Stellar AfricaGold (SPX) AI Stock Analysis

• Market Cap: C$7.47M
• Dividend Yield: N/A
• Average Volume (3M): 360.67K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.03
• Revenue Growth: N/A
• EPS Growth: 51.22%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): N/A
• Shares Outstanding: 64,970,790
• 10 Day Avg. Volume: 187,411
• 30 Day Avg. Volume: 360,671
• PEG Ratio: 0.02
• Price to Book (P/B): 5.85
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -2.65
• 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: 44 Neutral
• Price Target: C$0.10 ▼(-27.14% Downside)

The score is primarily constrained by weak financial performance (no revenue, widening losses, and ongoing cash burn) and bearish technical signals (trading below major moving averages with negative MACD). Offsetting these negatives, recent corporate events (financing, JV partner funding, and positive drill results) improve funding visibility and project optionality, but not enough to outweigh the current fundamentals and trend.

Positive Factors

Low leverage

Minimal debt reduces solvency risk and gives management flexibility to fund exploration via equity or partner arrangements rather than servicing interest. Over 2–6 months this supports operational continuity and preserves capacity to pursue strategic JV or financing options without heavy fixed obligations.

Partner-funded exploration & recent financing

A C$4M placement plus an earn-in that delivers up to US$3M of partner-funded work materially extends runway and reduces immediate dilution risk. Structurally, partner funding shifts exploration capital burden off the company and can accelerate resource definition and de-risk the project for future development or JV expansion.

High-grade drill results

Reported high-grade zones increase the underlying asset quality and project optionality, making near-term targets more attractive to partners and investors. Over a multi-month horizon, better grade intercepts can materially improve project economics if followed by resource definition and support strategic funding or off-take interest.

Negative Factors

No revenue / exploration-stage

Absent operating revenue, the company depends entirely on external capital and milestone funding. This structural profile means cash needs persist until production or asset monetization, raising execution risk and elongating timeline to sustainable earnings over the next several months absent a major financing or transaction.

Persistent cash burn

Consistent negative operating and free cash flow indicates the company is structurally cash consumptive. Over a 2–6 month horizon this necessitates refinancing or partner capital; repeated cash burn risks recurring dilution, project delays, or scaled-back exploration if external funding becomes constrained.

Fragile capital base

Periods of negative equity reflect accumulated losses and a weak capital buffer, limiting access to low-cost capital and increasing financing costs. Structurally this heightens dependency on dilutive financings or partner deals and reduces resilience to exploration setbacks over the medium term.

Stellar AfricaGold Business Overview & Revenue Model

Company Description

Stellar AfricaGold Inc., together with its subsidiaries, engages in the acquisition, exploration, and evaluation of mineral properties in West Africa and Canada. It primarily explores for gold deposits. The company holds interest in the Lullwitz-Kaepelli gold property comprising 4 contiguous mineral claims totaling an area of 231.4 hectares located in Lacoste and De Sales township in the Charlevoix Area of Quebec; and a 100% interest in the Priko and Zenoula permits covering an area of approximately 770 square kilometers located in Côte d'Ivoire. It also holds an agreement to acquire a 90% interest in the Tichka Est-gold project located in the Atlas region of Morocco. The company was formerly known as Stellar Pacific Ventures Inc. and changed its name to Stellar AfricaGold Inc. in March 2013. Stellar AfricaGold Inc. is headquartered in Vancouver, Canada.

How the Company Makes Money

Stellar AfricaGold generates revenue through the exploration and development of mineral properties, primarily focusing on gold. The company makes money by identifying promising mineral assets, conducting exploration activities to assess the viability of mining operations, and subsequently developing these projects into profitable mines. Revenue streams include the sale of mineral rights, partnerships, or joint ventures with other mining companies that provide capital and expertise for project development. Additionally, as projects advance to production, Stellar AfricaGold can generate income from the sale of extracted gold and other valuable minerals. The company's earnings are influenced by factors such as gold prices, exploration success, and strategic partnerships that enhance its operational capabilities.

Stellar AfricaGold Financial Statement Overview

Summary

Exploration-stage profile with no revenue, recurring operating losses, and sustained cash burn (operating and free cash flow negative across all years, worsening in 2025). Low debt supports solvency, but the capital base has been fragile with periods of negative equity, implying continued reliance on external funding.

Income Statement

The company reports no revenue across the provided annual periods, consistent with a pre-production/exploration profile. Profitability is weak with recurring operating losses, and losses widened meaningfully in 2025 (annual EBIT of about -$1.0M and net loss of about -$1.3M), indicating higher cost levels without offsetting revenue. A 2020 net profit appears to be non-operating in nature given negative operating results that year, limiting its usefulness as a sign of sustainable earnings power.

