Loading…
Gold developer building the Kone mine in Cote d'Ivoire.
Gold developer building the Kone mine in Cote d'Ivoire.
Has no mine revenue yet: its value rests on one project, Kone, which must be financed, built and brought into production, with spending covered by raising equity and debt. Once running, it would sell gold at the market price, with cost per ounce the main variable it controls.
Moat: none (installed base). Pre-production developer; value depends on successfully building and ramping one large mine.
Headquarters: Vancouver, Canada · Employees: 2,231
Size Montage Gold (MAU.TO) is a Canada Materials company (Precious Metals) with a market value of $4.79B, the 125th largest of 420 Canada companies the cockpit tracks. Shares closed at C$16.47 on 6 Nov 2026.
Performance Over six months the shares gained 17.4%, against -0.4% for the median peer and +5.2% for the Canada market (cap-weighted) — 4th highest of 21 in its peer set.
Valuation It trades at 11.15× book value against a peer median of 2.74× (2nd most expensive of 21).
Price implies The share price implies a return on equity of about 134.3%; Montage Gold delivers -18.1%, so the price asks more than the business earns today.
Next results Next results expected around 14 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$0 | C$0 | C$0 | C$0 | C$0 |
| Revenue growth | — | — | — | — | — |
| Gross profit | -C$1.40M | -C$1.10M | -C$295,000 | -C$231,375 | -C$190,977 |
| EBITDA | -C$62.4M | -C$45.6M | -C$68.5M | -C$18.3M | -C$8.62M |
| Net income | -C$68.2M | -C$69.3M | -C$67.7M | -C$24.4M | -C$9.78M |
| Free cash flow | -C$672M | -C$543M | -C$88.7M | -C$17.8M | -C$8.18M |
| Capital expenditure | C$642M | C$495M | C$46.3M | C$382,725 | C$250,235 |
| Total debt | C$91.5M | C$0 | C$553,000 | C$139,546 | C$0 |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Montage Gold MAU.TO | $4.79B | +17% | n/a | -18% | 11.15× | 134.3% |
| G Mining Ventures GMIN.TO | $9.98B | -10% | +72% | 23% | 4.19× | 25.0% |
| Artemis Gold ARTG.V | $6.76B | +18% | +148% | 50% | 6.43× | 58.6% |
| Endeavour Mining EDV.TO | $13.7B | -10% | +27% | 26% | 4.01× | 29.3% |
| Perseus Mining PRU.AX | $5.77B | +11% | +13% | 20% | 2.51× | 21.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MAU.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.8% | -0.4% | 5th lowest of 21 |
| 6-month return | +17.4% | -0.4% | 4th highest of 21 |
| Return on equity | -18.1% | 25.5% | 2nd lowest of 21 |
| Price / book | 11.15× | 2.74× | 2nd most expensive of 21 |
| ROE the price implies | 134.3% | 24.0% | 2nd most demanding of 21 |
| ROE delivered | -18.1% | 25.4% | 2nd lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Montage Gold MAU.TO | Canada | $4.79B | +17% | n/a | -18% | 11.15× | 134.3% | -18.1% |
| Ramelius Resources RMS.AX | Australia | $4.78B | +3% | -14% | 4% | 1.76× | 17.1% | 4.3% |
| Hunan Gold 002155.SZ | China | $4.72B | -33% | +1% | 20% | 3.57× | 35.1% | 19.7% |
| K92 Mining KNT.TO | Canada | $4.86B | +10% | +62% | 45% | 4.91× | 36.8% | 45.5% |
| Torex Resources TXR.TO | Canada | $5.02B | +16% | +76% | 28% | 1.93× | 18.0% | 27.5% |
| JCHX MINING MANAGEMENT 603979.SS | China | $5.09B | -12% | +23% | 26% | 2.68× | 20.3% | 26.3% |
| Greatland Resources GGP.AX | Australia | $5.11B | -31% | +118% | 48% | 3.12× | 34.5% | 48.3% |
| Capricorn Metals CMM.AX | Australia | $4.42B | -1% | +45% | 26% | 4.45× | 44.0% | 25.5% |
| Centerra Gold CG.TO | Canada | $4.25B | +27% | +44% | 21% | 1.90× | 19.5% | 20.6% |
| Vault Minerals VAU.AX | Australia | $4.19B | +21% | +35% | 13% | 2.83× | 25.1% | 13.5% |
| SSR Mining SSRM | United States | $5.66B | -17% | +39% | 20% | 1.74× | 8.8% | 20.2% |
| Genesis Minerals GMD.AX | Australia | $5.73B | +6% | +89% | 36% | 3.97× | 41.5% | 36.1% |
| Perseus Mining PRU.AX | Australia | $5.77B | +11% | +13% | 20% | 2.51× | 21.5% | 19.7% |
| Skeena Resources SKE.TO | Canada | $3.90B | +6% | n/a | -175% | 31.93× | 388.4% | -175.2% |
| Pan African Resources PAF.L | United Kingdom | $3.79B | -25% | +106% | 45% | 3.00× | 26.4% | 45.0% |
| Aya Gold & Silver AYA.TO | Canada | $3.68B | +40% | +265% | 25% | 7.41× | 68.5% | 25.4% |
| OceanaGold OGC.TO | Canada | $6.27B | -5% | +56% | 38% | 2.44× | 22.8% | 37.6% |
| Sibanye Stillwater Limited Sponsored ADR SBSW | United States | $6.30B | -29% | +59% | 36% | 2.05× | 13.8% | 35.7% |
| Westgold Resources WGX.AX | Australia | $3.64B | -2% | +79% | 20% | 2.21× | 17.1% | 20.4% |
| Triple Flag Precious Metals TFPM.TO | Canada | $6.54B | +1% | +45% | 19% | 2.79× | 9.7% | 19.0% |
| Regis Resources RRL.AX | Australia | $3.49B | -3% | +43% | 38% | 2.30× | 25.4% | 37.7% |