AEX Gold (AMRQ) AI Stock Analysis

• Market Cap: C$1.07B
• Dividend Yield: N/A
• Average Volume (3M): 113.47K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.79
• Revenue Growth: N/A
• EPS Growth: 54.00%
• Country: CA
• Employees: 25
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): -0.01
• Shares Outstanding: 463,648,830
• 10 Day Avg. Volume: 175,209
• 30 Day Avg. Volume: 113,468
• PEG Ratio: -0.01
• Price to Book (P/B): 3.20
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -5.48
• 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: C$2.29
• Price Target Upside: -0.43% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 50 Neutral
• Price Target: C$2.50 ▲(8.70% Upside)

The score is primarily held back by weak fundamentals—large ongoing losses and heavy cash burn despite improving revenue traction—partly offset by a strong, low-debt balance sheet. Technicals are constructive with the stock trading above key moving averages and a positive MACD, while valuation remains unattractive due to continued losses (negative P/E).

Positive Factors

Low leverage / conservative balance sheet

Extremely low debt and a large equity base provide structural financial flexibility. This reduces insolvency risk, preserves optionality for project financing or M&A, and allows management to prioritize long-term development over near-term cash conservation, durable over months.

Sizable asset base supports runway

A large asset base offers collateral and internal resources to fund exploration and development cycles typical in the gold industry. It cushions operating volatility, enables staged capital allocation, and increases the company's ability to pursue strategic investments without immediate external funding.

Revenue ramp with positive gross margin

Meaningful revenue growth and a positive gross margin signal early commercial traction and that core activities can be margin-accretive. If sustained, this creates scope for operating leverage as fixed costs are spread and supports a path toward eventual profitability over the medium term.

Negative Factors

Deeply negative free cash flow

Large negative free cash flow indicates the business is consuming substantial capital beyond operating needs, creating persistent financing requirements. Over months this raises dilution or refinancing risk, constrains reinvestment flexibility, and increases reliance on external capital sources.

Very weak profitability / wide negative margins

Extremely negative margins show costs far exceed revenue, reflecting an inability to convert top-line gains into profits. This structural cost-revenue gap must be closed to achieve sustainable operations; otherwise losses will persist and undermine long-term value creation.

Negative returns on equity despite large capital base

A sizable equity base that is consistently producing negative ROE means capital is not generating sufficient returns. Over time this pressures investor support and necessitates strategic fixes—cost control, higher revenue or restructuring—to justify the capital employed.

AEX Gold Business Overview & Revenue Model

Company Description

Amaroq Minerals Ltd. engages in the acquisition, exploration, and development of mineral properties in Greenland. It holds interests in licenses covering an area of 7,615.85 square kilometers located in South Greenland. The company was formerly known as AEX Gold Inc. and changed its name to Amaroq Minerals Ltd. in July 2022. Amaroq Minerals Ltd. was incorporated in 2017 and is headquartered in Toronto, Canada.

How the Company Makes Money

AEX Gold, Inc. makes money primarily through the exploration, development, and eventual production of gold from its mining assets. The company's revenue model is built on successfully identifying gold resources, developing these assets to a stage where they can be mined, and then extracting and selling the gold. Key revenue streams include the sale of gold produced from its mining operations and potential partnerships or joint ventures with other mining companies to develop its properties. The company's earnings are significantly influenced by the price of gold in the global market, operational efficiencies, and its ability to successfully manage exploration and production activities. Additionally, strategic partnerships and financing agreements play a crucial role in funding exploration and development projects, which are critical to the company's operational success and profitability.

AEX Gold Financial Statement Overview

Summary

AEX Gold, Inc. faces substantial challenges with no revenue generation and continuous net losses. While the balance sheet reflects good liquidity and low leverage, the lack of profitability and negative cash flows pose significant risks. Operational improvements and revenue generation are crucial for future stability and growth.

Income Statement

AEX Gold, Inc. shows significant challenges in its income statement. The company has not generated any revenue over the years, with persistent negative gross profit indicating that production or operational costs are not being covered. The net income has been consistently negative, and the EBIT has been volatile, suggesting operating inefficiencies. Furthermore, the EBITDA margin is negative, highlighting underlying operational struggles.

