Montage Gold Corp. (MAU) AI Stock Analysis

• Market Cap: C$3.57B
• Dividend Yield: N/A
• Average Volume (3M): 503.17K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.64
• Revenue Growth: N/A
• EPS Growth: -53.84%
• Country: CA
• Employees: 35
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): -0.01
• Shares Outstanding: 363,183,350
• 10 Day Avg. Volume: 480,948
• 30 Day Avg. Volume: 503,169
• PEG Ratio: -0.11
• Price to Book (P/B): 2.73
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -6.08
• 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: C$10.13
• Price Target Upside: 2.95% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 60 Neutral
• Price Target: C$10.00 ▲(1.63% Upside)

The score is held back primarily by pre-revenue losses and accelerating cash burn, despite a strong, low-leverage balance sheet. Offsetting factors include a strong technical uptrend and positive project/exploration and portfolio-expansion events, while valuation is not supportive given negative earnings and no dividend yield.

Positive Factors

Strategic Partnerships

The partnership with African Gold enhances Montage's exploration capabilities and resource development in Côte d’Ivoire, aligning with its strategy to expand presence and exploration activities, potentially unlocking significant value.

Project Advancement

Advancement in the Koné project construction underscores Montage's strategic goal of becoming a premier African gold producer, with substantial progress in engineering and procurement, ensuring timely project delivery.

Exchange Graduation

Graduating to the TSX enhances Montage's visibility and investor base, reflecting strategic progress and potentially increasing liquidity, which supports long-term growth and stability.

Negative Factors

Operational Losses

Ongoing operational losses indicate challenges in achieving profitability, which can strain resources and hinder long-term financial health, necessitating reliance on external financing.

Negative Cash Flow

Negative cash flow suggests reliance on external funding, posing risks to financial stability and limiting the company's ability to self-fund operations and growth initiatives.

Zero Revenue

Consistent zero revenue highlights challenges in monetizing assets, impacting profitability and limiting financial flexibility, which is critical for sustaining operations and funding future projects.

Montage Gold Corp. Business Overview & Revenue Model

Company Description

Montage Gold Corp., a precious metals exploration and development company, engages in the exploration and development of mineral properties. Its flagship property is the Koné Gold Project covering an area of 1,442 square kilometers located in the Côte d'Ivoire, West Africa. The company was incorporated in 2019 and is headquartered in Vancouver, Canada.

How the Company Makes Money

Montage Gold Corp. makes money primarily through the exploration and development of gold mining projects. The company generates revenue by increasing the value of its mineral assets through exploration activities, which include drilling, geological surveys, and feasibility studies. Once a project reaches a certain stage of development, the company may choose to enter into joint ventures, sell part of its interest, or continue towards production, which can lead to direct revenue from gold sales. Additionally, strategic partnerships and financing arrangements can provide funding and share project risks, contributing to the company's financial resources and potential earnings.

Montage Gold Corp. Financial Statement Overview

Summary

Montage Gold Corp. faces significant financial challenges with consistent operational losses and negative cash flow, despite a strong equity position. The company is heavily reliant on financing activities, indicating ongoing financial difficulties.

Income Statement

Montage Gold Corp. has consistently reported zero revenue, resulting in negative gross and net profit margins. The company has shown no revenue growth, and all profitability metrics are negative, reflecting ongoing operational losses. The financial trajectory indicates challenges in achieving revenue and profitability.

Balance Sheet

The balance sheet of Montage Gold Corp. shows a strong equity position with a high equity ratio due to minimal debt. The debt-to-equity ratio remains extremely low, indicating low leverage. However, the company has a history of significant losses affecting return on equity. The stability provided by strong equity is a positive aspect despite operational losses.

Cash Flow

Cash flow analysis reveals substantial financing inflows and negative free cash flow, indicating reliance on external funding. The operating cash flow to net income ratio is negative, reflecting cash flow challenges. Despite significant financing cash flow, free cash flow remains negative, suggesting cash management issues.

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	-521.79K	0.00	-231.38K	-190.98K	-181.01K	-138.06K
EBITDA	-81.87M	-68.47M	-24.19M	-8.62M	-23.33M	-9.95M
Net Income	-86.89M	-67.66M	-24.42M	-9.89M	-23.46M	-10.26M
Balance Sheet
Total Assets	770.23M	368.40M	45.69M	51.97M	23.41M	46.69M
Cash, Cash Equivalents and Short-Term Investments	221.25M	165.49M	6.72M	8.69M	10.71M	32.99M
Total Debt	669.26K	553.00K	139.55K	0.00	0.00	0.00
Total Liabilities	602.83M	162.97M	1.34M	2.17M	1.10M	2.12M
Stockholders Equity	167.36M	205.28M	44.34M	49.80M	22.31M	44.58M
Cash Flow
Free Cash Flow	-367.38M	-92.08M	-17.79M	-8.18M	-22.79M	-9.39M
Operating Cash Flow	-53.70M	-45.77M	-17.41M	-7.93M	-22.62M	-9.37M
Investing Cash Flow	-382.93M	-116.53M	184.50K	-15.08M	-169.95K	-22.15K
Financing Cash Flow	476.83M	321.49M	15.86M	21.26M	45.00K	32.61M

Montage Gold Corp. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 9.84
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:MAU, the sentiment is Positive. The current price of 9.84 is above the 20-day moving average (MA) of 9.38, above the 50-day MA of 8.16, and above the 200-day MA of 5.70, indicating a bullish trend. The MACD of 0.50 indicates Positive momentum. The RSI at 65.77 is Neutral, neither overbought nor oversold. The STOCH value of 55.91 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:MAU.

