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Minnova ( (TSE:MCI) ) has issued an update.
Minnova Corp. has launched a strategic expansion initiative at its PL Gold Mine, directing engineering firm A&B Global Mining to assess whether the existing crushing plant can support an increase in nameplate processing capacity from 1,000 to 2,000 tonnes per day. The evaluation will cover technical audits, power requirements and potential bottlenecks, and, if confirmed, will lead to a full redesign and duplication of key plant components to run new equipment in parallel with current infrastructure, with the aim of materially enhancing project economics in a strong gold price environment and positioning Minnova as a more significant producer ahead of a planned future shift to underground mining. In a parallel move, the board has granted 2.5 million stock options at $0.20 per share for five years to directors, officers, employees and consultants under its long-term incentive plan, a step that further aligns management and staff incentives with the company’s growth ambitions at PL.
Spark’s Take on TSE:MCI Stock
According to Spark, TipRanks’ AI Analyst, TSE:MCI is a Underperform.
Minnova’s stock is highly risky primarily due to severe financial weaknesses, with no revenue, negative equity, and persistent losses. While technical analysis shows neutrality, the lack of clear momentum does not offset financial instability. The company’s plans for mine restart are positive but have yet to materialize, limiting their immediate impact. Overall, the stock is categorized as underperforming given the significant financial challenges.
To see Spark’s full report on TSE:MCI stock, click here.
More about Minnova
Minnova Corp. is a near-term gold producer focused on restarting and expanding its 100%-owned PL Gold Mine in Manitoba’s Flin Flon Greenstone Belt, a past-producing site that already hosts a 1,000 tonnes-per-day processing plant and a valid underground mining permit. A 2018 feasibility study based on underground mining outlined a five-year mine life and annual production of about 46,500 ounces at a gold price of US$1,250 per ounce, and the company is now revising its mine plan to emphasize lower-cost open-pit operations in the initial years before transitioning to underground mining.
Average Trading Volume: 307,722
Technical Sentiment Signal: Buy
Current Market Cap: C$19.26M
See more insights into MCI stock on TipRanks’ Stock Analysis page.