Patagonia Gold

PGDC.V

Other Precious Metals · Basic Materials

Price

C$0.56

+0.03 (+5.66%)

Market Cap

C$263.1M

Exchange

Toronto Stock Exchange Ventures

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 13, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Share count rising — dilution

+4.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 446.4M (2021) → 465.1M (2025)

Winston Score History

The full picture

Patagonia Gold Corp. is a mining exploration and development company focused on finding and extracting gold and silver. It operates primarily in the Patagonia region of southern Argentina, where it holds a large portfolio of mineral properties. The company's main project is the Cap-Oeste deposit, along with several other exploration targets across Santa Cruz province.

The company makes money by eventually selling gold and silver it mines, but it is currently in the exploration and development stage, meaning it is not yet generating meaningful revenue from production. Patagonia Gold is a small-cap company listed on the TSX Venture Exchange, with operations concentrated entirely in Argentina. The negative operating margin reflects the heavy spending required before a mine reaches commercial production. The key risk is the long and costly path from exploration to full-scale mining, combined with exposure to commodity price swings and Argentina's historically unpredictable regulatory and currency environment.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+71.8% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

-44.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

65.3%ownership

Insiders own a meaningful stake in the company

Cash Runway

~0 months

$647,455 cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Strong grower

Patagonia Gold is growing revenue at 72% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

-5.3%

Thin — -5.3% gross margin

Operating Margin

-85.7%

Losing money on operations — -85.7%

ROCE

-3.4%

Weak — -3.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+19.9%

Fast-growing sales (+19.9% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-457.3%

Burning cash (-457.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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