Independence Gold Corp (TSE:IGO)
:IGO
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Independence Gold
(IGO)
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Rating:50Neutral
Price Target:
C$0.11
▼(-4.55% Downside)
Action:ReiteratedDate:12/30/25
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 Leverage / Conservative Capital Structure
Low leverage materially reduces financial risk for an exploration-stage miner. With debt-to-equity around 2%, the company faces minimal interest burden, preserving flexibility to allocate capital to drilling and resource definition and reducing insolvency risk during multi-stage exploration timelines.
Negative Factors
Pre-revenue with Widening Losses
A persistent pre-revenue profile with widening net losses structurally erodes equity and necessitates repeated external funding. Over the medium term this undermines capital efficiency, increases dilution risk for shareholders, and constrains the company’s ability to progress projects without continual access to new financing or partner deals.
Read all positive and negative factors
Positive Factors
Negative Factors
Low Leverage / Conservative Capital Structure
Low leverage materially reduces financial risk for an exploration-stage miner. With debt-to-equity around 2%, the company faces minimal interest burden, preserving flexibility to allocate capital to drilling and resource definition and reducing insolvency risk during multi-stage exploration timelines.
Read all positive factors
Independence Gold (IGO) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$23.11M
Dividend YieldN/A
Average Volume (3M)922.17K
Price to Earnings (P/E)―
Beta (1Y)2.02
Revenue GrowthN/A
EPS Growth-4.78%
CountryCA
EmployeesN/A
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding256,805,000
10 Day Avg. Volume1,159,303
30 Day Avg. Volume922,172
Financial Highlights & Ratios
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 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
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 claim...
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...
Independence Gold Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
58
Neutral
Cash Flow
18
Very Negative
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
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
Negative
0.11
Price Trends
0.10
Negative
0.10
Negative
0.12
Negative
Market Momentum
>-0.01
Negative
48.58
Neutral
66.67
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 0.09, above the 50-day MA of 0.10, and below the 200-day MA of 0.12, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 48.58 is Neutral, neither overbought nor oversold. The STOCH value of 66.67 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
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% | |
50 Neutral | C$23.11M | -8.77 | -66.50% | ― | ― | -4.78% | |
49 Neutral | C$14.46M | -14.08 | -88.09% | ― | ― | 21.15% | |
48 Neutral | C$21.73M | -120.12 | 13.19% | ― | ― | ― | |
46 Neutral | C$24.59M | -15.84 | -11.62% | ― | ― | -165.27% | |
44 Neutral | C$19.91M | -5.20 | 856.05% | ― | ― | -51.94% |
* Basic Materials Sector Average
TSE:IGO
Independence Gold
0.09
-0.07
-43.75%
TSE:IRV
Irving Resources
0.30
0.09
47.50%
TSE:RAK
Rackla Metals
0.15
-0.06
-27.50%
TSE:RDU
Radius Gold
0.13
0.02
13.64%
TSE:SWA
Sarama Resources
0.04
<0.01
22.86%
TSE:NBRK
New Break Resources Ltd.
0.35
0.27
337.50%
Independence Gold Corporate Events
Business Operations and Strategy
Independence Gold Unveils New Exploration Targets From 3Ts Geophysical Survey
Positive
Jan 26, 2026
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 ...
Business Operations and Strategy
Independence Gold to Showcase 3Ts Drill Core at AME Roundup 2026
Positive
Jan 22, 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 m...
Business Operations and StrategyRegulatory Filings and Compliance
Independence Gold Upgrades 3Ts Resource With New NI 43-101 Report
Positive
Jan 8, 2026
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,...
Business Operations and StrategyPrivate Placements and Financing
Independence Gold Raises C$3.5 Million in Private Placement to Advance B.C. Exploration
Positive
Dec 22, 2025
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 warran...
Private Placements and Financing
Independence Gold Corp. Launches $5 Million Financing Initiative
Neutral
Dec 8, 2025
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...
Business Operations and Strategy
Independence Gold Uncovers New Anomalies at 3Ts Project
Positive
Dec 1, 2025
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 qu...
Business Operations and StrategyProduct-Related Announcements
Independence Gold Announces Major Update to 3Ts Project Resource Estimate
Positive
Nov 19, 2025
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 res...
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.