Canagold Resources Ltd.

CRCUFdata completeness 63%9 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

Canagold Resources Ltd. earns about -7% on invested capital, but has diluted owners by 176% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024
Revenue	—	—	—	—	—
Net income	−$1.71M¹	−$1.83M²	−$2.71M³	−$3.05M³	−$1.12M³
Operating cash flow	−$1.41M⁴	−$893,000⁵	−$1.33M⁶	−$1.73M⁶	−$364,000⁶
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	$6.12M⁷	$2.01M⁷	$3.83M⁸	$2.81M⁹	$676,000⁹
Diluted shares	70.3M	72.72B	—	157.9M	194.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$1.55

your share of equity

Profit it earned you last year

−$0.06

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $1.55 of net worth that earned you −$0.06 last year.

iii. Is this a good business?

Moat signal · return on invested capital

-7% avg · 5y

FY20 -8%FY21 -7%FY22 -6%FY23 -9%FY24 -4%

It earned an average -7% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+176% shares · 5y

Share count is up 176% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

20-F · period ending 2020-12-31 · accession 0001654954-22-005852 (ProfitLoss)
20-F · period ending 2021-12-31 · accession 0001654954-24-005203 (ProfitLoss)
20-F · period ending 2022-12-31 · accession 0001654954-25-004881 (ProfitLoss)
20-F · period ending 2020-12-31 · accession 0001654954-22-005852 (CashFlowsFromUsedInOperatingActivities)
20-F · period ending 2021-12-31 · accession 0001654954-24-005203 (CashFlowsFromUsedInOperatingActivities)
20-F · period ending 2022-12-31 · accession 0001654954-25-004881 (CashFlowsFromUsedInOperatingActivities)
20-F · period ending 2020-12-31 · accession 0001654954-22-005852 (CashAndCashEquivalents)
20-F · period ending 2022-12-31 · accession 0001654954-24-005203 (CashAndCashEquivalents)
20-F · period ending 2023-12-31 · accession 0001654954-25-004881 (CashAndCashEquivalents)