Newcore Gold (NCAU) AI Stock Analysis

• Market Cap: C$184.44M
• Dividend Yield: N/A
• Average Volume (3M): 393.43K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.09
• Revenue Growth: N/A
• EPS Growth: -7.14%
• Country: CA
• Employees: 41
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): -0.01
• Shares Outstanding: 263,486,080
• 10 Day Avg. Volume: 341,895
• 30 Day Avg. Volume: 393,426
• PEG Ratio: -0.14
• Price to Book (P/B): 1.17
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -21.72
• 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$2.00
• Price Target Upside: 170.27% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 49 Neutral
• Price Target: C$0.64 ▼(-13.92% Downside)

The score is primarily held down by weak financial performance (no revenue, recurring losses, and sustained negative free cash flow). A debt-free balance sheet and recent positive Enchi drilling updates provide some support, while technical signals are broadly neutral and valuation remains challenged due to negative earnings.

Positive Factors

Successful Financing

The successful $15 million financing strengthens Newcore Gold's financial position, enabling further investment in exploration projects and enhancing its market standing.

Debt-Free Balance Sheet

A debt-free balance sheet reduces financial risk, providing Newcore Gold with greater flexibility to fund exploration activities without the burden of interest payments.

Positive Drill Results

The positive drill results at the Enchi Gold Project indicate strong potential for resource growth, supporting long-term expansion and development in the gold mining sector.

Negative Factors

Equity Financing Reliance

Reliance on equity financing can dilute existing shareholders and indicates a lack of internal cash generation, posing a risk to long-term shareholder value.

Negative Cash Flow

Negative operating cash flow indicates dependency on external financing, which can lead to dilution and financial instability if not managed effectively.

No Revenue Generation

The absence of revenue generation highlights the speculative nature of the business, relying heavily on successful exploration outcomes and external financing.

Newcore Gold Business Overview & Revenue Model

Company Description

Newcore Gold Ltd., a mineral exploration and mine development company, engages in the acquisition, advancement, and development of precious mineral properties in Ghana. It holds 100% interest in the Enchi gold project covering 216 square kilometers located in southwest Ghana, as well as holds seven prospecting licenses. The company was formerly known as Pinecrest Resources Ltd. and changed its name to Newcore Gold Ltd. in August 2020. Newcore Gold Ltd. was incorporated in 2010 and is headquartered in Vancouver, Canada.

How the Company Makes Money

Newcore Gold makes money by exploring and developing gold resources, which involves identifying potential gold deposits, conducting extensive exploration activities, and increasing the value of its properties. The company's revenue model primarily revolves around enhancing the value of its gold exploration projects to attract potential investors or buyers, who may be interested in partnering with or acquiring these gold assets. Key revenue streams for Newcore Gold may include the sale of its gold assets, joint ventures with other mining companies, or raising funds through equity financing to support ongoing exploration activities. Significant factors contributing to its earnings include successful exploration results, increases in gold prices, and strategic partnerships that provide additional capital or expertise to advance its projects.

Newcore Gold Financial Statement Overview

Summary

Newcore Gold exhibits typical characteristics of a mining exploration company, with no revenue and consistent losses. The positive aspect is its debt-free balance sheet, reducing financial risk, but the company is reliant on equity financing, which could lead to dilution.

Income Statement

Newcore Gold has consistently reported no revenue over the years, indicating a pre-revenue stage often seen in exploration companies. The negative EBIT and EBITDA margins reflect ongoing operational expenses without revenue generation. The net profit margin is negative due to sustained losses, highlighting the company's investment in exploration without immediate returns.

Balance Sheet

The company has maintained a debt-free position, which is a positive indicator of financial prudence. The equity ratio is strong as stockholders' equity constitutes a significant portion of total assets. However, without revenue generation, the reliance on equity financing may lead to dilution risks in the future.

Cash Flow

Operating cash flows are negative, which is typical for exploration companies not yet generating revenue. Free cash flow remains negative, indicating dependency on financing activities, yet cash flow from financing is strong, ensuring liquidity for operations. This reflects the company's strategy to finance exploration activities through equity rather than revenue.

