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Apollo Gold (TSE:APGO)
:APGO

Apollo Gold (APGO) AI Stock Analysis

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TSE:APGO

Apollo Gold

(APGO)

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Neutral 44 (OpenAI - 5.2)
Rating:44Neutral
Price Target:
C$3.50
â–¼(-34.33% Downside)
Action:ReiteratedDate:03/13/26
The score is primarily held back by weak financial performance—no revenue, widening losses, and sharply higher cash burn—despite a low-debt balance sheet. Technicals are also unfavorable with the price below key moving averages and negative MACD, though near-oversold indicators provide slight support. Valuation contributes limited insight due to negative earnings and no dividend yield data.
Positive Factors
Low Financial Leverage
Very low financial leverage meaningfully reduces near-term solvency risk and preserves strategic optionality. With minimal debt service obligations, management can prioritize exploration and permitting without immediate refinancing pressure, improving flexibility to fund capital programs over the next several months.
Large Undeveloped Asset
Holding a large undeveloped primary silver asset in the U.S. provides durable scale optionality and strategic positioning. Size supports potential future mine economics, makes the project more attractive to strategic partners and financiers, and aligns with long-term domestic critical-minerals priorities.
Advancing Technical & Permitting Work
A program emphasizing metallurgical testing, geotechnical analysis, baseline monitoring and development-stage permitting materially de-risks project execution. These technical steps improve resource convertibility and mine design readiness, increasing the project's ability to attract capital and approvals over the medium term.
Negative Factors
Pre‑Revenue with Widening Losses
The company remains pre-revenue and recorded materially wider net losses, indicating it is not yet commercial. Persistent negative profitability erodes shareholder equity and extends the timeline to breakeven, heightening execution risk and increasing dependence on external financing to sustain development.
Sharp Increase in Cash Burn
Operating cash flow has been negative across reported periods and surged in the latest year, reflecting sharply higher cash burn. Sustained outflows mean the business cannot self-fund near-term programs and must secure additional capital, constraining strategic choices and raising financing execution risk.
Reliance on External Funding
Company disclosure explicitly flags continued reliance on external funding to sustain spending. Dependence on equity or private placements increases dilution risk, can concentrate ownership with major investors, and exposes the timeline to capital-market conditions, complicating medium-term planning.

Apollo Gold (APGO) vs. iShares MSCI Canada ETF (EWC)

Apollo Gold Business Overview & Revenue Model

Company DescriptionApollo Silver Corp. engages in the exploration and development of silver properties in the United States. The company holds interests in the Waterloo property that includes 27 fee simple land parcels covering an area of 1,352 acres and 21 unpatented lode mining claims covering an area of 418 acres; and the Langtry property that consist of 20 patented claims covering an area of 413 acres and 38 unpatented lode mining claims covering an area of 767 acres located in the Mojave Desert of San Bernardino county, California. It also holds interest in the Arizona Silver District project that includes 3 patented claims, l lode mining claims, and 23 unpatented mill sites covering an area of approximately 2,000 acres situated in La Paz county, Arizona. The company was formerly known as Apollo Gold & Silver Corp. and changed its name to Apollo Silver Corp. in September 2021. Apollo Silver Corp. was incorporated in 1999 and is headquartered in Vancouver, Canada.
How the Company Makes Moneynull