Montage Gold Corp. 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%
MAU	60 Neutral	C$3.57B	-35.36	-48.70%	―	―	-53.84%
RUP	60 Neutral	C$1.64B	―	―	―	―	―
CNL	54 Neutral	$1.74B	-24.80	-89.81%	―	―	―
SEA	52 Neutral	C$4.52B	-81.37	-5.19%	―	―	-267.06%
NG	51 Neutral	C$5.69B	-39.45	-129.07%	―	―	-92.71%
SGD	49 Neutral	C$2.95B	-57.41	-50.94%	―	―	―

Montage Gold Corp. Corporate Events

Montage Gold Corp. Expands Exploration Portfolio in Côte d’Ivoire

Montage Gold Corp. has expanded its exploration portfolio in Côte d’Ivoire by securing two new exploration permits, significantly increasing its Koné project land package and adding the Wendé advanced greenfield exploration property. This strategic expansion supports Montage’s goal of becoming a leading multi-asset African gold producer by leveraging its technical expertise and strong local stakeholder relationships, while maintaining construction progress on the Koné project on budget and schedule.

The most recent analyst rating on (TSE:MAU) stock is a Buy with a C$9.25 price target. To see the full list of analyst forecasts on Montage Gold Corp. stock, see the TSE:MAU Stock Forecast page.

Montage Gold Expands Côte d’Ivoire Presence with African Gold Acquisition

Montage Gold Corp. has announced the acquisition of African Gold Limited, enhancing its presence in Côte d’Ivoire by adding the Didievi project to its portfolio. This strategic move is expected to strengthen Montage’s market position by leveraging its expertise to develop the Didievi project, which has shown significant resource growth and exploration potential. The acquisition, valued at approximately US$170 million, will see existing African Gold shareholders owning a minority stake in the combined company, reflecting a 54% premium on African Gold’s recent share price.

The most recent analyst rating on (TSE:MAU) stock is a Buy with a C$9.25 price target. To see the full list of analyst forecasts on Montage Gold Corp. stock, see the TSE:MAU Stock Forecast page.

Montage Gold’s Petit Yao Target Shows High-Grade Potential

Montage Gold Corp. has announced promising drill results from its Petit Yao target near the Koné processing plant in Côte d’Ivoire, indicating its potential to become a high-grade satellite deposit. The ongoing exploration program has revealed multiple high-grade mineralized intercepts, with mineralization confirmed over a strike length of 1.1km and open in all directions. The company plans to increase drilling efforts at Petit Yao, aiming to publish a maiden resource upon completion. This discovery is expected to significantly enhance the production profile of the Koné project, benefiting stakeholders by potentially unlocking substantial value.

The most recent analyst rating on (TSE:MAU) stock is a Buy with a C$9.00 price target. To see the full list of analyst forecasts on Montage Gold Corp. stock, see the TSE:MAU Stock Forecast page.

Montage Gold Corp. Advances Koné Project with Strong Q3 2025 Performance

Montage Gold Corp. reported significant progress in Q3 2025 on its Koné project, with construction activities on budget and well on schedule. The company has committed $494.8 million, representing approximately 58% of total capital expenditure, and expects the first gold pour in Q2 2027. Exploration activities continue robustly, with 85,784 meters drilled in 2025, focusing on delineating higher-grade resources. Financially, the company maintains robust liquidity with project funding sources totaling $712.8 million, compared to remaining capital disbursements of $597.7 million.

The most recent analyst rating on (TSE:MAU) stock is a Buy with a C$9.00 price target. To see the full list of analyst forecasts on Montage Gold Corp. stock, see the TSE:MAU Stock Forecast page.

Montage Gold Corp. Reports Significant Exploration Progress at Koné Project

Montage Gold Corp. has announced significant progress in its exploration efforts at the Koné Project in Côte d’Ivoire, particularly on the Sissédougou trend. The company’s ongoing drill program has resulted in a substantial increase in the mineral resource estimates at the ANV deposit, with further exploration potential identified. This development enhances the project’s prospects and positions Montage Gold favorably within the industry, as the Sissédougou trend emerges as a highly prospective area alongside the Gbongogo–Koroutou trend.

The most recent analyst rating on (TSE:MAU) stock is a Buy with a C$7.50 price target. To see the full list of analyst forecasts on Montage Gold Corp. stock, see the TSE:MAU Stock Forecast page.

Montage Gold Advances Koné Project with Strategic Enhancements

Montage Gold Corp. has announced significant progress in the construction of its Koné project in Côte d’Ivoire, which is on track for its first gold pour in Q2 2027. The project has achieved key milestones ahead of schedule, with $418.3 million committed, representing half of the total upfront capital expenditure. The company is implementing strategic initiatives to enhance operational flexibility and efficiency, including the integration of higher-grade materials and the addition of an oxide circuit. These developments are expected to improve the production profile and reduce capital requirements, positioning Montage Gold favorably within the industry.

The most recent analyst rating on (TSE:MAU) stock is a Buy with a C$6.00 price target. To see the full list of analyst forecasts on Montage Gold Corp. stock, see the TSE:MAU Stock Forecast page.