MAU.TO
Montage Gold Corp.
TorontoCADEQUITY
Basic Materials
DELAYED
Last price
20.47
▼ 0.07 (0.34%)
MARKET · —
Price
Too many bars for candle bodies at this width — showing high/low range per bar. Zoom in or pick a shorter range.
Open
20.65
Prev close
20.54
Day high
20.83
Day low
20.30
Volume
1.11M
Market cap
$8.28B
P/E (TTM)
—
52W range
5.19 – 20.83
Insider net activity
Net shares
0
Net selling
Buy transactions
0
0 shares
Sell transactions
0
—
Net transactions
0
Buys less sells
Sell : buy shares
—
Not enough filings
Insider-held shares
84.04M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Jun 25, 26 | Lundin (William A.W.) Director of Issuer |
— | 0 | — | Direct |
| Jun 25, 26 | Lundin (William A.W.) Director of Issuer |
— | 0 | — | Indirect |
| Jun 25, 26 | Poulsen (Teitur) Director of Issuer |
— | 0 | — | Direct |
| Apr 29, 26 | Dhir (Anu) Director of Issuer |
BUY | 31.40K | $314.60K | Direct |
| Apr 24, 26 | Field (David) Director of Issuer |
EXERCISE | 38.18K | $67.05K | Direct |
| Apr 24, 26 | Field (David) Director of Issuer |
EXERCISE | 250.00K | $131.75K | Direct |
| Apr 23, 26 | Bottero (Silvia) Senior Officer of Issuer |
EXERCISE | 130.78K | $229.13K | Direct |
| Apr 23, 26 | Bottero (Silvia) Senior Officer of Issuer |
EXERCISE | 1.88M | $1.25M | Direct |
| Apr 23, 26 | Bottero (Silvia) Senior Officer of Issuer |
EXERCISE | 109.86K | $192.47K | Direct |
| Apr 23, 26 | Bottero (Silvia) Senior Officer of Issuer |
EXERCISE | 1.76M | $1.17M | Direct |
| Apr 23, 26 | De Ciccio (Martino) Director of Issuer |
EXERCISE | 174.02K | $304.89K | Direct |
| Apr 23, 26 | De Ciccio (Martino) Director of Issuer |
EXERCISE | 2.55M | $1.30M | Direct |
| Apr 23, 26 | Olsen (Peder) Senior Officer of Issuer |
EXERCISE | 171.70K | $300.82K | Direct |
| Apr 23, 26 | Olsen (Peder) Senior Officer of Issuer |
EXERCISE | 2.55M | $1.30M | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
Bitelli (Alessandro) |
Director of Issuer | 1.10M | Exercise of options |
Bottero (Silvia) |
Senior Officer of Issuer | 2.06M | Exercise of options |
Clark (Richard Peter) |
Director of Issuer | 4.80M | Acquisition or disposition in the public market |
De Ciccio (Martino) |
Director of Issuer | 3.35M | Exercise of options |
Dhir (Anu) |
Director of Issuer | 2.56M | Acquisition or disposition pursuant to a take-over bid, merger or acquisition |
Field (David) |
Director of Issuer | 1.44M | Exercise of options |
Lundin (William A.W.) |
Director of Issuer | 655.58K | Opening Balance-Initial SEDI Report |
Nemesia S.a.r.l. |
10% Security Holder of Issuer | 71.32M | Acquisition or disposition carried out privately |
Olsen (Peder) |
Senior Officer of Issuer | 3.06M | Exercise of options |
Tia (Constant) |
Senior Officer of Issuer | 468.06K | Exercise of options |
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Options analytics
Put / call volume
—
—
Put / call open interest
—
Positioning, not flow
Max pain
—
—
ATM implied vol
—
Nearest strike to spot
Skew (10% OTM)
—
—
Call volume
0
Contracts, this expiry