Apollo Gold Financial Statement Overview

Summary
Weak fundamentals for a pre-revenue company: revenue remains zero with persistent losses, and the net loss widened materially in 2025 (about -$9.4M vs. roughly -$3.0M in 2024). Cash burn also increased sharply (operating cash flow around -$8.8M in 2025 vs. about -$2.9M in 2024), implying continued reliance on external funding. The main offset is very low leverage (debt-to-equity near zero), which reduces near-term solvency pressure.
Income Statement
12
Very Negative
Apollo Gold remains a pre-revenue business (revenue is 0 across all annual periods provided), with persistent operating losses. Losses widened materially in the latest year (net loss of about -$9.4M in 2025 vs. roughly -$3.0M in 2024), indicating higher spending without offsetting revenue. Margins are not meaningful given zero revenue, and the overall trajectory shows continued negative profitability with notable year-to-year volatility.
Balance Sheet
60
Neutral
The balance sheet shows very low financial leverage, with debt-to-equity consistently near zero (around 0.5% in 2025), which reduces solvency risk. Total debt is modest (~$175K in 2025). However, shareholder equity has been volatile across the period, and returns on equity are consistently negative (about -28% in 2025), reflecting ongoing losses that can erode capital over time despite low debt.
Cash Flow
20
Very Negative
Cash generation is weak: operating cash flow and free cash flow are negative in every period shown, and cash burn increased sharply in 2025 (operating cash flow around -$8.8M vs. about -$2.9M in 2024). While free cash flow growth is positive in 2024–2025, it is occurring off a negative base and does not indicate self-funding operations. Overall, the company appears reliant on external funding to sustain spending until revenues begin.
BreakdownNov 2025Feb 2025Feb 2024Feb 2023Feb 2022
Income Statement
Total Revenue0.000.000.000.000.00
Gross Profit-143.87K-139.23K-139.00K-133.00K-9.98K
EBITDA-9.48M-3.04M-3.98M-10.85M-2.70M
Net Income-9.38M-2.99M-4.15M-10.61M-2.71M
Balance Sheet
Total Assets33.96M14.12M3.91M92.90M95.20M
Cash, Cash Equivalents and Short-Term Investments31.70M13.68M3.56M9.36M15.75M
Total Debt175.42K113.42K155.68K243.35K214.06K
Total Liabilities767.63K404.32K365.54K2.48M2.72M
Stockholders Equity33.20M13.71M3.54M90.41M92.49M
Cash Flow
Free Cash Flow-8.82M-2.88M-5.69M-9.29M-40.28M
Operating Cash Flow-8.81M-2.87M-5.68K-8.83M-4.10M
Investing Cash Flow-14.26K-9.10K-3.64K-451.98K-36.18M
Financing Cash Flow26.76M13.01M-116.32K2.75M49.88M

Apollo Gold Technical Analysis

Technical Analysis Sentiment
Negative
Last Price5.33
Price Trends
50DMA
4.98
Negative
100DMA
4.65
Negative
200DMA
3.64
Negative
Market Momentum
MACD
-0.32
Positive
RSI
34.22
Neutral
STOCH
24.52
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:APGO, the sentiment is Negative. The current price of 5.33 is above the 20-day moving average (MA) of 4.25, above the 50-day MA of 4.98, and above the 200-day MA of 3.64, indicating a bearish trend. The MACD of -0.32 indicates Positive momentum. The RSI at 34.22 is Neutral, neither overbought nor oversold. The STOCH value of 24.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:APGO.

Apollo 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$163.31M-17.66-11.74%――-0.78%
49
Neutral
C$402.12M-43.68-43.69%――-175.76%
46
Neutral
C$435.49M-8.58-108.87%―5.58%50.96%
44
Neutral
C$218.30M-25.41-130.74%――-135.80%
41
Neutral
C$221.18M-1.48――――
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:APGO
Apollo Gold
3.46
1.98
134.40%
TSE:AGAG
Argenta Silver Corp
0.68
0.42
161.54%
TSE:SVRS
Silver Storm Mining
0.51
0.36
240.00%
TSE:KTN
Kootenay Silver
1.64
0.61
59.22%
TSE:GSVR
Guanajuato Silver Company
0.60
0.40
207.69%
TSE:BNKR
Bunker Hill Mining
5.50
-0.45
-7.56%

Apollo Gold Corporate Events

Business Operations and Strategy
Apollo Silver Earns Spot in 2026 TSX Venture 50 on Strong Market Performance
Positive
Feb 18, 2026

Apollo Silver Corp., a silver-focused explorer with key assets in California and Mexico, is positioning itself as a significant player in the critical minerals supply chain for U.S. energy, industrial and medical sectors. Led by an experienced management team, the company aims to deliver value through exploration and development of its large-scale silver and associated mineral deposits.

Apollo Silver has been ranked 13th overall in the 2026 TSX Venture 50, an annual ranking of the top-performing issuers on the TSX Venture Exchange based on market cap growth, share price appreciation and trading value. The recognition reflects a year of strong market performance, supported by substantial share price gains and the advancement of its Calico and Cinco de Mayo projects amid a constructive market for silver as a critical industrial mineral.

The most recent analyst rating on (TSE:APGO) stock is a Hold with a C$5.50 price target. To see the full list of analyst forecasts on Apollo Gold stock, see the TSE:APGO Stock Forecast page.

Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Apollo Silver Brings Back Tom Peregoodoff as Prospective Executive Chair
Positive
Feb 12, 2026

Apollo Silver Corp. has nominated former president and CEO Tom Peregoodoff for election to its board at the March 27 annual meeting, with the board intending to appoint him Executive Chair if elected. Founder and current chair Andrew Bowering will step down from the chair role but remain an active director and significant shareholder.

