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Goliath Resources (TSE:GOT)
:GOT

Goliath Resources (GOT) AI Stock Analysis

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TSE:GOT

Goliath Resources

(GOT)

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Neutral 50 (OpenAI - 5.2)
Rating:50Neutral
Price Target:
C$2.50
▲(8.70% Upside)
The score is held back primarily by very weak financial performance (no revenue, widening losses, and heavy negative free cash flow). Offsetting this, recent corporate updates and funding activity are supportive, while technical signals are largely neutral and valuation provides limited support due to negative earnings and no dividend.
Positive Factors
Debt-free balance sheet
A debt-free balance sheet materially reduces solvency and interest-service risks for an early-stage explorer. This structural strength preserves strategic optionality to fund programs via equity, JV or option deals, extending runway and lowering financial distress risk.
Material increase in equity and assets
A materially larger equity base and asset pool improves the company's capacity to finance sustained exploration without imminent insolvency. Structurally, this supports larger drill campaigns, enhances attractiveness for JV/partnering, and provides a stronger platform to advance projects toward resource definition.
Constructive exploration news and investor backing
Repeated high-grade drill results combined with ongoing financing and warrant exercises signal technical progress and investor commitment. Structurally, that can de-risk targets, attract JV partners or earn-ins, and create recurring funding paths to support multi-stage resource delineation and value creation.
Negative Factors
Zero revenue and widening net losses
No operating revenue and markedly widening losses indicate the business cannot self-fund exploration or overhead. Persistently negative profitability erodes equity, raises the bar for future funding success, and increases the probability of dilutive financings or asset sales to sustain operations.
Accelerating cash burn and negative free cash flow
Deepening negative operating and free cash flow materially shortens runway for project advancement. Sustained cash burn forces repeated capital raises, compromises program continuity, and heightens dilution risk, which structurally impairs the firm's ability to progress discoveries toward commercial decisions.
Reliance on external funding for operations
Persistent negative operating cash flow across periods means the company depends on capital markets, partner earn-ins, or asset sales to continue. That structural reliance exposes it to market cycles, potential funding shortfalls, and pressure to dilute or monetize assets before full value is realized.

Goliath Resources (GOT) vs. iShares MSCI Canada ETF (EWC)

Goliath Resources Business Overview & Revenue Model

Company DescriptionGoliath Resources Limited, a junior resource exploration company, engages in the acquisition and exploration of mineral properties in British Columbia, Canada. The company explores for gold, silver, copper, and molybdenum. It has an option to acquire 100% interests in the Luckystrike property, which covers 31,511 hectares located in Terrace, British Columbia; and the Golddigger property consists of contiguous mineral claims, which covers 23,859 hectares located to the southeast of Stewart. The company also holds interests in the Nelligan Project includes 391 mineral claims covering an area of 340 square kilometers located in Quebec, Canada. Goliath Resources Limited is headquartered in Toronto, Canada.
How the Company Makes MoneyGoliath Resources makes money primarily through the exploration and development of its mineral properties, with the ultimate goal of discovering economically viable deposits. The company generates revenue by selling or partnering its developed projects with larger mining companies, which can include joint ventures, option agreements, or outright sales of their mineral assets. Additional revenue can come from the eventual production and sale of extracted minerals, though this depends on the company advancing a project to a production stage. Goliath Resources may also raise capital through public and private equity offerings to fund its exploration activities and project development.

