Pacgold Limited (PGO) AI Stock Analysis

• Market Cap: AU$46.78M
• Dividend Yield: N/A
• Average Volume (3M): 1.88M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.14
• Revenue Growth: N/A
• EPS Growth: -17.27%
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): >-0.01
• Shares Outstanding: 425,281,220
• 10 Day Avg. Volume: 3,365,307
• 30 Day Avg. Volume: 1,879,245
• PEG Ratio: -0.27
• Price to Book (P/B): 0.34
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -1.22
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: AU$0.10 ▲(21.25% Upside)

The score is held down primarily by weak financial performance (pre-revenue, widening losses, and rising cash burn). Technicals provide some support given the strong trend above key moving averages, but overbought momentum signals increase near-term risk. Valuation is constrained by negative earnings and no dividend.

Positive Factors

Debt-free balance sheet

No reported debt materially reduces solvency risk and preserves financial flexibility. For an early-stage explorer, a debt-free structure lowers mandatory outflows and gives management time to advance projects or raise non-debt capital without immediate interest burden.

Expanded equity base

A materially larger equity base provides a capital cushion to fund exploration and operations over multiple quarters. This strengthens the company’s ability to absorb development costs and pursue growth without immediate reliance on costly short-term borrowing.

Listed on ASX (capital market access)

ASX listing offers durable access to Australian equity capital markets and institutional investors. That listing improves the company’s ability to raise follow-on funding through equity issuances or placements, a key structural support for exploration-stage funding needs.

Negative Factors

Pre-revenue with widening net losses

Being pre-revenue with expanding net losses means operations currently destroy cash and lack internal earnings to fund growth. Structurally, this limits the company’s path to self-sufficiency and increases dependence on external capital over the coming months.

Negative operating cash flow and rising FCF burn

Sustained negative operating cash flow and rising free-cash-flow burn elevate financing needs and shorten runway. Over a 2–6 month horizon this constrains project execution, risks dilutive capital raises, and reduces optionality to pursue simultaneous exploration programs.

Ongoing external funding needs despite equity growth

Although equity has grown, the company still requires external funding to sustain operations. Dependence on fresh capital is a persistent structural risk that may lead to dilution, slower project timelines, or conditional financing terms over the medium term.

Pacgold Limited Business Overview & Revenue Model

Company Description

Pacgold Limited operates as a gold exploration company in Australia. Its principal property is the Alice River gold project that comprises a portfolio of eight mining leases and five exploration permits located in the Alice River region of north Queensland. The company was formerly known as Alice River Resources Pty Ltd. and changed its name to Pacgold Limited in December 2020. Pacgold Limited was incorporated in 2019 and is based in Brisbane, Australia.

How the Company Makes Money

Pacgold Limited primarily generates revenue through the exploration and potential development of gold mining projects. The company's revenue model is centered around discovering valuable gold deposits that can be developed into economically viable mining operations. Revenue streams may include the sale of gold extracted from their mining projects, joint ventures with other mining companies, or the sale or optioning of exploration rights to larger mining firms. Significant partnerships with other exploration or mining companies can enhance their capability to explore and develop projects more effectively, contributing to Pacgold's earnings. Additionally, the company's ability to raise capital through equity offerings or project financing is crucial to funding its exploration and development activities.

Pacgold Limited Financial Statement Overview

Summary

Pacgold Limited is facing significant financial challenges, reflected in its negative income statement, weak cash flow, and reliance on equity financing. Despite a strong equity base with no debt, the lack of revenue and ongoing cash burn pose substantial risks.

Income Statement

Pacgold Limited has shown consistent losses with zero revenue over the past years. The gross profit, EBIT, and net income have remained negative, indicating substantial operating challenges. The lack of revenue and negative profit margins highlight significant financial distress, typical in the early stages of exploration companies in the gold industry.

Balance Sheet

The balance sheet shows a strong equity base with no debt, which is a positive sign of financial stability. However, the company is heavily reliant on equity financing, which may not be sustainable in the long term. The equity ratio is healthy, but the absence of revenue and continued losses could erode equity over time.