Balance Sheet

The balance sheet of AEX Gold, Inc. reflects moderate financial stability. The company has a strong cash position, as seen in the significant cash holdings compared to its total debt, resulting in a negative net debt. The debt-to-equity ratio is low, indicating low leverage, which might be beneficial in downturns. However, the return on equity is negative due to continuous losses, and the equity ratio shows that a substantial portion of the assets is financed by equity.

Cash Flow

The cash flow statement reveals some concerns about financial health. Operating cash flow is consistently negative, indicating inadequate cash generation from core operations. The free cash flow is also negative, suggesting the company is not generating sufficient cash to cover capital expenditures. However, the company has managed to maintain cash through financing activities, but sustainability is uncertain without operational improvements.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	16.28M	0.00	0.00	0.00	0.00	0.00
Gross Profit	5.11M	-1.35M	-2.52M	-851.00K	-90.18K	-22.11K
EBITDA	-19.87M	-13.35M	-22.07M	-22.00M	-23.67M	-11.18M
Net Income	-20.81M	-23.46M	-834.00K	-21.90M	-24.69M	-12.34M
Balance Sheet
Total Assets	339.03M	255.98M	106.95M	65.10M	42.78M	65.94M
Cash, Cash Equivalents and Short-Term Investments	63.75M	45.19M	21.01M	50.14M	27.32M	61.88M
Total Debt	355.26K	29.33M	36.40M	729.24K	763.91K	829.81K
Total Liabilities	69.84M	54.82M	42.67M	1.87M	2.81M	1.66M
Stockholders Equity	269.20M	201.16M	64.28M	63.23M	39.97M	64.28M
Cash Flow
Free Cash Flow	-110.08M	-117.45M	-58.46M	-21.20M	-34.17M	-10.31M
Operating Cash Flow	-16.03M	-6.03M	-34.19M	-20.87M	-22.29M	-9.87M
Investing Cash Flow	-93.90M	-117.47M	-24.47M	-261.97K	-11.88M	-2.15M
Financing Cash Flow	138.36M	145.53M	29.32M	43.06M	-65.90K	73.55M

AEX Gold Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.30
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:AMRQ, the sentiment is Positive. The current price of 2.3 is above the 20-day moving average (MA) of 1.89, above the 50-day MA of 1.75, and above the 200-day MA of 1.57, indicating a bullish trend. The MACD of 0.10 indicates Negative momentum. The RSI at 70.24 is Negative, neither overbought nor oversold. The STOCH value of 49.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:AMRQ.

AEX Gold Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ORE	77 Outperform	C$1.21B	10.51	22.92%	―	34.05%	80.47%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
GAU	59 Neutral	C$958.63M	-14.98	-20.37%	―	114.30%	-2606.59%
ATX	56 Neutral	C$1.21B	-13.36	-458.89%	―	―	-66.50%
GTWO	56 Neutral	C$1.69B	-138.61	-11.22%	―	23.81%	-139.39%
AMRQ	50 Neutral	C$1.07B	-44.40	-10.64%	―	―	54.00%
ASE	43 Neutral	C$1.37B	-2.61	-1186.80%	―	8.01%	-816.99%

AEX Gold Corporate Events

Amaroq Ltd. Announces Change in Major Shareholdings

Amaroq Ltd. has announced a change in its major holdings, with Kvika banki hf. crossing a threshold in voting rights, now holding 3.14% of the voting rights. This change reflects an acquisition or disposal of voting rights and financial instruments, indicating a shift in the company’s shareholder structure. The notification highlights Kvika banki hf.’s increased influence in Amaroq Ltd., which could impact the company’s strategic decisions and stakeholder interests.

The most recent analyst rating on (TSE:AMRQ) stock is a Buy with a C$120.00 price target. To see the full list of analyst forecasts on AEX Gold stock, see the TSE:AMRQ Stock Forecast page.

Amaroq Ltd. Announces Change in Major Shareholder Holdings

Amaroq Ltd. has received a TR-1 notification from JLE Group following recent share transactions, indicating a change in major holdings. The notification reveals a decrease in JLE Group’s voting rights from 4.01% to 2.91%, reflecting a significant shift in shareholder structure. This change could impact Amaroq’s governance and stakeholder dynamics, as it involves a notable reduction in voting power by a major shareholder.

The most recent analyst rating on (TSE:AMRQ) stock is a Buy with a C$120.00 price target. To see the full list of analyst forecasts on AEX Gold stock, see the TSE:AMRQ Stock Forecast page.