Newcore Gold (TSE:NCAU)
:NCAU
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Newcore Gold
(NCAU)
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Rating:45Neutral
Price Target:
C$0.61
▼(-7.73% Downside)
Action:Reiterated
Date:04/29/26
The score is held back primarily by the pre-revenue profile with ongoing losses and cash burn, alongside bearish technical signals (below major moving averages with negative MACD). A clean, debt-free balance sheet and growing equity base provide some offsetting financial stability, but valuation support is limited by negative earnings and no dividend data.
Positive Factors
Debt-free Balance Sheet
A zero-debt balance sheet materially reduces solvency risk for a pre-revenue miner, lowering fixed financing obligations and preserving strategic optionality. Over the next several months this provides durable financial flexibility to fund exploration or respond to capital markets without debt servicing pressure.
Negative Factors
Pre-revenue with Persistent Losses
No operating revenue means the company depends on financing to sustain operations; persistent losses reduce internal funding capacity and heighten execution risk. Over the next 2–6 months, continued pre-revenue status makes the firm sensitive to capital-raising cycles and investor appetite.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free Balance Sheet
A zero-debt balance sheet materially reduces solvency risk for a pre-revenue miner, lowering fixed financing obligations and preserving strategic optionality. Over the next several months this provides durable financial flexibility to fund exploration or respond to capital markets without debt servicing pressure.
Read all positive factors
Newcore Gold (NCAU) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$142.28M
Dividend YieldN/A
Average Volume (3M)393.43K
Price to Earnings (P/E)―
Beta (1Y)1.64
Revenue GrowthN/A
EPS Growth85.77%
CountryCA
Employees41
SectorGeneral
Sector StrengthN/A
IndustryGold
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding263,486,080
10 Day Avg. Volume341,895
30 Day Avg. Volume393,426
Financial Highlights & Ratios
PEG Ratio1.16
Price to Book (P/B)2.35
Price to Sales (P/S)0.00
P/FCF Ratio-35.96
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$2.25Price Target Upside240.91% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.02
Revenue Forecast (FY)N/A
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 kilometer...
How the Company Makes Money
null...
Newcore Gold Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
72
Positive
Cash Flow
25
Negative
| Breakdown | Dec 2025 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -39.98K | -16.33K | -11.29K | -9.35K | -6.41K |
| EBITDA | -5.02M | -4.05M | -1.94M | -2.62M | -4.01M |
| Net Income | -1.77M | -5.27M | -2.42M | -2.63M | -4.02M |
Balance Sheet | |||||
| Total Assets | 69.33M | 56.75M | 46.23M | 44.51M | 40.39M |
| Cash, Cash Equivalents and Short-Term Investments | 4.18M | 5.15M | 3.75M | 3.59M | 5.53M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 3.64M | 6.89M | 170.25K | 492.97K | 1.31M |
| Stockholders Equity | 65.69M | 49.85M | 46.06M | 44.02M | 39.08M |
Cash Flow | |||||
| Free Cash Flow | -4.29M | -2.68M | -1.99M | -6.91M | -18.36M |
| Operating Cash Flow | -4.26M | -2.68M | -1.99M | -2.19M | -2.53M |
| Investing Cash Flow | -15.28M | -4.63M | 287.90K | -2.90M | -8.61M |
| Financing Cash Flow | 18.44M | 8.69M | 4.92M | 5.12M | 10.67M |
Newcore Gold Technical Analysis
Negative
0.66
Price Trends
0.62
Negative
0.69
Negative
0.69
Negative
Market Momentum
-0.02
Positive
39.43
Neutral
19.44
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:NCAU, the sentiment is Negative. The current price of 0.66 is above the 20-day moving average (MA) of 0.59, above the 50-day MA of 0.62, and below the 200-day MA of 0.69, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 39.43 is Neutral, neither overbought nor oversold. The STOCH value of 19.44 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:NCAU.
Newcore Gold Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | C$156.40M | -200.16 | 5.42% | 8.87% | 28.16% | -30.00% | |
54 Neutral | C$250.34M | -63.88 | -29.52% | ― | ― | 57.08% | |
53 Neutral | C$137.39M | 21.30 | 21.84% | ― | ― | 34.36% | |
45 Neutral | C$142.28M | -34.09 | -2.74% | ― | ― | 85.77% | |
44 Neutral | C$182.20M | -16.49 | -74.62% | ― | ― | -122.95% | |
42 Neutral | C$158.38M | -15.36 | 15.78% | ― | ― | ― |
* General Sector Average
TSE:NCAU
Newcore Gold
0.54
-0.10
-15.62%
TSE:PPP
Prospector Metals
1.58
1.44
989.66%
TSE:MGG
Minaurum Gold
0.36
0.19
115.15%
TSE:MJS
Majestic Gold
0.15
0.02
17.19%
TSE:XTG
Xtra-Gold Resource
2.95
0.85
40.48%
TSE:OMI
Orosur Mining
0.40
0.23
128.57%
Newcore Gold Corporate Events
Business Operations and Strategy
Newcore Gold Drilling at Enchi’s Sewum Deposit Points to Resource Growth Potential
Positive
Apr 8, 2026
Newcore Gold reported new diamond drill results from its 60,000-metre program at the Enchi Gold Project in Ghana, highlighted by hole SWDD107 intersecting 1.59 g/t gold over 15.5 metres, including 3.22 g/t over 6.4 metres, and hole SWDD112 returni...
Business Operations and StrategyFinancial Disclosures
Newcore Gold Doubles Indicated Resource at Enchi Project in Ghana
Positive
Mar 18, 2026
Newcore Gold has released an updated mineral resource estimate for its Enchi Gold Project in Ghana, more than doubling the Indicated resource to 1.50 million ounces of gold at 0.56 g/t across 83.6 million tonnes, alongside an Inferred resource of ...
Business Operations and StrategyPrivate Placements and Financing
Newcore Gold Expands Enchi Drill Program to 60,000 Metres on Strong Cash Position
Positive
Mar 12, 2026
Newcore Gold has expanded its drill program at the Enchi Gold Project in Ghana to 60,000 metres, supported by approximately $10 million in recent warrant exercise proceeds and the deployment of three active drill rigs. Management highlighted a str...
Business Operations and StrategyPrivate Placements and Financing
Newcore Gold Secures $10.3 Million from Warrant Exercises to Advance Ghana Project
Positive
Mar 2, 2026
Newcore Gold Ltd. has raised approximately $10.3 million through the exercise of 20,548,000 share purchase warrants that expired on February 27, 2026, at an exercise price of $0.50. Following these exercises, the company’s share capital now ...
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.