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Angkor Gold Corp (TSE:ANK)
:ANK
Canadian Market

Angkor Gold (ANK) AI Stock Analysis

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TSE:ANK

Angkor Gold

(ANK)

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Neutral 51 (OpenAI - 5.2)
Rating:51Neutral
Price Target:
C$0.37
▲(18.39% Upside)
The score is held back primarily by weak financial performance (pre-revenue, losses, cash burn) and leverage risk, partially offset by constructive technical trend/momentum and a series of positive corporate updates aimed at improving funding flexibility and advancing exploration plans.
Positive Factors
Funding via asset sale & debt reschedule
A planned $4.8M asset sale plus a TSX-approved shares-for-debt transaction materially improves near-term funding flexibility and reduces immediate liquidity strain. This structural funding action lowers refinancing risk and enables continued exploration activity over the next several quarters.
Rebuilt equity and asset coverage
Rebuilding equity and holding total assets above debt provides a clearer capital buffer vs prior periods. That improved balance-sheet positioning enhances creditor confidence and gives management more runway to progress projects without immediate distress, supporting medium-term operational resilience.
Improving free cash flow trend
A sharp improvement in free cash flow versus the prior annual period signals better cost control or timing of expenditures. Sustained FCF improvement would reduce reliance on external financing, extend the company’s operational runway, and support continued exploration investment over 2–6 months.
Negative Factors
Pre-revenue with persistent losses
Being pre-revenue and loss-making means the business cannot self-fund operations and must rely on external capital. Continuous losses erode equity, increase dilution risk, and make the company vulnerable to capital market conditions, limiting long-term financial independence and execution certainty.
Elevated leverage relative to equity
A debt-to-equity ratio near 3.8x indicates pronounced leverage that amplifies solvency and refinancing risk. High leverage can constrain strategic flexibility, increase cost of capital, and force asset sales or dilutive financings if exploration timelines slip or market conditions tighten.
Negative operating and free cash flow
Persistent negative operating and free cash flow creates an ongoing need for external funding. Dependence on financings or asset disposals raises execution and dilution risk, and can interrupt project schedules if capital is delayed, constraining long-term value creation potential.

Angkor Gold (ANK) vs. iShares MSCI Canada ETF (EWC)

Angkor Gold Business Overview & Revenue Model

Company DescriptionAngkor Resources Corp. operates as a mineral, and oil and gas exploration company. The company explores for gold, silver, and copper deposits on its two mineral exploration licenses covering approximately 266 square kilometer land package in Cambodia. It also owns an oil and gas exploration license that covers 7,300 square kilometers in Cambodia. The company was formerly known as Angkor Gold Corp. and changed its name to Angkor Resources Corp. in September 2019. Angkor Resources Corp. was incorporated in 2008 and is based in Sexsmith, Canada.
How the Company Makes MoneyAngkor Gold makes money through its exploration and development activities, primarily by entering into joint ventures and partnerships with other mining companies. These partnerships often involve sharing the costs and risks of exploration while providing Angkor Gold with a percentage of any future revenues or profits generated from successful mineral discoveries and subsequent mining operations. Additionally, the company may earn revenue through the sale or optioning of its exploration licenses to interested parties. Angkor Gold's earnings are significantly influenced by its ability to discover economically viable mineral deposits and the subsequent interest from larger mining companies or investors willing to develop these resources.

