Rankings Commodities & uranium 1911 Gold
1911 Gold
50
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Margin−10
- Liquidity and restricted funds−7
- Capital allocation−6
Strengths
- Permits and infrastructure+2
How the score is built
From 100 to 50, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 0.54 CAD
- Median analyst target
- 2.05 CAD
- Upside to median
- +279.6%
- Analysts
- 3
- Target range
- 2.00 – 2.50 CAD
- 52-week change
- −45%
- P/E (trailing)
- n/a
- Forward P/E
- 9.5
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−21 of −30
- −10MarginNo revenue yet (trial mining); operating loss CAD 41.8m and FCF −55.0m TTM, ROIC −63%. The loss is counted only here.
- −5Project quality and studiesThe PEA (Feb. 2026) shows a small mine: about 58,000 oz per year for 11 years with initial capex of CAD 59m; NPV5 391m at USD 3,000 gold. Only PEA level, no PFS or FS, and the production decision is in 2027.
- −6Capital allocationThe share count rose 67.7% over a year and from 192 to 358m since 2024; the July 2026 issue was done at CAD 0.64 (0.75–0.79 for flow-through) with half warrants at CAD 1.00.
Price
Today's multiples against the company's own history and its peers. · 1 finding−3 of −35
- −3P/NAV vs peersEV pro forma about CAD 234m ≈ 0.6x the PEA's NPV5 of 391m at USD 3,000 gold and about 0.25x at USD 4,800 (NPV 998m). NexGold trades at about 0.8x of an older FS. P/B 7.1 makes no sense, since drilling costs are expensed. Analysts' price target is CAD 2.18.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−16 of −35
- −7Liquidity and restricted fundsOnly CAD 4.2m in cash and negative working capital of 13.1m at 30/6-2026 (current ratio 0.30). The issue of 35.65m is for the most part flow-through, which may not be used for operations or debt, so money probably has to be raised again within about a year.
- −5Restart riskTrue North has previously been closed under a former owner; the restart in 2027 requires a new crushing unit, underground development and proof that the grades hold in operation. Trial mining is still ongoing.
- −2Debt and offtakeSecured credit facility of up to USD 30m from Auramet (15m drawn) with an offtake agreement; debt rose from CAD 0.9m to 17.8m in half a year and is secured on the assets.
- −2Warrant overhangAbout 23.5m new warrants at CAD 1.00 until 29/7-2028 cap the share price around CAD 1.
Plus
Only documented strengths. · 1 finding+2 of +15
- +2Permits and infrastructureMine and mill are fully permitted, which gives a low capex (CAD 59m) and a short path to production compared with new projects.
Caveats
What the score does not capture, or where the data is weak.
Penny deep dive (the price of DKK 3.30 is above DKK 3). Gold developer that wants to restart the fully permitted True North mine and mill in the Rice Lake district in Manitoba. Price CAD 0.71 and 357.87m shares (market cap about CAD 254m) from stockanalysis 2/10-2026; the share count includes the 29/7-2026 issue (47.1m shares). Nordnet showed DKK 1,296m. Cash at 30/6-2026 was only CAD 4.2m; I use pro forma cash of about 37.7m after net proceeds of about 33.5m, of which about 30.6m is flow-through funds tied to Canadian development and exploration expenses. The PEA is from February 2026 and only at PEA level. Quarterly burn is estimated from TTM FCF of −55m. No short data available.
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