Conroy Gold and Natural Resources (CGNR) AI Stock Analysis

• Market Cap: £10.97M
• Dividend Yield: N/A
• Average Volume (3M): 443.47K
• Price to Earnings (P/E): 5.2
• Beta (1Y): -1.22
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: UK
• Employees: 8
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): <0.01
• Shares Outstanding: 76,949,430
• 10 Day Avg. Volume: 562,131
• 30 Day Avg. Volume: 443,471
• PEG Ratio: 0.29
• Price to Book (P/B): 0.16
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -82.97
• 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: 51 Neutral
• Price Target: 16.00 p ▲(56.10% Upside)
• Action: Reiterated Date: 01/17/26
• Date: Action: Reiterated 01/17/26

The score is held back primarily by weak financial performance (no revenue, recurring losses, and historically negative operating/free cash flow), partly offset by a supportive balance sheet and improving 2025 cash burn. Technicals are constructive with strong trend/momentum, but overbought signals temper the outlook. Valuation provides limited support given loss-making earnings and no dividend.

Positive Factors

Conservative balance sheet

A very low debt-to-equity (~0.01 in 2025) with equity (~17.3m) and stable assets (~24.9m) provides a tangible cushion for exploration spending. This conservative leverage profile reduces short-term solvency risk, supports partnership talks and extends runway for project advancement.

Material improvement in cash burn

A sharp improvement in free cash flow (about -0.03m in 2025 vs -2.82m in 2024) indicates tighter spending control and/or scaled activity. Sustained lower cash burn materially lowers near-term financing needs and improves the company's ability to execute staged exploration without immediate dilution.

Focused exploration strategy

A clear strategic focus on the Longford–Down Massif and advancing prospects toward development concentrates management effort and technical resources. The model of progressing targets and seeking industry partners reduces capital intensity per project and preserves optionality if discoveries warrant development.

Negative Factors

No operating revenue

Absence of revenue across 2020–2025 and recurring operating losses mean the business cannot self-fund exploration or development. Long-term value creation is contingent on successful discovery or external financing, increasing execution risk and potential shareholder dilution over time.

Persistent negative cash flow

Operating cash flow is negative in every reported year and free cash flow has been persistently negative, indicating core activities consume cash. Continued cash deficits necessitate external funding rounds or partner deals, which can constrain strategy and dilute existing owners.

Early-stage, small operational scale

With only eight employees and no producing mines, the company is operationally small and remains at an early exploration stage. Limited internal capacity and lack of recurring revenue increase dependency on external technical partners and financing, slowing resource confirmation and value realization.

Conroy Gold and Natural Resources Business Overview & Revenue Model

Company Description

Conroy Gold and Natural Resources plc engages in the exploration and development of mineral properties in Ireland and Finland. The company primarily explores for gold, lead, and zinc deposits. It primarily focuses on the Longford-Down Massif region for its exploration activities. The company was formerly known as Conroy Diamonds and Gold Plc and changed its name to Conroy Gold and Natural Resources plc in January 2011. Conroy Gold and Natural Resources plc was founded in 1995 and is headquartered in Dublin, Ireland.

How the Company Makes Money

Conroy Gold and Natural Resources Financial Statement Overview

Summary

Income and cash flow quality are weak: no reported revenue (2020–2025), recurring operating losses with a sizable 2025 net loss, and consistently negative operating and free cash flow (despite a sharp reduction in 2025 cash burn vs. 2024). The balance sheet is a relative support with generally low leverage and a sizable equity base, but returns remain weak/negative.

Income Statement

The company reports no revenue across the period provided (2020–2025 annual), which limits evidence of operating scale. Profitability is weak and volatile: operating profit is negative in most years, and 2025 shows a sizable net loss (about -0.53m) versus near break-even in 2024 and losses again in 2023 and 2020. While there were isolated profitable years (2021–2022 net income positive), the overall trajectory reflects an early-stage or non-producing profile with recurring losses and limited visibility on sustainable earnings.

Balance Sheet

The balance sheet looks conservatively levered overall, with debt generally low relative to equity (debt-to-equity ~0.01 in 2025 and ~0.01–0.03 in 2020–2022), although leverage spiked in 2024 (debt-to-equity ~0.22) before dropping again in 2025. Equity remains sizable (~17.3m in 2025) and assets are stable (~24.9m in 2025), providing a cushion. The key weakness is returns: profitability has not been consistent, leading to weak/negative return on equity in recent years.