Cash Flow

The cash flow statement reflects negative free cash flow and operating cash flow, with heavy reliance on financing activities to sustain operations. The lack of operating cash flow relative to net income indicates operational inefficiencies. Although the company has managed to raise cash through financing, cash burn remains a concern.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	250.00
Gross Profit	0.00	-82.29K	-53.63K	-45.73K	-35.07K	-960.00
EBITDA	-1.68M	-1.68M	-819.27K	-1.27M	-1.07M	-857.26K
Net Income	-1.66M	-1.66M	-872.90K	-1.31M	-1.10M	-858.47K
Balance Sheet
Total Assets	23.56M	23.56M	19.24M	17.10M	17.80M	8.31M
Cash, Cash Equivalents and Short-Term Investments	1.20M	1.20M	1.99M	2.51M	11.01M	5.38M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	1.70M	1.70M	1.14M	1.28M	1.22M	6.42M
Stockholders Equity	21.87M	21.87M	18.10M	15.82M	16.58M	1.89M
Cash Flow
Free Cash Flow	-3.32M	-6.01M	-3.55M	-8.50M	-5.16M	-639.89K
Operating Cash Flow	-647.63K	-1.34M	-668.43K	-764.12K	-865.96K	-162.97K
Investing Cash Flow	-4.62M	-4.62M	-2.89M	-7.73M	-4.34M	-1.14M
Financing Cash Flow	5.17M	5.17M	3.03M	0.00	10.84M	6.66M

Pacgold Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.08
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:PGO, the sentiment is Positive. The current price of 0.08 is above the 20-day moving average (MA) of 0.08, above the 50-day MA of 0.07, and above the 200-day MA of 0.07, indicating a bullish trend. The MACD of 0.01 indicates Negative momentum. The RSI at 94.08 is Negative, neither overbought nor oversold. The STOCH value of 90.19 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:PGO.

Pacgold Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
GML	55 Neutral	AU$162.60M	11.77	8.62%	―	―	―
PGO	45 Neutral	AU$46.78M	-9.30	-8.32%	―	―	-17.27%
SNG	45 Neutral	AU$30.00M	-2.94	-45.51%	―	―	―
NWM	44 Neutral	AU$12.36M	-3.61	-7.82%	―	―	-28.57%
TYX	43 Neutral	AU$13.46M	―	―	―	―	90.70%
FG1	43 Neutral	AU$15.83M	-1.94	-241.11%	―	―	48.90%

Pacgold Limited Corporate Events

Pacgold Moves to Near-Term Gold Production as Heap Leach Starts at White Dam

Pacgold Limited has commenced cyanide heap leach irrigation at its White Dam Gold Project in South Australia, turning and aerating approximately 250,000 tonnes of run-of-mine ore on the first lift of the existing dump, which is expected to be fully under irrigation by mid-January 2026. The initial 5–6 week leaching campaign, using the recently relined and approved pregnant leach solution pond and existing processing plant, is expected to deliver near-term gold production and first cash flows, providing funding for further development and exploration across the company’s assets while testing recovery rates from the 7.5 million tonnes of ore already on the pad; meanwhile, Pacgold is remobilising its exploration team and drill crews to restart drilling at Vertigo, Hannaford and White Dam North, positioning the company to capitalise on the current high gold price environment and improve its financial strength through low-cost, low-risk production.

The most recent analyst rating on (AU:PGO) stock is a Hold with a A$0.08 price target. To see the full list of analyst forecasts on Pacgold Limited stock, see the AU:PGO Stock Forecast page.

Pacgold Director Richard Hacker Increases Indirect Shareholding via On‑Market Purchase

Pacgold Limited has disclosed a change in the indirect interests of director Richard Hacker, primarily held through the Emerald Super Fund and Scythe Investments Pty Ltd as trustee for the Hacker Family Trust No.2. Between 22 and 24 December 2025, the Emerald Super Fund acquired 833,875 fully paid ordinary shares in Pacgold via on‑market purchases for a total consideration of $58,308.38, lifting Hacker’s indirect holding in that vehicle to 10,923,336 shares while his option positions and holdings through Scythe Investments remain unchanged; the move marginally increases director alignment with shareholders and is consistent with ongoing ASX disclosure of insider ownership levels.

