P2 Gold (PGLD) AI Stock Analysis

• Market Cap: C$198.43M
• Dividend Yield: N/A
• Average Volume (3M): 899.82K
• Price to Earnings (P/E): 112.3
• Beta (1Y): 2.34
• Revenue Growth: N/A
• EPS Growth: -66.51%
• Country: CA
• Employees: 4
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Other Precious Metals
• EPS (TTM): >-0.01
• Shares Outstanding: 241,984,680
• 10 Day Avg. Volume: 1,396,636
• 30 Day Avg. Volume: 899,819
• PEG Ratio: -0.01
• Price to Book (P/B): -3.39
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -4.57
• 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: 46 Neutral
• Price Target: C$0.99 ▲(47.76% Upside)

The score is held back primarily by weak financial quality (pre-revenue, negative EBIT, and persistently negative operating/free cash flow despite positive net income), implying reliance on external funding. Technicals are supportive due to a strong uptrend, but overbought signals temper the impact. Valuation also weighs on the score given the very high P/E and no dividend yield provided.

Positive Factors

Balance-sheet improvement

A shift to positive equity and modest debt (debt-to-equity ~0.13) materially reduces near-term insolvency risk and improves financing optionality. For an exploration company, a healthier balance sheet supports continued drilling and permits negotiation of JV/partner deals without immediate distress financing.

Reported net-income improvement

Net income turning positive after multi-year losses signals improving financial outcomes and progress toward de-risking. If sustained, accounting profitability can broaden investor and partner interest, helping secure longer-term funding or strategic transactions that support project advancement beyond short-term cash raises.

Focused US gold and copper project pipeline

A clear exploration and development mandate in US precious-metal jurisdictions reduces geopolitical/permitting uncertainty versus many peers. Concentrated gold/copper assets provide optionality to monetize via project sales, JVs, or eventual mine development, aligning with structural demand for these metals over multi-year horizons.

Negative Factors

Pre-revenue operating profile

Zero revenue and negative EBIT indicate the business remains at an exploration/development stage with no operating cash inflows. This fundamental state creates long lead times to commerciality and persistent execution risk, meaning the company will likely rely on external capital until projects generate sustainable revenues.

Persistent negative operating and free cash flow

Ongoing operating and free cash flow deficits denote structural cash burn that must be covered by financing or asset sales. This chronic cash outflow constrains the firm's ability to self-fund exploration, raises dilution risk for shareholders, and limits strategic flexibility during multi-year project development cycles.

Earnings-quality concerns

Positive net income unsupported by operating cash flow suggests profits are driven by non-cash or one-time items. That weakens the durability of reported gains, complicates lender and partner assessments, and may increase funding costs or restrict access to non-dilutive capital until cash-generating operations are demonstrated.

P2 Gold Business Overview & Revenue Model

Company Description

P2 Gold Inc., a junior mining company, engages in the acquisition, exploration, and development of mineral properties in Canada and the United States. It primarily explores for gold, copper, silver, lead, and zinc deposits. The company holds an interest in the Gabbs project comprising 421 unpatented lode mining claims and one patented lode mining claim covering 3,300 hectares in Nevada; the Silver Reef project covering an area of approximately 23,000 hectares; and the BAM property, which includes ten mineral tenures that covers an area of approximately 8,100 hectares. It also holds an interest in the Lost Cabin property comprising 106 unpatented lode mining claims covering an area of approximately 2,190 acres, located in Lake County, Oregon. The company was formerly known as Central Timmins Exploration Corp. and changed its name to P2 Gold Inc. in August 2020. P2 Gold Inc. was incorporated in 2017 and is headquartered in Vancouver, Canada.

