Argo Gold (ARQ) AI Stock Analysis

• Market Cap: C$7.62M
• Dividend Yield: N/A
• Average Volume (3M): 33.65K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.26
• Revenue Growth: -15.28%
• EPS Growth: -122.22%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): <0.01
• Shares Outstanding: 72,527,770
• 10 Day Avg. Volume: 31,354
• 30 Day Avg. Volume: 33,653
• PEG Ratio: -0.05
• Price to Book (P/B): 3.98
• Price to Sales (P/S): 2.62
• P/FCF Ratio: 24.62
• 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: 60 Neutral
• Price Target: C$0.11 ▲(83.33% Upside)

The score is driven primarily by mixed financial performance—positive cash flow and moderate leverage are offset by declining revenue and a return to a small loss—while technicals are strong with price well above moving averages and a positive MACD. Valuation is a key drag due to a negative P/E and no dividend yield.

Positive Factors

Positive cash generation

Sustained positive operating and free cash flow provides a durable internal funding source for exploration and project advancement, reducing immediate dilution risk. This strengthens operational runway and makes the company a more viable joint-venture partner over the next several quarters.

Manageable leverage

Lower and improving leverage with positive equity gives the firm financial flexibility to fund exploration or absorb setbacks. A sub-1.0 debt/equity ratio reduces refinancing strain and supports longer-term project timelines and partner negotiations in capital-intensive mining development.

Focused North American exploration model

A clear, focused business model in a large, stable mining jurisdiction supports durable value creation: disciplined exploration plus geological expertise increases odds of economically viable discoveries and makes the company attractive for JV deals or asset sales to majors.

Negative Factors

Declining revenue and slipped profitability

Falling revenue and a return to net losses weaken the company's ability to self-fund exploration and raise concerns about sustainable operations. Persistent negative profitability can force dilutive financing or delay project milestones, impairing long-term value creation.

Multi-year earnings volatility

Irregular earnings and multi-year revenue gaps undermine predictability critical for securing long-term JV funding or attracting strategic partners. This structural volatility raises execution risk and complicates capital planning for multi-year exploration programs.

Weak cash cover of debt

Although cash flow is positive, coverage under 0.5x means limited buffer against increased spending or adverse results. If exploration ramps or costs rise, the company may need external financing, increasing dilution risk and potentially constraining project advancement.

Argo Gold Business Overview & Revenue Model

Company Description

Argo Gold Inc., a development stage company, focuses on the exploration and development of mineral properties in northwestern Ontario. The company explores for gold, silver, cobalt, and zinc deposits. Its flagship project is the 100% owned Uchi gold project covering 22 square kilometers located to the west of Uchi Lake in the Birch-Uchi Greenstone Belt, Ontario; and the 100% owned Talbot Lake gold project covering 760 hectares located in the Uchi geological sub-province. The company was formerly known as Arbitrage Exploration Inc. and changed its name to Argo Gold Inc. in September 2016. Argo Gold Inc. was incorporated in 1995 and is based in Toronto, Canada.

How the Company Makes Money

Argo Gold generates revenue primarily through the exploration and potential development of its gold properties. The company focuses on advancing its projects through systematic exploration, which may lead to the discovery of economically viable mineral resources. Key revenue streams include any future sales or royalties from mined gold, joint venture agreements, and potential partnerships with larger mining firms that may provide funding or resources in exchange for a stake in the projects. Additionally, the company may benefit from favorable market conditions for gold, which can increase the value of its assets and attract investment.

Argo Gold Financial Statement Overview

Summary

Results are mixed: cash flow is a relative strength (positive TTM operating and free cash flow), and leverage is manageable (debt-to-equity below 1.0), but operating performance weakened with TTM revenue down and profitability slipping back to a small net loss with negative ROE. Earnings durability is also tempered by multi-year volatility.

Income Statement

TTM (Trailing-Twelve-Months) revenue declined (-11.5%) and profitability softened materially: net margin turned slightly negative (~-5%) versus solid profitability in 2024 (net margin ~19%). Gross margin remains positive in TTM (~44%), but it is down from 2024 (~55%), signaling weaker unit economics and/or higher costs. The longer history shows meaningful volatility (losses in 2023 and no meaningful revenue in 2020–2022), which tempers confidence in earnings durability.

Balance Sheet

Leverage looks manageable with debt-to-equity below 1.0 in TTM (~0.78) and 2024 (~0.75), an improvement from 2023 (~1.17). Equity is positive (~$1.4M TTM) and assets are stable (~$3.2M TTM). The key weakness is returns: return on equity is negative in TTM (~-6%), down from strong 2024 levels, reflecting the recent slip back into losses.