Angkor Gold Financial Statement Overview

Summary
Financial profile is weak: the company is pre-revenue with persistent losses and ongoing cash burn. Balance-sheet leverage is a key risk (debt meaningfully exceeds equity), partially offset by some recent improvement in equity and better free-cash-flow trend versus the latest annual period.
Income Statement
8
Very Negative
Angkor Gold remains pre-revenue (revenue is 0 across all periods), with persistent and sizable losses. Profitability is weak: TTM (Trailing-Twelve-Months) net loss of about $3.9M worsened versus the latest annual net loss of about $2.9M, indicating cost pressure and limited operating leverage. While the annual net loss improved materially from 2021’s ~$5.7M loss, the overall earnings profile is still highly negative and dependent on external funding rather than business cash generation.
Balance Sheet
18
Very Negative
Leverage is a key risk. Debt remains high (~$4.9M TTM) relative to equity (~$1.3M TTM), leaving the company with elevated balance sheet risk (debt-to-equity ~3.8x TTM). The capital structure was particularly strained in the latest annual period when equity was near zero, driving extremely high leverage. Positively, equity has rebuilt in the TTM snapshot and total assets (~$7.1M TTM) remain above total debt, but negative returns on equity signal ongoing value erosion from losses.
Cash Flow
22
Negative
Cash generation is negative but shows some recent improvement. TTM (Trailing-Twelve-Months) operating cash flow is about -$1.27M and free cash flow about -$1.29M, reflecting continued cash burn typical of an early-stage explorer. However, free cash flow improved sharply versus the most recent annual period (strong positive free-cash-flow growth), suggesting better cost control or timing benefits. A mitigating factor is that cash burn is broadly aligned with reported losses (free cash flow roughly in line with net loss), but the company still requires financing to sustain operations.
BreakdownDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue0.000.000.000.000.00
Gross Profit-1.41K0.00-25.95K-31.71K-21.72K
EBITDA-2.85M-1.04M-876.67K-2.58M-5.50M
Net Income-2.87M-621.78K-987.98K-2.71M-5.68M
Balance Sheet
Total Assets7.38M7.53M3.32M3.79M3.59M
Cash, Cash Equivalents and Short-Term Investments896.71K169.58K56.72K606.46K398.22K
Total Debt5.45M5.98M1.83M1.56M1.24M
Total Liabilities7.33M6.35M2.77M2.53M2.16M
Stockholders Equity90.94K1.22M562.24K1.28M1.44M
Cash Flow
Free Cash Flow-719.77K-1.30M-832.68K-1.27M-1.05M
Operating Cash Flow-702.86K-1.11M-779.80K-1.08M-1.01M
Investing Cash Flow235.96K-3.71M-76.81K-979.81K-454.47K
Financing Cash Flow1.19M4.92M311.48K2.30M309.12K

Angkor Gold Technical Analysis

Technical Analysis Sentiment
Positive
Last Price0.31
Price Trends
50DMA
0.32
Positive
100DMA
0.29
Positive
200DMA
0.24
Positive
Market Momentum
MACD
<0.01
Positive
RSI
53.41
Neutral
STOCH
15.74
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ANK, the sentiment is Positive. The current price of 0.31 is below the 20-day moving average (MA) of 0.36, below the 50-day MA of 0.32, and above the 200-day MA of 0.24, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 53.41 is Neutral, neither overbought nor oversold. The STOCH value of 15.74 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:ANK.

Angkor Gold Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
61
Neutral
$10.43B7.12-0.05%2.87%2.86%-36.73%
54
Neutral
C$99.38M-35.96-24.87%60.96%
51
Neutral
C$71.01M-17.72-351.37%-379.07%
48
Neutral
C$48.36M-16.76-16.97%
47
Neutral
C$66.17M-29.58-141.64%35.45%
45
Neutral
C$61.50M-19.73-3699.15%-2000.00%
39
Underperform
C$74.55M-25.3822.62%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:ANK
Angkor Gold
0.37
0.26
247.62%
TSE:BRAU
Big Ridge Gold
0.32
0.24
285.54%
TSE:IVS
Inventus Mining
0.29
0.21
262.50%
TSE:UGD
Unigold
0.21
0.14
180.00%
TSE:KLDC
Warrior Gold Inc
0.29
0.22
375.00%
TSE:ROS
RosCan Gold
0.17
0.11
200.00%

