Trojan Gold, Inc. (TGII) AI Stock Analysis

• Market Cap: C$1.83M
• Dividend Yield: N/A
• Average Volume (3M): 300.82K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.74
• Revenue Growth: N/A
• EPS Growth: 77.68%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): >-0.01
• Shares Outstanding: 45,653,885
• 10 Day Avg. Volume: 199,586
• 30 Day Avg. Volume: 300,825
• PEG Ratio: 0.02
• Price to Book (P/B): 0.27
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -1.25
• 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: 51 Neutral
• Price Target: C$0.05 ▲(50.00% Upside)

The score is held back primarily by weak financial fundamentals (pre-revenue operations, ongoing losses, and negative free cash flow). This is partially offset by constructive technicals with the stock trading above major moving averages and positive MACD, while valuation signals are limited due to a negative P/E and no dividend support.

Positive Factors

Modest leverage

The company’s low-to-moderate debt (D/E ~0.23 in 2024) provides structural financial flexibility versus highly leveraged peers. Sustained modest leverage reduces bankruptcy risk and limits fixed interest burdens, helping preserve runway while development milestones are pursued.

Improving loss trend

Material narrowing of net losses and reduced cash burn in 2024 indicates improving operational control. If maintained, this trend can extend cash runway, reduce near-term financing needs, and lower dilution risk, creating a firmer foundation for advancing projects over months.

Gold-industry exposure

Operating in the gold sector links the company to a structurally supported commodity with long-term demand as a store of value and hedge. For a developer/explorer, sustained gold demand improves strategic optionality for project financing and strategic partner interest over time.

Negative Factors

Pre-revenue operations

Being pre-revenue means no operating receipts to fund activities; the business depends entirely on external capital. This structural state raises execution risk: until commercial production or monetizable assets are proven, revenue uncertainty constrains long-term sustainability.

Negative cash generation

Persistently negative operating and free cash flow force reliance on financings to sustain operations and exploration. Over months, this increases dilution and financing risk, limits ability to self-fund development, and can delay or derail project milestones if capital markets tighten.

Negative returns and equity volatility

Consistently negative ROE and volatile equity indicate shareholder capital erosion and past dilution or writedowns. Structurally, this suggests future fundraising may be dilutive and that restoring positive returns will require material operational progress or external value-creating transactions.

Trojan Gold, Inc. Business Overview & Revenue Model

Company Description

Trojan Gold Inc., a junior mineral exploration company, engages in the acquisition, exploration, and development of precious metal resource properties in Canada and the Dominican Republic. The company's flagship project is the 50% owned Hemlo South property comprising with 8 mining claims covering an area of 3,318 acres located to the east of Marathon, Ontario. It also holds a 100% interest in the Watershed property with 111 mining claims covering approximately 12,000 acres located to the west of the city of Thunder Bay situated in the Shebandowan Greenstone Belt. The company was formerly known as Dominican Mineral Resources Inc. and changed its name to Trojan Gold Inc. in February 2017. Trojan Gold Inc. was incorporated in 2012 and is headquartered in Toronto, Canada.

How the Company Makes Money

Trojan Gold, Inc. generates revenue through the exploration and development of gold mining projects. The company's primary revenue streams include the sale of extracted gold and potential joint ventures or partnerships with other mining companies to advance its projects. Trojan Gold may also generate income by selling or leasing its mining rights to other operators. Significant factors that contribute to its earnings include successful exploration results leading to proven reserves, favorable commodity prices, and efficient mining operations that optimize gold recovery and reduce costs.

Trojan Gold, Inc. Financial Statement Overview

Summary

Pre-revenue with recurring losses and negative operating/free cash flow. Results improved in 2024 (narrower net loss and reduced cash burn), and leverage is modest, but ongoing losses and external financing dependence keep the financial profile weak.

Income Statement

The company remains pre-revenue (total revenue is $0 across all reported years), with recurring operating losses. Losses improved materially in 2024 (net loss of ~$0.12M vs. ~$0.48M in 2023), and EBIT also narrowed versus 2022–2023, but profitability is still firmly negative and there is no visible revenue inflection in the provided history.

Balance Sheet

Leverage is modest overall: debt-to-equity is low-to-moderate (about 0.23 in 2024, up from near-zero levels previously). However, equity has been volatile and declined from earlier peaks, and returns on equity are consistently negative, reflecting ongoing losses and dilution/asset revaluation risk typical of early-stage miners.