How the Company Makes Money

P2 Gold Inc. generates revenue primarily through the exploration and development of mineral resources with the aim of future extraction and sale. The company invests in identifying and developing mineral-rich properties, which, once proven economically viable, can be sold or partnered with larger mining companies for further development. Revenue streams may include proceeds from the sale of mineral properties, joint venture agreements, and potential future production royalties. P2 Gold relies on strategic partnerships and investments to fund its exploration activities and create shareholder value through the appreciation of its project portfolio.

P2 Gold Financial Statement Overview

Summary

Pre-revenue profile with zero revenue and negative EBIT in 2024 and TTM. While equity has improved to positive in TTM and net income turned positive, operating and free cash flow remain negative in every period (including TTM), raising earnings-quality and funding-dependence concerns.

Income Statement

The company continues to report zero revenue across the disclosed periods, consistent with an earlier-stage precious metals story rather than an operating business. Losses have narrowed materially from 2021–2022 to 2023, and profitability in 2024 and TTM (Trailing-Twelve-Months) turned positive at the net income line; however, operating results remain weak with negative EBIT in both 2024 and TTM, indicating the recent net income is likely driven by non-operating items rather than core operations. Overall, the trajectory has improved, but earnings quality is a key concern given the lack of revenue and ongoing operating losses.

Balance Sheet

The balance sheet improved meaningfully versus prior years: stockholders’ equity moved from negative in 2021–2024 to positive in TTM (Trailing-Twelve-Months), and debt remains modest relative to equity in TTM (debt-to-equity around 0.13). That said, leverage metrics were distorted in earlier years by negative equity (making debt-to-equity less informative), and the historical pattern highlights higher financial fragility and reliance on financing. Current positioning looks more stable than the past, but the track record suggests balance-sheet risk can re-emerge if cash burn persists.

Cash Flow

Cash generation remains a clear weakness: operating cash flow and free cash flow are negative in every period shown, including TTM (Trailing-Twelve-Months). While the magnitude of cash burn improved sharply versus 2021–2023, TTM free cash flow growth is still negative, and operating cash flow does not support reported net income (operating cash flow is negative despite positive net income in 2024 and TTM). This increases reliance on external funding and reduces the durability of the recent accounting profitability.

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	-25.83K	-36.25K	-164.00K	-151.00K	-129.00K	-27.86K
EBITDA	1.11M	4.29M	-6.09M	-14.70M	-27.58M	-4.98M
Net Income	1.08M	4.15M	-4.46M	-12.94M	-27.39M	-5.01M
Balance Sheet
Total Assets	12.11M	685.10K	310.64K	2.41M	8.45M	1.86M
Cash, Cash Equivalents and Short-Term Investments	11.78M	539.95K	46.61K	1.47M	7.80M	1.63M
Total Debt	1.24M	2.36M	545.00K	133.45K	251.07K	0.00
Total Liabilities	2.59M	2.89M	9.67M	12.25M	12.90M	118.01K
Stockholders Equity	9.52M	-2.21M	-9.36M	-9.83M	-4.45M	1.74M
Cash Flow
Free Cash Flow	-131.12K	-1.64M	-4.70M	-13.39M	-7.69M	-4.22M
Operating Cash Flow	-131.12K	-1.64M	-4.70M	-13.30M	-7.61M	-4.19M
Investing Cash Flow	39.48K	1.83K	-98.00	70.98K	-223.04K	-5.38K
Financing Cash Flow	10.74M	2.13M	3.27M	6.90M	14.00M	5.26M

P2 Gold Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.67
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:PGLD, the sentiment is Neutral. The current price of 0.67 is below the 20-day moving average (MA) of 0.85, above the 50-day MA of 0.65, and above the 200-day MA of 0.31, indicating a neutral trend. The MACD of 0.08 indicates Positive momentum. The RSI at 51.22 is Neutral, neither overbought nor oversold. The STOCH value of 40.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:PGLD.