Goliath Resources Financial Statement Overview

Summary
Financials are weak due to zero revenue and widening losses alongside persistently negative operating and free cash flow (accelerating cash burn). The main offsetting positive is the debt-free balance sheet and increased equity base, which reduces near-term solvency risk but does not resolve the underlying lack of self-sustaining cash generation.
Income Statement
12
Very Negative
Results remain very weak, with zero revenue across the disclosed periods and consistently negative profitability. Losses have widened over time, with net income moving from a loss of ~5.8M (2021 annual) to ~30.97M (2025 annual) and ~26.85M in TTM (Trailing-Twelve-Months), reflecting rising expense levels without offsetting operating scale. Margins are effectively non-informative due to no revenue, but the overall trajectory highlights continued cash burn and limited earnings visibility.
Balance Sheet
58
Neutral
The balance sheet shows a key strength: no debt reported across periods, which reduces financial risk and provides flexibility. Equity has increased materially versus earlier years (from ~5.47M in 2021 annual to ~33.32M in 2025 annual, and ~26.78M in TTM (Trailing-Twelve-Months)), supporting a larger asset base (TTM assets ~32.18M). The main weakness is ongoing value erosion risk given deeply negative returns on equity (e.g., ~-392% in TTM (Trailing-Twelve-Months)), indicating losses are large relative to the equity base.
Cash Flow
18
Very Negative
Cash generation is a major concern: operating cash flow and free cash flow are negative in every period shown, with cash burn accelerating to about -28.06M (2025 annual) and -40.15M in TTM (Trailing-Twelve-Months). While TTM (Trailing-Twelve-Months) free cash flow growth is listed as positive (suggesting a change versus the prior TTM baseline), the absolute level remains deeply negative, implying continued reliance on external funding. Free cash flow roughly tracks net losses (free cash flow to net income ~1x where provided), indicating limited non-cash add-backs and no meaningful cash earnings support.
BreakdownTTMDec 2025Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue0.000.000.000.000.000.00
Gross Profit-29.82K-111.79K-108.04K0.000.000.00
EBITDA-23.81M-30.86M-24.98M-20.97M-13.52M-5.81M
Net Income-26.85M-30.97M-25.09M-20.97M-13.47M-5.84M
Balance Sheet
Total Assets32.18M45.25M4.65M9.98M14.86M5.93M
Cash, Cash Equivalents and Short-Term Investments29.12M43.40M3.14M9.09M13.55M5.24M
Total Debt0.000.000.000.000.000.00
Total Liabilities5.40M11.92M1.25M3.86M642.57K459.77K
Stockholders Equity26.78M33.32M3.40M6.12M14.22M5.47M
Cash Flow
Free Cash Flow-40.15M-28.06M-18.74M-17.15M-7.98M-2.77M
Operating Cash Flow-40.15M-28.06M-18.71M-16.95M-7.98M-2.77M
Investing Cash Flow0.000.00-22.68K-200.90K0.000.00
Financing Cash Flow40.02M57.16M12.86M12.67M16.38M7.77M

Goliath Resources Technical Analysis

Technical Analysis Sentiment
Negative
Last Price2.30
Price Trends
50DMA
2.54
Negative
100DMA
2.72
Negative
200DMA
2.43
Negative
Market Momentum
MACD
>-0.01
Positive
RSI
38.90
Neutral
STOCH
18.54
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:GOT, the sentiment is Negative. The current price of 2.3 is below the 20-day moving average (MA) of 2.58, below the 50-day MA of 2.54, and below the 200-day MA of 2.43, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 38.90 is Neutral, neither overbought nor oversold. The STOCH value of 18.54 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:GOT.

Goliath 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%
61
Neutral
C$342.78M405.172.04%694.29%
58
Neutral
C$333.05M-34.17-19.63%-34.83%
53
Neutral
C$519.13M-91.89-4.86%-14.43%
50
Neutral
C$399.53M-13.00-160.00%26.29%
49
Neutral
C$482.35M-115.87-5.36%-71.82%
47
Neutral
C$520.73M-18.36-151.33%-198.87%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:GOT
Goliath Resources
2.30
0.42
22.34%
TSE:BRC
Blackrock Silver
1.46
1.14
349.23%
TSE:SLVR
Silver Tiger Metals
1.02
0.71
223.81%
TSE:SSV
Southern Silver Exploration
0.82
0.63
320.51%
TSE:SM
Sierra Madre Gold & Silver Ltd.
2.35
1.82
343.40%
TSE:BRVO
Bravo Mining Corp.
4.38
2.44
125.77%

Goliath Resources Corporate Events

Business Operations and Strategy
Goliath Resources to Showcase Surebet Discovery at PDAC 2026 Core Shack
Positive
Jan 28, 2026

Goliath Resources has been selected to showcase drill core from its Surebet high-grade gold discovery at PDAC 2026’s Core Shack, a prominent platform at the world’s leading mineral exploration and mining convention, highlighting the project’s technical merits to a global audience of investors and industry professionals. The invitation underscores growing industry interest in the Golddigger Property’s scale, continuity and metallurgy, and could strengthen Goliath’s visibility, financing prospects and strategic positioning within the competitive Golden Triangle exploration landscape, particularly given the project’s strong infrastructure access and proximity to major historical and current deposits.

