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Midland Exploration
(MD)
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Rating:46Neutral
Price Target:
C$0.38
▼(-3.33% Downside)
Action:Reiterated
Date:05/10/26
The score is held down primarily by weak financial performance (persistent losses and ongoing cash burn) and a soft technical setup (below key moving averages with negative MACD). A low-leverage balance sheet provides some stability, but valuation signals are limited by negative earnings and no stated dividend yield.
Positive Factors
Conservative balance sheet
A very low debt burden and sizable equity reduce bankruptcy and refinancing risk, giving Midland flexibility to fund exploration through equity, JV cash flows, or staged financings. This durable capital structure supports continued operations during extended exploration cycles.
Negative Factors
Persistent cash burn
Steady negative operating and free cash flow necessitate continued external financing or partner transactions. Over the next several months this increases dilution risk or forces asset sales/accelerated JV deals, constraining strategic optionality if funding conditions tighten.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
A very low debt burden and sizable equity reduce bankruptcy and refinancing risk, giving Midland flexibility to fund exploration through equity, JV cash flows, or staged financings. This durable capital structure supports continued operations during extended exploration cycles.
Read all positive factors
Midland Exploration (MD) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$42.93M
Dividend YieldN/A
Average Volume (3M)81.14K
Price to Earnings (P/E)―
Beta (1Y)0.59
Revenue Growth104.17%
EPS Growth-35.90%
CountryCA
EmployeesN/A
SectorGeneral
Sector StrengthN/A
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-0.02
Shares Outstanding112,973,450
10 Day Avg. Volume102,239
30 Day Avg. Volume81,143
Financial Highlights & Ratios
PEG Ratio27.75
Price to Book (P/B)1.17
Price to Sales (P/S)317.57
P/FCF Ratio-22.36
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Midland Exploration Business Overview & Revenue Model
Company Description
Midland Exploration Inc. is a Canadian company primarily engaged in the identification, acquisition, and assessment of mineral deposits across the country. The firm holds outright ownership of 460 mineral claims, collectively spanning 260 square k...
How the Company Makes Money
Midland primarily makes money by creating value from mineral exploration projects rather than by selling mined commodities. Its revenue and cash-generation model is typically driven by (1) option and joint-venture agreements under which partner co...
Midland Exploration Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
78
Positive
Cash Flow
22
Negative
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 366.33K | 164.49K | 194.95K | 314.97K | 210.41K | 202.22K |
| Gross Profit | 332.53K | 134.81K | 165.06K | 285.08K | 180.52K | 172.33K |
| EBITDA | -2.21M | -2.51M | -1.91M | -1.52M | -1.55M | -1.59M |
| Net Income | -1.83M | -2.12M | -1.95M | -1.11M | -1.90M | -1.02M |
Balance Sheet | ||||||
| Total Assets | 47.99M | 46.79M | 41.22M | 41.66M | 39.22M | 39.92M |
| Cash, Cash Equivalents and Short-Term Investments | 7.66M | 8.56M | 4.78M | 4.96M | 6.41M | 7.43M |
| Total Debt | 247.81K | 258.52K | 16.61K | 51.11K | 82.41K | 110.75K |
| Total Liabilities | 1.87M | 2.26M | 1.70M | 1.88M | 921.93K | 1.57M |
| Stockholders Equity | 46.12M | 44.53M | 39.52M | 39.78M | 38.29M | 38.34M |
Cash Flow | ||||||
| Free Cash Flow | -4.00M | -2.34M | -4.52M | -4.64M | -5.32M | -6.84M |
| Operating Cash Flow | -2.64M | -2.34M | -1.60M | -464.72K | -1.19M | -1.20M |
| Investing Cash Flow | -3.82M | -5.81M | -1.75M | -2.37M | -995.64K | -834.91K |
| Financing Cash Flow | 8.80M | 8.43M | 2.48M | 3.39M | 2.59M | 2.22M |
Midland Exploration Technical Analysis
Neutral
0.39
Price Trends
0.40
Negative
0.42
Negative
0.45
Negative
Market Momentum
>-0.01
Negative
54.11
Neutral
66.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:MD, the sentiment is Neutral. The current price of 0.39 is above the 20-day moving average (MA) of 0.39, below the 50-day MA of 0.40, and below the 200-day MA of 0.45, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 54.11 is Neutral, neither overbought nor oversold. The STOCH value of 66.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:MD.
Midland Exploration Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
47 Neutral | C$53.72M | -50.00 | -3.63% | ― | ― | -42.86% | |
46 Neutral | C$42.93M | -23.24 | -4.12% | ― | 104.17% | -35.90% | |
45 Neutral | C$41.78M | -100.00 | -7.53% | ― | 3425.98% | 81.88% | |
42 Neutral | C$66.88M | -26.56 | -25.51% | ― | ― | -33.33% | |
42 Neutral | C$86.82M | -13.25 | 52.59% | ― | ― | -28.21% | |
41 Neutral | C$35.44M | -8.18 | -90.81% | ― | ― | -47.46% |
* General Sector Average
TSE:MD
Midland Exploration
0.40
0.05
12.86%
TSE:ESK
Eskay Mining
0.34
-0.04
-10.53%
TSE:FT
Fortune Minerals
0.13
0.05
66.25%
TSE:GMA
Geomega Resources
0.26
0.04
15.56%
TSE:NMI
Namibia Critical Metals Inc
0.21
0.11
127.78%
TSE:QZM
Quartz Mountain Resources
0.48
-0.21
-30.15%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.