Pacgold Hits High-Grade Antimony in Maiden Drilling at St George Project

Pacgold has reported initial assay results from its maiden reverse circulation drilling campaign at the St George Gold-Antimony Project in northeast Queensland, where the first two holes intersected multiple thick continuous structures containing high-grade antimony over significant widths near surface. The company completed nine holes in total in this initial 826m program, with results from the remaining seven holes due in early 2026, and now considers St George to represent a newly defined antimony province with mapped and geochemical anomalies extending over 20km of strike. Against the backdrop of elevated ex-China antimony prices and growing strategic importance of the metal for Western markets, Pacgold sees a significant exploration and critical mineral opportunity and is planning further drilling at the Fence and Ridgeline prospects, alongside ongoing rock chip and soil sampling at additional targets within the project.

Pacgold Requests Trading Halt Pending Exploration Results

Pacgold Limited announced a trading halt on its securities pending the disclosure of exploration results from its St George Gold-Antimony Project. This strategic decision may impact stakeholders by signaling potential findings that could enhance the company’s positioning in the gold and antimony mining sector while also fostering investor anticipation regarding the project’s outcomes.

Pacgold Unveils Significant Gold and Antimony Anomalies at St George Project

Pacgold Limited has announced significant findings from its geochemical soil program at the St George Gold-Antimony Project in northeast Queensland. The program identified substantial gold and antimony anomalies over 7km of strike on two priority structures, with the strongest anomalies located at the Fence and Ridgeline Prospects. These findings, which have not yet been tested by modern drilling, highlight the potential for significant discoveries in the region. The company plans to refine targets and commence drilling in the second quarter of 2026, positioning itself as a key player in the emerging premier gold-antimony province in Australia.

Pacgold Limited Issues 15 Million New Shares to Bolster Growth

Pacgold Limited has issued 15,000,000 fully paid ordinary shares, which are part of a class of securities quoted on the ASX. This issuance was conducted without disclosure to investors under specific provisions of the Corporations Act 2001. The company has complied with relevant legal provisions and there is no excluded information related to this issuance. This move is part of Pacgold’s strategy to enhance its financial position and support its growth and exploration activities.

Pacgold Limited Announces Quotation of New Securities on ASX

Pacgold Limited has announced the quotation of 15,000,000 fully paid ordinary securities on the Australian Securities Exchange (ASX), under the security code PGO. This move is part of a previously announced transaction, potentially impacting the company’s market presence and offering new opportunities for stakeholders.

Pacgold Advances Gold Production Restart and Drilling at White Dam Project

Pacgold Limited is making significant strides in restarting gold production at the White Dam Gold Project in South Australia, with the relining of the Pregnant Leach Solution pond completed and cyanide leaching set to begin soon. Additionally, a 25,000m reverse circulation drilling program has commenced, initially targeting the Vertigo pit to upgrade resources, which is expected to bolster production planning and resource confidence.

Pacgold Completes Acquisition of White Dam Gold Operation

Pacgold Limited has completed the acquisition of the White Dam Gold Operation in South Australia from GBM Resources Ltd. This acquisition includes significant infrastructure and offers near-term cash flow potential through the retreatment of existing materials. The strategic location of the project enhances Pacgold’s portfolio, providing a pathway to immediate gold production and future exploration opportunities. The acquisition terms include a cash payment, shares issuance, and a contingent payment upon achieving commercial production. The company is advancing site works to restart production, with minimal capital investment required, aligning with its broader strategy to generate short-term cash flow and support its flagship projects.

Pacgold Limited Announces Change in Director’s Interest

Pacgold Limited announced a change in the director’s interest, specifically concerning Matthew Boyes, who is a beneficiary of the MTJ Holdings Trust and the spouse of Tiziana Marras. The change involves the acquisition of 485,000 ordinary shares directly and the disposal of 500,000 performance rights, resulting in Boyes holding 1,535,000 ordinary shares directly and 3,000,000 performance rights. This adjustment reflects the vesting of employee performance rights, potentially impacting the company’s governance and shareholder structure.

Pacgold Limited Issues New Securities on ASX

Pacgold Limited has announced the issuance of 485,000 fully paid ordinary securities, which will be quoted on the Australian Securities Exchange (ASX) under the code PGO. This move is part of the company’s strategic efforts to enhance its market presence and provide liquidity options for its stakeholders.

Pacgold Director Increases Stake with Shareholder Approval

Pacgold Limited has announced a change in the interest of its director, Keelin (Caoilin) Chestnutt, who has acquired an additional 333,333 ordinary shares, bringing the total to 1,333,333 shares. This acquisition was approved by shareholders at the recent AGM, reflecting a strategic move to enhance the director’s stake in the company, potentially signaling confidence in the company’s future prospects.

