Spanish Mountain Gold (TSE:SPA)
:SPA
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Spanish Mountain Gold
(SPA)
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Select Model
Rating:53Neutral
Price Target:
C$0.25
▲(5.83% Upside)
Action:ReiteratedDate:01/29/26
The score is held back primarily by weak financial performance (no revenue, continued losses, and ongoing cash burn with negative free cash flow). This is partly offset by strong technical momentum (price above key moving averages with positive MACD) and a conservative balance sheet with minimal leverage, while valuation is neutral-to-weak due to negative earnings and no dividend.
Positive Factors
Low Leverage
Near-zero debt materially reduces refinancing and interest-rate risk for a capital-intensive explorer/developer. This structural strength gives management flexibility to sequence exploration, permitting, or staged financing without immediate pressure from creditors, supporting multi‑year project timelines.
Negative Factors
Pre-revenue Operations
A pre-revenue profile with sustained operating losses means the firm cannot internally fund project advancement or cover recurring costs. Over the medium term this structurally increases dependence on external capital, raising dilution risk and potentially delaying milestone delivery if funding is constrained.
Read all positive and negative factors
Positive Factors
Negative Factors
Low Leverage
Near-zero debt materially reduces refinancing and interest-rate risk for a capital-intensive explorer/developer. This structural strength gives management flexibility to sequence exploration, permitting, or staged financing without immediate pressure from creditors, supporting multi‑year project timelines.
Read all positive factors
Spanish Mountain Gold (SPA) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$124.09M
Dividend YieldN/A
Average Volume (3M)1.08M
Price to Earnings (P/E)―
Beta (1Y)1.29
Revenue GrowthN/A
EPS Growth29.58%
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 Ratio-2.33
Price to Book (P/B)0.37
Price to Sales (P/S)0.00
P/FCF Ratio-5.33
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 Upside234.08% 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
Spanish Mountain Gold makes money primarily through the exploration and potential development of its gold mining projects. While the company currently does not generate revenue from gold production, its financial model is based on increasing the v...
Spanish Mountain Gold Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
74
Positive
Cash Flow
18
Very Negative
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -74.36K | -75.20K | -76.35K | -72.16K | -83.72K | -84.62K |
| EBITDA | -2.17M | -2.44M | -2.25M | -963.06K | -1.06M | -857.32K |
| Net Income | -2.28M | -2.47M | -2.14M | -876.46K | -965.43K | -746.87K |
Balance Sheet | ||||||
| Total Assets | 111.87M | 106.59M | 97.25M | 94.15M | 93.52M | 93.79M |
| Cash, Cash Equivalents and Short-Term Investments | 5.55M | 6.87M | 3.31M | 3.07M | 6.94M | 11.55M |
| Total Debt | 182.43K | 230.96K | 290.85K | 377.01K | 79.79K | 171.97K |
| Total Liabilities | 1.60M | 1.60M | 695.60K | 1.73M | 1.83M | 2.44M |
| Stockholders Equity | 110.27M | 104.99M | 96.56M | 92.42M | 91.70M | 91.35M |
Cash Flow | ||||||
| Free Cash Flow | -11.26M | -7.31M | -5.82M | -4.95M | -6.60M | -4.67M |
| Operating Cash Flow | -1.86M | -1.76M | -2.28M | -464.79K | -465.76K | -886.81K |
| Investing Cash Flow | -8.07M | -5.55M | -3.29M | -4.49M | 4.50M | -12.75M |
| Financing Cash Flow | 13.98M | 10.79M | 6.06M | 1.08M | 723.81K | 15.17M |
Spanish Mountain Gold Technical Analysis
Positive
0.24
Price Trends
0.23
Positive
0.22
Positive
0.19
Positive
Market Momentum
<0.01
Positive
51.02
Neutral
53.92
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 0.25, above the 50-day MA of 0.23, and above the 200-day MA of 0.19, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 51.02 is Neutral, neither overbought nor oversold. The STOCH value of 53.92 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% | |
59 Neutral | C$161.89M | -18.86 | -7.46% | ― | ― | -62.50% | |
53 Neutral | C$124.09M | -25.08 | -2.14% | ― | ― | 29.58% | |
51 Neutral | C$106.71M | -30.43 | -6.45% | ― | ― | -35.33% | |
49 Neutral | C$176.23M | -18.94 | -5.92% | ― | ― | -7.14% | |
40 Underperform | C$122.97M | -22.50 | 149.49% | ― | ― | -77.78% |
* Basic Materials Sector Average
TSE:SPA
Spanish Mountain Gold
0.24
0.12
102.50%
TSE:ESM
Euro Sun Mining
0.28
0.19
208.89%
TSE:KTO
K2 Gold
0.67
0.48
243.59%
TSE:NCAU
Newcore Gold
0.62
0.06
10.71%
TSE:WVM
West Kirkland Mining
1.84
0.72
64.29%
Spanish Mountain Gold Corporate Events
Business Operations and Strategy
Spanish Mountain Gold Extends High-Grade Orca Fault Mineralization With Strong Drill Results
Positive
Jan 26, 2026
Spanish Mountain Gold reported additional assay results from seven diamond drill holes at the Orca Fault target within its Spanish Mountain Gold project, with standout intercepts including 133.57 metres grading 1.35 g/t gold, featuring a higher-gr...