Peregoodoff, who brings more than three decades of natural resources and capital markets experience, is expected to help drive advancement of the Calico and Cinco de Mayo projects and reinforce corporate strategy and governance. Concurrently, audit committee chair Steven Thomas will become Lead Independent Director, strengthening independent oversight and liaison between the board’s independent members and management as Apollo Silver enters its next development phase.

The most recent analyst rating on (TSE:APGO) stock is a Hold with a C$5.50 price target. To see the full list of analyst forecasts on Apollo Gold stock, see the TSE:APGO Stock Forecast page.

Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Apollo Silver Brings Back Tom Peregoodoff as Prospective Executive Chair in Board Shake-Up
Positive
Feb 12, 2026

Apollo Silver Corp. has nominated former president and chief executive Tom Peregoodoff for election to its board at the March 27 annual meeting, with the intention of appointing him executive chair if shareholders approve. Founder and current chair Andrew Bowering will step down from the chair role but remain on the board, while audit committee chair Steven Thomas will become lead independent director to strengthen independent oversight.

The leadership reshuffle brings back a mining veteran with more than three decades of experience in corporate strategy, project advancement and capital markets, including a prior stint leading Apollo Silver and senior roles at BHP and Peregrine Diamonds. The company frames the move as positioning Apollo to advance its Calico and Cinco de Mayo projects and to support more disciplined execution of its growth strategy as it develops one of the largest undeveloped primary silver portfolios in the U.S.

The most recent analyst rating on (TSE:APGO) stock is a Hold with a C$5.50 price target. To see the full list of analyst forecasts on Apollo Gold stock, see the TSE:APGO Stock Forecast page.

Business Operations and Strategy
Apollo Silver Joins U.S. Defense Industrial Base Consortium to Advance Critical Minerals Supply
Positive
Feb 2, 2026

Apollo Silver Corp. has been accepted into the U.S. Defense Industrial Base Consortium, a U.S. Department of Defense-supported network aimed at strengthening critical materials and technologies central to national security and domestic supply chains. The membership positions Apollo Silver to participate in federally sponsored initiatives tied to mining and processing silver, barite and zinc at its U.S.-based Calico Project, where its sizeable primary silver resource and exposure to critical minerals could bolster the resilience of U.S. industrial, infrastructure and defense-related supply chains and potentially enhance the company’s strategic relevance to government and industry stakeholders.

The most recent analyst rating on (TSE:APGO) stock is a Hold with a C$5.50 price target. To see the full list of analyst forecasts on Apollo Gold stock, see the TSE:APGO Stock Forecast page.

Business Operations and StrategyPrivate Placements and Financing
Apollo Silver Raises $27.5 Million as Jupiter Asset Management Boosts Stake
Positive
Jan 28, 2026

Apollo Silver Corp. has closed the second and final tranche of its upsized non-brokered private placement, raising $12.5 million from a fund managed by Jupiter Asset Management and bringing total gross proceeds of the offering to $27.5 million. The investment increases Jupiter Fund’s stake to about 11.9% of Apollo Silver’s outstanding shares on a non-diluted basis, or 16.9% on a partially diluted basis assuming exercise of warrants, underscoring institutional confidence in the company’s silver assets in the U.S. and Mexico; Apollo plans to use the proceeds to advance its flagship Calico Silver Project in California, support community relations at the Cinco de Mayo project in Mexico, fund property maintenance, and for general corporate purposes, with the financing still subject to final TSX Venture Exchange acceptance.

The most recent analyst rating on (TSE:APGO) stock is a Hold with a C$5.50 price target. To see the full list of analyst forecasts on Apollo Gold stock, see the TSE:APGO Stock Forecast page.

Business Operations and StrategyPrivate Placements and Financing
Apollo Silver Raises $15 Million in First Tranche of Upsized Private Placement
Positive
Jan 21, 2026

Apollo Silver has closed the first tranche of its upsized non-brokered private placement, raising $15 million through the issuance of 3 million units at $5.00 each, with significant participation from major shareholder Eric Sprott and company insiders. Sprott’s investment of $12.5 million increases his stake to about 10.3% on a non-diluted basis and 15.8% on a partially diluted basis, underscoring confidence in the company’s silver assets, while a further tranche involving Jupiter Asset Management remains subject to regulatory approval; net proceeds will fund advancement of the Calico and Cinco de Mayo silver projects, ongoing property costs and general corporate purposes, reinforcing Apollo Silver’s positioning in the tightening silver market.