Pacgold Limited Announces Director’s Share Acquisition

Pacgold Limited has announced a change in the director’s interest, specifically involving Michael Pitt, who has acquired 333,333 ordinary shares at a price of $0.075 per share. This acquisition reflects an increase in Pitt’s indirect interest through the RGR Capital Trust and RGR Family Superfund, potentially signaling confidence in the company’s future prospects and stability.

Pacgold Director Increases Shareholding Following AGM Approval

Pacgold Limited announced a change in the interests of its director, Matthew Boyes, who has acquired an additional 600,000 ordinary shares, bringing his direct holdings to 1,050,000 shares. This acquisition was made following shareholder approval at the company’s AGM, reflecting a strategic move that may strengthen Boyes’ influence within the company and potentially impact its governance and decision-making processes.

Pacgold Limited Announces Director’s Increased Stake

Pacgold Limited announced a change in the director’s interest, specifically regarding Richard Hacker’s indirect interest in securities. The change involves the acquisition of additional ordinary shares through the Emerald Super Fund and Scythe Investments Pty Ltd, following shareholder approval at the recent AGM. This acquisition could potentially strengthen Mr. Hacker’s influence within the company and reflects a strategic move in line with Pacgold’s operational goals.

Pacgold Limited Bolsters Financial Resources with Share Issuance

Pacgold Limited has issued 127,014,834 fully paid ordinary shares at $0.075 each to institutional and sophisticated investors as part of a placement announced in October 2025. This move, conducted without disclosure under the Corporations Act, signifies Pacgold’s strategic efforts to bolster its financial resources, potentially enhancing its exploration and operational capabilities in the mineral-rich regions of Queensland and South Australia.

Pacgold Limited Announces Quotation of New Securities on ASX

Pacgold Limited has announced the quotation of 127,014,834 fully paid ordinary securities on the Australian Securities Exchange (ASX). This move is part of a previously announced transaction, indicating a strategic step in enhancing the company’s capital structure and potentially increasing its market presence.

Pacgold Initiates Maiden Drilling at St George Gold-Antimony Project

Pacgold Limited has commenced its maiden Reverse Circulation (RC) drilling program at the St George Gold-Antimony Project in northeast Queensland. This initiative aims to explore the depth of high-grade gold-antimony zones identified through rock chip sampling and mapping over a 10km strike length. The program consists of nine holes covering 900 meters and is expected to conclude within two weeks, with assay results anticipated in six weeks. This marks a significant phase for Pacgold as it seeks to capitalize on the promising potential of the St George site, enhancing its exploration portfolio and offering new opportunities for stakeholders.

Pacgold Limited Successfully Concludes Annual General Meeting with All Resolutions Passed

Pacgold Limited held its Annual General Meeting on November 17, 2025, where all resolutions were passed by poll. Key resolutions included the election of directors, approval of a 10% placement facility, and ratification of prior share issues. The outcomes of the meeting reinforce Pacgold’s strategic initiatives and governance framework, potentially enhancing its operational capabilities and shareholder value.

Pacgold Limited Reaffirms Commitment to Key Gold Projects

Pacgold Limited’s recent investor presentation highlights the company’s ongoing commitment to its Alice River and White Dam projects. The presentation reaffirms the company’s previous announcements regarding mineral resource estimates and confirms that there have been no significant changes in the technical parameters or assumptions. This announcement underscores Pacgold’s steady progress in its exploration efforts, which is crucial for maintaining stakeholder confidence and advancing its market position in the mining sector.

Pacgold Limited Advances Strategic Growth with Key Acquisitions and Exploration Success

Pacgold Limited’s recent AGM highlighted a year of strategic progress and resilience, with significant developments in their exploration and production capabilities. The company has advanced its Alice River project with a maiden resource estimate and diversified its portfolio with a farm-in agreement on the St George Antimony project and the acquisition of the White Dam mine, marking a transition towards becoming a gold producer. These moves position Pacgold for long-term success, with a continued commitment to ESG principles and community engagement.

