Patagonia Gold (PGDC) AI Stock Analysis

• Market Cap: C$544.11M
• Dividend Yield: N/A
• Average Volume (3M): 52.54K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.02
• Revenue Growth: 14.89%
• EPS Growth: -24.08%
• Country: CA
• Employees: 154
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Other Precious Metals
• EPS (TTM): >-0.01
• Shares Outstanding: 465,051,480
• 10 Day Avg. Volume: 53,830
• 30 Day Avg. Volume: 52,539
• PEG Ratio: >-0.01
• Price to Book (P/B): -3.27
• Price to Sales (P/S): 1.10
• P/FCF Ratio: -1.17
• 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: 47 Neutral
• Price Target: C$0.94 ▲(368.00% Upside)

The score is held down primarily by weak financial fundamentals—persistent losses, significant cash burn, and a stressed balance sheet with negative equity and high debt. Technicals are supportive with a strong uptrend and positive momentum, but overbought signals add short-term risk. Valuation provides limited support due to negative earnings and no dividend yield.

Positive Factors

Production-based revenue model

The company sells produced gold/silver and can monetize projects via sales, JVs or royalties. A production-driven model provides a direct, scalable path to revenue as mines advance, reducing pure exploration risk and enabling lasting cash generation if operations remain steady.

Recent revenue rebound

TTM revenue increased ~20.8% to ~$10.4M, indicating improving top-line performance. Durable revenue growth suggests better asset utilization or higher output, which is a necessary precursor to margin recovery and sustainable operations if the company converts scale into steady production.

Improving free cash flow trend

Positive free cash flow growth in the TTM points to improving capital efficiency despite negative absolute FCF. If this trend continues, it can reduce cash burn and the need for external financing over months, improving the firm's ability to fund development internally long-term.

Negative Factors

Chronic unprofitability

Margins are structurally weak with near-breakeven gross margin and very large operating and net losses, showing the business has not yet achieved a sustainable cost or pricing structure. Persistent unprofitability undermines internal capital formation and longevity without external support.

Stressed balance sheet

Rising debt and negative equity indicate a thin capital cushion and elevated solvency risk. Negative shareholders' equity limits borrowing capacity, raises refinancing vulnerability, and may force asset sales or onerous financing terms, constraining long-term strategic options.

Persistent negative cash generation

Sustained negative operating and free cash flows signal ongoing cash burn and reliance on external funding. Over a multi-month horizon this elevates liquidity and execution risk, potentially forcing dilutive equity raises, higher-cost debt, or curtailed project development if trends do not reverse.

Patagonia Gold Business Overview & Revenue Model

Company Description

Patagonia Gold (PGDC) is a mining company focused on the exploration and development of gold and silver properties in South America, particularly in Argentina and Chile. The company aims to identify and develop high-quality mineral resources, leveraging its expertise in geology and mining operations. Patagonia Gold is engaged in various stages of mining, including exploration, resource estimation, and production, with a commitment to sustainable practices in the mining sector.

How the Company Makes Money

Patagonia Gold generates revenue primarily through the extraction and sale of gold and silver. The company's main revenue streams include the sale of dore bars, which are semi-pure alloys of gold and silver, produced at its mining operations. Additionally, revenue is supplemented by strategic partnerships and joint ventures with other mining companies and local stakeholders, which can enhance resource access and operational efficiency. Factors contributing to its earnings include fluctuating commodity prices, operational efficiency, and successful exploration efforts that lead to new discoveries and the expansion of existing mines.

Patagonia Gold Financial Statement Overview

Summary

Despite a rebound in TTM revenue (~+20.8% to ~10.4M), profitability and cash generation are very weak: gross margin ~0.9%, EBIT margin ~-73%, net margin ~-76%, negative operating cash flow (~-7.2M) and deeply negative free cash flow (~-33.8M). The balance sheet adds risk with rising debt (~70.6M) and negative equity (~-9.0M), indicating elevated solvency and funding pressure.

Income Statement

Revenue rebounded to ~10.4M in TTM (Trailing-Twelve-Months) (+~20.8% growth), but profitability remains very weak. Gross margin is near breakeven (~0.9%) and operating results are deeply negative (EBIT margin ~-73%), with a large net loss (net margin ~-76%). Longer-term results show repeated losses and volatile/mostly negative margins, indicating the business has not yet found a sustainable cost and pricing structure.

Balance Sheet

Financial position is stressed by high debt and negative equity. Total debt rose to ~70.6M in TTM (Trailing-Twelve-Months) while equity is negative (~-9.0M), implying a thin capital cushion and elevated solvency risk. The shift from positive equity in 2021–2023 to negative equity in 2024–TTM suggests deterioration in balance-sheet strength and reduced flexibility to absorb further losses.

Cash Flow

Cash generation is consistently negative. Operating cash flow is negative across all periods (TTM (Trailing-Twelve-Months) ~-7.2M), and free cash flow is materially negative (TTM ~-33.8M), pointing to ongoing cash burn and likely reliance on external funding. While free cash flow growth is positive in TTM, the absolute level of outflow has worsened versus recent years, keeping liquidity risk elevated.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	9.25M	8.83M	8.22M	12.34M	18.10M	19.85M
Gross Profit	-27.90K	-549.00K	-2.41M	-2.81M	4.54M	6.60M
EBITDA	-6.04M	-7.31M	-10.17M	-13.07M	-6.29M	3.00M
Net Income	-7.52M	-11.55M	-6.30M	-4.22M	-11.17M	-4.41M
Balance Sheet
Total Assets	88.91M	50.96M	49.57M	54.29M	57.74M	60.07M
Cash, Cash Equivalents and Short-Term Investments	15.31M	948.00K	185.00K	231.00K	291.00K	819.00K
Total Debt	50.62M	47.75M	37.01M	29.35M	22.98M	24.92M
Total Liabilities	57.74M	55.89M	42.31M	41.49M	40.04M	38.66M
Stockholders Equity	-6.00M	-2.96M	8.87M	14.30M	19.09M	22.70M
Cash Flow
Free Cash Flow	-29.63M	-8.26M	-6.19M	-5.64M	-4.82M	-2.45M
Operating Cash Flow	-7.20M	-5.15M	-5.74M	-5.33M	-591.00K	-535.00K
Investing Cash Flow	-23.38M	-3.07M	-294.00K	-286.00K	-3.89M	-1.50M
Financing Cash Flow	45.36M	8.20M	5.55M	5.58M	3.87M	509.00K

