Independence Gold (IGO) AI Stock Analysis

• Market Cap: C$23.59M
• Dividend Yield: N/A
• Average Volume (3M): 922.17K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.95
• Revenue Growth: N/A
• EPS Growth: -4.78%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): >-0.01
• Shares Outstanding: 224,657,500
• 10 Day Avg. Volume: 1,159,303
• 30 Day Avg. Volume: 922,172
• PEG Ratio: -0.49
• Price to Book (P/B): 2.65
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -7.53
• 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: 50 Neutral
• Price Target: C$0.11 ▼(-4.55% Downside)

The score is held back primarily by weak financial performance (pre-revenue, widening losses, and rising cash burn). Technicals show some short-term improvement but remain below longer-term trend levels, while valuation offers limited support due to negative earnings and no dividend. Recent corporate events are a net positive, with new financing and exploration/resource updates improving project momentum.

Positive Factors

Low financial leverage

Very low debt reduces bankruptcy and refinancing risk for a pre-revenue explorer, giving management structural flexibility to fund drilling and exploration via equity, partnerships or staged financing without heavy interest burdens. This durable conservatism supports runway compared with highly leveraged peers.

Recent financing and project updates

Securing C$3.5M and delivering multiple 3Ts Project updates materially increases probability of advancing resources to an inferred estimate or drill-defined targets. Durable benefit: funded exploration accelerates value-creating milestones (drill results, resource definition) that underpin long-term upside for a junior explorer.

Focused gold exploration strategy

A clear, focused mandate on Canadian gold exploration concentrates technical expertise and regional knowledge, improving odds of discovery and permitting navigation. Structural advantage: specialization increases operational efficiency across geology, permitting and community engagement versus unfocused peers over multi-quarter timelines.

Negative Factors

Pre-revenue with widening losses

Sustained, widening net losses highlight an adverse profitability trajectory that erodes shareholder equity and raises the threshold for commercial viability. Over months this increases reliance on external funding, heightens dilution risk, and weakens the company's capacity to convert exploration success into lasting returns.

Consistent negative operating cash flow

Ongoing cash burn that tracks net losses imposes a durable financing constraint: unless spending is cut or capital raised, exploration programs are unsustainable. Persistent negative OCF forces repeated raises or JV deals, diluting existing holders and potentially interrupting continuous project advancement.

Weak capital returns and volatile equity base

A sharply negative ROE and a declining, volatile equity base indicate capital is being consumed rather than creating value. Structurally, this undermines investor confidence and makes future fundraising more expensive or conditional, constraining long-term growth and increasing dilution risk for shareholders.

Independence Gold Business Overview & Revenue Model

Company Description

Independence Gold Corp. engages in the acquisition, exploration, and evaluation of precious metal properties in North America. It explores for gold and silver deposits. The company holds 100% interest in the 3Ts project comprising 15 mineral claims covering approximately 5,200 hectares located in the Nechako Plateau region of central British Columbia; and the Moosehorn property that consists of 82 quartz mining claims covering an area of approximately 1,720 hectares located in the Whitehorse mining district, Yukon. It also holds interests in the Boulevard project with approximately 958 quartz mining claims covering approximately 19,960 hectares situated in Whitehorse mining district, Yukon. In addition, the company has an option to acquire 60% interests in Merit property that consists of four mineral claims covering an area of approximately 1,907 hectares located in the Spences Bridge Gold Belt, British Columbia; and Nicoamen property comprises of nine mineral claims covering approximately 3,332 hectares located in the Spences Bridge Gold Belt, British Columbia. The company was incorporated in 2011 and is headquartered in Vancouver, Canada.

How the Company Makes Money

Independence Gold Corp. generates revenue primarily through the exploration and potential future development of its mineral properties. The company may earn income by selling or joint venturing its exploration properties to larger mining companies once significant resources are proven, or by developing the properties into producing mines. Additionally, IGO might secure funding through private placements, public offerings, or strategic partnerships, allowing it to finance exploration activities and operations. The company's earnings are significantly influenced by factors such as the price of gold, exploration success, and the ability to attract investment and partnerships.

Independence Gold Financial Statement Overview

Summary

Weak fundamentals: the company is pre-revenue with widening net losses and deteriorating EBIT in TTM, alongside a higher ongoing cost base. The key offset is very low leverage, but persistent losses and negative operating/free cash flow increase financing and dilution risk.

