Independence Gold Corp (TSE:IGO)
:IGO
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Independence Gold
(IGO)
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Rating:46Neutral
Price Target:
C$0.09
▼(-20.00% Downside)
Action:Reiterated
Date:05/22/26
The score is primarily weighed down by weak financial performance driven by no revenue, ongoing losses, and persistent negative free cash flow (cash burn), partially offset by low leverage on the balance sheet. Technical indicators are broadly neutral and do not show strong positive momentum, while valuation is constrained by a negative P/E and no dividend yield data.
Positive Factors
Low leverage / limited debt
Very low debt reduces insolvency and refinancing risk for an exploration company. Structurally, limited leverage preserves financial flexibility to fund drilling or negotiate JV/asset sales without heavy interest burdens, supporting longer-term optionality to advance projects.
Negative Factors
Pre-revenue business model
With no operating revenue, the company lacks recurring cash inflows, so long-term viability hinges on exploration success or asset deals. This structural absence of revenue increases reliance on external capital and makes operational continuity sensitive to financing markets.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / limited debt
Very low debt reduces insolvency and refinancing risk for an exploration company. Structurally, limited leverage preserves financial flexibility to fund drilling or negotiate JV/asset sales without heavy interest burdens, supporting longer-term optionality to advance projects.
Read all positive factors
Independence Gold (IGO) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$26.39M
Dividend YieldN/A
Average Volume (3M)922.17K
Price to Earnings (P/E)―
Beta (1Y)1.96
Revenue GrowthN/A
EPS Growth44.27%
CountryCA
EmployeesN/A
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-0.02
Shares Outstanding263,947,850
10 Day Avg. Volume1,159,303
30 Day Avg. Volume922,172
Financial Highlights & Ratios
PEG Ratio1.20
Price to Book (P/B)2.37
Price to Sales (P/S)0.00
P/FCF Ratio-3.64
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., established in Vancouver, Canada, in 2011, specializes in the acquisition, exploration, and assessment of sites prospective for gold and silver deposits across North America. The company wholly owns several significant pro...
How the Company Makes Money
Independence Gold does not typically earn recurring operating revenue from selling gold because it is primarily an exploration-stage company. Its ability to generate value and potential future cash inflows is generally tied to: (1) raising capital...
Independence Gold Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
62
Positive
Cash Flow
18
Very Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -80.38K | -99.53K | -98.78K | -95.82K | -99.14K |
| EBITDA | -5.94M | -5.33M | -3.68M | -2.15M | -2.54M |
| Net Income | -6.04M | -5.46M | -3.81M | -2.28M | -8.95M |
Balance Sheet | |||||
| Total Assets | 11.04M | 14.50M | 8.47M | 6.46M | 7.01M |
| Cash, Cash Equivalents and Short-Term Investments | 6.39M | 9.75M | 3.61M | 1.58M | 2.03M |
| Total Debt | 139.93K | 244.57K | 420.78K | 523.12K | 601.26K |
| Total Liabilities | 1.04M | 1.53M | 866.29K | 749.39K | 787.76K |
| Stockholders Equity | 10.00M | 12.98M | 7.60M | 5.71M | 6.23M |
Cash Flow | |||||
| Free Cash Flow | -6.50M | -4.56M | -3.39M | -1.82M | -2.57M |
| Operating Cash Flow | -6.45M | -4.56M | -3.36M | -1.82M | -2.57M |
| Investing Cash Flow | -30.11K | -3.47K | -25.45K | -3.47K | 38.02K |
| Financing Cash Flow | 3.14M | 10.70M | 5.41M | 1.43M | 1.69M |
Independence Gold Technical Analysis
Positive
0.11
Price Trends
0.10
Negative
0.10
Positive
0.11
Negative
Market Momentum
>-0.01
Negative
55.98
Neutral
77.78
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:IGO, the sentiment is Positive. The current price of 0.11 is above the 20-day moving average (MA) of 0.10, above the 50-day MA of 0.10, and above the 200-day MA of 0.11, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 55.98 is Neutral, neither overbought nor oversold. The STOCH value of 77.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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% | |
46 Neutral | C$26.39M | -5.15 | -62.77% | ― | ― | 44.27% | |
46 Neutral | C$27.09M | -4.89 | -11.62% | ― | ― | -356.58% | |
44 Neutral | C$15.62M | -11.53 | -88.09% | ― | ― | -30.85% | |
44 Neutral | C$20.14M | -5.16 | 856.05% | ― | ― | 60.49% | |
43 Neutral | C$11.79M | -14.03 | 13.19% | ― | ― | 33.12% |
* Basic Materials Sector Average
TSE:IGO
Independence Gold
0.10
-0.04
-28.57%
TSE:IRV
Irving Resources
0.33
-0.02
-4.41%
TSE:RAK
Rackla Metals
0.14
-0.18
-56.25%
TSE:RDU
Radius Gold
0.14
0.03
22.73%
TSE:SWA
Sarama Resources
0.04
0.01
33.33%
TSE:NBRK
New Break Resources Ltd.
0.19
0.11
137.50%
Independence Gold Corporate Events
Business Operations and Strategy
Independence Gold Launches Major 2026 Drill Campaign at 3Ts Project in B.C.
Positive
Mar 26, 2026
Independence Gold Corp. has launched a diamond drill program of up to 10,000 metres at its 3Ts Gold and Silver Project in British Columbia, aiming to expand an updated mineral resource that already hosts hundreds of thousands of gold-equivalent ou...
Business Operations and StrategyPrivate Placements and Financing
Independence Gold Raises $750,000 in Flow-Through Private Placement for B.C. Exploration
Positive
Mar 18, 2026
Independence Gold Corp. has closed a non-brokered private placement, issuing 7,142,858 flow-through common shares at $0.105 each to raise gross proceeds of $750,000. The financing, unanimously approved by the board, included a $45,000 cash finder&...
Business Operations and StrategyPrivate Placements and Financing
Independence Gold to Raise $750,000 in Flow-Through Share Financing for 3Ts Project
Positive
Mar 17, 2026
Independence Gold Corp. has launched a non-brokered private placement of flow-through common shares priced at $0.105 to raise $750,000, issuing 7,142,858 shares, with potential finders’ fees and warrants subject to TSX Venture Exchange appro...
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.