Mexican Gold Corp (MEX) AI Stock Analysis

• Market Cap: C$6.35M
• Dividend Yield: N/A
• Average Volume (3M): 134.15K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.95
• Revenue Growth: N/A
• EPS Growth: 18.99%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Other Precious Metals
• EPS (TTM): N/A
• Shares Outstanding: 39,685,640
• 10 Day Avg. Volume: 176,076
• 30 Day Avg. Volume: 134,147
• PEG Ratio: 0.25
• Price to Book (P/B): 92.53
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -3.70
• 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$0.17 ▲(8.12% Upside)

The score is held down primarily by weak financial fundamentals (no revenue, ongoing losses, and persistent cash burn with shrinking equity), despite a favorable technical uptrend. Valuation is also constrained by unprofitability, while recent corporate actions improve exploration optionality and near-term liquidity but add dilution/royalty considerations.

Positive Factors

Zero Debt

The company carries no reported debt across periods, reducing solvency and interest burden risk. For an exploration-stage miner this preserves optionality to fund projects via equity/royalties rather than servicing debt, improving strategic flexibility over the medium term.

Expanded Exploration Footprint

The Tatatila acquisition increases asset optionality and geographic diversification of targets, improving odds of a material discovery. Expanding the resource pipeline is a durable growth lever for an exploration company, raising long-term upside if exploration returns are positive.

Improving Loss Trend and Moderated Burn

Reported net losses have narrowed versus earlier years and operating cash outflows have moderated, suggesting better cost control and more disciplined spending. A sustained trend of lower burn improves runway and reduces frequency/size of future financings if maintained.

Negative Factors

No Revenue

The firm has generated no revenue for multiple years, meaning its business remains entirely dependent on exploration success and external funding. Without revenue, there is no internal path to margin recovery or self-funding, leaving long-term viability contingent on discoveries or sustained financing.

Consistent Cash Burn

Persistent negative operating and free cash flows force reliance on capital markets or partner funding. Chronic burn elevates dilution and financing risk, limits ability to scale exploration activity organically, and constrains capital allocation choices over a multi‑month horizon.

Shrinking Equity / Dilution Risk

Equity has materially eroded, leaving a thin capital cushion. Combined with recent corporate actions (share issuance, NSR royalty and a private placement noted elsewhere), this signals ongoing dilution risk and potential value transfer to financiers or royalty holders over time.

Mexican Gold Corp Business Overview & Revenue Model

Company Description

Mexican Gold Mining Corp., a mineral exploration company, engages in the acquisition, exploration, and evaluation of resource properties in Mexico. The company primarily explores for gold and copper deposits. It holds a 100% interest in the Las Minas project that consists of six mineral concessions located in the Las Minas district in the state of Veracruz, Mexico. The company was formerly known as Mexican Gold Corp. and changed its name to Mexican Gold Mining Corp. in February 2020. Mexican Gold Mining Corp. was incorporated in 2006 and is based in Vancouver, Canada.

How the Company Makes Money

Mexican Gold Corp generates revenue primarily through the exploration and potential development of its mineral properties. The company seeks to increase its value by discovering economically viable mineral deposits, which can be sold to larger mining companies or developed into producing mines. Revenue may also be derived from joint venture agreements, where Mexican Gold Corp partners with other companies to share exploration and development costs and profits. Additionally, the company might engage in strategic partnerships or secure financing to fund its exploration activities, thus enhancing its ability to monetize its mineral assets.

Mexican Gold Corp Financial Statement Overview

Summary

No revenue reported across 2020–2025 with persistent operating and net losses, plus consistently negative operating cash flow and free cash flow. The zero-debt balance sheet is a positive, but the sharp decline in equity and ongoing cash burn point to continued financing/dilution risk.

Income Statement

The company reports no revenue across the entire annual history provided (2020–2025), while operating losses remain persistent (EBIT negative every year). Net losses improved materially versus 2020–2021 (smaller losses in 2022–2025), but profitability is still deeply negative and there is no visible path to margin recovery without revenue generation.

Balance Sheet

A key positive is the absence of debt in all periods shown, limiting financial leverage risk. However, the equity base has shrunk dramatically over time (down to ~13k in 2025 from much higher levels previously), and returns on equity are sharply negative in the latest year, signaling ongoing value erosion and a thinner capital cushion.

