Midland Exploration Inc (TSE:MD)
:MD
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Midland Exploration
(MD)
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Rating:54Neutral
Price Target:
C$0.42
▼(-9.13% Downside)
Action:ReiteratedDate:02/18/26
The score is held back primarily by weak profitability and ongoing negative operating/free cash flow, despite a very strong low-debt balance sheet. Technicals are moderately supportive with the price above major moving averages and neutral momentum. Valuation is constrained by losses (negative P/E) and no dividend yield data.
Positive Factors
Low Leverage / Strong Balance Sheet
Extremely low leverage gives Midland durable financial flexibility: it can sustain exploration cycles, attract JV partners, and withstand cash burn without immediate solvency risk. That balance sheet strength supports multi-year project programs and optionality in monetizing discoveries.
Negative Factors
Negative Operating Cash Flow
Persistent negative operating and free cash flow forces reliance on external financing or partner deals to fund exploration. Over 2–6 months this constrains Midland’s ability to independently advance projects, raises dilution and execution risk, and limits reinvestment into higher-priority targets.
Read all positive and negative factors
Positive Factors
Negative Factors
Low Leverage / Strong Balance Sheet
Extremely low leverage gives Midland durable financial flexibility: it can sustain exploration cycles, attract JV partners, and withstand cash burn without immediate solvency risk. That balance sheet strength supports multi-year project programs and optionality in monetizing discoveries.
Read all positive factors
Midland Exploration (MD) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$46.32M
Dividend YieldN/A
Average Volume (3M)81.14K
Price to Earnings (P/E)―
Beta (1Y)0.56
Revenue Growth120.17%
EPS Growth25.87%
CountryCA
EmployeesN/A
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding112,973,450
10 Day Avg. Volume102,239
30 Day Avg. Volume81,143
Financial Highlights & Ratios
PEG Ratio27.79
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 (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 t...
How the Company Makes Money
Midland Exploration primarily generates economic value by (1) forming option, joint venture, or similar exploration partnerships in which a partner funds exploration expenditures on a Midland project in exchange for an earned interest, and may als...
Midland Exploration Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
74
Positive
Cash Flow
19
Very Negative
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 371.03K | 164.49K | 194.95K | 314.97K | 210.41K | 202.22K |
| Gross Profit | 340.38K | 134.81K | 165.06K | 285.08K | 180.52K | 172.33K |
| EBITDA | -2.19M | -2.51M | -1.91M | -1.52M | -1.55M | -1.59M |
| Net Income | -1.97M | -2.12M | -1.95M | -1.11M | -1.90M | -1.02M |
Balance Sheet | ||||||
| Total Assets | 48.45M | 46.79M | 41.22M | 41.66M | 39.22M | 39.92M |
| Cash, Cash Equivalents and Short-Term Investments | 10.42M | 8.56M | 4.78M | 4.96M | 6.41M | 7.43M |
| Total Debt | 253.27K | 258.52K | 16.61K | 51.11K | 82.41K | 110.75K |
| Total Liabilities | 2.11M | 2.26M | 1.70M | 1.88M | 921.93K | 1.57M |
| Stockholders Equity | 46.34M | 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 | -2.48M | -2.34M | -1.60M | -464.72K | -1.19M | -1.20M |
| Investing Cash Flow | -3.28M | -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
Negative
0.46
Price Trends
0.49
Negative
0.49
Negative
0.46
Negative
Market Momentum
-0.01
Positive
38.43
Neutral
29.39
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:MD, the sentiment is Negative. The current price of 0.46 is above the 20-day moving average (MA) of 0.45, below the 50-day MA of 0.49, and above the 200-day MA of 0.46, indicating a bearish trend. The MACD of -0.01 indicates Positive momentum. The RSI at 38.43 is Neutral, neither overbought nor oversold. The STOCH value of 29.39 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:MD.
Midland Exploration Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
54 Neutral | C$46.32M | -22.63 | -4.60% | ― | 120.17% | 25.87% | |
46 Neutral | C$110.16M | -16.79 | 40.99% | ― | ― | -16.90% | |
45 Neutral | C$55.82M | -103.33 | -3.27% | ― | ― | -60.00% | |
45 Neutral | C$47.11M | 7.33 | -10.21% | ― | 1377.61% | 78.99% | |
44 Neutral | C$52.23M | -45.63 | -90.81% | ― | ― | -47.46% | |
40 Underperform | C$78.36M | -1,508.00 | -50.65% | ― | ― | 58.59% |
* Basic Materials Sector Average
TSE:MD
Midland Exploration
0.41
0.10
32.26%
TSE:ESK
Eskay Mining
0.42
0.16
61.54%
TSE:FT
Fortune Minerals
0.18
0.11
176.92%
TSE:GMA
Geomega Resources
0.29
0.15
111.11%
TSE:NMI
Namibia Critical Metals Inc
0.24
0.17
242.86%
TSE:QZM
Quartz Mountain Resources
0.70
-0.08
-10.26%
Midland Exploration Corporate Events
Business Operations and Strategy
Midland and SOQUEM to Launch IP Survey at High-Grade Malaco Mountain Discovery
Positive
Apr 1, 2026
Midland Exploration, in partnership with SOQUEM, is advancing its Malaco Mountain project in Quebec’s Labrador Trough with a 15-line-kilometre induced polarization survey and ground prospecting planned for August 2026. The work aims to refin...
Business Operations and Strategy
Midland launches IP survey to advance Caniapisc Au gold project in Quebec
Positive
Feb 26, 2026
Midland Exploration has launched a 24 line-kilometre induced polarization ground geophysical survey on its wholly owned Caniapisc Au gold project in the Eeyou Istchee James Bay and Caniapiscau regions of Quebec. The work follows 2025 field program...
Business Operations and Strategy
Midland Launches IP Survey to Advance Caniapisc Au Gold Project in Quebec
Positive
Feb 26, 2026
Midland Exploration has launched a 24 line-kilometre induced polarization ground geophysical survey on its wholly owned Caniapisc Au gold project in the Eeyou Istchee James Bay and Caniapiscau regions of Quebec. The program follows 2025 fieldwork ...
Business Operations and StrategyExecutive/Board Changes
Midland Exploration Grants 870,000 Stock Options to Align Management With Growth Plans
Positive
Feb 12, 2026
Midland Exploration Inc. has granted 870,000 incentive stock options to its employees, directors, and officers, exercisable at $0.52 per share over a 10-year term under its existing stock option plan. Following this issuance, the company now has a...
Business Operations and Strategy
Midland Maps Out $12 Million Quebec Exploration Push for 2026
Positive
Feb 12, 2026
Midland Exploration has outlined an extensive 2026 exploration program in Quebec for its gold and copper-gold portfolio, backed by a budget exceeding $12 million and nearly 15,000 metres of drilling, largely funded by the company with support from...
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.