Midland Exploration (MD) AI Stock Analysis

• Market Cap: C$53.73M
• Dividend Yield: N/A
• Average Volume (3M): 81.14K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.53
• Revenue Growth: -15.63%
• EPS Growth: 2.65%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): >-0.01
• Shares Outstanding: 107,450,580
• 10 Day Avg. Volume: 102,239
• 30 Day Avg. Volume: 81,143
• PEG Ratio: 0.00
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• 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: 44 Neutral
• Price Target: C$0.48 ▲(3.26% Upside)

Midland Exploration's overall stock score is primarily impacted by its poor financial performance, characterized by significant losses and liquidity issues. Technical analysis provides some stability, but bearish momentum is a concern. The valuation is unattractive due to a negative P/E ratio and lack of dividend yield.

Positive Factors

Low leverage and strong capital structure

A very low debt-to-equity ratio and strong equity ratio give Midland durable financial flexibility typical juniors lack. Lower leverage reduces bankruptcy risk, preserves capacity to raise project finance or partner rather than rely on costly debt, aiding multi‑month exploration plans.

Asset-light option and partnership business model

Midland’s reliance on option agreements and partnerships is a durable strength: partners fund exploration, de‑risk projects, and bring technical and capital resources. This model conserves Midland’s capital, accelerates project evaluation, and creates multiple exit or royalty monetization paths over months.

Regional focus with advanced geological techniques

Concentrating in Quebec and Ontario and using advanced geological methods is a lasting competitive advantage. Familiar jurisdictions, established infrastructure and regulatory knowledge improve permitting and discovery odds, while technical expertise raises the probability of viable finds over time.

Negative Factors

Severe negative operating and free cash flows

Persistently negative operating and free cash flows, with steep FCF decline, structurally impair the company’s ability to self‑fund exploration and development. Over months this forces dependence on external capital or partner funding, increasing dilution and slowing project progression.

Massive negative profitability and margins

Extremely negative margins indicate Midland’s activities consume capital rather than generate it. Ongoing losses erode equity, weaken bargaining power with partners and financiers, and may necessitate asset sales or restructuring, posing a sustained operational viability risk.

Overall poor financial performance and revenue trends

The company’s overall weak financial performance, including inconsistent revenue trends, constrains strategic options. Over a multi‑month horizon this limits ability to scale successful projects, raises financing costs, and increases reliance on partner or government funding to advance assets.

Midland Exploration Business Overview & Revenue Model

Company Description

Midland Exploration (MD) is a Canadian mining exploration company focused on the discovery and development of mineral resources in Quebec and Ontario. The company specializes in gold, copper, and other base metals, leveraging advanced geological techniques and strategic partnerships to identify and evaluate potential mining sites. Midland Exploration is committed to sustainable practices and aims to deliver value to its shareholders through innovative exploration projects and efficient resource management.

How the Company Makes Money

Midland Exploration generates revenue primarily through the exploration and development of mineral properties, which may eventually lead to partnerships or joint ventures with larger mining companies. The company often enters into option agreements, where it allows other companies to earn an interest in its projects by funding exploration and development costs. Additionally, Midland may benefit from government grants or tax incentives related to mineral exploration. Revenue may also come from the sale of mineral rights or royalties from production if any of its projects advance to the mining stage. Key partnerships with established mining firms enhance its capabilities and provide access to additional funding and resources, further contributing to its revenue streams.

Midland Exploration Financial Statement Overview

Summary

Midland Exploration is facing substantial financial challenges. Despite revenue growth, the company has significant losses with negative profitability metrics and severe liquidity issues. The low leverage is a positive aspect, but the inability to generate profits and cash flow is a critical issue.

Income Statement

Midland Exploration's income statement reveals significant challenges. Despite a 9.28% revenue growth in the latest year, the company continues to face substantial losses, with a net profit margin of -1291.73% and negative EBIT and EBITDA margins. The consistent negative profitability metrics highlight ongoing operational inefficiencies and cost management issues.

Balance Sheet

The balance sheet shows a relatively stable financial position with a low debt-to-equity ratio of 0.0058, indicating low leverage. However, the return on equity is negative, reflecting the company's inability to generate profits from shareholders' equity. The equity ratio is strong, suggesting a solid capital structure, but profitability remains a concern.

Cash Flow

Cash flow analysis indicates severe liquidity issues, with negative operating and free cash flows. The free cash flow growth rate is -50.28%, and the operating cash flow to net income ratio is negative, underscoring the company's struggle to convert its operations into cash. This poses a significant risk to financial stability.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	164.49K	164.49K	194.95K	314.97K	210.41K	202.22K
Gross Profit	134.81K	134.81K	165.06K	285.08K	180.52K	172.33K
EBITDA	-2.51M	-2.51M	-1.91M	-1.52M	-1.55M	-1.59M
Net Income	-2.12M	-2.12M	-1.95M	-1.11M	-1.90M	-1.02M
Balance Sheet
Total Assets	46.79M	46.79M	41.22M	41.66M	39.22M	39.92M
Cash, Cash Equivalents and Short-Term Investments	8.56M	8.56M	4.78M	4.96M	6.41M	7.43M
Total Debt	258.52K	258.52K	16.61K	51.11K	82.41K	110.75K
Total Liabilities	2.26M	2.26M	1.70M	1.88M	921.93K	1.57M
Stockholders Equity	44.53M	44.53M	39.52M	39.78M	38.29M	38.34M
Cash Flow
Free Cash Flow	-3.93M	-2.34M	-4.52M	-4.64M	-5.32M	-6.84M
Operating Cash Flow	-2.34M	-2.34M	-1.60M	-464.72K	-1.19M	-1.20M
Investing Cash Flow	-5.81M	-5.81M	-1.75M	-2.37M	-995.64K	-834.91K
Financing Cash Flow	8.43M	8.43M	2.48M	3.39M	2.59M	2.22M

Midland Exploration Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.46
• 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:MD, the sentiment is Positive. The current price of 0.46 is below the 20-day moving average (MA) of 0.47, below the 50-day MA of 0.46, and above the 200-day MA of 0.40, indicating a bullish trend. The MACD of 0.01 indicates Negative momentum. The RSI at 58.07 is Neutral, neither overbought nor oversold. The STOCH value of 79.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:MD.

