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Angkor Resources (TSE:ANK)
:ANK
Canadian Market

Angkor Resources (ANK) AI Stock Analysis

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TSE:ANK

Angkor Resources

(ANK)

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Neutral 43 (OpenAI - 5.2)
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Neutral 43 (OpenAI - 5.2)
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Neutral 43 (OpenAI - 5.2)
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Neutral 43 (OpenAI - 5.2)
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Neutral 43 (OpenAI - 5.2)
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Neutral 43 (OpenAI - 5.2)
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Neutral 43 (OpenAI - 5.2)
Rating:43Neutral
Price Target:
C$0.25
▼(-20.65% Downside)
Action:ReiteratedDate:03/21/26
The score is weighed down primarily by weak financial performance (pre-revenue, ongoing losses, cash burn) and elevated leverage, which increases financing risk. Technical indicators also point to a bearish trend with weak momentum, while valuation metrics are constrained by negative earnings and no stated dividend support.
Positive Factors
Assets exceed debt
Total assets of roughly $7.1M exceeding total debt provide a tangible solvency buffer. This structural asset coverage reduces immediate liquidation risk, supports short-term creditor confidence, and can be used as collateral or working capital to sustain operations while the company pursues project milestones.
Improving cash-flow trend
A sharp improvement in free cash flow versus the prior annual period signals better cost control or timing of expenditures. While still negative, a durable trend of shrinking burn improves runway, lowers near-term financing frequency, and indicates management can moderate cash consumption over the coming months.
Equity rebuilt in TTM
Rebuilding equity in the trailing period materially improves the capital structure from its prior strained state. Restored equity reduces immediate leverage ratios, enhances financing optionality, and lessens the probability of highly dilutive raises in the near term, supporting strategic flexibility.
Negative Factors
Pre-revenue and ongoing losses
The company remains pre-revenue with a TTM net loss near $3.9M, meaning core operations do not generate cash. This fundamental gap makes the business model dependent on external capital until project commercialization, prolonging dilution risk and delaying any path to sustainable margins.
Elevated leverage
High leverage (about $4.9M debt vs $1.3M equity) creates structural refinancing and interest-pressure risks. Elevated debt magnifies downturn exposure, constrains strategic choices, and can force costly or dilutive financing that erodes shareholder value if operating performance does not improve.
Negative cash generation
Persistent negative operating and free cash flow (~-$1.27M and -$1.29M TTM) means ongoing reliance on external funding. Even with improvement, sustained negative cash generation structurally limits reinvestment, increases financing frequency, and raises execution risk for exploration and development plans.

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

Angkor Resources 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 Moneynull

Angkor Resources Financial Statement Overview

Summary
Pre-revenue with persistent and sizable losses (TTM net loss ~-$3.9M) and continued cash burn (TTM FCF ~-$1.29M). Balance sheet leverage is a key risk with high debt (~$4.9M) versus equity (~$1.3M), though equity has recently rebuilt and cash burn has improved versus the most recent 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.
BreakdownOct 2025Oct 2024Oct 2023Oct 2022Oct 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 Resources Technical Analysis

Technical Analysis Sentiment
Negative
Last Price0.31
Price Trends
50DMA
0.35
Negative
100DMA
0.32
Negative
200DMA
0.27
Negative
Market Momentum
MACD
-0.02
Positive
RSI
29.46
Positive
STOCH
18.25
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ANK, the sentiment is Negative. The current price of 0.31 is below the 20-day moving average (MA) of 0.33, below the 50-day MA of 0.35, and above the 200-day MA of 0.27, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 29.46 is Positive, neither overbought nor oversold. The STOCH value of 18.25 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:ANK.

