Scorpio Gold (SGN) AI Stock Analysis

• Market Cap: C$113.22M
• Dividend Yield: N/A
• Average Volume (3M): 725.97K
• Price to Earnings (P/E): ―
• Beta (1Y): 3.69
• Revenue Growth: N/A
• EPS Growth: -57.61%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): 0.04
• Shares Outstanding: 283,042,850
• 10 Day Avg. Volume: 606,160
• 30 Day Avg. Volume: 725,974
• PEG Ratio: >-0.01
• Price to Book (P/B): 17.41
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -1.12
• 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: 49 Neutral
• Price Target: C$0.40 ▲(17.06% Upside)

The score is held down primarily by weak financial performance, marked by persistent losses and significant ongoing cash burn despite currently low leverage. Technicals are a positive offset with price strength above key moving averages and positive MACD, but high volatility (beta) increases risk. Valuation is also limited by negative earnings and no provided dividend yield.

Positive Factors

Low Current Leverage

Trailing-twelve-month debt is very low (debt-to-equity ~0.03), giving Scorpio Gold financial flexibility. Minimal current debt reduces interest burden and default risk, preserving optionality to fund exploration or raise capital on better terms over the coming months.

Focus on Nevada Assets

Concentrated asset base in Nevada positions the company in a premier, mining-friendly jurisdiction with established infrastructure and permitting frameworks. This structural advantage lowers execution risk, eases access to contractors and services, and supports project advancement prospects.

Evidence of Cost Control

A reduction in losses in 2023 versus earlier years suggests improving operational discipline or capital allocation. If sustained, this trend supports a clearer path to cash-burn stabilization and improves credibility with investors and lenders during future fundraising rounds.

Negative Factors

Persistent Cash Burn

Consistent negative operating and free cash flow erode cash reserves and force recurrent equity or debt raises. For a junior explorer, ongoing cash burn raises dilution risk, constrains continuous drilling/permitting programs, and increases dependence on external capital over the medium term.

No Meaningful Revenue; Ongoing Losses

The absence of recurring revenue and sustained net losses mean the business is not yet self-sustaining. This structural profitability gap increases funding needs, limits reinvestment capacity, and elevates execution and financing risk while projects are advanced toward development.

Historical Balance Sheet Volatility

Prior swings to high leverage (debt-to-equity ~2.9x in 2024) reveal capital-structure instability. Such historical volatility can impair access to financing during stress, increase refinancing risk and cost, and signals potential governance or funding pressure issues for long-term project execution.

Scorpio Gold Business Overview & Revenue Model

Company Description

Scorpio Gold Corporation, together with its subsidiaries, engages in the exploitation, exploration, and development of mineral resource properties in the United States. It primarily explores for gold and silver deposits. The company holds 100% interests in the Mineral Ridge gold project covering an area of 5,617 hectares located in Esmeralda County, Nevada; and Goldwedge property that covers an area of 717 hectares located in Manhattan, Nevada. It also holds 100% interest in the Manhattan property covering an area of 1,740 hectares located in Nye County, Nevada. The company is based in White Rock, Canada.

How the Company Makes Money

Scorpio Gold generates revenue primarily through the extraction and sale of gold from its mining operations. The company operates mines where it extracts ore, processes it to separate gold, and then sells the refined product in the global precious metals market. Key revenue streams for Scorpio Gold include the sale of gold bullion and any by-products resulting from the mining process. Additionally, the company may enter into strategic partnerships or joint ventures to enhance its exploration and production capabilities, contributing to its overall earnings. Other factors influencing earnings include fluctuations in gold prices, operational efficiencies, and cost management in mining operations.

Scorpio Gold Financial Statement Overview

Summary

Financial performance is weak: persistent losses and little/no reported revenue in recent periods, with TTM EBIT around -$5.2M and net income around -$8.3M. Cash flow is a key risk with continued cash burn (TTM operating cash flow about -$4.1M and free cash flow about -$7.4M). Balance sheet leverage is currently low in TTM (debt-to-equity ~0.03), but prior volatility in leverage and consistently negative returns keep the overall financial profile pressured.

