Entree Gold (ETG) AI Stock Analysis

• Market Cap: C$469.29M
• Dividend Yield: N/A
• Average Volume (3M): 72.54K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.99
• Revenue Growth: N/A
• EPS Growth: -41.18%
• Country: CA
• Employees: 4
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): -0.03
• Shares Outstanding: 208,571,900
• 10 Day Avg. Volume: 122,849
• 30 Day Avg. Volume: 72,539
• PEG Ratio: 1.71
• Price to Book (P/B): -3.87
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -138.13
• 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: 44 Neutral
• Price Target: C$2.50 ▼(-9.09% Downside)
• Action: Reiterated Date: 03/09/26
• Date: Action: Reiterated 03/09/26

The score is primarily weighed down by very weak financial performance (no revenue, recurring losses, negative equity, rising debt, and cash burn). Technicals are relatively neutral with modestly negative momentum, while valuation provides limited support due to losses and no dividend.

Positive Factors

Flexible funding and asset-monetization model

A business model that explicitly targets equity raises, JV partner funding, and asset monetization gives Entree structural flexibility to advance projects without operating revenue. Over 2–6 months this reduces reliance on single funding sources and enables project progress via partner-funded drilling or option deals.

Strategic exposure to gold and copper

Holding exploration-stage gold and copper assets in Mongolia and the western U.S. gives durable exposure to long-term commodity trends—copper demand from electrification and persistent gold demand. These commodities attract strategic partner interest and potential offtake or JV activity over time.

Very low corporate overhead

A four-person corporate structure implies low fixed overhead and administrative burn. For an explorer, this structural cost discipline preserves cash for episodic exploration or makes it easier to fund activity via partners, reducing baseline financing needs over the medium term.

Negative Factors

No operating revenue

The company generates no operating revenue, creating a structural dependence on capital markets or asset deals to fund operations. This lack of internally generated cash makes multi‑period planning contingent on external financing and elevates execution and dilution risk over the medium term.

Negative shareholders' equity and rising debt

A persistent equity deficit and growing debt burden indicate cumulative losses and higher leverage, reducing balance-sheet flexibility. This structural weakness increases refinancing and covenant risk, limits ability to fund project advancement internally, and can constrain partner or lender appetite.

Consistent operating cash burn

Repeated negative operating and free cash flow means the business cannot self-fund exploration or overhead. Over several months this necessitates recurring equity raises or asset sales, increasing dilution and forcing timing of exploration programs to match financing availability rather than geological priorities.

Entree Gold Business Overview & Revenue Model

Company Description

Entrée Resources Ltd., an exploration stage company, engages in the development and exploration of mineral property interests located in Mongolia, Peru, Australia, and Canada. Its principal asset is the Entrée/Oyu Tolgoi joint venture property comprising Hugo North Extension copper-gold porphyry deposit and the Heruga copper-gold-molybdenum porphyry deposit located in Mongolia. The company was formerly known as Entrée Gold Inc. and changed its name to Entrée Resources Ltd. in May 2017. Entrée Resources Ltd. was incorporated in 1995 and is headquartered in Vancouver, Canada.

How the Company Makes Money

Entrée Resources Ltd. generates revenue primarily through its interest in the Oyu Tolgoi project. The company holds a carried joint venture interest, meaning it shares in the profits derived from the mine's production without having to contribute to the operating costs. This arrangement allows Entrée to benefit from the copper and gold sales carried out by the operators of the Oyu Tolgoi mine. Additionally, Entrée invests in exploration activities to discover new mineral reserves, which can lead to increased asset value and potential future revenue streams. The company also engages in partnerships and agreements with other mining companies to explore and develop its other properties, which can result in additional income from joint ventures or asset sales.

Entree Gold Financial Statement Overview

Summary

Very weak fundamentals: no revenue across reported years, persistent operating losses, negative shareholders’ equity that deepened in 2025, rising debt, and ongoing operating/free-cash-flow burn—implying continued reliance on external funding.

Income Statement

The company has generated no revenue across the reported years, while operating losses remain persistent (EBIT roughly -$2.3M in 2020 worsening to about -$4.8M in 2024, and -$4.3M in 2025). Net income is consistently negative and highly volatile, including a sharp deterioration in 2025 (about -$12.4M) versus a near breakeven 2024, indicating unstable earnings quality and ongoing reliance on non-operating items rather than a sustainable operating base.

Balance Sheet

Financial position is weak with negative shareholders’ equity in every year, and the deficit deepened further in 2025 (equity around -$81.6M). Debt has risen materially (about $9.8M in 2020 to ~$21.2M in 2025) while total assets remain low and inconsistent (roughly $3.7M–$8.0M range), implying a highly leveraged capital structure and limited balance-sheet flexibility.

