gold Ltd. has confirmed that the Scheme Booklet for its proposed acquisition by Montage Gold Corp., via share and option schemes of arrangement, has been registered by ASIC and made available to securityholders. The document outlines the t...
African Gold Wins Court Approval to Put Montage Takeover to Investor Vote
Mar 5, 2026
African Gold Ltd has secured initial court approval in Western Australia to convene shareholder and optionholder meetings to vote on a proposed scheme under which Montage Gold Corp. would acquire 100% of African Gold’s shares via share and o...
African Gold Issues 750,000 New Shares and Lodges Cleansing Notice
Feb 3, 2026
African Gold Ltd has issued 750,000 new ordinary shares, as detailed in a filing with the ASX, and has lodged a cleansing notice confirming that the shares were issued without a prospectus under the relevant provisions of the Corporations Act. The...
African Gold Seeks ASX Quotation for 750,000 New Ordinary Shares
Feb 3, 2026
African Gold Ltd. has applied to the ASX for quotation of 750,000 new ordinary fully paid shares, effective 3 February 2026. The additional securities, arising from the exercise or conversion of existing instruments, modestly expand the company...
African Gold Advances Côte d’Ivoire Growth as Montage Takeover and High-Grade Drilling Progress
Jan 30, 2026
African Gold Ltd. reported a pivotal December 2025 quarter marked by a binding scheme of arrangement under which Montage Gold Corp will acquire all remaining African Gold shares, giving African Gold investors equity in a larger, better-capitalised...
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.