Golconda Gold (TSXV:GG) Beneish M-Score: -1.90 (As of Jun. 24, 2026)

What is Golconda Gold Beneish M-Score?

Golconda Gold TSXV:GG -4.12% 50 Beneish M-Score is -1.90 as of Jun. 24, 2026. GuruFocus rates TSXV:GG with a GF Score™ of 50/100 and a GF Value™ of C$1.04 (Significantly Overvalued). The stock has 1 warning sign investors should review. Among 685 Metals & Mining companies, Golconda Gold ranks worse than 66.57% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -1.9 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Golconda Gold's Beneish M-Score or its related term are showing as below:

TSXV:GG' s Beneish M-Score Range Over the Past 10 Years
Min: -268.77 Med: -2.68 Max: 0.11
Current: -1.9

During the past 13 years, the highest Beneish M-Score of Golconda Gold was 0.11. The lowest was -268.77. And the median was -2.68.

Golconda Gold Beneish M-Score Related Terms

Golconda Gold Beneish M-Score Historical Data

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The historical data trend for Golconda Gold's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Golconda Gold Beneish M-Score Chart

Golconda Gold Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-1.46

0.00

-2.21

0.00

Golconda Gold Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.16	0.00	-2.04	0.00	-1.90

TSXV:GG vs NEM, AU: Beneish M-Score Comparison

For the Gold subindustry, Golconda Gold's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Golconda Gold Beneish M-Score vs Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, Golconda Gold's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Golconda Gold's Beneish M-Score falls into.

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Golconda Gold Ltd TSXV:GG

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Golconda Gold Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Golconda Gold for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0564

0.528 * 0.5305

0.404 * 0

0.892 * 2.1989

0.115 * 0.7651

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.635

4.679 * -0.005048

0.327 * 0.697

-1.90

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was C$4.68 Mil.
Revenue was 19.008 + 14.46 + 12.388 + 10.479 = C$56.34 Mil.
Gross Profit was 9.556 + 6.744 + 5.261 + 4.782 = C$26.34 Mil.
Total Current Assets was C$16.84 Mil.
Total Assets was C$83.20 Mil.
Property, Plant and Equipment(Net PPE) was C$66.36 Mil.
Depreciation, Depletion and Amortization(DDA) was C$2.53 Mil.
Selling, General, & Admin. Expense(SGA) was C$4.30 Mil.
Total Current Liabilities was C$10.16 Mil.
Long-Term Debt & Capital Lease Obligation was C$0.00 Mil.
Net Income was 7.591 + 4.329 + 3.861 + 3.227 = C$19.01 Mil.
Non Operating Income was -0.204 + -0.473 + -0.108 + -0.169 = C$-0.95 Mil.
Cash Flow from Operations was 9.38 + 4.203 + 2.984 + 3.815 = C$20.38 Mil.

Total Receivables was C$2.02 Mil.
Revenue was 9.527 + 6.034 + 5.971 + 4.088 = C$25.62 Mil.
Gross Profit was 4.035 + 0.605 + 1.356 + 0.36 = C$6.36 Mil.
Total Current Assets was C$4.31 Mil.
Total Assets was C$67.25 Mil.
Property, Plant and Equipment(Net PPE) was C$62.95 Mil.
Depreciation, Depletion and Amortization(DDA) was C$1.82 Mil.
Selling, General, & Admin. Expense(SGA) was C$3.08 Mil.
Total Current Liabilities was C$11.78 Mil.
Long-Term Debt & Capital Lease Obligation was C$0.00 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(4.683 / 56.335)	/	(2.016 / 25.62)
	=	0.083128	/	0.078689
	=	1.0564

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(6.356 / 25.62)	/	(26.343 / 56.335)
	=	0.248087	/	0.467613
	=	0.5305

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (16.837 + 66.364) / 83.201)	/	(1 - (4.305 + 62.948) / 67.254)
	=	-0	/	1.5E-5
	=	0

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	56.335	/	25.62
	=	2.1989

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(1.817 / (1.817 + 62.948))	/	(2.526 / (2.526 + 66.364))
	=	0.028055	/	0.036667
	=	0.7651

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(4.302 / 56.335)	/	(3.081 / 25.62)
	=	0.076365	/	0.120258
	=	0.635

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((0 + 10.158) / 83.201)	/	((0 + 11.781) / 67.254)
	=	0.12209	/	0.175172
	=	0.697

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(19.008 - -0.954	-	20.382)	/	83.201
	=	-0.005048

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Golconda Gold has a M-score of -1.90 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -1.90 mean?

Golconda Gold (TSXV:GG) has a Beneish M-Score of -1.90 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Golconda Gold and its competitors. According to the industry distribution chart, Golconda Gold ranks #456 out of 685 companies in the Metals & Mining industry, placing it in the top 66.6%.

Is Golconda Gold's Beneish M-Score too high?

Golconda Gold's current Beneish M-Score is -1.90. Based on the distribution chart, Golconda Gold ranks #456 out of 685 companies in the Metals & Mining industry, which is below the industry midpoint. Overall, Golconda Gold has a GF Score™ of 50/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Golconda Gold's Beneish M-Score compare to NEM and AU?

According to the Metals & Mining industry distribution chart, Golconda Gold ranks #456 out of 685 companies for Beneish M-Score. This places Golconda Gold in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a Metals & Mining company?

A good Beneish M-Score depends on the Metals & Mining industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Golconda Gold and its competitors. Golconda Gold's current Beneish M-Score is -1.90. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Golconda Gold stock overvalued right now?

Based on GuruFocus' analysis, Golconda Gold (TSXV:GG) is currently considered Significantly Overvalued. The stock's GF Value™ is C$1.04, compared to a current price of C$2.33 — trading 124% above its estimated fair value. The current Beneish M-Score is -1.90. Golconda Gold's overall GF Score™ is 50/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Golconda Gold (TSXV:GG), the current Beneish M-Score is -1.90 as of Jun. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Golconda Gold (TSXV:GG) Overvalued in 2026?

Based on GuruFocus' analysis, Golconda Gold stock appears to be overvalued. The current stock price of C$2.33 is trading 124% above its estimated GF Value™ of C$1.04. GuruFocus considers Golconda Gold to be Significantly Overvalued.

Key valuation signals for TSXV:GG:

Beneish M-Score: -1.90
GF Value™: C$1.04 vs. price of C$2.33 (124% above fair value)
GF Score™: 50/100 with 1 warning sign

No single metric tells the full story. See the TSXV:GG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Golconda Gold Business Description

Industry Basic Materials Metals & Mining

Comparable Companies TSXV:MACK TSXV:KTO TSXV:SPA TSXV:NCAU TSXV:MGM TSXV:OGN TSX:STLR TSXV:AE TSXV:TIN TSXV:PALI SHSE:601899 NEM TSX:AEM TSX:ABX TSX:WPM AU TSX:FNV HKSE:02259 TSX:K JSE:GFI

Other Exchanges GGGOF:USA Y87:Germany

Address 181 Bay Street, Suite 1800, Toronto, ON, CAN, M5J 2T9

Website https://www.golcondagold.com

Golconda Gold Ltd is an un-hedged gold producer and explorer with mining operations and exploration tenements in Botswana, South Africa and New Mexico. The company's projects include Galaxy in South Africa; and Summit and Banner Mill in the United States of America. It has three geographic segments, being the Republic of South Africa, the U.S.A. and Canada, out of which it derives maximum revenue from South Africa.

50GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

C$2.33

Price

C$1.04

GF Value

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