Cash Flow

Cash generation is consistently negative, with operating cash flow and free cash flow largely remaining cash-burn items (typically around -$1.5M to -$3.1M historically). While 2024 shows unusually small cash outflow, 2025 reverted to meaningful burn (about -$2.3M), suggesting the business is not yet self-funding and will likely require external financing to sustain operations.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Mar 2023	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	-114.98K	0.00	0.00	-124.00K	-118.00K
EBITDA	―	-4.83M	-4.54M	-3.53M	-2.94M
Net Income	-12.41M	-14.32K	-9.58M	-9.06M	-7.55M
Balance Sheet
Total Assets	6.38M	3.69M	7.21M	7.49M	7.78M
Cash, Cash Equivalents and Short-Term Investments	4.32M	2.39M	6.09M	6.41M	7.09M
Total Debt	21.22M	16.28M	12.76M	11.69M	10.36M
Total Liabilities	87.94M	75.00M	71.83M	65.03M	62.88M
Stockholders Equity	-81.56M	-71.31M	-64.62M	-57.53M	-55.10M
Cash Flow
Free Cash Flow	-2.29M	-3.53K	-3.10M	-2.31M	-2.19M
Operating Cash Flow	-2.29M	-3.53K	-3.10M	-2.31M	-2.15M
Investing Cash Flow	0.00	0.00	0.00	0.00	-33.00K
Financing Cash Flow	4.12M	117.00	2.70M	1.86M	1.99M

Entree Gold Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.75
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:ETG, the sentiment is Negative. The current price of 2.75 is above the 20-day moving average (MA) of 2.66, below the 50-day MA of 2.76, and above the 200-day MA of 2.37, indicating a neutral trend. The MACD of -0.08 indicates Positive momentum. The RSI at 37.85 is Neutral, neither overbought nor oversold. The STOCH value of 15.65 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:ETG.

Entree 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%
TLO	55 Neutral	C$1.04B	74,170.87	-1.03%	―	―	-20.83%
ERD	53 Neutral	C$405.22M	-57.14	-22.93%	―	―	-1422.76%
NCX	51 Neutral	C$862.43M	-35.22	-39.41%	―	―	11.83%
REG	48 Neutral	C$433.13M	-118.64	-5.64%	―	―	-67.96%
ETG	44 Neutral	C$469.29M	-25.43	13.55%	―	―	-41.18%
EMO	44 Neutral	C$126.07M	-13.99	-46.38%	―	―	19.55%

Entree Gold Corporate Events

Entrée Resources Faces Mongolian Oversight as Oyu Tolgoi Ramps Up Toward Major Copper Output

Entrée Resources has reported its 2025 fiscal year results alongside an update on political and regulatory developments in Mongolia affecting its Oyu Tolgoi-linked licences. The Mongolian Parliament has formed a Temporary Oversight Committee and passed resolutions directing the government to investigate and protect state interests in the Oyu Tolgoi strategic deposit, leading to renewed negotiations with Entrée over the state’s interest in the Shivee Tolgoi and Javkhlant licences.

A government working group led by the Minister of Industry and Mineral Resources has been reconstituted to negotiate these interests, with preliminary meetings held in late 2025 and further talks expected soon. While underground development on Lift 1 Panel 1 within the Shivee Tolgoi licence remains paused pending transfer of licences to joint venture partner Oyu Tolgoi LLC, in-fill drilling and regional exploration have continued, and an updated resource model for the Hugo North Extension deposit is anticipated in the first half of 2026.

Operationally, Rio Tinto has reaffirmed that the Oyu Tolgoi Lift 1 underground ramp-up remains on track to deliver average copper production of about 500,000 tonnes per year from 2028 to 2036, which would make Oyu Tolgoi the world’s fourth-largest copper mine by 2030. Key underground development milestones, including completion of the Lift 1 Panel 0 production level and concentrator upgrades, were achieved in 2025, supporting record fourth-quarter copper output and underpinning the long-term production profile that is critical to Entrée’s future cash flow from the joint venture.

The most recent analyst rating on (TSE:ETG) stock is a Hold with a C$3.00 price target. To see the full list of analyst forecasts on Entree Gold stock, see the TSE:ETG Stock Forecast page.

Entrée Resources Advances Mongolia JV License Talks Amid Parliamentary Review

Entrée Resources has provided an update on regulatory and negotiation developments affecting the Shivee Tolgoi and Javkhlant mining licenses in Mongolia, which underpin its joint venture interest in the Oyu Tolgoi project. A Mongolian Parliamentary Temporary Oversight Committee has completed public hearings into the State’s ownership and benefits from the Oyu Tolgoi deposits, including the joint venture license areas, and has reported its findings and a draft resolution that is now under further review by the Parliamentary Standing Committee on Economics. In parallel, a government working group led by the Minister of Industry and Mineral Resources has been formed to negotiate the State’s interest in the joint venture license areas, with Entrée having held a preliminary meeting in December and formal negotiations expected to start soon in collaboration with joint venture partner Oyu Tolgoi LLC. Entrée has also initiated an Administrative Court claim in Mongolia seeking review and confirmation of the tax valuation of the joint venture licenses, a prerequisite to completing their transfer to Oyu Tolgoi LLC, highlighting that regulatory and fiscal clarity over the licenses remains critical to advancing the project and securing State participation on mutually acceptable terms.