The most recent analyst rating on (TSE:GOT) stock is a Buy with a C$5.00 price target. To see the full list of analyst forecasts on Goliath Resources stock, see the TSE:GOT Stock Forecast page.

Business Operations and Strategy
Goliath Resources Moves to Full Ownership of Golddigger Property, Trims Royalty Burden
Positive
Jan 22, 2026

Goliath Resources has amended its option agreement with The J2 Syndicate to accelerate its ownership of the Golddigger property in British Columbia’s Golden Triangle from 49% to 100%, while cutting the net smelter royalty on the asset from 3% to 2% in exchange for issuing 3 million common shares, subject to TSX Venture Exchange approval. The revised terms also push back the deadline for publishing a maiden resource estimate to 2030, significantly reduce potential cash obligations tied to future resource size, and set out change-of-control provisions, together strengthening Goliath’s long-term economic interest in the high-grade Surebet gold discovery and providing greater flexibility in project advancement and potential corporate transactions.

The most recent analyst rating on (TSE:GOT) stock is a Buy with a C$5.00 price target. To see the full list of analyst forecasts on Goliath Resources stock, see the TSE:GOT Stock Forecast page.

Business Operations and Strategy
Goliath Resources Expands High-Grade Gold Mineralization at Surebet With Strong 2025 Drill Results
Positive
Jan 20, 2026

Goliath Resources has reported final gold-only assay results from 70 drill holes in its 2025 campaign at the Surebet project, confirming high-grade gold mineralization across five main zones, including standout intercepts such as 19.13 g/t gold over 6.10 meters in the Golden Gate Zone and 10.58 g/t gold over 8.30 meters in the Bonanza Zone. The company emphasizes that all drill holes to date have intersected gold, with 76% showing visible gold, significantly expanding the known extent and continuity of mineralization in 46 lodes that remain open, while 110 additional holes still await multi-element gold-equivalent assays and a fully funded 2026 drill program is planned to further grow these zones and target a potential intrusive “Motherlode” source, underscoring the project’s growing scale and importance for stakeholders.

The most recent analyst rating on (TSE:GOT) stock is a Hold with a C$2.50 price target. To see the full list of analyst forecasts on Goliath Resources stock, see the TSE:GOT Stock Forecast page.

Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Goliath Resources Shareholders Approve All Meeting Matters as Board Opts Against Share Consolidation
Positive
Jan 15, 2026

Goliath Resources Limited reported that all items at its January 14, 2026 annual and special shareholders’ meeting were approved, including the re-election of its board of directors, re-appointment of its auditor, re-approval and amendment of its omnibus equity incentive plan, and shareholder authorization for a share consolidation of up to seven old shares for one new share. Despite receiving shareholder approval, the board of directors chose not to proceed with the share consolidation, a decision that maintains the current share structure while the company advances its fully funded exploration programs and potentially positions itself to capitalize on forthcoming assay results and ongoing drilling in the Golden Triangle.

The most recent analyst rating on (TSE:GOT) stock is a Hold with a C$2.50 price target. To see the full list of analyst forecasts on Goliath Resources stock, see the TSE:GOT Stock Forecast page.

Business Operations and Strategy
Goliath Resources to Spotlight Surebet Gold Discovery at Key 2026 Vancouver Mining Conferences
Positive
Jan 14, 2026

Goliath Resources has been selected to showcase its core at the AME Roundup 2026 Core Shack in Vancouver and will also exhibit throughout the four-day AME Roundup conference, underscoring industry interest in its Surebet gold discovery at the Golddigger Property. In addition, the company will present and host booths at the Vancouver Resource Investment Conference and the Metals Investor Forum in January 2026, positioning itself prominently in front of investors, analysts and industry peers at a time of heightened attention to precious metals exploration plays in the Golden Triangle.

The most recent analyst rating on (TSE:GOT) stock is a Hold with a C$2.50 price target. To see the full list of analyst forecasts on Goliath Resources stock, see the TSE:GOT Stock Forecast page.