Income Statement

The company remains in a pre-revenue profile (revenue is 0 across the reported periods), with persistent losses that have widened materially in TTM (Trailing-Twelve-Months) (net loss of about $6.9M vs. about $5.5M in 2024). Operating results have deteriorated over time (EBIT moving from roughly -$1.3M in 2020 to roughly -$7.8M in TTM), indicating a higher ongoing cost base without offsetting revenue. A positive is that losses are not being driven by financial leverage (debt is low), but overall profitability and trajectory are weak.

Balance Sheet

Leverage is very low (debt-to-equity around ~2% in TTM and ~2% in 2024), which reduces financial risk and provides flexibility versus many early-stage peers. However, the equity base has been volatile and has declined from 2020 levels, and returns on equity are deeply negative in TTM (about -66%) due to continued losses. In short: capital structure is conservative, but the balance sheet is being pressured by ongoing net losses.

Cash Flow

Cash generation is a key weakness: operating cash flow is consistently negative and worsened in TTM (about -$7.1M vs. about -$4.6M in 2024), with free cash flow also negative (about -$7.2M in TTM). Free cash flow broadly tracks net losses (free cash flow to net income near ~1), suggesting losses translate into cash burn rather than being mostly non-cash. While the reported free cash flow growth is positive in TTM, the absolute cash burn is higher, implying increased funding needs unless spending is reduced or capital is raised.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-82.97K	-99.53K	-98.78K	-95.82K	-99.14K	-175.00K
EBITDA	-6.79M	-5.33M	-3.68M	-2.15M	-2.54M	-1.10M
Net Income	-6.89M	-5.46M	-3.81M	-2.28M	-8.95M	-1.19M
Balance Sheet
Total Assets	8.74M	14.50M	8.47M	6.46M	7.01M	14.40M
Cash, Cash Equivalents and Short-Term Investments	3.92M	9.75M	3.61M	1.58M	2.03M	2.94M
Total Debt	170.33K	244.57K	420.78K	523.12K	601.26K	801.25K
Total Liabilities	502.64K	1.53M	866.29K	749.39K	787.76K	1.07M
Stockholders Equity	8.23M	12.98M	7.60M	5.71M	6.23M	13.33M
Cash Flow
Free Cash Flow	-7.18M	-4.56M	-3.39M	-1.82M	-2.57M	-872.49K
Operating Cash Flow	-7.12M	-4.56M	-3.36M	-1.82M	-2.57M	-872.49K
Investing Cash Flow	-33.58K	-3.47K	-25.45K	-3.47K	38.02K	152.08K
Financing Cash Flow	10.08M	10.70M	5.41M	1.43M	1.69M	2.81M

Independence Gold Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.11
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:IGO, the sentiment is Negative. The current price of 0.11 is above the 20-day moving average (MA) of 0.11, above the 50-day MA of 0.10, and below the 200-day MA of 0.13, indicating a bearish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 47.65 is Neutral, neither overbought nor oversold. The STOCH value of 50.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:IGO.

Independence 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%
IRV	53 Neutral	C$22.09M	-3.82	-10.18%	―	―	-165.27%
IGO	50 Neutral	C$23.59M	-3.42	-102.24%	―	―	-4.78%
RDU	49 Neutral	C$18.51M	-13.01	-88.09%	―	―	21.15%
NBRK	48 Neutral	C$17.07M	125.00	13.19%	―	―	―
SWA	44 Neutral	C$18.52M	-2.04	-3995.40%	―	―	-51.94%

Independence Gold Corporate Events

Independence Gold Unveils New Exploration Targets From 3Ts Geophysical Survey

Independence Gold has completed its first property-wide helicopter-borne airborne magnetic and radiometric geophysical survey across the consolidated 3Ts Gold and Silver Project in central British Columbia, yielding a high-resolution dataset that refines geological contacts, maps previously unknown regional and property-scale structures, and confirms a pluton-related structural framework controlling the known gold-silver vein systems. The results strengthen the company’s geological model by showing that key vein systems belong to a broader structural network that extends beyond currently drilled areas, outlining potential for additional vein discoveries and extensions within the resource area, while also defining the Ootsa Ring copper- and silver-dominant structural feature and identifying new, untested intrusive-related anomalies in the southern portion of the project that provide multiple new exploration targets and could materially enhance the project’s future exploration pipeline and resource growth potential.