Income Statement

Earnings quality is weak, with persistent losses across the period and no revenue reported in most years (including TTM (Trailing-Twelve-Months)). Profitability is deeply negative, with large operating losses (TTM EBIT of about -$5.2M and net income about -$8.3M). The key positive is that losses were much smaller in 2023 versus 2021–2022, but the latest TTM loss widened again, indicating an unstable path to profitability.

Balance Sheet

Leverage looks manageable in TTM (Trailing-Twelve-Months) with low debt relative to equity (debt-to-equity ~0.03) and a sizable equity base versus total assets. However, the balance sheet has been volatile: debt-to-equity was elevated in 2023–2024 (above 1x, and ~2.9x in 2024) alongside extremely weak returns on equity driven by large losses. Overall, the company is not currently over-levered, but equity value and capital structure have shown meaningful swings.

Cash Flow

Cash generation is a major concern: operating cash flow is consistently negative and worsened in TTM (Trailing-Twelve-Months) (about -$4.1M), with free cash flow also deeply negative (about -$7.4M). While free cash flow growth is positive in TTM (Trailing-Twelve-Months), it is improving from a very weak base and does not change the fact that the business is consuming cash. Free cash flow is larger than net losses in several periods, implying cash burn can exceed accounting losses.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	3.24M	4.97M
Gross Profit	17.38K	0.00	0.00	-161.00K	-1.93M	230.00K
EBITDA	-7.84M	-4.37M	-2.20M	-2.94M	-3.78M	-521.00K
Net Income	-8.32M	-15.25M	-2.27M	-2.21M	-4.68M	-1.42M
Balance Sheet
Total Assets	20.39M	17.13M	14.69M	14.45M	13.79M	18.96M
Cash, Cash Equivalents and Short-Term Investments	8.98M	0.00	294.85K	331.90K	278.98K	4.15M
Total Debt	511.14K	1.02M	4.47M	3.05M	450.00K	0.00
Total Liabilities	2.33M	16.78M	11.92M	9.62M	7.33M	8.41M
Stockholders Equity	18.07M	349.09K	2.77M	4.83M	6.46M	10.54M
Cash Flow
Free Cash Flow	-7.42M	-5.45M	-1.51M	-2.55M	-4.27M	-1.28M
Operating Cash Flow	-4.06M	-4.36M	-1.44M	-1.69M	-2.60M	-807.00K
Investing Cash Flow	1.72M	-2.30M	130.52K	-687.56K	-1.72M	-1.77M
Financing Cash Flow	11.38M	6.37M	1.27M	2.43M	450.00K	4.49M

Scorpio Gold Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.34
• 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:SGN, the sentiment is Neutral. The current price of 0.34 is below the 20-day moving average (MA) of 0.39, below the 50-day MA of 0.37, and above the 200-day MA of 0.29, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 50.83 is Neutral, neither overbought nor oversold. The STOCH value of 55.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:SGN.

Scorpio 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%
GWM	56 Neutral	C$80.72M	-8.23	-63.27%	―	―	-68.53%
ECR	55 Neutral	C$126.18M	-7.96	-32.54%	―	―	-661.70%
AE	54 Neutral	C$130.78M	-14.23	-48.84%	―	―	17.15%
VEIN	50 Neutral	C$128.38M	-5.42	―	―	―	―
SGN	49 Neutral	C$113.22M	-3.33	-62.60%	―	―	-57.61%

Scorpio Gold Corporate Events

Scorpio Gold Hits 25 m of 0.76 g/t at Nevada’s Manhattan Project, Expands 2025 Drilling Campaign

Scorpio Gold reported new results from its 2025 Phase Two diamond drilling program at the Manhattan District Project in Nevada, highlighted by hole 25MN-036 intersecting 25.02 metres grading 0.76 grams per tonne gold, including a higher-grade interval of 7.47 metres at 2.23 grams per tonne. The company has now released assays for 26 of 38 Phase Two holes totaling 8,584 metres, with results for a further 12 completed holes pending, and management says the drilling continues to confirm its geological model while targeting both extensions below the current inferred resource constraining pit and potential new zones, including upcoming tests at the Black Mammoth target, in an effort to add to its resource inventory and evaluate the broader district-scale potential of Manhattan.

The most recent analyst rating on (TSE:SGN) stock is a Hold with a C$0.39 price target. To see the full list of analyst forecasts on Scorpio Gold stock, see the TSE:SGN Stock Forecast page.