Put volume
0
Contracts, this expiry
Heaviest call OI
—
—
Heaviest put OI
—
—
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Trailing performance
Returnvs SPY
1W
+9.12%
+10.5%
1M
+20.55%
+16.8%
3M
+42.95%
+39.9%
6M
+34.23%
+23.2%
YTD
+107.19%
+94.9%
1Y
+301.37%
+281.4%
3Y
+3,690.74%
+3,616.6%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Fundamentals
Market cap$8.28B
Enterprise value$8.96B
Revenue (TTM)—
Gross profit—
EBITDA$-45.09M
Net income$-49.32M
EPS (TTM)$-0.18
Free cash flow$-459.92M
Total cash$158.76M
Total debt$809.31M
Book value / share$0.42
Shares outstanding404.25M
Float313.30M
Short % of float—
Dividend yield—
Beta (5Y)2.18
Short interest
Shares short
8.53M
Prior 8.61M
Change vs prior
-0.9%
Shorts covering
% of float
—
—
% of shares out
1.50%
Against total outstanding
Days to cover
6.2
Crowded exit
Float
313.30M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Valuation & profitability ratios
Trailing P/E—
Forward P/E9.60
PEG ratio—
Price / sales—
Price / book48.30
EV / revenue—
EV / EBITDA-198.75
Gross margin0.00%
Operating margin0.00%
Profit margin0.00%
Return on equity-17.67%
Return on assets-3.43%
Debt / equity177.70
Current ratio5.40
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $0 | $0 | $0 | $0 | — |
| Operating revenue | $0 | $0 | $0 | $0 | — |
| Selling, general & admin | $18.77M | $17.83M | $4.04M | $3.02M | +5.2% |
| Total operating expense | $33.42M | $49.77M | $13.99M | $6.49M | -32.8% |
| Operating income | -$33.42M | -$49.77M | -$13.99M | -$6.49M | +32.8% |
| Net interest income | $584.00K | $2.44M | $396.50K | -$634.63K | -76.1% |
| Pre-tax income | -$49.14M | -$49.05M | -$18.41M | -$7.21M | -0.2% |
| Tax provision | $742.00K | $0 | — | — | — |
| Net income | -$49.58M | -$48.97M | -$18.41M | -$7.21M | -1.2% |
| Net income to common | -$49.58M | -$48.97M | -$18.41M | -$7.21M | -1.2% |
| Basic EPS | -0.14 | -0.18 | -0.11 | -0.07 | +22.2% |
| Diluted EPS | -0.14 | -0.18 | -0.11 | -0.07 | +22.2% |
| EBIT | -$49.12M | -$49.03M | -$13.99M | -$6.33M | -0.2% |
| EBITDA | -$48.33M | -$48.82M | -$13.82M | -$6.19M | +1.0% |
| Basic shares | 356.97M | 269.00M | 178.19M | 112.00M | +32.7% |
| Diluted shares | 356.97M | 269.00M | 178.19M | 112.00M | +32.7% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Cash & equivalents | $191.78M | $115.32M | $5.07M | $5.91M | +66.3% |
| Cash & short-term investments | $191.78M | $115.32M | $5.07M | $6.40M | +66.3% |
| Accounts receivable | — | $1.09M | $347.50K | — | — |
| Total current assets | $210.49M | $116.41M | $5.42M | $6.89M | +80.8% |
| Property, plant & equipment | $469.27M | $70.82M | $29.05M | $31.38M | +562.7% |
| Total assets | $732.47M | $256.72M | $34.49M | $38.29M | +185.3% |
| Total current liabilities | $35.16M | $28.44M | $940.00K | $1.60M | +23.6% |
| Total debt | — | $385.31K | $104.78K | $0 | — |
| Total liabilities | $615.82M | $113.57M | $1.01M | $1.60M | +442.2% |
| Retained earnings | -$151.62M | -$102.04M | -$59.46M | -$40.04M | -48.6% |
| Shareholder equity | $116.85M | $143.05M | $33.48M | $36.69M | -18.3% |