Cash Flow

Cash burn is consistent: operating cash flow and free cash flow are negative every year, indicating ongoing funding needs. While cash outflows have generally moderated compared with the heavy burns in 2020–2021, the latest year still shows meaningful negative free cash flow and weak cash coverage versus reported losses, leaving liquidity dependent on external financing.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	0.00	0.00	-81.93K	-93.88K	-50.05K	0.00
EBITDA	-282.97K	-355.13K	0.00	-479.27K	-737.89K	-3.17M
Net Income	-285.06K	-353.80K	-383.46K	-486.60K	-739.58K	-3.18M
Balance Sheet
Total Assets	39.13K	51.71K	231.96K	686.90K	148.49K	362.49K
Cash, Cash Equivalents and Short-Term Investments	19.45K	30.15K	210.51K	560.97K	92.02K	121.46K
Total Debt	82.10K	0.00	0.00	0.00	0.00	0.00
Total Liabilities	134.27K	38.27K	19.41K	96.68K	85.19K	149.29K
Stockholders Equity	-95.14K	13.44K	212.55K	590.22K	63.30K	213.20K
Cash Flow
Free Cash Flow	-294.27K	-336.00K	-350.46K	-542.90K	-522.04K	-3.14M
Operating Cash Flow	-294.27K	-336.00K	-350.46K	-542.90K	-522.04K	-3.14M
Investing Cash Flow	0.00	0.00	0.00	0.00	0.00	0.00
Financing Cash Flow	235.63K	155.63K	0.00	1.01M	480.00K	1.39M

Mexican Gold Corp Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.16
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:MEX, the sentiment is Positive. The current price of 0.16 is below the 20-day moving average (MA) of 0.18, below the 50-day MA of 0.17, and above the 200-day MA of 0.10, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 47.23 is Neutral, neither overbought nor oversold. The STOCH value of 15.15 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:MEX.

Mexican Gold Corp Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GGD	74 Outperform	C$1.20B	51.15	5.38%	―	104.08%	832.86%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
SM	61 Neutral	C$347.15M	460.34	2.04%	―	694.29%	―
SLVR	53 Neutral	C$488.59M	-95.50	-4.86%	―	―	-14.43%
SGO	52 Neutral	C$88.89M	-11.07	-57.23%	―	―	―
VIPR	52 Neutral	C$161.94M	-9.14	-62.47%	―	―	-57.64%
MEX	50 Neutral	C$6.35M	-11.93	―	―	―	18.99%

Mexican Gold Corp Corporate Events

Mexican Gold Corp. Sets AGM Date and Introduces New Board Nominees

Mexican Gold Mining Corp. has announced the date for its Annual General Meeting (AGM) on December 10, 2025, where shareholders will vote on various corporate matters, including the election of directors and approval of a stock option plan. Notably, John Anderson and Ali Zamani will not seek re-election, with new nominees Nathan Lavertu and Ashley O’Neill proposed for the board. This shift in board composition could influence the company’s strategic direction and stakeholder relations.

Mexican Gold Mining Corp Completes $850,000 Private Placement

Mexican Gold Mining Corp has successfully closed a non-brokered private placement, raising $850,000 through the issuance of 10 million units at $0.085 per unit. The proceeds will be used for general corporate purposes, and the offering has been approved by the company’s board. An insider, John Anderson, participated in the offering, which was deemed a related party transaction but did not require a material change report due to its size relative to the company’s market capitalization. The offering is subject to final acceptance by the TSX Venture Exchange, and certain restrictions apply to the exercise of warrants issued in the placement.

Mexican Gold Expands Holdings with Tatatila Project Acquisition

Mexican Gold Mining Corp. has acquired the Tatatila Project in Veracruz, Mexico, expanding its holdings adjacent to its existing Las Minas Project. The acquisition, completed through a mining concessions assignment agreement with Chesapeake Gold Corp., involves the issuance of 4,451,361 common shares to Chesapeake and a 1.5% net smelter returns royalty, with a buy-back option available. This strategic acquisition enhances Mexican Gold’s exploration potential and strengthens its position in the mining district, subject to final acceptance by the TSX Venture Exchange.