Midland Exploration 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%
QZM	52 Neutral	C$62.01M	-14.70	-124.66%	―	―	-32.14%
NMI	51 Neutral	C$52.16M	-50.00	-3.86%	―	―	―
ESK	50 Neutral	C$85.82M	-38.41	-50.65%	―	―	62.70%
GMA	50 Neutral	C$58.01M	-21.23	-102.86%	―	-100.00%	-33.58%
FT	46 Neutral	C$64.34M	-11.08	―	―	―	-82.14%
MD	44 Neutral	C$53.73M	-22.27	-5.05%	―	-15.63%	2.65%

Midland Exploration Corporate Events

Midland and Rio Tinto Expand Lithium, Cesium and Gold Potential at Galinée Project

Midland Exploration, in partnership with Rio Tinto Exploration Canada, has reported strong lithium, cesium and gold intercepts from the 2025 drilling campaign at its Galinée project in Quebec, confirming laterally extensive lithium-bearing pegmatites south of the Iceberg Showing and new zones of high-grade cesium mineralization. The 23-hole program, guided by new high-resolution drone magnetic data, delivered lithium intercepts up to 1.14% Li2O over 30.6 metres (including 1.77% Li2O over 18.4 metres), cesium grades reaching 9.15% Cs2O over 6.4 metres, and the first meaningful gold intercepts along a key structural contact, while Rio Tinto has now completed all remaining cash payments under the option agreement, underscoring continued commitment to advancing this emerging critical minerals and gold target in a strategically important lithium district near Winsome’s Adina deposit.

The most recent analyst rating on (TSE:MD) stock is a Hold with a C$0.44 price target. To see the full list of analyst forecasts on Midland Exploration stock, see the TSE:MD Stock Forecast page.

Midland Exploration Completes $3.0 Million Private Placement

Midland Exploration Inc. has successfully closed a $3.0 million non-brokered private placement by issuing flow-through shares and common shares. The proceeds will be used for exploration in Quebec and general corporate purposes. Centerra Gold Inc. has maintained its ownership stake by acquiring additional shares, and insiders participated in the placement. This transaction is subject to certain regulatory exemptions and final acceptance by the TSX Venture Exchange.

The most recent analyst rating on (TSE:MD) stock is a Hold with a C$0.50 price target. To see the full list of analyst forecasts on Midland Exploration stock, see the TSE:MD Stock Forecast page.

Midland and SOQUEM Uncover New High-Grade Mineral Showings in Quebec

Midland Exploration Inc., in collaboration with SOQUEM Inc., announced the discovery of six new mineralized showings of copper, gold, and silver on the Nachicapau project in Nunavik, Quebec. These findings, part of a strategic alliance, highlight significant grades of up to 13.70% copper, 4.83 g/t gold, and 65.4 g/t silver, indicating a promising potential for future exploration and development in the region.

The most recent analyst rating on (TSE:MD) stock is a Hold with a C$0.50 price target. To see the full list of analyst forecasts on Midland Exploration stock, see the TSE:MD Stock Forecast page.

Midland Exploration Partners with Barrick for Lewis Gold Property

Midland Exploration Inc. has signed a definitive option agreement with Barrick Mining Corporation for the Lewis gold property in Quebec. Barrick can acquire up to a 75% interest in the property through cash payments and exploration work totaling $12 million by 2032. This partnership positions Midland strategically in the gold exploration industry, potentially enhancing its market presence and offering significant opportunities for growth.

The most recent analyst rating on (TSE:MD) stock is a Hold with a C$0.50 price target. To see the full list of analyst forecasts on Midland Exploration stock, see the TSE:MD Stock Forecast page.

Midland and SOQUEM Unveil Promising Assay Results in Labrador Trough

Midland Exploration Inc., in partnership with SOQUEM Inc., announced promising assay results from the Malaco Mountain zone in the Labrador Trough, indicating significant copper, gold, and rare earth element potential. The recent sampling campaign revealed high copper grades, with additional findings of cobalt and silver, suggesting a strong economic potential for the area and prompting further exploration plans for 2026.

The most recent analyst rating on (TSE:MD) stock is a Hold with a C$0.50 price target. To see the full list of analyst forecasts on Midland Exploration stock, see the TSE:MD Stock Forecast page.

Midland Exploration Uncovers New Gold Deposits at Caniapisc Au Project

Midland Exploration Inc. announced successful findings from its September exploration program at the Caniapisc Au project, revealing new gold-bearing boulders with a maximum value of 24.5 g/t Au. The program included geological mapping, prospecting, and a geophysical survey, with significant gold values found in several samples. These results enhance the project’s potential and guide future exploration efforts, underscoring the strategic importance of the Raynouard Complex’s mineral-rich geology.

The most recent analyst rating on (TSE:MD) stock is a Hold with a C$0.50 price target. To see the full list of analyst forecasts on Midland Exploration stock, see the TSE:MD Stock Forecast page.