Cash Flow

Cash generation is weak with consistently negative operating cash flow and negative free cash flow each year. The cash burn improved in 2024 (free cash flow loss of ~$0.17M vs. ~$0.10M loss in 2023 and much larger deficits in 2021–2022), but cash flows still do not self-fund operations and remain dependent on external financing.

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	0.00	0.00	0.00	0.00	0.00	0.00
EBITDA	-183.73K	-122.00K	-479.78K	-482.56K	-266.90K	-220.05K
Net Income	-86.83K	-122.00K	-479.78K	-468.80K	-170.66K	-220.05K
Balance Sheet
Total Assets	1.30M	1.31M	734.82K	1.01M	1.39M	1.03M
Cash, Cash Equivalents and Short-Term Investments	269.24K	283.42K	345.00	299.30K	790.47K	316.21K
Total Debt	13.00K	178.00K	5.00K	5.00K	5.00K	5.00K
Total Liabilities	396.27K	520.31K	299.56K	101.60K	51.70K	60.20K
Stockholders Equity	899.33K	785.77K	435.25K	908.03K	1.34M	965.20K
Cash Flow
Free Cash Flow	-165.85K	-169.09K	-104.27K	-521.96K	-410.36K	-302.00K
Operating Cash Flow	-165.08K	-161.21K	-88.79K	-364.85K	-359.69K	-207.78K
Investing Cash Flow	-780.00	-7.88K	-15.48K	-157.11K	-50.67K	-94.22K
Financing Cash Flow	353.41K	355.92K	94.05K	30.79K	595.89K	617.84K

Trojan Gold, Inc. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.03
• 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:TGII, the sentiment is Positive. The current price of 0.03 is below the 20-day moving average (MA) of 0.04, below the 50-day MA of 0.03, and above the 200-day MA of 0.03, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 55.16 is Neutral, neither overbought nor oversold. The STOCH value of 25.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:TGII.

Trojan Gold, Inc. 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%
TGII	51 Neutral	C$1.83M	-16.00	-16.03%	―	―	77.68%
AVG	49 Neutral	C$1.55M	3.20	152.16%	―	―	-81.75%
AIS	48 Neutral	C$2.72M	-1.13	―	―	-2373.01%	53.68%

Trojan Gold, Inc. Corporate Events

Trojan Gold Raises $200,000 in Non-Brokered Unit Offering

Trojan Gold Inc. has completed a non-brokered private placement, issuing 2 million units at $0.10 per unit for gross proceeds of $200,000, with each unit consisting of one common share and a warrant exercisable at $0.15 for 24 months. The financing, which involved related parties but fell below thresholds requiring a formal valuation or minority approval, strengthens the company’s balance sheet using funds already advanced and may support ongoing exploration activities without incurring finder fees, while subjecting the new securities to a standard four‑month hold period.

The most recent analyst rating on (TSE:TGII) stock is a Hold with a C$0.04 price target. To see the full list of analyst forecasts on Trojan Gold, Inc. stock, see the TSE:TGII Stock Forecast page.

Trojan Gold Clarifies Timing and Terms of $200,000 Related-Party Private Placement

Trojan Gold Inc. clarified that it has not yet closed its previously announced non-brokered private placement and now expects to complete the financing on or about December 31, 2025. The placement will consist of 2,000,000 units at $0.10 per unit for total gross proceeds of $200,000, satisfied by amounts previously advanced to the company, with each unit comprising one common share and one warrant exercisable at $0.15 for 24 months, subject to an acceleration clause. All securities issued will be subject to a four-month-plus-one-day hold period, no finders’ fees will be paid, and the financing is classified as a related-party transaction under Canadian securities rules, though Trojan has relied on exemptions from formal valuation and minority approval requirements because the deal size is below 25% of its market capitalization.

Trojan Gold Raises $200,000 in Non-Brokered Related-Party Unit Financing

Trojan Gold Inc. has closed a non-brokered private placement, issuing 2,000,000 units at $0.10 per unit for gross proceeds of $200,000, with the subscription price satisfied by amounts previously advanced to the company. Each unit consists of one common share and one warrant exercisable at $0.15 for 24 months, and the financing, conducted without finders’ fees, is classified as a related-party transaction but falls below the threshold requiring a formal valuation or minority approval under Canadian securities rules, providing the junior explorer with additional capital while maintaining compliance with minority shareholder protections.