| Working capital | $175.32M | $87.97M | $4.48M | $5.29M | +99.3% |
| Net tangible assets | $116.85M | $143.05M | $33.48M | $36.69M | -18.3% |
| Shares issued | 364.27M | 348.35M | 185.35M | 160.50M | +4.6% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Net income | -$49.88M | -$49.05M | -$18.41M | -$7.21M | -1.7% |
| Depreciation & amortisation | $789.00K | $215.00K | $174.13K | $140.71K | +267.0% |
| Stock-based compensation | $6.65M | $7.00M | $887.23K | $516.03K | -4.9% |
| Change in working capital | -$12.84M | $10.03M | -$581.18K | $709.10K | -228.0% |
| Operating cash flow | -$37.90M | -$33.13M | -$13.12M | -$5.84M | -14.4% |
| Capital expenditure | -$354.20M | -$33.25M | -$288.71K | -$184.38K | -965.3% |
| Investing cash flow | -$351.04M | -$83.58M | $139.45K | -$11.11M | -320.0% |
| Financing cash flow | $465.01M | $231.97M | $11.96M | $15.66M | +100.5% |
| Free cash flow | -$392.11M | -$66.38M | -$13.41M | -$6.03M | -490.7% |
| End cash position | $191.78M | $115.32M | $5.07M | $5.91M | +66.3% |
| Line item | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $0 | $0 | $0 | $0 | $0 | — |
| Operating revenue | $0 | $0 | $0 | $0 | $0 | — |
| Selling, general & admin | $5.39M | $4.55M | $4.78M | $4.93M | $4.51M | +18.7% |
| Total operating expense | $8.02M | $8.83M | $6.69M | $8.39M | $9.52M | -9.1% |
| Operating income | -$8.02M | -$8.83M | -$6.69M | -$8.39M | -$9.52M | +9.1% |
| Net interest income | $190.00K | $167.00K | $80.00K | $18.00K | $319.00K | +13.8% |
| Pre-tax income | -$8.13M | -$5.53M | -$4.59M | -$14.40M | -$24.62M | -47.1% |
| Tax provision | $132.00K | — | — | — | $0 | — |
| Net income | -$8.15M | -$6.04M | -$4.55M | -$14.35M | -$24.64M | -34.9% |
| Net income to common | -$8.15M | -$6.04M | -$4.55M | -$14.35M | -$24.64M | -34.9% |
| Basic EPS | 0.02 | — | -0.01 | -0.04 | 0.07 | — |
| Diluted EPS | 0.02 | — | -0.01 | -0.04 | 0.07 | — |
| EBIT | -$8.13M | -$5.52M | -$4.59M | -$14.39M | -$24.61M | -47.2% |
| EBITDA | -$7.89M | -$5.28M | -$4.39M | -$14.21M | -$24.44M | -49.3% |
| Basic shares | 364.29M | — | 360.25M | 354.41M | 349.62M | — |
| Diluted shares | 364.29M | — | 360.25M | 354.41M | 349.62M | — |
| Line item | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | YoY |
|---|---|---|---|---|---|---|---|
| Cash & equivalents | $79.36M | $191.78M | $159.01M | $99.93M | $42.71M | — | -58.6% |
| Cash & short-term investments | $79.36M | $191.78M | $159.01M | $99.93M | $42.71M | — | -58.6% |
| Accounts receivable | — | — | — | — | — | $1.09M | — |
| Total current assets | $88.50M | $210.49M | $161.30M | $101.24M | $44.12M | — | -58.0% |
| Property, plant & equipment | $595.37M | $469.27M | $327.14M | $217.05M | $133.87M | — | +26.9% |
| Total assets | $737.83M | $732.47M | $553.57M | $373.17M | $231.30M | — | +0.7% |
| Total current liabilities | $33.52M | $35.16M | $25.31M | $12.01M | $24.10M | — | -4.7% |
| Total debt | — | — | $481.00K | $361.00K | $377.00K | $385.31K | — |
