TSX:MAX

Stock Analysis Report

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Executive Summary

Midas Gold Corp. engages in the mineral exploration activities in the United States. More Details


Snowflake Analysis

Adequate balance sheet with weak fundamentals.

Share Price & News

How has Midas Gold's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: MAX is not significantly more volatile than the rest of Canadian stocks over the past 3 months, typically moving +/- 11% a week.

Volatility Over Time: MAX's weekly volatility (11%) has been stable over the past year.


Market Performance


7 Day Return

-11.9%

MAX

1.9%

CA Metals and Mining

-0.2%

CA Market


1 Year Return

76.3%

MAX

33.4%

CA Metals and Mining

1.5%

CA Market

Return vs Industry: MAX exceeded the Canadian Metals and Mining industry which returned 33.7% over the past year.

Return vs Market: MAX exceeded the Canadian Market which returned 1.4% over the past year.


Shareholder returns

MAXIndustryMarket
7 Day-11.9%1.9%-0.2%
30 Day-16.8%-0.6%2.7%
90 Day-12.6%-2.4%12.5%
1 Year76.3%76.3%34.6%33.4%5.2%1.5%
3 Year6.1%6.1%39.6%36.6%13.5%2.7%
5 Year220.0%220.0%161.0%152.6%60.0%35.5%

Long-Term Price Volatility Vs. Market

How volatile is Midas Gold's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Midas Gold undervalued compared to its fair value and its price relative to the market?

6.23x

Price to Book (PB) ratio


Share Price vs. Fair Value

Below Fair Value: Insufficient data to calculate MAX's fair value to establish if it is undervalued.

Significantly Below Fair Value: Insufficient data to calculate MAX's fair value to establish if it is undervalued.


Price To Earnings Ratio

PE vs Industry: MAX is unprofitable, so we can't compare its PE Ratio to the CA Metals and Mining industry average.

PE vs Market: MAX is unprofitable, so we can't compare its PE Ratio to the Canadian market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate MAX's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: MAX is overvalued based on its PB Ratio (6.2x) compared to the CA Metals and Mining industry average (3x).


Next Steps

Future Growth

How is Midas Gold forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

85.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MAX is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: MAX is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: MAX is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: Insufficient data to determine if MAX's revenue is forecast to grow faster than the Canadian market.

High Growth Revenue: Insufficient data to determine if MAX's revenue is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if MAX's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Midas Gold performed over the past 5 years?

-30.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MAX is currently unprofitable.

Growing Profit Margin: MAX is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: MAX is unprofitable, and losses have increased over the past 5 years at a rate of 30% per year.

Accelerating Growth: Unable to compare MAX's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: MAX is unprofitable, making it difficult to compare its past year earnings growth to the Metals and Mining industry (78.3%).


Return on Equity

High ROE: MAX has a negative Return on Equity (-364.76%), as it is currently unprofitable.


Next Steps

Financial Health

How is Midas Gold's financial position?


Financial Position Analysis

Short Term Liabilities: MAX's short term assets ($34.5M) exceed its short term liabilities ($5.6M).

Long Term Liabilities: MAX's short term assets ($34.5M) do not cover its long term liabilities ($38.8M).


Debt to Equity History and Analysis

Debt Level: MAX's debt to equity ratio (14.6%) is considered satisfactory.

Reducing Debt: Insufficient data to determine if MAX's debt to equity ratio has reduced over the past 5 years.


Balance Sheet


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: MAX has sufficient cash runway for more than a year based on its current free cash flow.

Forecast Cash Runway: MAX has sufficient cash runway for 1.2 years if free cash flow continues to reduce at historical rates of 16.6% each year.


Next Steps

Dividend

What is Midas Gold current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

Notable Dividend: Unable to evaluate MAX's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate MAX's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if MAX's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if MAX's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of MAX's dividend in 3 years as they are not forecast to pay a notable one for the Canadian market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

9.6yrs

Average management tenure


CEO

Laurel Sayer (66 yo)

0.083

Tenure

US$490,620

Compensation

Ms. Laurel Sayer serves as President, Chief Executive Officer and Director at Midas Gold Corporation since December 2020. She has been Chief Executive Officer and President of Midas Gold Idaho, Inc. since ...


CEO Compensation Analysis

Compensation vs Market: Laurel's total compensation ($USD490.62K) is below average for companies of similar size in the Canadian market ($USD790.06K).

Compensation vs Earnings: Laurel's compensation has increased whilst the company is unprofitable.


Leadership Team

NamePositionTenureCompensationOwnership
Marcelo Kim
Chairman0.83yrno datano data
Laurel Sayer
President0.083yrUS$490.62k0.021%
$ 101.4k
Darren Morgans
Chief Financial Officer9.75yrsUS$354.81k0.015%
$ 72.8k
John Meyer
Vice President of Development8yrsUS$358.60kno data
Elizabeth Monger
Manager of Investor Relations & Corporate Secretary9.58yrsno datano data
Christopher Dail
Exploration Manager9.75yrsUS$1.73m0%
$ 0
Austin Zinsser
Senior Resource Geologistno datano datano data
Richard Richins
Consultantno datano datano data

9.6yrs

Average Tenure

45yo

Average Age

Experienced Management: MAX's management team is seasoned and experienced (9.6 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Marcelo Kim
Chairman0.83yrno datano data
Laurel Sayer
President0.083yrUS$490.62k0.021%
$ 101.4k
David Deisley
Independent Director0.083yrno data0.0010%
$ 5.2k
Jeffrey Malmen
Independent Director0.083yrno datano data
Christopher Robison
Independent Director0.083yrno data0.021%
$ 104.0k
Christopher Papagianis
Director0.67yrno datano data
Bob Dean
Independent Director0.083yrno datano data
Alex Sternhell
Independent Director0.083yrno datano data

0.08yrs

Average Tenure

62yo

Average Age

Experienced Board: MAX's board of directors are not considered experienced ( 0.1 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 75.1%.


Top Shareholders

Company Information

Midas Gold Corp.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Midas Gold Corp.
  • Ticker: MAX
  • Exchange: TSX
  • Founded: 2011
  • Industry: Gold
  • Sector: Materials
  • Market Cap: CA$493.804m
  • Shares outstanding: 474.81m
  • Website: https://www.midasgoldcorp.com

Number of Employees


Location

  • Midas Gold Corp.
  • 999 West Hastings Street
  • Suite 890
  • Vancouver
  • British Columbia
  • V6C 2W2
  • Canada

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MAXTSX (The Toronto Stock Exchange)YesCommon SharesCACADJul 2011
9MIDB (Deutsche Boerse AG)YesCommon SharesDEEURJul 2011
MDRP.FOTCPK (Pink Sheets LLC)YesCommon SharesUSUSDJul 2011
0V6RLSE (London Stock Exchange)YesCommon SharesGBCADJul 2011

Biography

Midas Gold Corp. engages in the mineral exploration activities in the United States. It primarily explores for gold deposits, as well as by-products comprising antimony and silver. The company’s principal ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/01/23 23:31
End of Day Share Price2021/01/22 00:00
Earnings2020/09/30
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.