Business Operations and StrategyPrivate Placements and Financing
Goliath Resources Raises $1.73 Million From Strategic Warrant Exercises
Positive
Dec 22, 2025

Goliath Resources has bolstered its treasury with $1,730,882 in recent weeks through the exercise of warrants by longtime strategic and cornerstone shareholders, including Crescat Capital, underscoring ongoing institutional confidence in the company’s high-grade Surebet gold discovery. With only a limited number of higher-priced warrants now remaining in the hands of a single cornerstone investor and a block of finder warrants expiring in 2027, the financing move strengthens Goliath’s balance sheet and supports further exploration and development work at Golddigger, while reinforcing its strategic backing from resource-focused hedge fund Crescat as it advances one of the Golden Triangle’s emerging gold projects.

The most recent analyst rating on (TSE:GOT) stock is a Buy with a C$5.00 price target. To see the full list of analyst forecasts on Goliath Resources stock, see the TSE:GOT Stock Forecast page.

Business Operations and StrategyPrivate Placements and Financing
Rob McEwen Increases Stake in Goliath Resources, Injecting $1.2 Million
Positive
Dec 18, 2025

Rob McEwen, a cornerstone strategic investor in Goliath Resources, has exercised all of his warrants for proceeds of $1,214,285, increasing his direct ownership to 4,445,142 common shares, or about 2.6% of the company. The additional capital further bolsters Goliath’s financial position as it advances exploration and technical work on its Golddigger Property and the Surebet discovery in British Columbia’s Golden Triangle, where strong metallurgical results and access to significant regional infrastructure underpin the company’s growth ambitions.

The most recent analyst rating on (TSE:GOT) stock is a Buy with a C$5.00 price target. To see the full list of analyst forecasts on Goliath Resources stock, see the TSE:GOT Stock Forecast page.

Delistings and Listing ChangesShareholder MeetingsStock Split
Goliath Resources Proposes Share Consolidation to Enhance Market Position
Neutral
Dec 16, 2025

Goliath Resources Limited has announced a proposal for a share consolidation, which will be considered at the upcoming shareholders’ meeting. The consolidation aims to attract greater investor interest, increase institutional participation, provide business flexibility, comply with U.S. stock exchange listing criteria, and improve capital-raising prospects. The proposal, if approved, will allow the company to consolidate its shares on a basis of one new share for up to seven old shares, with the final ratio to be determined by the Board of Directors.

The most recent analyst rating on (TSE:GOT) stock is a Buy with a C$5.00 price target. To see the full list of analyst forecasts on Goliath Resources stock, see the TSE:GOT Stock Forecast page.

Business Operations and Strategy
Goliath Resources Unveils Promising High-Grade Gold Results at Surebet Discovery
Positive
Dec 2, 2025

Goliath Resources has reported significant high-grade gold mineralization at its Surebet Discovery within the Golddigger Property in British Columbia’s Golden Triangle. The recent drilling results, including a notable intersection of 7.28 g/t Au over 8.00 meters, suggest strong potential for expansion and underscore the project’s promise as a major gold discovery in the region.

The most recent analyst rating on (TSE:GOT) stock is a Buy with a C$5.00 price target. To see the full list of analyst forecasts on Goliath Resources stock, see the TSE:GOT Stock Forecast page.

Business Operations and Strategy
Goliath Resources Unveils Promising High-Grade Gold Discoveries in B.C.
Positive
Nov 17, 2025

Goliath Resources has reported significant drilling results from its Golddigger Property in the Golden Triangle, B.C., with high-grade gold findings of up to 10.25 g/t Au over 7.02 meters. This discovery, part of the Surebet project, remains open for further exploration, indicating potential for expansion and increased value for stakeholders.

The most recent analyst rating on (TSE:GOT) stock is a Buy with a C$5.00 price target. To see the full list of analyst forecasts on Goliath Resources stock, see the TSE:GOT Stock Forecast page.

Business Operations and Strategy
Goliath Resources Reports Promising Results at Surebet Discovery
Positive
Nov 13, 2025

Goliath Resources has announced significant findings from its exploration campaign at the Surebet Discovery in the Golden Triangle, B.C. The company reported that 100% of the drill holes completed have intersected substantial quartz-sulphide mineralization, with 76% of these holes showing visible gold-nugget effect (VG-NE). The Surebet Discovery, with over 600 pierce points across a 1.8 km² area, demonstrates high metal values, indicating its potential as a significant high-grade gold discovery in the region.

The most recent analyst rating on (TSE:GOT) stock is a Buy with a C$5.00 price target. To see the full list of analyst forecasts on Goliath Resources stock, see the TSE:GOT Stock Forecast page.

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