Visible Gold Mines (VGD) AI Stock Analysis

• Market Cap: C$5.94M
• Dividend Yield: N/A
• Average Volume (3M): 47.33K
• Price to Earnings (P/E): 2.9
• Beta (1Y): 1.46
• Revenue Growth: N/A
• EPS Growth: 38.50%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): N/A
• Shares Outstanding: 37,123,505
• 10 Day Avg. Volume: 77,207
• 30 Day Avg. Volume: 47,328
• PEG Ratio: 0.15
• Price to Book (P/B): -4.78
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -18.54
• 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$0.19 ▲(19.38% Upside)

The score is held down primarily by weak financial performance (no revenue, ongoing operating losses, and persistent cash burn despite headline TTM profit). Technicals provide support due to a strong uptrend and positive MACD, though overbought RSI raises near-term risk. Valuation appears low on P/E, but is less reliable given the quality and sustainability concerns in the underlying fundamentals.

Positive Factors

Improved balance sheet and low leverage

A sustained reduction in leverage and a swing to positive equity materially lowers solvency risk and increases financing optionality. Over a multi-month horizon this strengthens the company's ability to fund exploration or capex without immediate distress, improving strategic flexibility.

TTM positive net income and EBITDA

The move to reported positive net income and EBITDA suggests the company has narrowed losses and may be closer to operational breakeven. If sustained, this improves access to capital markets and lender confidence, supporting longer-term project funding and stability.

Improving free cash flow trend

An improving free cash flow trajectory, even from negative levels, indicates progress in cash conversion or tighter capital discipline. Over months this trend can extend runway, reduce incremental funding needs, and signal management is addressing structural cash burn drivers.

Negative Factors

No revenue and persistent operating losses

The absence of revenue means core operations are not generating sales, so reported profits lack reinforcement from business activity. Over the medium term this undermines sustainability, forcing reliance on non‑operating gains or external financing to continue operations.

Consistent negative operating cash flow

Persistent operating cash outflows erode liquidity and increase dependency on financing or asset sales. Structurally, ongoing cash burn reduces strategic optionality, raises dilution or refinancing risk, and constrains investment in development over the coming months.

Quality of earnings is weak

Earnings driven by non‑operating items rather than operating performance are vulnerable to reversal. Over a 2–6 month horizon this raises doubt about profit durability, making cash generation and balance sheet improvements less reliable as indicators of true operational health.

Visible Gold Mines Business Overview & Revenue Model

Company Description

Visible Gold Mines Inc. acquires and explores for gold mineral deposits in Canada. The company holds a 100% interest in the Cadillac project comprising 145 mining claims covering approximately 5,000 hectares located in west of Rouyn-Noranda, Québec; the Piko property covering 26 mining claims situated in Abitibi-Témiscamingue in Québec; and the Veronik gold property that consists of 78 mining claims located in southeast of Hecla's Casa Berardi gold mine. In addition, it holds interest in the Horsefly Property with 175 mining claims covering an area of 6,050 hectares located in the Druillettes and Gradis townships; the Doda project that consists of 25 mining claims covering an area of approximately 1,400 hectares located in Québec; the Dovercliff property, which consists of 3 mining claims located in the Rouyn-Noranda, Québec; and the Phooey Lake property, which include 75 mining claims located in the Chibougamau, Québec. The company also holds a 100% interest in the MegaLi Project consisting of 78 mining claims covering an area of 3,996 hectares; and the NataLi Project comprising of 107 mining claims covering an area of 5,667 hectares located in the region of James Bay, Québec. Visible Gold Mines Inc. was incorporated in 2007 and is based in Rouyn-Noranda, Canada.

How the Company Makes Money

Visible Gold Mines makes money through the exploration and potential production of gold from its mineral properties. The company's revenue model is primarily driven by the successful discovery and development of gold assets, which can be monetized through various means such as selling the developed assets to larger mining companies, entering into joint ventures, or directly mining and selling the gold. Key revenue streams include proceeds from the sale of mineral rights, profits from joint ventures, and potential income from gold production if the company advances its projects to the mining stage. Significant partnerships with other mining companies or investors can provide capital and technological expertise, further enhancing VGD's ability to explore and develop its properties successfully.

Visible Gold Mines Financial Statement Overview

Summary

Balance sheet strength is improved with low leverage and a swing to positive equity, but overall financial quality is weak: no revenue, ongoing operating losses, and consistently negative operating cash flow/free cash flow. The TTM move to positive net income/EBITDA appears poorly supported by cash generation, reducing confidence in sustainability.