Pacgold Limited Reports Encouraging Results from White Lion and Jerry Dodds Drilling

Pacgold Limited has announced the completion of its maiden drilling program at the White Lion prospect, part of the Alice River Gold Project. The drilling intersected encouraging gold mineralisation, indicating potential for further exploration in 2026. Additionally, the company extended the mineralised structure at the Jerry Dodds lode by 1.4 kilometers, highlighting the broader scale of mineralisation across the project. These developments position Pacgold to continue its exploration growth and near-term production opportunities.

Pacgold Limited Unveils New Vertigo Pit Design in Investor Presentation

Pacgold Limited has released an investor presentation detailing the new Vertigo pit design with ore shells, which is part of their ongoing efforts in the Alice River Gold Project. This development is significant for the company’s operations as it underscores their commitment to advancing their exploration projects and potentially enhancing their market positioning within the mining sector.

Pacgold Identifies High-Grade Gold and Antimony Zones at St George Project

Pacgold Limited has announced significant progress in its St George Gold-Antimony Project, with the completion of a major soil and rock chip sampling program. The results revealed multiple high-grade gold and antimony zones, particularly at the Fence and Ridgeline prospects. The company has also completed geochemical soil sampling and IP geophysics, with plans to commence RC drilling imminently. This development positions Pacgold to potentially expand its exploration and production capabilities, enhancing its standing in the Hodgkinson Province, a historically rich mineral area.

Pacgold Reports Promising Drilling Results at Alice River Gold Project

Pacgold Limited has announced promising results from its Alice River Gold Project, specifically at the Kapok and Victoria Prospects. The initial aircore drilling at the Kapok Prospect revealed strong gold mineralization, indicating potential for a major gold discovery. Additionally, regional drilling at the Victoria Prospect has extended known gold mineralization, further enhancing the project’s potential. These developments are expected to bolster Pacgold’s position in the gold exploration sector and provide significant opportunities for stakeholders.

Pacgold Limited Appoints New CFO and Joint Company Secretary

Pacgold Limited has appointed Mr. Yugi Gouw as the new Chief Financial Officer and Joint Company Secretary, effective immediately. Mr. Gouw brings over 20 years of experience in senior finance and governance roles with ASX-listed companies. This strategic appointment is expected to contribute to Pacgold’s growth phase, enhancing its operational capabilities and strengthening its position in the mineral exploration industry.

Pacgold Limited Acquires White Dam Gold Operation, Boosts Production Potential

Pacgold Limited has announced the acquisition of the White Dam Gold Operation in South Australia, marking a significant step towards near-term gold production and cash flow. This acquisition complements Pacgold’s existing exploration projects and includes operational infrastructure, positioning the company for strategic growth. Additionally, Pacgold reported high-grade gold discoveries at its Alice River Gold Project, which could enhance its mineral resource estimates. The company has also secured $13 million in funding to restart production at White Dam and advance its exploration projects, signaling a period of strategic growth and operational expansion.

Pacgold Appoints New Project Director to Boost Gold Production

Pacgold Limited has appointed Mike Nelson as Consulting Project Director to lead the recommencement of gold production at the White Dam Gold Operation in South Australia. Nelson’s extensive experience in mineral processing and project leadership is expected to be instrumental in achieving Pacgold’s growth strategy and transitioning the company into a gold producer. This strategic move follows a successful capital raise, positioning Pacgold to restart production without further shareholder dilution, potentially marking a significant milestone in the gold market.

Pacgold Limited Announces 2025 Annual General Meeting

Pacgold Limited has announced its Annual General Meeting (AGM) scheduled for November 17, 2025, in Brisbane. Shareholders are encouraged to participate and vote on key resolutions, including the adoption of the Remuneration Report and the election of Director Caoilin Chestnutt. These decisions are advisory and aim to guide the company’s governance and strategic direction.

Pacgold Limited Announces Quotation of New Securities on ASX

Pacgold Limited has announced the quotation of 46,318,500 fully paid ordinary securities on the Australian Securities Exchange (ASX) as of October 17, 2025. This move is part of previously announced transactions and is expected to strengthen the company’s financial position, potentially impacting its operational capabilities and market presence positively.

The Bank of Nova Scotia Reduces Stake in Pacgold Limited

The Bank of Nova Scotia and its controlling entities, including 1832 Asset Management L.P., have ceased to be substantial holders in Pacgold Limited as of October 15, 2025. This change was due to the sale of 1,000,000 shares on the Australian Securities Exchange, potentially impacting Pacgold’s shareholder composition and market perception.