Angkor Resources 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%
51
Neutral
C$89.90M-16.24104.48%22.62%
47
Neutral
C$127.82M-24.83-277.38%35.45%
45
Neutral
C$50.63M-14.83-948.21%-2000.00%
43
Neutral
C$52.27M-10.15-351.37%-379.07%
42
Neutral
C$82.24M-17.00-35.87%60.96%
42
Neutral
C$28.21M-13.22-15.36%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:ANK
Angkor Resources
0.26
0.04
15.91%
TSE:BRAU
Big Ridge Gold
0.29
0.21
286.67%
TSE:IVS
Inventus Mining
0.24
0.15
166.67%
TSE:UGD
Unigold
0.43
0.33
372.22%
TSE:KLDC
Warrior Gold Inc
0.18
0.12
250.00%
TSE:ROS
RosCan Gold
0.21
0.13
192.86%

Angkor Resources Corporate Events

Business Operations and Strategy
Angkor Resources Intersects 286 Metres of Copper at Cambodian Thmei North Target
Positive
Mar 11, 2026

Angkor Resources reported results from diamond drill hole AB25-009 at the Thmei North copper target on its Andong Bor license in Cambodia, with copper mineralization encountered over the entire 286.2 metres sampled and grades strengthening at depth. The bottom 67.3 metres averaged 0.22% copper, including 52.6 metres at 0.25% copper, and the hole ended in mineralization, supporting the presence of a porphyry copper-related skarn system with promising potential in both diorite and hornfels host rocks.

Company geologists say alteration patterns and higher grades in the hornfels wall rocks suggest they are targeting the right structural corridor, but emphasize the project is still at an early stage and requires further drilling to delineate more consistent mineralization. A second hole was suspended due to regional border conflict, temporarily halting fieldwork and underscoring geopolitical risk, while the company also supports local geoscience education through collaborative study of historical drill core from nearby Thmei South.

The most recent analyst rating on (TSE:ANK) stock is a Hold with a C$0.37 price target. To see the full list of analyst forecasts on Angkor Resources stock, see the TSE:ANK Stock Forecast page.

Business Operations and StrategyFinancial DisclosuresM&A TransactionsRegulatory Filings and Compliance
Angkor Resources Closes Evesham Sale to Fund Cambodian Growth
Positive
Mar 7, 2026

Angkor Resources has closed the sale of its 40% participating interest in the Evesham Macklin oil and gas lands in Saskatchewan for $4.8 million, with all payments now received and conditional approval granted by the TSX Venture Exchange. The transaction, strongly endorsed by shareholders, transfers post-October 2025 asset entitlements to the buyer and marks a strategic exit from this Canadian oil and gas position.

The deal removes $3.8 million of debt from Angkor’s balance sheet and leaves the company with $1 million in net proceeds, significantly strengthening its working capital. Management says the improved financial position will allow Angkor to focus on advancing its Cambodian onshore Block VIII oil and gas project and its copper and gold exploration licences, positioning the company to pursue higher-growth opportunities in a nascent energy jurisdiction.

The most recent analyst rating on (TSE:ANK) stock is a Hold with a C$0.37 price target. To see the full list of analyst forecasts on Angkor Resources stock, see the TSE:ANK Stock Forecast page.

Business Operations and StrategyExecutive/Board Changes
Angkor Resources Grants 4.28 Million Stock Options to Align Insiders with Growth Plans
Positive
Mar 2, 2026

Angkor Resources has granted 4,275,000 stock options to its directors, management, and consultants under its rolling stock option plan, with each option exercisable at $0.36 per share, matching the company’s last closing price on the TSX Venture Exchange. Options issued to directors and administrative consultants vest immediately and are exercisable for three years until March 2, 2029, while options to management also vest immediately but carry a shorter 12‑month term expiring March 2, 2027.

The option grant aligns key insiders and advisers with shareholder interests as Angkor advances its dual mineral and energy strategy in Cambodia, including copper and gold exploration and onshore oil and gas development through its EnerCam subsidiary. By incentivizing leadership during a pivotal phase of exploration and planned drilling, the company aims to support execution of its growth initiatives and strengthen its positioning in Cambodia’s emerging resource sector.

The most recent analyst rating on (TSE:ANK) stock is a Hold with a C$0.37 price target. To see the full list of analyst forecasts on Angkor Resources stock, see the TSE:ANK Stock Forecast page.

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.

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: Mar 21, 2026