Montage Gold Corp. (MAU) AI Stock Analysis

• Market Cap: C$4.51B
• Dividend Yield: N/A
• Average Volume (3M): 503.17K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.58
• 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: 364,269,170
• 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$14.15
• Price Target Upside: 7.44% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 54 Neutral
• Price Target: C$12.50 ▼(-5.09% Downside)

The score is held back primarily by weak financial performance—no revenue, widening losses, and sharply deteriorating free cash flow that heightens funding/dilution risk—despite a strong, low-debt balance sheet. Technicals are supportive with a clear uptrend and positive MACD, but very overbought RSI/Stoch readings add near-term downside risk. Valuation is also a headwind because earnings are negative (P/E not meaningful) and no dividend yield is available.

Positive Factors

Low leverage / strong capitalization

Very low financial leverage and modest absolute debt give the company flexibility to fund exploration and development activities without immediate refinancing pressure. This strengthens medium-term optionality for project financing, JV deals, or staged capex as projects advance.

Larger asset base enhances scale

A materially increased asset base reflects capitalized project investments and boosts the firm's balance-sheet scale. That scale can improve credibility with lenders and partners, support structured project financing, and enable multi-stage development planning over the next several quarters.

Clear project-focused business model

A concentrated strategy on advancing gold resources via drilling, studies and permitting offers a clear value-creation pathway typical for junior developers. In a structural environment of persistent gold demand, disciplined project progression can unlock long-term value if technical and permitting milestones are met.

Negative Factors

Pre-revenue with widening losses

Operating without revenue while losses widen increases dependence on external capital and lengthens the path to self-sufficiency. Persistent negative earnings erode equity, raise financing needs, and heighten execution risk if exploration results or project economics do not progress as planned.

Severe negative free cash flow and cash burn

Very large and worsening free cash outflows reflect heavy capex and exploration spending. This elevates near- to medium-term funding and dilution risk, constrains strategic flexibility, and means successful project financing or partner funding is needed to sustain development without significant shareholder dilution.

Deeply negative return on equity

A substantially negative ROE indicates current capital deployment is not generating returns, which undermines investor confidence and the company's ability to attract lower-cost capital. Prolonged negative ROE increases pressure to deliver technical milestones or secure non-dilutive funding.

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

Overall financials reflect an early-stage, pre-revenue profile: no revenue and widening losses (TTM net income about -$86.9M vs -$67.7M in 2024) alongside accelerating cash burn (TTM operating cash flow about -$53.7M; free cash flow about -$367.4M vs -$92.1M in 2024). The key offsetting strength is a lightly levered balance sheet (debt-to-equity ~0.004) with sizable equity (~$167.4M), but negative returns (TTM ROE ~-57%) and funding/dilution risk remain significant.

Income Statement

Across the period (including 2025-09-30 TTM (Trailing-Twelve-Months)), the company reports no revenue and consistently negative profitability. Losses have widened materially in TTM with net income of about -$86.9M versus -$67.7M in 2024, indicating rising cost intensity and limited operating leverage at this stage. While this profile can be normal for a pre-revenue developer in Gold, the trajectory in losses is a clear near-term weakness.

Balance Sheet

The balance sheet is a relative strength: leverage is very low (TTM debt-to-equity ~0.004), with modest total debt (~$0.7M) against sizable equity (~$167.4M). Total assets increased substantially versus 2024 (~$770.2M vs ~$368.4M), improving scale and financial flexibility. The key weakness is persistent negative returns on equity (TTM return on equity roughly -57%), reflecting ongoing losses despite the strong capitalization.

Cash Flow

Cash generation remains weak, with negative operating cash flow in TTM (about -$53.7M) and very large negative free cash flow (about -$367.4M), signaling heavy spending and cash burn. Free cash flow deterioration versus 2024 is significant (from roughly -$92.1M to -$367.4M), even though the reported free cash flow growth rate is positive, implying a volatile base. A partial positive is that free cash flow is broadly aligned with the net loss profile (cash use consistent with losses), but the magnitude of outflows elevates funding and dilution risk.

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	552.24M	368.40M	45.69M	51.97M	23.41M	46.69M
Cash, Cash Equivalents and Short-Term Investments	158.63M	165.49M	6.72M	8.69M	10.71M	32.99M
Total Debt	479.85K	553.00K	139.55K	0.00	0.00	0.00
Total Liabilities	432.22M	162.97M	1.34M	2.17M	1.10M	2.12M
Stockholders Equity	120.00M	205.28M	44.34M	49.80M	22.31M	44.58M
Cash Flow
Free Cash Flow	-329.70M	-92.08M	-17.79M	-8.18M	-22.79M	-9.39M
Operating Cash Flow	-51.63M	-45.77M	-17.41M	-7.93M	-22.62M	-9.37M
Investing Cash Flow	-346.29M	-116.53M	184.50K	-15.08M	-169.95K	-22.15K
Financing Cash Flow	415.27M	321.49M	15.86M	21.26M	45.00K	32.61M

Montage Gold Corp. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 13.17
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• 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 13.17 is above the 20-day moving average (MA) of 11.49, above the 50-day MA of 9.90, and above the 200-day MA of 6.45, indicating a bullish trend. The MACD of 0.98 indicates Negative momentum. The RSI at 68.65 is Neutral, neither overbought nor oversold. The STOCH value of 47.13 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
WDO	81 Outperform	C$3.29B	11.46	42.97%	―	69.33%	253.46%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
AAUC	56 Neutral	C$5.28B	-94.75	-14.03%	―	49.65%	71.84%
IAU	56 Neutral	C$1.83B	-7.84	-37.59%	―	70.93%	37.37%
MAU	54 Neutral	C$4.51B	-47.32	-48.70%	―	―	-53.84%
SEA	52 Neutral	C$3.96B	-76.02	-5.19%	―	―	-267.06%
SGD	49 Neutral	C$2.94B	-60.21	-50.94%	―	―	―

Montage Gold Corp. Corporate Events

Montage Gold Fast-Tracks Koné Project Toward First Gold Pour in Late 2026

Montage Gold Corp. reported rapid, on-budget construction progress at its Koné gold project in Côte d’Ivoire, with over 7.2 million work hours completed, major process plant infrastructure such as all 14 CIL tanks and the oxide sizer in place, and the ball mill shell delivered to site. With approximately $545 million, or about 63% of upfront capital, already committed and key workstreams like water storage, resettlement infrastructure, tailings lining and grid connection well advanced, the company now targets first gold pour from the oxide circuit in late Q4 2026 and completion of the hard-rock comminution circuit by Q2 2027, while simultaneously advancing an aggressive exploration program at Koné and the newly acquired Wendé and Didievi properties to expand resources and build a pipeline of higher-grade satellite deposits that could enhance future production and project economics.

The most recent analyst rating on (TSE:MAU) stock is a Hold with a C$10.00 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. 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.