Minnova (MCI) AI Stock Analysis

• Market Cap: C$26.67M
• Dividend Yield: N/A
• Average Volume (3M): 307.85K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.45
• Revenue Growth: N/A
• EPS Growth: -14.50%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): -0.01
• Shares Outstanding: 98,775,180
• 10 Day Avg. Volume: 394,035
• 30 Day Avg. Volume: 307,850
• PEG Ratio: 0.08
• Price to Book (P/B): -0.56
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -15.90
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 50 Neutral
• Price Target: C$0.27 ▲(0.00% Upside)

The score is held down primarily by very weak financial performance (pre-revenue losses, negative equity, and ongoing cash burn). Technicals are supportive with the stock trading above major moving averages, but overbought readings add near-term risk. Recent corporate updates and financing are positive for project advancement, while valuation remains constrained by continued losses and no dividend.

Positive Factors

Mine Restart Plans

The planned restart of the PL Gold Mine in 2025, with an updated feasibility study, could enhance operational efficiency and expand gold production, potentially improving Minnova's market position and revenue generation.

Resource Expansion

Resource expansion and improved gold recovery efforts indicate strategic initiatives to increase production capacity, which could lead to long-term revenue growth and strengthen Minnova's competitive position in the gold industry.

Industry Trends

High gold prices provide a favorable backdrop for Minnova's mining operations, potentially boosting profitability and supporting the company's strategic focus on gold production, which aligns with positive industry trends.

Negative Factors

Financial Instability

The absence of revenue and negative equity highlight severe financial instability, posing risks to Minnova's ability to fund operations and execute its strategic plans, potentially affecting long-term viability.

Negative Cash Flow

Persistent negative cash flow indicates liquidity issues and operational inefficiencies, which could hinder Minnova's ability to invest in growth initiatives and sustain operations over the long term.

Lack of Revenue

The lack of revenue generation is a critical concern, as it limits Minnova's financial flexibility and ability to invest in its projects, potentially delaying the realization of strategic goals and impacting shareholder value.

Minnova Business Overview & Revenue Model

Company Description

Minnova Corp. acquires, explores for, and develops mineral properties. It holds 100% interests in the PL Gold mine and the Nokomis property located in Manitoba. The company was formerly known as Auriga Gold Corp. and changed its name to Minnova Corp. in June 2014. Minnova Corp. was incorporated in 1994 and is based in Toronto, Canada.

How the Company Makes Money

Minnova Corp generates revenue primarily through the development and eventual production of gold from its PL Gold Mine project. As a company in the mining sector, its revenue model is heavily reliant on the successful extraction and sale of gold. Once production commences, Minnova plans to sell the mined gold in the open market, which constitutes its primary revenue stream. Additionally, the company may engage in partnerships, joint ventures, and exploration agreements to develop its projects further and potentially secure additional funding. However, as of now, the company's main focus is on advancing the PL Gold Project towards production, which will be the key contributor to its earnings.

Minnova Financial Statement Overview

Summary

Very weak fundamentals: no revenue, persistent operating losses, deeply negative shareholder equity, and ongoing negative operating/free cash flow that indicates continued cash burn and reliance on external funding.

Income Statement

TTM (Trailing-Twelve-Months) results show no revenue and continued operating losses (negative gross profit, EBIT/EBITDA, and net income). Profitability has been consistently negative across the annual periods provided, with no visible top-line ramp to absorb costs. While the net loss in TTM is smaller than the 2023 annual loss, the business remains firmly loss-making and highly dependent on external funding.

Balance Sheet

The balance sheet is constrained by deeply negative shareholder equity across recent periods (including TTM), which signals accumulated deficits and weak financial flexibility. Debt is relatively small in absolute terms, but negative equity meaningfully elevates balance-sheet risk and limits access to attractive financing. Total assets are modest and have generally trended lower versus earlier periods, underscoring a thin asset base relative to the company’s funding needs.

