Headwater Gold (TSE:HWG)
:HWG
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Headwater Gold
(HWG)
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Rating:44Neutral
Price Target:
C$0.52
▼(-30.13% Downside)
Action:ReiteratedDate:03/20/26
The score is weighed down primarily by weak financial performance (no revenue, persistent losses, and negative recent cash flow). Technicals also reflect a clear downtrend with bearish momentum signals. A low-debt balance sheet provides some support, but valuation remains constrained by negative earnings and no dividend data.
Positive Factors
Low leverage / strong balance sheet
Very low debt provides durable financial flexibility for an exploration company. With minimal leverage the firm can continue drilling programs or pursue partnerships through industry cycles without large interest burdens, reducing insolvency risk and preserving optionality for M&A or JV funding.
Negative Factors
No revenue; recurring losses
Absence of revenue and persistent operating losses create a structural dependency on external capital. Over months this erodes equity, reduces reinvestment capacity, and limits strategic options; the business cannot self-fund exploration or scale without recurrent financing or asset sales.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / strong balance sheet
Very low debt provides durable financial flexibility for an exploration company. With minimal leverage the firm can continue drilling programs or pursue partnerships through industry cycles without large interest burdens, reducing insolvency risk and preserving optionality for M&A or JV funding.
Read all positive factors
Headwater Gold (HWG) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$42.77M
Dividend YieldN/A
Average Volume (3M)58.75K
Price to Earnings (P/E)―
Beta (1Y)1.68
Revenue GrowthN/A
EPS Growth69.15%
CountryCA
EmployeesN/A
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding76,382,450
10 Day Avg. Volume67,176
30 Day Avg. Volume58,754
Financial Highlights & Ratios
PEG Ratio-0.35
Price to Book (P/B)1.04
Price to Sales (P/S)0.00
P/FCF Ratio9.36
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
Headwater Gold Business Overview & Revenue Model
Company Description
Headwater Gold Inc. engages in the acquisition and exploration of precious metal properties in the United States. The company primarily explores for gold. It holds interests in properties located in the states of Idaho, Nevada, Oregon, and Utah. T...
How the Company Makes Money
null...
Headwater Gold Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
67
Positive
Cash Flow
26
Negative
| Breakdown | TTM | May 2024 | May 2023 | May 2021 | Feb 2021 | Feb 2019 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -260.73K | -220.38K | -133.00K | -67.46K | 0.00 | 0.00 |
| EBITDA | -1.35M | -3.93M | -882.26K | -3.18M | -627.00K | -4.90K |
| Net Income | -1.63M | -4.18M | -1.03M | -3.06M | 1.19M | -4.90K |
Balance Sheet | ||||||
| Total Assets | 10.51M | 11.28M | 8.77M | 5.78M | 9.07M | 335.26K |
| Cash, Cash Equivalents and Short-Term Investments | 4.99M | 2.74M | 4.35M | 2.05M | 3.35M | 43.69K |
| Total Debt | 505.86K | 232.73K | 335.68K | 110.40K | 110.40K | 0.00 |
| Total Liabilities | 3.83M | 4.73M | 815.16K | 269.69K | 679.36K | 83.90K |
| Stockholders Equity | 6.68M | 6.56M | 7.96M | 5.51M | 8.39M | 251.35K |
Cash Flow | ||||||
| Free Cash Flow | -345.52K | -426.28K | -393.89K | -1.22M | -1.66M | 1.27K |
| Operating Cash Flow | -313.33K | -416.02K | -349.06K | -1.16M | -438.34K | 1.27K |
| Investing Cash Flow | -3.73M | 653.81K | -3.02M | -1.72M | -1.50M | -1.34K |
| Financing Cash Flow | 768.48K | 1.48M | 3.32M | -233.63K | 5.99M | 43.75K |
Headwater Gold Technical Analysis
Positive
0.75
Price Trends
0.59
Negative
0.63
Negative
0.53
Positive
Market Momentum
-0.01
Negative
51.56
Neutral
80.00
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:HWG, the sentiment is Positive. The current price of 0.75 is above the 20-day moving average (MA) of 0.53, above the 50-day MA of 0.59, and above the 200-day MA of 0.53, indicating a neutral trend. The MACD of -0.01 indicates Negative momentum. The RSI at 51.56 is Neutral, neither overbought nor oversold. The STOCH value of 80.00 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:HWG.
Headwater Gold 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% | |
55 Neutral | C$67.36M | -32.47 | -3.68% | ― | ― | 58.19% | |
48 Neutral | C$74.49M | -8.79 | -78.97% | ― | ― | -592.74% | |
48 Neutral | C$75.21M | -9.65 | -73.49% | ― | ― | 2.75% | |
46 Neutral | C$67.26M | -9.01 | -177.75% | ― | ― | 47.21% | |
45 Neutral | C$47.47M | -14.83 | -948.21% | ― | ― | -2000.00% | |
44 Neutral | C$42.77M | -72.72 | -24.99% | ― | ― | 69.15% |
* Basic Materials Sector Average
TSE:HWG
Headwater Gold
0.56
0.41
273.33%
TSE:IVS
Inventus Mining
0.23
0.13
125.00%
TSE:GLDC
Cassiar Gold
0.51
0.31
152.50%
TSE:RPX
Red Pine Exploration
0.18
0.07
63.64%
TSE:WHN
Westhaven Ventures
0.26
0.14
116.67%
TSE:RISE
Rise Gold
0.59
0.46
372.00%
Headwater Gold Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Headwater Gold Raises $5.75 Million in Oversubscribed Private Placement
Positive
Mar 19, 2026
Headwater Gold has completed an oversubscribed private placement, issuing 9,914,150 common shares at $0.58 each to raise gross proceeds of about $5.75 million, with Canaccord Genuity acting as lead agent and sole bookrunner. Centerra Gold particip...
Business Operations and StrategyPrivate Placements and Financing
Headwater Gold Plans $5 Million Private Placement to Fund U.S. Exploration
Positive
Feb 26, 2026
Headwater Gold Inc. has arranged a commercially reasonable efforts private placement of up to 8,621,000 common shares at $0.58 each to raise as much as $5 million, led by Canaccord Genuity Corp. as lead agent and sole bookrunner. An additional age...
Business Operations and Strategy
Headwater Gold Completes Partner-Funded Drilling at Nevada Lodestar and TJ Projects
Positive
Feb 23, 2026
Headwater Gold has completed drill campaigns at its Lodestar and TJ gold exploration projects in Nevada, both funded entirely by partners under earn-in agreements. At Lodestar, roughly 2,950 metres of core and reverse circulation drilling intersec...
Business Operations and Strategy
Headwater Gold Advances Jake Creek Project With New Geophysical Surveys and Vein Discovery
Positive
Feb 18, 2026
Headwater Gold has commenced CSAMT resistivity and ground gravity geophysical surveys at its 100%-owned Jake Creek gold project in Nevada, funded under an earn-in agreement with OceanaGold. The work is aimed at defining structural controls on mine...
Business Operations and StrategyExecutive/Board ChangesDelistings and Listing Changes
Headwater Gold Upgrades to OTCQX as Exploration Executive Departs
Positive
Feb 17, 2026
Headwater Gold Inc. has upgraded its U.S. listing from the OTCQB Venture Market to the OTCQX Best Market, beginning trading under the symbol HWAUF, a move that signals higher disclosure and governance standards and is expected to broaden its Ameri...
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.