| Total liabilities | $628.02M | $615.82M | $433.25M | $258.08M | $110.46M | — | +2.0% |
| Retained earnings | -$159.77M | -$151.62M | -$145.58M | -$141.03M | -$126.68M | — | -5.4% |
| Shareholder equity | $110.11M | $116.85M | $120.28M | $115.00M | $120.72M | — | -5.8% |
| Working capital | $54.98M | $175.32M | $135.99M | $89.23M | $20.02M | — | -68.6% |
| Net tangible assets | $110.11M | $116.85M | $120.28M | $115.00M | $120.72M | — | -5.8% |
| Shares issued | 364.31M | 364.27M | 361.57M | 355.62M | 351.85M | — | +0.0% |
| Line item | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|
| Net income | -$8.26M | -$6.27M | -$4.59M | -$14.40M | -$24.62M | -31.8% |
| Depreciation & amortisation | $235.00K | $238.00K | $201.00K | $177.00K | $173.00K | -1.3% |
| Stock-based compensation | $1.37M | $1.25M | $1.53M | $1.99M | $1.88M | +9.6% |
| Change in working capital | $6.28M | -$5.57M | -$74.00K | $2.40M | -$9.60M | +212.8% |
| Operating cash flow | -$194.00K | -$11.11M | -$5.53M | -$4.99M | -$16.28M | +98.3% |
| Capital expenditure | -$120.60M | -$115.06M | -$93.12M | -$88.97M | -$57.05M | -4.8% |
| Investing cash flow | -$110.35M | -$113.86M | -$92.14M | -$88.34M | -$56.74M | +3.1% |
| Financing cash flow | -$114.00K | $157.31M | $156.77M | $150.53M | $433.00K | -100.1% |
| Free cash flow | -$120.79M | -$126.17M | -$98.65M | -$93.96M | -$73.32M | +4.3% |
| End cash position | $79.36M | $191.78M | $159.01M | $99.93M | $42.71M | -58.6% |
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | -0.08 | -0.08 | +9.5% |
| Mar 2026 | -0.04 | 0.03 | +174.5% |
| Sep 2025 | -0.04 | -0.03 | +22.8% |
| Jun 2025 | -0.02 | -0.04 | -84.6% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | -0.08 | 2 | $0 | — |
| Next quarter | 0.07 | 2 | $0 | — |
| Current year | -0.03 | 5 | $156.12M | 0.0% |
| Next year | 2.13 | 6 | $1.95B | +1,148.6% |
Analyst targets & ownership
Mean target$20.97
High target$22.00
Low target$19.25
Implied upside2.45%
Analyst count9
ConsensusBUY
Strong buy / Buy5 / 4
Hold0
Sell / Strong sell0 / 0
Held by insiders20.79%
Held by institutions30.04%
Institutions holding93
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
19.32
+5.95% from price
SMA 20
18.12
+12.94% from price
SMA 50
16.91
+21.07% from price
SMA 100
16.03
+27.66% from price
SMA 200
13.70
+49.45% from price
EMA 12
19.14
+6.95% from price
EMA 26
18.11
+13.03% from price
EMA 50
17.20
+18.99% from price
RSI (14)
68.8
Neutral
MACD (12,26,9)
1.03
Hist 0.22
ATR (14)
0.84
4.12% of price
Realised vol 30D
64.4%
Annualised
Bollinger upper
20.95
20, 2σ
Bollinger lower
15.30
20, 2σ
50 / 200 cross
Golden
16.91 vs 13.70
Trend bias
Above 200
+49.45%
Risk profile
Beta vs SPY
1.14
More volatile than market
Correlation to SPY
0.23
Largely independent
Realised vol 30D
64.4%
Annualised
Market vol 1Y
12.9%
SPY, annualised
Max drawdown 1Y
-25.8%
Peak to trough
Max drawdown 5Y
-48.9%
Peak to trough
ATR 14
0.84
4.12% of price
Beta (reported)
2.18
5Y monthly, from filing
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PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.