Cash Flow

Cash generation is a relative bright spot: TTM operating cash flow (~$0.76M) and free cash flow (~$0.40M) are positive and free cash flow improved sharply versus 2024. However, cash conversion still warrants monitoring—operating cash flow covers less than half of debt in TTM (~0.46), and with TTM net income slightly negative, earnings quality/consistency remains uneven despite positive cash flow.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.84M	2.24M	952.69K	0.00	0.00	0.00
Gross Profit	802.39K	1.24M	662.99K	-3.36K	-2.14K	-1.14K
EBITDA	384.89K	949.88K	-25.43K	-1.44M	-2.17M	-1.61M
Net Income	-91.15K	437.08K	-280.00K	-1.45M	-2.18M	-206.55K
Balance Sheet
Total Assets	3.18M	3.30M	2.78M	1.09M	2.14M	4.30M
Cash, Cash Equivalents and Short-Term Investments	282.33K	289.92K	74.89K	85.37K	1.15M	3.31M
Total Debt	1.11M	1.11M	1.11M	0.00	0.00	0.00
Total Liabilities	1.76M	1.83M	1.83M	478.43K	79.16K	345.10K
Stockholders Equity	1.42M	1.47M	949.13K	613.73K	2.06M	3.96M
Cash Flow
Free Cash Flow	399.58K	238.17K	-1.67M	-815.06K	-1.98M	-1.52M
Operating Cash Flow	763.05K	952.43K	122.01K	-807.70K	-1.98M	-1.39M
Investing Cash Flow	-374.03K	-714.26K	-1.73M	-6.92K	673.68K	311.89K
Financing Cash Flow	-115.66K	-23.14K	1.68M	0.00	322.00K	2.76M

Argo Gold Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.06
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ARQ, the sentiment is Neutral. The current price of 0.06 is below the 20-day moving average (MA) of 0.11, below the 50-day MA of 0.08, and below the 200-day MA of 0.07, indicating a neutral trend. The MACD of 0.01 indicates Positive momentum. The RSI at 49.93 is Neutral, neither overbought nor oversold. The STOCH value of 38.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:ARQ.

Argo Gold 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%
ARQ	60 Neutral	C$7.62M	-87.50	-6.09%	―	-15.28%	-122.22%
VGD	51 Neutral	C$5.94M	2.94	―	―	―	38.50%
HVG	45 Neutral	C$6.07M	-1.09	-93.08%	―	―	-230.94%
KGC	42 Neutral	C$4.87M	-10.47	-22.19%	―	―	-4.55%
EDGM	42 Neutral	C$4.97M	-13.64	-13.58%	―	―	-50.00%
GCN	27 Underperform	C$5.32M	-14.71	-75.44%	―	―	-64.52%

Argo Gold Corporate Events

Argo Gold Signs 60-Day Social Media Marketing Deal to Boost Investor Visibility

Argo Gold Inc. has signed a 60-day advertising and e‑marketing agreement with 1001103323 Ontario Inc. to expand its digital presence across social media platforms including X, Facebook, YouTube and Reddit, for a fee of CAD$20,000, with an option to renew by mutual consent. The campaign is aimed at boosting market visibility and investor awareness of Argo Gold’s mineral exploration and oil production activities, underscoring the company’s effort to strengthen its capital markets profile and engagement with existing and prospective shareholders.

The most recent analyst rating on (TSE:ARQ) stock is a Hold with a C$0.09 price target. To see the full list of analyst forecasts on Argo Gold stock, see the TSE:ARQ Stock Forecast page.

Argo Gold Posts Positive Cash Flow From October Oil Production

Argo Gold Inc. reported October 2025 oil production of 1,800 barrels, averaging 58 barrels per day across its interests in the Lindbergh and Lloyd fields. With an average realized oil price of CAD$59 per barrel, the company generated oil revenue of $107,021 and net operating cash flow of $57,435 for the month, underscoring a modest but positive cash-generating contribution from its oil operations alongside its core mineral exploration business.

The most recent analyst rating on (TSE:ARQ) stock is a Hold with a C$0.06 price target. To see the full list of analyst forecasts on Argo Gold stock, see the TSE:ARQ Stock Forecast page.

Argo Gold Posts Cash-Positive October Oil Production

Argo Gold Inc. reported October 2025 oil production of 1,800 barrels, averaging 58 barrels per day, generating oil revenue of C$107,021 and net operating cash flow of C$57,435 at an average realized price of C$59 per barrel. Output was derived from its working interests in the Lindbergh and Lloyd oil assets, with Lindbergh 1, Lindbergh 2, Lindbergh 3 and Lloyd 1 contributing varying daily volumes and cash flows, highlighting that oil production is providing a meaningful, cash-generating complement to the company’s mineral exploration and development activities.

The most recent analyst rating on (TSE:ARQ) stock is a Hold with a C$0.06 price target. To see the full list of analyst forecasts on Argo Gold stock, see the TSE:ARQ Stock Forecast page.

Argo Gold Reports 2025 Oil Production Amid Market Challenges

Argo Gold reported its oil production for the first nine months of 2025, totaling 24,003 barrels, with an average of 88 barrels per day. The company faced challenges with the collapse of its Lloyd 2 well and did not proceed with planned drilling due to low oil prices. Despite these setbacks, Argo Gold generated CAD$1,631,714 in oil revenue and maintained a net operating cash flow of $913,157, reflecting its resilience in a challenging market environment.

Argo Gold Expands Uranium Claims in Saskatchewan’s Athabasca Basin

Argo Gold Inc. has expanded its uranium mineral claim position in the Athabasca Basin, Saskatchewan, by acquiring a 100% interest in Thunderclap, covering 264 hectares. This strategic move enhances Argo’s portfolio, which includes other prospective uranium areas in the region. The Thunderclap property is located near several significant uranium mines and deposits, making it a highly promising site for future exploration. The company’s expansion in a mining-friendly jurisdiction like Saskatchewan positions it well for advancing mineral exploration, potentially benefiting stakeholders by increasing resource potential and market competitiveness.