Cash Flow

Cash generation is weak: operating cash flow and free cash flow are negative in TTM (Trailing-Twelve-Months) and in most annual periods, indicating ongoing cash burn. There was a rare positive operating cash flow in 2021, but free cash flow was still heavily negative that year, and cash flow has not stabilized since. The reported free-cash-flow growth is volatile (including sharp swings), which reinforces uncertainty around the cash runway and the timing of any improvement.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-103.44K	-130.11K	0.00	-103.00K	-18.41K	-24.21K
EBITDA	-1.23M	-620.01K	-239.00K	-1.66M	-775.45K	-348.00K
Net Income	-1.27M	-750.13K	-375.00K	-1.77M	-57.20K	-414.00K
Balance Sheet
Total Assets	248.98K	210.41K	222.10K	383.14K	561.10K	19.39M
Cash, Cash Equivalents and Short-Term Investments	35.90K	3.56K	1.38K	129.73K	138.04K	21.04K
Total Debt	103.28K	173.23K	117.16K	88.00K	0.00	0.00
Total Liabilities	4.84M	5.24M	4.60M	4.43M	3.68M	5.22M
Stockholders Equity	-4.59M	-5.03M	-4.38M	-4.04M	-3.12M	14.16M
Cash Flow
Free Cash Flow	-566.95K	-65.82K	-154.05K	-736.46K	-656.32K	-12.93K
Operating Cash Flow	-566.95K	-65.82K	-154.05K	-736.46K	-656.32K	285.53K
Investing Cash Flow	0.00	0.00	0.00	0.00	-950.70K	-298.47K
Financing Cash Flow	592.04K	68.00K	25.70K	728.15K	662.91K	0.00

Minnova Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.27
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:MCI, the sentiment is Positive. The current price of 0.27 is above the 20-day moving average (MA) of 0.22, above the 50-day MA of 0.20, and above the 200-day MA of 0.12, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 61.40 is Neutral, neither overbought nor oversold. The STOCH value of 57.75 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:MCI.

Minnova Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
MCI	50 Neutral	C$26.67M	-18.00	―	―	―	-14.50%
PMC	48 Neutral	C$42.06M	88.33	―	―	―	-56.52%
SGC	48 Neutral	C$31.59M	-15.83	-1390.86%	―	―	-100.00%
WRR	47 Neutral	C$15.62M	-29.09	-6.26%	―	―	―

Minnova Corporate Events

Minnova Plans to Double PL Gold Mine Throughput to 2,000 tpd, Grants New Stock Options

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.

Minnova Taps Amps Powerline to Advance Grid Power Connection at PL Gold Mine

Minnova Corp. has engaged Manitoba-based industrial power contractor Amps Powerline Inc. to manage the reconnection of its PL Gold Mine to the Manitoba Hydro grid and to oversee site power distribution and refurbishment of electrical systems for the crushing and process plant. The mandate leverages Minnova’s existing 22-kilometre power line and mine-site distribution infrastructure and represents a key step in advancing the PL Gold Mine toward a restart, supporting the company’s broader plan to update its mine development strategy and feasibility work and positioning it to capitalize on higher gold prices and expanded resources once operations resume.

Minnova Corp. Closes C$4.82 Million Private Placement for PL Gold Mine Project

Minnova Corp. announced the successful closing of a brokered private placement, raising gross proceeds of C$4.82 million. The funds will be used for exploration and advancement of the PL Gold Mine Project in Manitoba, as well as for working capital and general corporate purposes. The offering involved the sale of units and flow-through units, with Red Cloud Securities Inc. acting as the sole agent. The securities are subject to Canadian securities laws, and the offering awaits final approval from the TSX Venture Exchange.

Minnova Corp. Launches C$5 Million Private Placement for Gold Mine Development

Minnova Corp. has announced a brokered private placement offering to raise up to C$5 million, with Red Cloud Securities Inc. acting as the sole agent. The funds will be used for exploration and development of the PL Gold Mine Project and for general corporate purposes. The offering includes units, flow-through units, and charity flow-through units, with proceeds from flow-through shares dedicated to eligible Canadian exploration expenses.

Minnova Corp. Advances PL Gold Mine Restart with New Assessments and Drilling Plans

Minnova Corp. announced updates on its PL Gold Mine restart plan, aiming for near-term gold production. The company plans to complete a Preliminary Economic Assessment by Q1 2026, followed by a Feasibility Study by Q3 2026, with a focus on cost-effective open pit mining. The engagement of AECOM for environmental compliance and the expansion of the drill program to 15,000 meters demonstrate Minnova’s commitment to advancing the project and securing necessary permits.