Spanish Mountain Gold (TSE:SPA)
:SPA
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Spanish Mountain Gold
(SPA)
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Rating:52Neutral
Price Target:
C$0.35
▲(45.00% Upside)
Action:Reiterated
Date:05/13/26
The score is held back primarily by weak fundamentals (pre-revenue losses and elevated cash burn, including a sharp free-cash-flow deterioration in 2025). This is partly offset by a strong low-debt balance sheet and supportive price momentum with the stock trading above key moving averages and a positive MACD. Valuation remains unattractive/unclear due to negative earnings and no dividend.
Positive Factors
Low leverage / strong balance sheet
Very low debt and rising asset/equity levels provide structural financial flexibility for a pre-production miner. This reduces refinancing and interest risks, supports funding of permitting and engineering work, and gives management optionality to time capital raises or partnerships over the next 2–6 months.
Negative Factors
Pre-revenue, persistent operating losses
The company generates no operating revenue and records ongoing losses, meaning it cannot self-finance development. Persistent negative EBIT/EBITDA erodes equity and increases reliance on external capital; this structural profitability gap is a core long-term constraint for project advancement.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / strong balance sheet
Very low debt and rising asset/equity levels provide structural financial flexibility for a pre-production miner. This reduces refinancing and interest risks, supports funding of permitting and engineering work, and gives management optionality to time capital raises or partnerships over the next 2–6 months.
Read all positive factors
Spanish Mountain Gold (SPA) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$176.18M
Dividend YieldN/A
Average Volume (3M)1.08M
Price to Earnings (P/E)―
Beta (1Y)1.01
Revenue GrowthN/A
EPS Growth9.68%
CountryCA
EmployeesN/A
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding510,663,670
10 Day Avg. Volume840,083
30 Day Avg. Volume1,075,746
Financial Highlights & Ratios
PEG Ratio4.36
Price to Book (P/B)0.98
Price to Sales (P/S)0.00
P/FCF Ratio-8.25
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$0.80Price Target Upside233.33% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Spanish Mountain Gold Business Overview & Revenue Model
Company Description
Spanish Mountain Gold Ltd., an exploration stage resource company, engages in the acquisition, exploration, and development of mineral properties in Canada. It holds a 100% interest in the Spanish Mountain gold project, which comprises approximate...
How the Company Makes Money
null...
Spanish Mountain Gold Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
62
Positive
Cash Flow
18
Very 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 | -73.98K | -75.20K | -76.35K | -72.16K | -83.72K |
| EBITDA | -2.90M | -2.44M | -2.25M | -963.06K | -1.06M |
| Net Income | -2.64M | -2.47M | -2.14M | -876.46K | -965.43K |
Balance Sheet | |||||
| Total Assets | 125.62M | 106.59M | 97.25M | 94.15M | 93.52M |
| Cash, Cash Equivalents and Short-Term Investments | 3.84M | 6.87M | 3.31M | 3.07M | 6.94M |
| Total Debt | 165.65K | 230.96K | 290.85K | 377.01K | 79.79K |
| Total Liabilities | 13.54M | 1.60M | 695.60K | 1.73M | 1.83M |
| Stockholders Equity | 112.07M | 104.99M | 96.56M | 92.42M | 91.70M |
Cash Flow | |||||
| Free Cash Flow | -13.29M | -7.31M | -5.82M | -4.95M | -6.60M |
| Operating Cash Flow | -2.35M | -1.76M | -2.28M | -464.79K | -465.76K |
| Investing Cash Flow | -9.61M | -5.55M | -3.29M | -4.49M | 4.50M |
| Financing Cash Flow | 8.92M | 10.79M | 6.06M | 1.08M | 723.81K |
Spanish Mountain Gold Technical Analysis
Positive
0.24
Price Trends
0.29
Positive
0.26
Positive
0.21
Positive
Market Momentum
0.02
Positive
56.40
Neutral
33.33
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:SPA, the sentiment is Positive. The current price of 0.24 is below the 20-day moving average (MA) of 0.34, below the 50-day MA of 0.29, and above the 200-day MA of 0.21, indicating a bullish trend. The MACD of 0.02 indicates Positive momentum. The RSI at 56.40 is Neutral, neither overbought nor oversold. The STOCH value of 33.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:SPA.
Spanish Mountain Gold Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
52 Neutral | C$176.18M | -27.71 | -2.44% | ― | ― | 9.68% | |
48 Neutral | C$184.10M | -11.41 | -21.10% | ― | ― | -280.28% | |
45 Neutral | C$142.28M | -34.09 | -2.74% | ― | ― | 85.77% | |
42 Neutral | C$98.59M | -56.80 | -6.45% | ― | ― | 11.63% | |
41 Neutral | C$86.25M | -30.10 | 152.77% | ― | ― | -760.87% |
* Basic Materials Sector Average
TSE:SPA
Spanish Mountain Gold
0.35
0.20
133.33%
TSE:ESM
Euro Sun Mining
0.19
0.07
54.17%
TSE:KTO
K2 Gold
0.79
0.46
135.82%
TSE:NCAU
Newcore Gold
0.54
-0.07
-11.48%
TSE:WVM
West Kirkland Mining
1.68
0.47
38.84%
Spanish Mountain Gold Corporate Events
Business Operations and Strategy
Spanish Mountain Gold Extends High-Grade Mineralization at Orca Fault Target
Positive
Mar 10, 2026
Spanish Mountain Gold has reported strong new assay results from five drill holes at the Orca Fault target within its Spanish Mountain project in British Columbia. The latest campaign has already reached about 15,034 metres of drilling, well above...
Business Operations and Strategy
Spanish Mountain Gold Sees Strong Ore Sorting Gains at Phoenix Deposit
Positive
Mar 2, 2026
Spanish Mountain Gold has reported positive Phase 1 sensor-based particle ore sorting results for the Phoenix deposit at its Spanish Mountain Gold project in British Columbia, showing that X-ray transmission sorting can potentially double or bette...
Business Operations and Strategy
Spanish Mountain Gold Sees Strong Ore Sorting Results Boosting Phoenix Deposit Economics
Positive
Mar 2, 2026
Spanish Mountain Gold has reported positive Phase 1 sensor-based particle ore sorting results for the Phoenix deposit at its Spanish Mountain Gold project in British Columbia, indicating strong amenability of the material to X-ray transmission sor...
Business Operations and StrategyPrivate Placements and Financing
Spanish Mountain Gold Signs Metso MoU to Advance BC Gold Project Toward Feasibility
Positive
Feb 27, 2026
Spanish Mountain Gold has signed a memorandum of understanding with Metso Canada Inc. to collaborate on the proposed process plant and tailings dewatering facilities for its Spanish Mountain Gold project in British Columbia. The agreement covers t...
Business Operations and Strategy
Spanish Mountain Gold Extends Higher-Grade Mineralization at Orca Fault Target
Positive
Feb 26, 2026
Spanish Mountain Gold reported new assay results from five drill holes at the Orca Fault target within its Spanish Mountain project, highlighting long intercepts of gold mineralization, including intervals of 205.87 metres at 0.58 g/t, 142.00 metr...
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.