Angkor Gold Corporate Events

Business Operations and StrategyExecutive/Board ChangesM&A TransactionsShareholder Meetings
Angkor Resources Reshapes Board and Sheds Debt to Refocus on Cambodian Growth
Positive
Jan 31, 2026

Angkor Resources Corp. reported that shareholders approved all resolutions at its latest annual general meeting, including the reappointment of auditors, confirmation of a six-member board and the election of veteran geoscientist Dr. David Johnson as a new director, while two long-standing directors, Steve Cochrane and Scott Smith, retired from the board. Investors also overwhelmingly backed the C$4.8 million sale of Angkor’s 40% interest in the Evesham Macklin oil and gas lands in Saskatchewan, a transaction that removes C$3.8 million of debt and delivers C$1 million in net proceeds, enabling the company to sharpen its strategic focus and redeploy capital into its Cambodian onshore Block VIII project for future growth.

The most recent analyst rating on (TSE:ANK) stock is a Hold with a C$0.39 price target. To see the full list of analyst forecasts on Angkor Gold stock, see the TSE:ANK Stock Forecast page.

Business Operations and Strategy
Angkor Resources Targets Multiple Oil and Gas Prospects on Cambodia’s Block VIII
Positive
Jan 21, 2026

Angkor Resources’ energy subsidiary EnerCam Resources has delineated four exploratory drill targets across Cambodia’s onshore Block VIII, following interpretation of 350 line kilometres of seismic data over the Bokor and Kirirom subbasins within the 4,095-square-kilometre licence area. The work has identified several large structural and stratigraphic traps, including three major anticline structures at South, Central and North Bokor and a stratigraphic trap in the Kirirom subbasin, each offering potential for multiple oil and gas accumulations at depths exceeding 3,000 metres and drawing analogies to Thailand’s producing Nam Phong and Sinphuhorn gas fields. The company plans to proceed with an Environmental Impact Assessment as the next step toward drilling, while also bolstering its business development efforts by granting 250,000 stock options to consultants, underscoring its intent to advance Block VIII from seismic interpretation to the drilling phase and potentially reshape its position in Cambodia’s emerging energy sector.

The most recent analyst rating on (TSE:ANK) stock is a Hold with a C$0.40 price target. To see the full list of analyst forecasts on Angkor Gold stock, see the TSE:ANK Stock Forecast page.

Business Operations and Strategy
Angkor Resources Accelerates Gold Exploration at CZ and Wild Boar Prospects in Cambodia
Positive
Jan 15, 2026

Angkor Resources is ramping up exploration on its Andong Meas licence in Cambodia, launching a trenching, sampling and assay program on the newly defined CZ Gold prospect, where artisanal activity and placer-mined creek sediments have highlighted gold mineralisation along a 47‑metre underground incline. In parallel, the company is preparing a drill program at the nearby Wild Boar prospect, where previous trenching and sampling of quartz veins and float have expanded a gold anomaly to roughly 1.5 by 1.2 kilometres, signaling a potentially significant gold system that could enhance Angkor’s exploration pipeline and strengthen its positioning in Cambodia’s emerging gold sector.

The most recent analyst rating on (TSE:ANK) stock is a Hold with a C$0.34 price target. To see the full list of analyst forecasts on Angkor Gold stock, see the TSE:ANK Stock Forecast page.

Business Operations and StrategyM&A TransactionsShareholder Meetings
Angkor Resources Strikes $4.8 Million Deal to Divest Saskatchewan Oil Interest
Positive
Jan 5, 2026

Angkor Resources Corp. has signed a definitive agreement to sell its 40% participating interest in the Evesham Macklin oil and gas assets in Saskatchewan for $4.8 million to an arm’s length purchaser, with closing expected on January 30, 2026, and a staged payment structure that includes application of a $3.8 million loan previously advanced by the buyer. The transaction, which transfers profit entitlements and operating and capital commitments on the assets effective October 1, 2025, remains subject to shareholder approval at the company’s January 29, 2026 annual meeting and required stock exchange regulatory approvals, and reflects an ongoing reshaping of Angkor’s Canadian oil and gas portfolio within its broader cross-border resource and energy strategy.