Scorpio Gold Targets Investor Engagement and Insider Alignment With Options Grant

Scorpio Gold Corporation announced its participation in the upcoming Metals Investor Forum in Vancouver, where CEO Zayn Kalyan will deliver a corporate presentation and management will engage directly with investors, complemented by an open house at its Vancouver office during major industry conferences to showcase its Manhattan District assets and drill core. The company also granted 6,465,000 incentive stock options to directors, officers and consultants under its stock option plan, with staged vesting schedules and related-party grants made under applicable exemptions, a move that aligns management and insiders with shareholders as Scorpio advances exploration and consolidates its position in Nevada’s Manhattan gold district.

The most recent analyst rating on (TSE:SGN) stock is a Hold with a C$0.33 price target. To see the full list of analyst forecasts on Scorpio Gold stock, see the TSE:SGN Stock Forecast page.

Scorpio Gold Expands Manhattan District Footprint With Betty East Property Option

Scorpio Gold has entered into a property option agreement to acquire a 100% interest in the Betty East Property, a block of 32 unpatented lode mining claims in Nye County, Nevada, and has staked additional claims to connect it with its existing Manhattan District holdings. Historical drilling and soil geochemical surveys at Betty East indicate near-surface gold mineralization and broader epithermal and intrusive-related targets, and by securing an option with staged cash, share payments and exploration expenditures over five years, the company is effectively expanding and consolidating its land package in the southern Manhattan District, enhancing district-scale exploration potential and long-term optionality in one of Nevada’s key gold belts.

The most recent analyst rating on (TSE:SGN) stock is a Sell with a C$0.32 price target. To see the full list of analyst forecasts on Scorpio Gold stock, see the TSE:SGN Stock Forecast page.

Scorpio Gold Expands Mineralization Footprint With New Manhattan Drill Results

Scorpio Gold reported additional assay results from seven diamond drill holes completed in 2025 at its Manhattan District Project in Nevada, including notable intercepts of 2.21 g/t gold over 7.38 metres in hole 25MN-030 and 0.54 g/t gold over 20.54 metres, including 1.34 g/t gold over 8.95 metres, in hole 25MN-031. Management highlighted that many of the new intercepts lie outside the current inferred resource constraining pit designed at a US$2,500 gold price, indicating potential to expand the mineralized envelope and increase tonnage, while drilling also refined the understanding of key structural feeder zones; with assays still pending from 12 additional holes and three drill rigs active, the company signalled an ongoing pipeline of results that could further shape the project’s resource base and development outlook.

The most recent analyst rating on (TSE:SGN) stock is a Hold with a C$0.38 price target. To see the full list of analyst forecasts on Scorpio Gold stock, see the TSE:SGN Stock Forecast page.

Scorpio Gold Strengthens Financial Position and Announces Leadership Change

Scorpio Gold Corp. has received the first deferred payment of $750,000 from the sale of its subsidiary, Mineral Ridge Gold, LLC, strengthening its financial position as it advances its 50,000-metre drill program in the Manhattan District. Additionally, the company announced a change in its corporate secretary, with Stephanie Sharma taking over from the retiring Diana Mark, bringing extensive experience in corporate governance.

Scorpio Gold Unveils Promising Drilling Results at Manhattan Project

Scorpio Gold Corporation announced promising results from its 2025 drilling program at the Manhattan District Project in Nevada, revealing new zones of mineralization. The results indicate the potential for significant resource expansion, with high-grade gold intercepts suggesting a district-scale opportunity. The discovery of a new structural trend at Mustang Hill and the continuity of mineralization at other target areas support the company’s exploration model, aiming to grow its resource base and enhance its market positioning.

Scorpio Gold Identifies 19 High-Potential Exploration Targets in Nevada

Scorpio Gold Corporation has announced the identification of 19 high-potential gold exploration targets in the Manhattan District, Nevada. These targets, which include historic high-grade resources, present substantial opportunities for resource expansion and development. The company’s efforts to digitize and compile historical data aim to enhance exploration accuracy and efficiency. With a fully funded drill program and a strategic location near existing infrastructure, Scorpio Gold is well-positioned to capitalize on these opportunities, potentially increasing its gold endowment and strengthening its industry positioning.