Gold Reserve Inc (TSE:GRZ)
:GRZ
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Gold Reserve
(GRZ)
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Rating:54Neutral
Price Target:
C$6.50
▲(199.54% Upside)
Action:Reiterated
Date:05/15/26
The score is held back primarily by weak financial performance (persistent losses, minimal revenue, and significant cash burn). Technicals are a meaningful positive (price above key moving averages with supportive momentum), but valuation is not compelling given the negative P/E and lack of dividend yield.
Positive Factors
Very Low Leverage
Gold Reserve’s negligible debt and near-zero debt-to-equity provide durable financial flexibility, lowering default risk and interest burden. Over 2–6 months this conservative capital structure supports the company through prolonged monetization timelines and reduces refinancing pressure.
Negative Factors
Severe Cash Burn
Sustained negative operating and free cash flow of ~-37M TTM is a structurally adverse trend that erodes liquidity and equity. Without recurring operating income or reliable monetization events, the company must raise capital or monetize assets, increasing dilution and execution risk over months.
Read all positive and negative factors
Positive Factors
Negative Factors
Very Low Leverage
Gold Reserve’s negligible debt and near-zero debt-to-equity provide durable financial flexibility, lowering default risk and interest burden. Over 2–6 months this conservative capital structure supports the company through prolonged monetization timelines and reduces refinancing pressure.
Read all positive factors
Gold Reserve (GRZ) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$997.11M
Dividend YieldN/A
Average Volume (3M)45.76K
Price to Earnings (P/E)―
Beta (1Y)1.11
Revenue GrowthN/A
EPS Growth-43.07%
CountryCA
Employees5
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-0.30
Shares Outstanding147,719,910
10 Day Avg. Volume22,847
30 Day Avg. Volume45,760
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)3.24
Price to Sales (P/S)0.00
P/FCF Ratio-6.36
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$13.00Price Target Upside499.08% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Gold Reserve Business Overview & Revenue Model
Company Description
Gold Reserve Inc., an exploration stage company, acquires, explores, and develops mining properties. It primarily focuses on the Siembra Minera project that holds gold, copper, silver, and other strategic mineral rights comprising an area of appro...
How the Company Makes Money
Gold Reserve’s earnings have historically been driven less by ongoing mining operations and more by monetizing mineral-property-related rights and claims. Key sources include: (1) proceeds from settlements, awards, or monetization linked to arbitr...
Gold Reserve Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
55
Neutral
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 3.17M | 0.00 | 0.00 | 0.00 |
| Gross Profit | -90.03K | -127.52K | 3.17M | 0.00 | 0.00 | 0.00 |
| EBITDA | -22.51M | -10.30M | -8.80M | -6.22M | -6.70M | -7.99M |
| Net Income | -36.29M | -34.88M | -15.19M | -23.12M | -8.60M | -10.60M |
Balance Sheet | ||||||
| Total Assets | 141.48M | 79.03M | 79.04M | 39.74M | 52.94M | 60.64M |
| Cash, Cash Equivalents and Short-Term Investments | 139.72M | 77.89M | 78.42M | 39.07M | 42.98M | 49.22M |
| Total Debt | 156.69K | 180.98K | 0.00 | 0.00 | 0.00 | 77.09K |
| Total Liabilities | 17.66M | 19.08M | 13.94M | 11.16M | 1.35M | 610.56K |
| Stockholders Equity | 123.83M | 59.95M | 65.10M | 28.58M | 51.59M | 60.03M |
Cash Flow | ||||||
| Free Cash Flow | -37.40M | -30.58M | -12.05M | -7.43M | -6.36M | -8.61M |
| Operating Cash Flow | -37.29M | -30.47M | -12.05M | -7.43M | -6.36M | -8.61M |
| Investing Cash Flow | 18.37M | 27.84M | -3.50M | 576.09K | -27.37M | 313.01K |
| Financing Cash Flow | 99.23M | 29.19M | 49.84M | 1.08K | 0.00 | 0.00 |
Gold Reserve Technical Analysis
Positive
2.17
Price Trends
6.02
Positive
5.36
Positive
4.06
Positive
Market Momentum
0.24
Negative
63.18
Neutral
70.96
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:GRZ, the sentiment is Positive. The current price of 2.17 is below the 20-day moving average (MA) of 5.98, below the 50-day MA of 6.02, and below the 200-day MA of 4.06, indicating a bullish trend. The MACD of 0.24 indicates Negative momentum. The RSI at 63.18 is Neutral, neither overbought nor oversold. The STOCH value of 70.96 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:GRZ.
Gold Reserve Risk Analysis
Gold Reserve disclosed 18 risk factors in its most recent earnings report. Gold Reserve reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Gold Reserve Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
54 Neutral | C$997.11M | -12.33 | -56.90% | ― | ― | -43.07% | |
52 Neutral | C$453.94M | -43.38 | -2.03% | ― | ― | -34.97% | |
48 Neutral | C$732.78M | -62.27 | -37.55% | ― | ― | ― | |
47 Neutral | C$405.79M | -131.50 | -1.51% | ― | ― | ― | |
42 Neutral | C$264.30M | -9.84 | -36.90% | ― | ― | -11.55% |
* Basic Materials Sector Average
TSE:GRZ
Gold Reserve
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Gold Reserve Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
Gold Reserve Backs Venezuela’s Progressive Draft Mining Law
Positive
Mar 16, 2026
Gold Reserve has welcomed the Venezuelan National Assembly’s initial approval of a proposed new mining law aimed at modernizing the country’s mining regime and attracting both domestic and foreign investment. The draft legislation woul...
Business Operations and Strategy
Gold Reserve Pays $4.86 Million to Cut Legacy Bonus and CVR Obligations
Positive
Mar 10, 2026
Gold Reserve has moved to simplify its capital structure by settling a portion of contingent obligations owed to participants in its 2012 bonus plan and holders of contingent value rights issued the same year. Following cash settlement offers made...
Business Operations and StrategyRegulatory Filings and Compliance
Gold Reserve Flags New U.S. Sanctions License on Venezuelan Gold
Positive
Mar 7, 2026
Gold Reserve has highlighted the U.S. Treasury’s Office of Foreign Assets Control issuance of General License 51, which permits certain transactions involving Venezuelan-origin gold under strict conditions. The license allows established U.S...
Business Operations and StrategyRegulatory Filings and Compliance
Gold Reserve Moves to Re-Engage in Venezuelan Mining After U.S. License Win
Positive
Mar 5, 2026
Gold Reserve representatives joined a U.S. mining delegation to Venezuela, led by senior U.S. officials, for talks with President Rodríguez and her administration on conditions for foreign investment and the potential resumption of mining ope...
Business Operations and StrategyPrivate Placements and Financing
Gold Reserve Raises US$75 Million to Fund Planned Return to Venezuela
Positive
Feb 27, 2026
Gold Reserve has closed a US$75 million private placement, issuing nearly 25 million common shares at US$3.00 each to a group of mainly strategic investors, in a deal that was significantly oversubscribed. Management chose not to expand the offeri...
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.