Rankings Commodities & uranium NexGold
NexGold
61
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
- Funding hole−6
- Capital allocation−5
Strengths
- Net cash+2
- Progress+1
How the score is built
From 100 to 61, 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
- 1.14 CAD
- Median analyst target
- 5.05 CAD
- Upside to median
- +343.0%
- Analysts
- 2
- Target range
- 4.60 – 5.50 CAD
- 52-week change
- −19%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- 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−19 of −30
- −10MarginNo revenue; operating loss of CAD 49.0m and FCF −39.3m TTM, ROIC −15%. The loss is counted only here.
- −4Project quality and studiesGoldboro is a mid-sized mine (about 100,000 oz a year for 11 years according to the 2022 FS), and the FS is outdated; the Goliath FS has been paused to assess alternatives.
- −5Capital allocationThe share count rose 85.6% over a year, a 2.9% royalty was sold to Appian for USD 24m, and early works were started on 17/9-2026, before the updated FS and construction financing are in place.
Price
Today's multiples against the company's own history and its peers. · 1 finding−3 of −35
- −3Multiples and P/NAVP/B 1.6 vs 0.3–0.9 in 2021–24 (limited relevance), but EV approx. CAD 272m is below the NAV5 of the 2022 FS of approx. 328m, which was calculated at a far lower gold price; P/NAV at spot is therefore low. Analysts' price targets are CAD 4.60–5.50.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−14 of −35
- −6Funding holeConstruction requires far more than the cash (CAD 102.6m at 30/6, of which about CAD 10m is restricted flow-through funds); Appian's loan commitment of up to USD 175m is non-binding, so a larger issue or more expensive debt is likely.
- −3DelayThe updated FS was promised by the end of Q3 2026, but the news list up to 23/9 shows only drill results and early works; the construction decision (targeted in 2026) risks slipping.
- −3Insiders and royalty burdensInsiders own only 1.9%; the project is already burdened by the Appian royalty (2.9%), and a project loan from the same party creates a strong counterparty.
- −2Permits and regulatory requirementsGoldboro has permit conditions, including two fish-habitat compensation projects, and the Nova Scotia process is a source of delays.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Net cashNet cash of approx. CAD 95m as of 30/6-2026 and no significant debt give time to complete the FS and financing.
- +1ProgressEarly works at Goldboro started on 17/9-2026, the project was included in the Canada Investment Summit Prospectus (14/9), and infill drilling has returned, among others, 61.22 g/t over 12.0 m.
Caveats
What the score does not capture, or where the data is weak.
Penny deep dive (the price is above DKK 3). Gold developer with Goldboro (Nova Scotia, main project) and Goliath/Goldlund (Ontario). Price CAD 1.43 and market cap CAD 366.8m (256.5m shares) from stockanalysis 2/10-2026; Nordnet showed DKK 1,711m. The updated Goldboro FS was targeted for the end of Q3 2026, but was not published as of 23/9-2026; I therefore use the 2022 FS figures (about 100,000 oz/year, IRR 26%, NAV5 about 328m) as a reference, and they are outdated at today's gold price. Cash at 30/6-2026 includes about CAD 10m of flow-through funds tied to exploration in Canada. Warrants, options, the largest owners and short data have not been investigated.
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