Cash Flow

Cash generation is a clear pressure point. Operating cash flow is negative in every year shown, indicating the core business is consuming cash rather than funding itself. Free cash flow is also consistently negative, with a particularly large outflow in 2024 (about -2.82m) before improving materially in 2025 (about -0.03m), suggesting tighter cash control or lower spending—though still not sustainably positive. Overall, the company appears reliant on external funding or balance-sheet resources to support ongoing operations.

Breakdown	TTM	May 2025	May 2024	May 2023	May 2022	Nov 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-16.83K	-15.48K	0.00	-15.73K	0.00	0.00
EBITDA	-220.43K	-515.60K	-663.08K	-587.00K	-830.00K	-822.00K
Net Income	-55.73K	-532.17K	-585.00	-315.00K	329.47K	211.01K
Balance Sheet
Total Assets	30.88M	24.88M	29.29M	27.38M	25.54M	24.97M
Cash, Cash Equivalents and Short-Term Investments	1.52M	65.06K	143.53K	557.93K	1.22M	1.51M
Total Debt	225.10K	183.52K	4.65M	158.10K	525.22K	515.08K
Total Liabilities	8.48M	7.60M	8.55M	3.87M	4.40M	4.98M
Stockholders Equity	22.40M	17.28M	20.74M	19.81M	19.73M	19.99M
Cash Flow
Free Cash Flow	-631.00K	-33.74K	-2.82M	-448.00K	-1.70M	-2.04M
Operating Cash Flow	-631.00K	-33.74K	-747.20K	-359.16K	-804.23K	-1.38M
Investing Cash Flow	-656.47K	-549.28K	-2.07M	-2.55M	-899.86K	-658.90K
Financing Cash Flow	2.63M	527.36K	2.41M	2.29M	1.41M	3.43M

Conroy Gold and Natural Resources 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%
XTR	54 Neutral	£13.09M	-1.51	-10.29%	―	―	―
GRL	52 Neutral	£9.94M	-0.56	-47.73%	―	93.10%	-150.00%
CGNR	51 Neutral	£10.97M	5.22	-2.46%	―	―	―
HAMA	46 Neutral	£4.75M	-1.95	-86.67%	―	―	―
ECR	45 Neutral	£9.05M	-3.75	-24.33%	―	―	―

Conroy Gold and Natural Resources Corporate Events

Conroy Gold Hits Deepest Mineralisation Yet at Clontibret as Drilling Extends Gold Lodes

Conroy Gold reported assay results from the first hole in its new 2,000m drilling campaign at the Clontibret gold deposit, intersecting more than 10 lodes and the deepest sulphide mineralisation yet encountered on the property. Key intercepts included 2.8 metres at 4.5 g/t gold, with a 0.5 metre section grading 15.0 g/t, extending known lodes by up to 60 metres to the north and confirming continuity of the mineralised system at depth.

Although the initial hole was halted at about 415 metres due to technical issues before reaching its intended stockwork target, assays from the base of the hole indicate it was still within a gold-bearing zone. A new deep hole, CGC-25-007, is now being drilled to directly target the stockwork zone at depth, and with three rigs operating on site, the results strengthen the case for significant high-grade potential at Clontibret, which shares important geological analogies with Australia’s multimillion-ounce Fosterville mine.

The most recent analyst rating on (GB:CGNR) stock is a Hold with a £16.00 price target. To see the full list of analyst forecasts on Conroy Gold and Natural Resources stock, see the GB:CGNR Stock Forecast page.

Conroy Gold Posts Interim Profit as Balance-Sheet Repair Funds New Drilling at Irish Gold Project

Conroy Gold and Natural Resources reported half-year results to 30 November 2025 showing a move to profit of €278,636 and net assets of €22.4 million, underpinned by a major balance-sheet restructuring of more than €3.3 million owed to current and former directors and an oversubscribed €2 million private placement, plus €0.5 million from warrant exercises. The restructuring, which included a significant debt write-off and the deferral of remaining liabilities into success-based instruments, together with fresh equity funding, has strengthened the company’s financial base and enabled it to launch a new 2,000-metre drilling programme at the Clontibret gold deposit to test deeper, potentially higher-grade gold mineralisation and the economic contribution of antimony, positioning the “Discs of Gold” project for further investment and potential resource expansion.

The most recent analyst rating on (GB:CGNR) stock is a Hold with a £16.00 price target. To see the full list of analyst forecasts on Conroy Gold and Natural Resources stock, see the GB:CGNR Stock Forecast page.