Income Statement

Across the annual periods, the company reports no revenue and persistent operating losses, indicating the business is not yet generating sales from its asset base. Earnings improved materially in TTM (Trailing-Twelve-Months) with positive net income and positive EBITDA, but EBIT remains negative, suggesting profitability is being driven by non-operating items and/or accounting gains rather than sustainable core operations. Overall, the trajectory shows reduced losses and a recent swing to reported profit, but the lack of revenue and ongoing operating losses keep the quality of earnings weak.

Balance Sheet

Leverage is low in TTM (Trailing-Twelve-Months) with modest debt relative to equity, which reduces financial risk. The balance sheet also shows a sharp turnaround from negative equity in the prior two annual reports to a sizable positive equity position in TTM (Trailing-Twelve-Months), consistent with the recent reported profit and/or capital actions. However, the historical volatility in equity (positive, then negative, then strongly positive) signals instability in the capital structure and raises questions about consistency and underlying asset quality.

Cash Flow

Cash generation is weak: operating cash flow and free cash flow are negative in every period shown, including TTM (Trailing-Twelve-Months), implying ongoing cash burn to sustain operations. While free cash flow growth is positive in some years (including a large increase in TTM), this improvement is from a still-negative base, not a move into self-funding. The disconnect between positive TTM net income and negative operating cash flow further suggests the recent earnings are not translating into cash.

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	-18.40K	0.00	-4.67K	-8.18K	-4.57K
EBITDA	-430.30K	-377.53K	-890.79K	-4.08M	-777.39K
Net Income	-453.73K	-702.03K	-896.03K	-4.09M	-781.97K
Balance Sheet
Total Assets	142.40K	233.86K	796.95K	1.48M	5.48M
Cash, Cash Equivalents and Short-Term Investments	16.39K	33.61K	22.44K	173.54K	333.25K
Total Debt	57.80K	74.89K	90.76K	0.00	0.00
Total Liabilities	678.04K	426.78K	255.41K	118.59K	44.61K
Stockholders Equity	-535.64K	-192.92K	541.53K	1.36M	5.43M
Cash Flow
Free Cash Flow	-138.22K	-125.34K	-457.77K	-354.78K	-708.28K
Operating Cash Flow	-138.22K	-125.34K	-342.68K	-299.06K	-624.03K
Investing Cash Flow	0.00	152.82K	-43.45K	139.35K	-43.66K
Financing Cash Flow	121.00K	-15.86K	235.03K	0.00	980.88K

Visible Gold Mines Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.16
• 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:VGD, the sentiment is Neutral. The current price of 0.16 is below the 20-day moving average (MA) of 0.17, above the 50-day MA of 0.15, and above the 200-day MA of 0.11, indicating a neutral trend. The MACD of 0.01 indicates Positive momentum. The RSI at 47.05 is Neutral, neither overbought nor oversold. The STOCH value of 57.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:VGD.

Visible Gold Mines 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%
VGD	51 Neutral	C$5.94M	2.94	―	―	―	38.50%
NVX	48 Neutral	C$7.02M	-3.23	-50.32%	―	―	-40.12%
KGC	44 Neutral	C$4.87M	-10.47	-22.19%	―	―	-4.55%
EDGM	42 Neutral	C$4.97M	-13.64	-13.58%	―	―	-50.00%
MCL	36 Underperform	C$5.47M	-12.50	―	―	―	34.48%

Visible Gold Mines Corporate Events

Visible Gold Mines Secures Final Payment From Fokus Mining and Confirms Board, Management at AGM

Visible Gold Mines Inc. has received the final $750,000 cash payment from Fokus Mining Corp. for the sale of certain exploration projects, bringing total cash proceeds from the transaction to $1.5 million, alongside 10 million Fokus Mining shares now free of their four-month hold period, strengthening the company’s balance sheet and liquidity position. At its December 22, 2025 annual and special meeting, shareholders elected a three-member board, with Martin Dallaire reappointed as president and CEO and Véronique Laberge as CFO, while also renewing the stock option plan and confirming Raymond Chabot Grant Thornton LLP as auditor, underscoring continuity in governance and capital management as the company advances its gold and lithium exploration strategy in Québec.

The most recent analyst rating on (TSE:VGD) stock is a Hold with a C$0.15 price target. To see the full list of analyst forecasts on Visible Gold Mines stock, see the TSE:VGD Stock Forecast page.