P2 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%
CKG	56 Neutral	C$238.43M	-66.79	-2.40%	―	―	14.96%
SGO	52 Neutral	C$93.57M	-11.45	-57.23%	―	―	―
ORV	51 Neutral	C$258.22M	-15.28	-24.86%	―	12.51%	-150.40%
PGLD	46 Neutral	C$198.43M	112.33	36.70%	―	―	-66.51%
NVRO	44 Neutral	C$60.31M	-4.58	―	―	―	-16.67%
OCG	37 Underperform	C$227.09M	-10.21	-114.33%	―	―	-28.64%

P2 Gold Corporate Events

P2 Gold’s Latest Gabbs Drilling Confirms and Expands Sullivan Zone Mineralization

P2 Gold reported additional reverse circulation drill results from the Sullivan Zone at its Gabbs Project in Nevada, with 11 new holes confirming and locally expanding gold-copper mineralization consistent with the existing resource model. The latest intercepts, including broad intervals of gold-dominant and copper-gold mineralization in up-dip, down-dip and hanging-wall positions, support the planned open-pit design envisioned in the project’s economic studies and will feed into an updated mineral resource estimate targeted for mid-2026, which in turn will underpin a feasibility study on putting Gabbs into production by late 2026.

The most recent analyst rating on (TSE:PGLD) stock is a Hold with a C$0.69 price target. To see the full list of analyst forecasts on P2 Gold stock, see the TSE:PGLD Stock Forecast page.

P2 Gold to Settle Debenture Interest with Share Issuance as Gabbs Project Advances

P2 Gold Inc. has elected to pay approximately $42,270 in interest accrued on $1,118,000 of outstanding convertible debentures through the issuance of 63,079 common shares, or about 56.42 shares per $1,000 principal amount, for the interest payment due December 31, 2025. The move, which remains subject to TSX Venture Exchange approval and includes a four-month hold period on the new shares, allows the company to preserve cash as it advances its Gabbs gold-copper project, while debenture holders retain the option to convert principal into equity at $0.10 per share until the debentures’ January 31, 2026 maturity.

The most recent analyst rating on (TSE:PGLD) stock is a Hold with a C$0.66 price target. To see the full list of analyst forecasts on P2 Gold stock, see the TSE:PGLD Stock Forecast page.

P2 Gold Grants Stock Options as It Advances Gabbs Gold-Copper Project

P2 Gold Inc. has granted stock options to its directors, officers, employees and consultants to purchase 5,350,000 common shares at an exercise price of $0.54 per share, expiring on December 17, 2027, bringing its total outstanding options to 10,066,000, or about 4.5% of its issued share capital, subject to approval by the TSX Venture Exchange. The move underscores the company’s use of equity-based compensation to align insiders and staff with shareholder interests as it advances feasibility work and ongoing exploration at the Gabbs gold-copper project in Nevada, a key asset with the potential to become a long-life, mid-size producer supported by strong infrastructure and further development milestones ahead.

P2 Gold Reports Positive Drill Results at Gabbs Project, Nevada

P2 Gold Inc. has announced the results from the first six reverse circulation drill holes at the Sullivan Zone of its Gabbs Project in Nevada. The drilling confirmed the continuity and grade of gold-copper mineralization at or near the surface, supporting the potential for a substantial mineral resource. These results are part of an ongoing Infill and Expansion Drill Program, which will culminate in an updated Mineral Resource estimate and a feasibility study expected by late 2026. This development could significantly impact P2 Gold’s operations and industry positioning by advancing the Gabbs Project towards production, thereby enhancing its value proposition to stakeholders.

P2 Gold Advances Drilling and Feasibility Studies at Gabbs Project

P2 Gold Inc. has mobilized drilling operations at its Gabbs Project in Nevada, with both reverse circulation and diamond drilling underway to support a feasibility study. The company is also awarding contracts for various studies, including pit slope stability and metallurgical testing, aiming to complete these by the second quarter of 2026. These efforts are expected to culminate in an updated mineral resource estimate and optimized mine plan, potentially impacting the company’s operational strategy and market position.