Gold Reserve Inc (TSE:GRZ)
:GRZ
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Gold Reserve
(GRZ)
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Rating:50Neutral
Price Target:
C$6.00
▲(176.50% Upside)
Action:ReiteratedDate:03/24/26
The score is held down primarily by weak financial performance (inconsistent revenue, widening losses, and sustained cash burn), partially offset by a low-debt balance sheet. Technicals are moderately supportive with price above key longer-term averages, but valuation remains challenged due to ongoing unprofitability and no indicated dividend yield.
Positive Factors
Low leverage / strong balance sheet
Very low debt and a sizable equity base provide durable financial flexibility: the company can withstand prolonged development or claims timelines, avoid near-term refinancing risk, and retain optionality to fund asset monetizations or pursue strategic transactions without immediate leverage stress.
Negative Factors
Inconsistent revenue
Revenue volatility and multiple zero-revenue years show there is no stable operating top line. Reliance on episodic transactions or settlements makes cashflow forecasting and long-term margin planning difficult, raising execution and liquidity risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / strong balance sheet
Very low debt and a sizable equity base provide durable financial flexibility: the company can withstand prolonged development or claims timelines, avoid near-term refinancing risk, and retain optionality to fund asset monetizations or pursue strategic transactions without immediate leverage stress.
Read all positive factors
Gold Reserve (GRZ) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$846.44M
Dividend YieldN/A
Average Volume (3M)45.76K
Price to Earnings (P/E)―
Beta (1Y)1.21
Revenue GrowthN/A
EPS Growth-141.86%
CountryCA
Employees5
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-0.14
Shares Outstanding122,714,910
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 TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
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 economics have historically been driven less by operating mine production and more by (1) monetization of mining asset interests and (2) proceeds related to arbitration/claims outcomes tied to Venezuela, when applicable. Key ways th...
Gold Reserve Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
64
Positive
Cash Flow
18
Very Negative
| Breakdown | Dec 2025 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 3.17M | 0.00 | 0.00 | 0.00 |
| Gross Profit | -127.52K | 3.17M | 0.00 | 0.00 | 0.00 |
| EBITDA | -10.30M | -8.80M | -6.22M | -6.70M | -7.99M |
| Net Income | -34.88M | -15.19M | -23.12M | -8.60M | -10.60M |
Balance Sheet | |||||
| Total Assets | 79.03M | 79.04M | 39.74M | 52.94M | 60.64M |
| Cash, Cash Equivalents and Short-Term Investments | 77.89M | 78.42M | 39.07M | 42.98M | 49.22M |
| Total Debt | 180.98K | 0.00 | 0.00 | 0.00 | 77.09K |
| Total Liabilities | 19.08M | 13.94M | 11.16M | 1.35M | 610.56K |
| Stockholders Equity | 59.95M | 65.10M | 28.58M | 51.59M | 60.03M |
Cash Flow | |||||
| Free Cash Flow | -30.58M | -12.05M | -7.43M | -6.36M | -8.61M |
| Operating Cash Flow | -30.47M | -12.05M | -7.43M | -6.36M | -8.61M |
| Investing Cash Flow | 27.84M | -3.50M | 576.09K | -27.37M | 313.01K |
| Financing Cash Flow | 29.19M | 49.84M | 1.08K | 0.00 | 0.00 |
Gold Reserve Technical Analysis
Positive
2.17
Price Trends
5.47
Positive
4.02
Positive
3.74
Positive
Market Momentum
0.13
Positive
46.43
Neutral
5.62
Positive
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 6.12, below the 50-day MA of 5.47, and below the 200-day MA of 3.74, indicating a neutral trend. The MACD of 0.13 indicates Positive momentum. The RSI at 46.43 is Neutral, neither overbought nor oversold. The STOCH value of 5.62 is Positive, 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% | |
56 Neutral | C$349.87M | -77.48 | -2.03% | ― | ― | -40.00% | |
54 Neutral | C$295.15M | -25.26 | -29.59% | ― | ― | 50.13% | |
52 Neutral | C$607.31M | -26.65 | -47.48% | ― | ― | 32.22% | |
50 Neutral | C$846.44M | -5.58 | -45.51% | ― | ― | -141.86% | |
47 Neutral | C$387.76M | -131.50 | -1.77% | ― | ― | 62.97% |
* Basic Materials Sector Average
TSE:GRZ
Gold Reserve
5.60
3.05
119.61%
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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...
Private Placements and Financing
Gold Reserve Upsizes Private Placement to US$75 Million
Positive
Feb 11, 2026
Gold Reserve has increased the size of its previously announced private placement of common shares to raise up to approximately US$75 million, pricing each share at US$3.00. The issue remains subject to market conditions, completion of definitive ...
Business Operations and StrategyPrivate Placements and Financing
Gold Reserve Launches US$50 Million Private Placement to Back Venezuela Re-Entry Plan
Positive
Feb 11, 2026
Gold Reserve plans to raise up to about US$50.3 million through a private placement of common shares priced at US$3.00 each, engaging Cantor Fitzgerald Canada as agent and securing participation from strategic investors on substantially the same t...
Business Operations and StrategyLegal Proceedings
Gold Reserve Challenges Rusoro’s Bid to Dismiss Delaware Consortium Lawsuit
Negative
Feb 2, 2026
Gold Reserve has filed an opposition in the Delaware Court of Chancery to Rusoro Mining Ltd.’s motion to dismiss its lawsuit, in which Gold Reserve alleges that Rusoro knowingly breached a consortium agreement governing their joint bid in th...
Business Operations and StrategyLegal ProceedingsPrivate Placements and Financing
Gold Reserve Appeals PDVH Share Sale to Elliott and Settles Bank Fee Dispute
Neutral
Jan 9, 2026
Gold Reserve has filed an appeal with the U.S. Court of Appeals for the Third Circuit challenging the judicially approved sale of shares in PDV Holdings, Inc. to Elliott/Amber Energy, arguing that the winning bid was roughly $2 billion lower than ...
Business Operations and StrategyExecutive/Board Changes
Gold Reserve Grants 1.5 Million Stock Options and Bolsters Executive Team
Positive
Jan 9, 2026
Gold Reserve Ltd. has granted 1,525,000 stock options to its directors, officers, employees and key consultants, exercisable over five years at US$3.64 per share under the company’s equity incentive plan, aligning management and staff compen...
Business Operations and Strategy
Gold Reserve Backs U.S. Push Against Maduro, Signals Readiness for Post-Regime Return to Venezuela
Positive
Jan 5, 2026
Gold Reserve has publicly endorsed recent U.S. actions aimed at bringing Venezuelan leader Nicolás Maduro to justice, tying its support to the regime’s alleged human rights abuses, including the imprisonment and mistreatment of company ...
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.