The most recent analyst rating on (TSE:IGO) stock is a Sell with a C$0.10 price target. To see the full list of analyst forecasts on Independence Gold stock, see the TSE:IGO Stock Forecast page.

Independence Gold to Showcase 3Ts Drill Core at AME Roundup 2026

Independence Gold Corp. will showcase drill core from its 3Ts gold-silver project in British Columbia at the AME Roundup 2026 Conference’s Core Shack in Vancouver, underscoring the project’s prominence within a major global forum for mineral exploration and mining. Located in the Nechako Plateau about 185 kilometres southwest of Prince George and near Artemis Gold’s Blackwater Mine, the 3Ts Project covers 35,486 hectares and hosts an extensive low-sulphidation epithermal quartz-carbonate vein district with at least nineteen known mineralized veins, many of which remain undrilled; the company’s participation highlights both the geological potential of 3Ts and its efforts to engage investors and industry stakeholders through direct exposure to core samples, geophysical data and its technical team.

The most recent analyst rating on (TSE:IGO) stock is a Hold with a C$0.10 price target. To see the full list of analyst forecasts on Independence Gold stock, see the TSE:IGO Stock Forecast page.

Independence Gold Upgrades 3Ts Resource With New NI 43-101 Report

Independence Gold has filed an updated NI 43-101 technical report for its 3Ts gold and silver project in British Columbia, reflecting a new mineral resource estimate prepared by SGS Geological Services that incorporates the Tommy, Ted-Mint, Larry, Johnny and Ian vein systems. The updated model delivers increased tonnage and, for the first time, an Indicated resource category totaling 2.79 million tonnes for in-pit and underground material, alongside a substantial Inferred resource, supporting the project’s advancement and indicating improved confidence in the deposit’s potential economic viability under assumed metal prices and operating parameters.

The most recent analyst rating on (TSE:IGO) stock is a Hold with a C$0.12 price target. To see the full list of analyst forecasts on Independence Gold stock, see the TSE:IGO Stock Forecast page.

Independence Gold Raises C$3.5 Million in Private Placement to Advance B.C. Exploration

Independence Gold Corp. has closed a non-brokered private placement raising C$3.5 million through the issuance of 3,622,400 units at C$0.10 and 28,525,092 flow-through common shares at C$0.11. Each unit comprises one common share and half a warrant exercisable at C$0.15 for 24 months, while finders received C$193,545 in cash fees and 1,773,953 compensation warrants, also exercisable at C$0.15 until December 19, 2027. Company insiders participated on the same terms as other subscribers, contributing C$102,240, with the board, including independent directors, unanimously approving the financing and relying on regulatory exemptions for related party transactions. Proceeds from the flow-through shares will fund Canadian exploration expenses at the company’s British Columbia properties, including a major exploration program aimed at growing resources at the 3Ts Project, while unit proceeds will support both exploration and general administrative costs, strengthening Independence Gold’s capacity to advance its exploration strategy.

Independence Gold Corp. Launches $5 Million Financing Initiative

Independence Gold Corp. announced a non-brokered equity financing plan to raise up to $5 million through the issuance of flow-through common shares and units. The funds will support eligible Canadian exploration expenditures for the 3Ts Project in British Columbia and the Boulevard Project in Yukon, with the financing expected to close by December 19, 2025, subject to regulatory approvals.

Independence Gold Uncovers New Anomalies at 3Ts Project

Independence Gold Corp. announced the discovery of new gold-in-soil and geophysical anomalies at its 3Ts Project in British Columbia. These findings, which include two significant gold-in-soil anomalies, suggest the presence of sulphide-bearing quartz carbonate veins east of the Ted-Mint Vein System. The results, derived from soil geochemistry and IP surveys, indicate potential extensions of known mineralized structures, enhancing the project’s exploration prospects and potentially increasing its resource base.

Independence Gold Announces Major Update to 3Ts Project Resource Estimate

Independence Gold Corp. has announced a substantial update to the mineral resource estimate for its 3Ts Project in British Columbia. The updated estimate, which includes new vein systems, indicates increased tonnage and introduces an Indicated resource category, marking a significant advancement for the project. This development is expected to enhance the company’s operational capabilities and strengthen its position in the mining industry, potentially offering promising prospects for stakeholders.