The most recent analyst rating on (TSE:ANK) stock is a Hold with a C$0.32 price target. To see the full list of analyst forecasts on Angkor Gold stock, see the TSE:ANK Stock Forecast page.

Business Operations and StrategyM&A Transactions
Angkor Resources to Sell Saskatchewan Oil Interest to Fund Cambodian Expansion
Positive
Dec 21, 2025

Angkor Resources has signed a binding letter of intent to sell its 40% participating interest in the Evesham Macklin oil and gas lands in Saskatchewan for $4.8 million, with closing targeted for January 31, 2026. The buyer, which previously loaned $3.8 million to fund Angkor’s acquisition of the asset, will apply the outstanding loan against the purchase price alongside staged cash payments, and will assume profit entitlements and capital commitments from October 1, 2025. Management says the divestiture, which involves no finders’ fees or equity dilution, is aimed at redeploying net proceeds into advancing Cambodian oil, gas, gold and copper projects, including drill targeting on Block VIII following a promising seismic program that has identified multiple drilling prospects. The company plans to use the strengthened balance sheet and single-country focus to build an attractive platform for potential sale or merger opportunities, positioning itself around what it hopes will become Cambodia’s first commercial onshore hydrocarbons discovery, supported by a pipeline of gold and copper prospects.

Business Operations and StrategyProduct-Related Announcements
Angkor Resources Unveils New Gold Prospect in Cambodia Amid Regional Tensions
Positive
Dec 10, 2025

Angkor Resources Corp. has identified a new gold target, CZ Gold, on the Andong Meas exploration license in Cambodia. This discovery, based on artisanal mining activities and geological assessments, includes a quartz stockwork and historical workings. The company plans to conduct surface trenching and sampling in early 2026 to further explore the potential of this gold prospect. Despite regional border conflicts, the company’s operations in the affected areas are on hold, but the Andong Meas site remains unaffected. This development could enhance Angkor’s positioning in the mineral exploration industry, potentially benefiting stakeholders through increased gold exploration activities.

Business Operations and Strategy
Angkor Resources Identifies New Drilling Target in Cambodia
Positive
Dec 4, 2025

Angkor Resources Corp. has identified Mussel Basin as a new target for exploratory drilling on its Block VIII oil and gas license in Cambodia. The seismic data suggests that Mussel Basin is structurally different from other basins in the area, potentially offering shallower drilling targets and higher reservoir porosity. This development is part of Angkor’s ongoing efforts to advance oil and gas exploration in Cambodia, supporting its mission to establish the country as an oil and gas producer.

Business Operations and Strategy
Angkor Resources Partners with Departures Capital for Investor Outreach
Positive
Nov 25, 2025

Angkor Resources Corp. has engaged Departures Capital Inc. to enhance its visibility in the global investment community through a five-month digital marketing and investor outreach campaign. This initiative aims to increase investor engagement and awareness by producing video content, developing an investor landing page, and leveraging social media platforms. The contract, valued at US$25,000, signifies Angkor’s strategic efforts to bolster its market presence and attract potential investors, aligning with its broader goals in mineral and energy solutions across its operational regions.

Business Operations and Strategy
Angkor Resources Advances Andong Bor Drill Core Analysis
Positive
Nov 20, 2025

Angkor Resources Corp. has announced further analysis and conclusions on the drill core from its Andong Bor license in Cambodia. The recent drilling has revealed significant copper mineralization within the sedimentary rocks, with increased assay values near the reactive wallrock. This discovery will influence the design of future drilling programs, potentially leading to shallower and more mineralized intercepts, with plans to continue drilling into 2026.

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.Date of analysis: Dec 30, 2025