Patagonia Gold Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.20
• 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:PGDC, the sentiment is Positive. The current price of 0.2 is below the 20-day moving average (MA) of 0.86, below the 50-day MA of 0.48, and above the 200-day MA of 0.19, indicating a bullish trend. The MACD of 0.21 indicates Negative momentum. The RSI at 69.66 is Neutral, neither overbought nor oversold. The STOCH value of 61.34 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:PGDC.

Patagonia Gold 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%
CUAU	57 Neutral	C$107.99M	-30.36	-44.59%	―	―	-56.33%
CTM	56 Neutral	C$67.84M	-12.59	-27.31%	―	―	-3.73%
TUO	52 Neutral	C$144.59M	-48.40	-22.72%	―	―	-5655.56%
DEF	49 Neutral	C$120.14M	-46.48	-4.10%	―	―	43.20%
MMG	48 Neutral	C$77.67M	-16.44	-41.14%	―	―	42.42%
PGDC	47 Neutral	C$544.11M	-49.37	―	―	14.89%	-24.08%

Patagonia Gold Corporate Events

Patagonia Gold Advances Construction and Stockpiling at Calcatreu Project

Patagonia Gold Corp. has reported further progress on construction at its Calcatreu gold-silver project in Argentina’s Río Negro province, with 40,000 tonnes of mineralized material from the new Veta 49 pit now crushed and stockpiled and initial tonnes set to be stacked on the leach pad following electric leak detection tests later this month. The company is nearing completion of the plant’s carbon-in-column circuit and has begun commissioning a new camp and dining facilities for 140 workers, measures that enhance the project’s operational readiness ahead of the start of leaching and processing, after which metal doré will be shipped to Asahi Refining Canada; a new NI 43-101 technical report on Calcatreu, being prepared by NCL Ingenieria y Construccion, is expected in the second quarter of 2026 and should provide the market with an updated technical foundation for the project.

The most recent analyst rating on (TSE:PGDC) stock is a Hold with a C$0.57 price target. To see the full list of analyst forecasts on Patagonia Gold stock, see the TSE:PGDC Stock Forecast page.

Patagonia Gold Advances Construction at Flagship Calcatreu Project in Rio Negro

Patagonia Gold Corp. reports that construction of its flagship Calcatreu gold-silver project in Rio Negro, Argentina, is advancing toward initial leaching, targeted for the first quarter of 2026, following the start of construction in early 2025. Mining began in August 2025, with blasting initiated in September and mineralized material now stockpiled ahead of placement on the completed first section of the leach pad in January 2026; the project hosts measured and indicated resources of 9.84 million tonnes grading 2.11 g/t gold and 19.8 g/t silver, for an estimated 669,000 ounces of gold and 6.3 million ounces of silver. Key supporting infrastructure—including an explosives magazine, chemical storage facility, power generation via three 1MW diesel generators, and a camp for up to 192 people—is largely in place, while processing facilities are nearing completion, with interim tolling arrangements for loaded carbon until Calcatreu’s downstream plant components are commissioned about six months after start-up. The operation has hired 135 employees, mainly from nearby communities, marking the first precious metals project in Rio Negro and deepening Patagonia Gold’s operational footprint in the province, and an updated NI 43-101 technical report on mineral resources and reserves is being prepared for planned release in the second quarter of 2026.

The most recent analyst rating on (TSE:PGDC) stock is a Hold with a C$0.20 price target. To see the full list of analyst forecasts on Patagonia Gold stock, see the TSE:PGDC Stock Forecast page.

Patagonia Gold Says No Operational Changes Behind Share Trading Surge

Patagonia Gold Corp. stated that its management is unaware of any material change in the company’s operations that would explain a recent increase in trading activity in its shares, following a query from the Canadian Investment Regulatory Organization. The clarification aims to reassure investors that no undisclosed operational developments are driving the stock’s recent movement, underscoring regulatory scrutiny of market volatility and the company’s commitment to transparent disclosure for stakeholders.

The most recent analyst rating on (TSE:PGDC) stock is a Hold with a C$0.20 price target. To see the full list of analyst forecasts on Patagonia Gold stock, see the TSE:PGDC Stock Forecast page.

Patagonia Gold Reports Q3 2025 Financial Results and Advances Calcatreu Project

Patagonia Gold Corp. reported its Q3 2025 financial results, generating US$3 million in revenue. The company made significant progress on the Calcatreu heap leach facility, completing key infrastructure and advancing earthworks. The relocation and refurbishment of the CIC plant were completed, with installation expected in December 2025. Exploration activities included drilling, trenching, and ground magnetics surveying. These developments position Patagonia Gold to commence heap leaching at Calcatreu in early 2026, potentially enhancing its operational capabilities and market position.

The most recent analyst rating on (TSE:PGDC) stock is a Hold with a C$0.14 price target. To see the full list of analyst forecasts on Patagonia Gold stock, see the TSE:PGDC Stock Forecast page.