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	-35.30K	-16.33K	-11.29K	-9.35K	-6.41K	0.00
EBITDA	-4.42M	-4.05M	-1.94M	-2.62M	-4.01M	-2.07M
Net Income	-3.55M	-5.27M	-2.42M	-2.63M	-4.02M	-2.21M
Balance Sheet
Total Assets	71.84M	56.75M	46.23M	44.51M	40.39M	31.12M
Cash, Cash Equivalents and Short-Term Investments	10.87M	5.15M	3.75M	3.59M	5.53M	13.21M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	6.03M	6.89M	170.25K	492.97K	1.31M	1.58M
Stockholders Equity	65.81M	49.85M	46.06M	44.02M	39.08M	29.54M
Cash Flow
Free Cash Flow	-3.77M	-2.68M	-1.99M	-6.91M	-18.36M	-4.17M
Operating Cash Flow	-3.74M	-2.68M	-1.99M	-2.19M	-2.53M	-1.36M
Investing Cash Flow	-11.77M	-4.63M	287.90K	-2.90M	-8.61M	-14.41M
Financing Cash Flow	18.07M	8.69M	4.92M	5.12M	10.67M	17.04M

Newcore Gold Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.74
• 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:NCAU, the sentiment is Positive. The current price of 0.74 is above the 20-day moving average (MA) of 0.65, above the 50-day MA of 0.65, and above the 200-day MA of 0.64, indicating a bullish trend. The MACD of 0.01 indicates Negative momentum. The RSI at 66.62 is Neutral, neither overbought nor oversold. The STOCH value of 74.31 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:NCAU.

Newcore Gold Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MJS	68 Neutral	C$164.74M	14.23	7.20%	8.87%	28.21%	-9.76%
XTG	64 Neutral	C$155.36M	35.31	23.36%	―	―	379.90%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
OMI	56 Neutral	C$172.27M	9.60	―	―	―	―
MGG	55 Neutral	C$243.75M	-20.88	-89.19%	―	―	-70.87%
PPP	54 Neutral	C$182.95M	-9.65	-71.51%	―	―	4.64%
NCAU	49 Neutral	C$184.44M	-44.85	-5.92%	―	―	-7.14%

Newcore Gold Corporate Events

Newcore Gold Hits High-Grade Deep Gold at Enchi’s Boin Deposit, Underscoring Resource Growth Potential

Newcore Gold has reported the first diamond drill results from its ongoing 45,000-metre program at the Enchi Gold Project’s Boin deposit in Ghana, highlighted by a very high-grade intercept of 173.75 g/t gold over 1.0 metre and a broader interval of 3.54 g/t gold over 23.0 metres at depths of roughly 250–260 metres. The drilling, which is targeting fresh mineralization in two high-grade zones at depth and represents the deepest holes completed on the project to date, confirms that Boin remains open below the previously tested 100-metre level and underscores the potential to expand higher-grade resources across Enchi, reinforcing the company’s view that the underexplored property offers substantial upside in a district known for large, deep gold systems.

The most recent analyst rating on (TSE:NCAU) stock is a Hold with a C$0.64 price target. To see the full list of analyst forecasts on Newcore Gold stock, see the TSE:NCAU Stock Forecast page.

Newcore Gold Reports Positive Drilling Results at Enchi Project in Ghana

Newcore Gold Ltd. has announced promising results from its ongoing 45,000-metre drill program at the Enchi Gold Project in Ghana, with significant gold mineralization intersected at the Boin Gold Deposit. The drilling results, which include high-grade intervals, demonstrate the potential for resource expansion and continuity of gold mineralization, supporting the company’s plans to advance the project to a Pre-Feasibility Study by mid-2026. The company is transitioning to the second phase of drilling, focusing on exploration and resource growth, with diamond drilling underway to explore high-grade potential at depth.

The most recent analyst rating on (TSE:NCAU) stock is a Buy with a C$1.50 price target. To see the full list of analyst forecasts on Newcore Gold stock, see the TSE:NCAU Stock Forecast page.

Newcore Gold’s Enchi Project Shows Promising Growth Potential

Newcore Gold Ltd. has announced promising drill results from its ongoing 45,000-metre drill program at the Enchi Gold Project in Ghana. The recent drilling at the Kwakyekrom Gold Deposit revealed significant near-surface gold mineralization, indicating potential for resource growth beyond current estimates. This development underscores the project’s potential to expand both laterally and at depth, with all reported holes intersecting gold. The company is advancing towards a Pre-Feasibility Study, aiming to convert Inferred Resources to Indicated, thereby enhancing its market position and stakeholder value.

The most recent analyst rating on (TSE:NCAU) stock is a Buy with a C$1.50 price target. To see the full list of analyst forecasts on Newcore Gold stock, see the TSE:NCAU Stock Forecast page.

Newcore Gold Expands Drilling at Enchi Project in Ghana

Newcore Gold Ltd. has expanded its drilling program at the Enchi Gold Project in Ghana to 45,000 metres, driven by successful results and a strong cash position. The ongoing drilling aims to convert inferred resources to indicated, explore new targets, and assess high-grade structures at depth, highlighting the potential for significant resource growth and positioning the project alongside other major gold mines in the region.

The most recent analyst rating on (TSE:NCAU) stock is a Buy with a C$1.50 price target. To see the full list of analyst forecasts on Newcore Gold stock, see the TSE:NCAU Stock Forecast page.