Balance Sheet

Leverage is low (total debt is minimal to zero in most years), which reduces solvency risk and provides financial flexibility. However, equity has been volatile and even negative in some periods (notably 2023–2024), before turning positive again in 2025 (~$0.5M), highlighting a fragile capital base and potential ongoing dependence on financing. Asset levels have also fluctuated, and returns on equity are unreliable/weak due to repeated losses and periods of negative equity.

Cash Flow

Cash generation is consistently negative: operating cash flow and free cash flow are below zero in every year shown, with a sharp deterioration in 2025 (roughly -$1.13M). While free cash flow growth shows a large improvement in 2025, this reflects year-to-year volatility off a negative base rather than a shift to self-funding operations. Overall, cash burn remains the key risk and likely implies ongoing funding needs.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	0.00	0.00	-75.00K	0.00	0.00
EBITDA	-1.33M	-727.25K	-1.08M	-1.59M	-1.34M
Net Income	-1.33M	-690.00	-1.17M	-1.55M	-1.18M
Balance Sheet
Total Assets	860.55K	209.46K	370.14K	1.39M	2.27M
Cash, Cash Equivalents and Short-Term Investments	773.34K	198.91K	360.78K	737.20K	1.71M
Total Debt	0.00	0.00	0.00	0.00	70.00K
Total Liabilities	348.68K	755.77K	394.89K	263.64K	266.52K
Stockholders Equity	511.87K	-546.31K	-24.75K	1.13M	2.01M
Cash Flow
Free Cash Flow	-1.13M	-73.83K	-760.05K	-1.67M	-1.05M
Operating Cash Flow	-1.13M	-73.83K	-760.05K	-1.67M	-1.05M
Investing Cash Flow	0.00	44.16K	82.14K	71.94K	1.22M
Financing Cash Flow	1.77M	0.00	0.00	621.95K	1.22M

Stellar AfricaGold Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.14
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:SPX, the sentiment is Negative. The current price of 0.14 is above the 20-day moving average (MA) of 0.13, above the 50-day MA of 0.14, and above the 200-day MA of 0.13, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 44.98 is Neutral, neither overbought nor oversold. The STOCH value of 66.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:SPX.

Stellar AfricaGold 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%
FNX	52 Neutral	C$9.57M	-18.60	-80.25%	―	―	17.98%
RG	49 Neutral	C$14.76M	-32.14	64.04%	―	―	46.15%
VVC	45 Neutral	C$8.59M	-4.41	-5.85%	―	-1.81%	52.11%
SPX	44 Neutral	C$7.47M	-3.59	-68.30%	―	―	51.22%
GAL	44 Neutral	C$75.09M	-4.90	-77.05%	―	―	28.18%
FNAU	43 Neutral	C$9.54M	-21.50	-66.97%	―	―	-47.97%

Stellar AfricaGold Corporate Events

Stellar AfricaGold Drilling at Tichka Est Paused by Severe Weather but Exploration Model Remains Intact

Stellar AfricaGold has reported progress on its diamond drilling campaign at the Tichka Est Gold Project in Morocco, completing eight drill holes totaling 1,311.9 metres as part of a planned 1,500-metre program, with five holes fully assayed and several core samples at or en route to an ISO-certified lab in Marrakech. Operations have been temporarily suspended due to unusually severe rain and snowfall that have damaged access roads and impeded logistics, but the company emphasizes that its structural model and the potential to expand mineralized zones, particularly within and beyond the Zone B corridor, remain strong, and it plans to resume drilling, update geological models, and prioritize targets for the next drill campaign once conditions allow, a trajectory that could materially advance delineation of the project’s mineral potential for stakeholders.

The most recent analyst rating on (TSE:SPX) stock is a Hold with a C$0.12 price target. To see the full list of analyst forecasts on Stellar AfricaGold stock, see the TSE:SPX Stock Forecast page.

Stellar AfricaGold Forms Joint Venture to Advance Zuénoula Gold Project

Stellar AfricaGold Inc. has entered into an Earn-in and Joint Venture Agreement with MetalsGrove Mining Ltd to advance the Zuénoula Gold Project in Côte d’Ivoire. This partnership will see MetalsGrove invest up to US$3 million in exploration expenditures by April 2029, potentially increasing its stake in the project to 80%. This agreement allows Stellar to advance the project without diverting resources from its flagship Tichka Est Gold Project in Morocco, while also reducing financial risk and maintaining significant exposure in Côte d’Ivoire.

Stellar AfricaGold Secures $4 Million for Exploration Projects

Stellar AfricaGold Inc. has successfully closed a non-brokered private placement, raising $4 million through the issuance of 22,222,222 units at C$0.18 per unit. The funds will be used to support ongoing exploration at the Tichka Est Gold Project in Morocco and the Zuénoula gold property in the Ivory Coast, as well as for general corporate purposes. The completion of this financing round is expected to bolster the company’s exploration activities and strengthen its position in the precious metals industry.