The most recent analyst rating on (TSE:APGO) stock is a Hold with a C$5.50 price target. To see the full list of analyst forecasts on Apollo Gold stock, see the TSE:APGO Stock Forecast page.

Business Operations and StrategyPrivate Placements and Financing
Apollo Silver Upsizes Private Placement to $27.5 Million to Boost Project Funding and Insider Alignment
Positive
Dec 29, 2025

Apollo Silver has increased the size of its previously announced non-brokered private placement by $2.5 million to a maximum of $27.5 million, primarily to accommodate insider participation, through the issuance of up to 5.5 million units priced at $5.00 each. The upsized financing, which includes major commitments from its two largest shareholders, Eric Sprott and a Jupiter Asset Management fund, will strengthen the company’s funding base for exploration and development of its silver and barite projects, while slightly increasing insider ownership and aligning key stakeholders more closely with the company’s long-term project advancement; the placement remains subject to TSX Venture Exchange and regulatory approvals and is structured in compliance with Canadian related-party transaction rules.

Business Operations and StrategyPrivate Placements and Financing
Apollo Silver Upsizes Warrant Component in $25 Million Financing
Positive
Dec 22, 2025

Apollo Silver Corp. has corrected the terms of its recently announced $25 million non-brokered private placement involving Eric Sprott and Jupiter Asset Management, clarifying that each of the 5 million units will now consist of one common share and one full share purchase warrant, rather than a half warrant as initially stated. The full warrant will allow investors to buy an additional share at $7.00 for 24 months from closing, with all securities subject to a four-month hold and the financing still requiring TSX Venture Exchange approval; net proceeds are earmarked for exploration and development across Apollo’s portfolio as well as general corporate purposes, potentially strengthening the company’s funding position as it advances its U.S. and Mexican silver projects.

Business Operations and StrategyPrivate Placements and Financing
Apollo Silver Secures $25 Million Strategic Financing from Eric Sprott and Jupiter Asset Management
Positive
Dec 22, 2025

Apollo Silver Corp. has announced a C$25 million non-brokered private placement, selling 5 million units at C$5.00 each to its two largest shareholders, Eric Sprott and a fund managed by Jupiter Asset Management, who will each acquire 2.5 million units. Post-financing, the Jupiter fund will hold about 12.1% and Eric Sprott roughly 9.6% of Apollo’s outstanding common shares on an undiluted basis, reinforcing their strategic backing as the company funds exploration and development of its Calico silver-barite project in the U.S. and its Cinco de Mayo option in Mexico, as well as general corporate purposes; each unit consists of one share and a half-warrant exercisable at C$7.00 for 24 months, with the closing subject to TSX Venture Exchange approval and standard hold periods and securities law restrictions.

Business Operations and StrategyM&A Transactions
Apollo Silver Gains Full Ownership of Athena Claims, Tightens Grip on Calico Project
Positive
Dec 18, 2025

Apollo Silver Corp. has completed all payments under its option agreement with Athena Minerals, securing 100% ownership of 36 unpatented lode mining claims known as the Athena Claims, which form part of its Langtry Property within the Calico Silver Project in San Bernardino County, California. The acquisition, which included a final US$950,000 cash payment and the grant of a 1% net smelter return royalty to Athena on certain claims, consolidates the company’s land position at Calico, a major undeveloped U.S. silver asset with substantial measured, indicated and inferred resources, and strengthens Apollo Silver’s strategic position in silver and critical minerals amid rising interest in secure domestic supply. The company also disclosed that it has 34,903,440 outstanding share purchase warrants, each five exercisable into one common share at an exercise price of $3.95 and expiring on July 8, 2026, information relevant for existing warrant holders and potential investors reviewing the company’s capital structure.

Business Operations and Strategy
Apollo Silver Seeks Community Support for Cinco de Mayo Project
Positive
Dec 15, 2025

Apollo Silver Corp. has been actively engaging with local communities in Chihuahua, Mexico, to regain access to its Cinco de Mayo Project, which was restricted in 2012. The company aims to establish a long-term access agreement that promises economic benefits, employment opportunities, and environmental stewardship to the local Ejido community. This initiative is part of Apollo’s strategy to promote responsible mineral exploration and development, aligning with the Mexican government’s interest in sustainable mining practices.

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 13, 2026