Business Operations and StrategyExecutive/Board Changes
Spanish Mountain Gold Hires Veteran Communicator to Bolster Investor Outreach
Positive
Jan 23, 2026
Spanish Mountain Gold has hired veteran mining communications specialist Laura Stein of New York to lead shareholder and investor outreach, signaling a stepped-up effort to engage existing investors, analysts and potential new backers as the compa...
Business Operations and StrategyExecutive/Board Changes
Spanish Mountain Gold Hires Veteran Mining Communicator to Bolster Investor Outreach
Positive
Jan 23, 2026
Spanish Mountain Gold has engaged New York-based communications specialist Laura Stein to handle shareholder and investor relations, marking a move to strengthen its market profile as it advances its flagship Spanish Mountain Gold Project in Briti...
Business Operations and Strategy
Spanish Mountain Gold Extends High-Grade Orca Fault Mineralization With Strong Drill Results
Positive
Jan 6, 2026
Spanish Mountain Gold reported new assay results from five diamond drill holes completed in the Orca Fault target trend as part of its 2025 Fall Drill Program at the Spanish Mountain Gold project in British Columbia, with standout intercepts inclu...
Business Operations and Strategy
Spanish Mountain Gold Extends Orca Fault Trend With Higher-Grade Drill Results
Positive
Dec 22, 2025
Spanish Mountain Gold reported further assay results from its 2025 Fall Diamond Drill program at the Spanish Mountain Gold project, highlighting six new holes from the Orca Fault trend and five from the A12 target. The latest drilling in the south...
Business Operations and Strategy
Spanish Mountain Gold Reports Promising Drilling Results in British Columbia
Positive
Dec 8, 2025
Spanish Mountain Gold has announced significant assay results from its 2025 Fall Diamond Drill program, revealing extensive mineralization in the Orca Fault target area. The results include high-grade gold intersections, which suggest potential fo...
Business Operations and StrategyExecutive/Board Changes
Spanish Mountain Gold Announces Auditor Change and New Finance Director
Positive
Dec 5, 2025
Spanish Mountain Gold Ltd. has announced a change of auditor from Smythe LLP to BDO LLP as part of its growth strategy to transition from a junior explorer to an emerging developer. This change is intended to support the company as it advances the...
Business Operations and Strategy
Spanish Mountain Gold Unveils Promising Drill Results in British Columbia
Positive
Dec 1, 2025
Spanish Mountain Gold has announced promising assay results from its 2025 Fall Diamond Drill program, revealing significant gold mineralization in the Orca Fault area of its Spanish Mountain Gold project. The results, including a high-grade interc...
Business Operations and StrategyProduct-Related Announcements
Spanish Mountain Gold Extends High-Grade Domain with New Drill Results
Positive
Nov 17, 2025
Spanish Mountain Gold has announced promising assay results from its 2025 Fall Diamond Drill program at the Spanish Mountain Gold project. The latest drill holes, 25-DH-1294 and 25-DH-1296, have intersected significant higher-grade mineralization,...
Business Operations and Strategy
Spanish Mountain Gold Reports Promising Drill Results in 2025 Fall Program
Positive
Nov 3, 2025
Spanish Mountain Gold Ltd. announced promising assay results from the first two drill holes of its 2025 Fall Drill Program at the Spanish Mountain Gold project. The results indicate significant higher-grade gold mineralization, which could enhance...
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.