Midnight Sun Mining (MMA) AI Stock Analysis

• Market Cap: C$374.10M
• Dividend Yield: N/A
• Average Volume (3M): 653.32K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.14
• Revenue Growth: N/A
• EPS Growth: -135.80%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): -0.01
• Shares Outstanding: 213,771,840
• 10 Day Avg. Volume: 820,874
• 30 Day Avg. Volume: 653,322
• PEG Ratio: -0.35
• Price to Book (P/B): 4.48
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -30.05
• 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: C$3.00
• Price Target Upside: 80.72% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 54 Neutral
• Price Target: C$2.00 ▲(20.48% Upside)

The score is held back primarily by weak financial performance (pre-revenue, widening losses, and increasing cash burn despite low leverage). Technicals are a meaningful positive with strong momentum above key moving averages, but overbought readings add near-term risk. Valuation is also a drag due to negative earnings and no dividend support.

Positive Factors

Exploration Campaign

The new exploration campaign at Solwezi Project aims to enhance operational capabilities and strengthen the company's position in the copper mining sector, potentially leading to significant discoveries and value creation.

New Copper Targets

The discovery of new copper targets at Kazhiba enhances exploration prospects and aligns with strategic plans, potentially increasing the resource base and strengthening the company's position in the copper mining sector.

Ownership Retention

Retaining 100% ownership of the Dumbwa Target allows Midnight Sun to fully control exploration efforts, potentially leading to significant copper resource discoveries and enhancing its standing in the industry.

Negative Factors

Profitability Challenges

Negative EBIT and EBITDA margins highlight ongoing profitability challenges, indicating difficulties in covering operational costs, which could limit the company's capacity to achieve sustainable growth.

Negative Cash Flow

Negative operating cash flows indicate inefficiencies in converting income into cash, which can hinder the company's ability to fund operations and exploration projects without external financing.

Financial Performance

The lack of revenue generation and ongoing operational losses pose significant challenges to the company's financial sustainability, impacting its ability to invest in future growth and exploration activities.

Midnight Sun Mining Business Overview & Revenue Model

Company Description

Midnight Sun Mining Corp. engages in the acquisition and exploration of mineral properties in Africa. The company primarily explores for copper, cobalt, and gold deposits. It has 60% interest in the Solwezi licenses covering an area of approximately 506 square kilometers in the Zambian Copperbelt located in northwest of Lusaka, Zambia. The company was formerly known as Midnight Sun Capital Corporation and changed its name to Midnight Sun Mining Corp. in February 2011. Midnight Sun Mining Corp. was incorporated in 2007 and is headquartered in Vancouver, Canada.

How the Company Makes Money

Midnight Sun Mining makes money primarily through the exploration and development of mineral resources, which are subsequently sold or leased to larger mining companies for extraction. The company's revenue streams include the sale of mineral rights, joint ventures, and strategic partnerships with major mining corporations. Additionally, MMA may generate income from equity financing, government grants, and subsidies aimed at supporting mining exploration and development. The company's earnings are influenced by global commodity prices, exploration success rates, and its ability to secure and maintain beneficial partnerships.

Midnight Sun Mining Financial Statement Overview

Summary

Midnight Sun Mining faces significant financial hurdles with no revenue generation and consistent operational losses. While the company has a robust equity base and minimal debt, its inability to generate positive cash flows and income poses challenges for sustainability. The reliance on financing might provide short-term liquidity but does not solve underlying profitability issues.

Income Statement

Midnight Sun Mining has reported no revenue over the years, reflecting its status as a non-revenue-generating mining company. The gross profit and net profit margins are negative due to consistent losses, indicating ongoing operational challenges. The EBIT and EBITDA margins are also negative, showing difficulty in covering fixed and variable costs.

Balance Sheet

The balance sheet shows a strong equity position relative to total assets with an equity ratio of 88.8% as of TTM, highlighting financial stability. However, the company has a low debt-to-equity ratio, demonstrating minimal leverage, which is a positive aspect. Return on equity is negative due to net losses, indicating poor profitability for shareholders.

Cash Flow

Operating cash flows are negative, reflecting cash outflows from operations. The free cash flow is also negative, but there has been a significant increase in financing cash flow, suggesting reliance on external financing. Operating cash flow to net income ratio is not favorable, highlighting inefficiencies in converting income into cash.

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	-84.97K	-78.33K	-37.39K	-25.63K	-23.76K	-23.40K
EBITDA	-7.18M	-3.24M	-1.15M	-3.15M	-1.90M	-918.60K
Net Income	-7.29M	-3.35M	-1.54M	-3.18M	-2.04M	-759.00K
Balance Sheet
Total Assets	23.30M	21.99M	13.96M	10.69M	20.78M	20.04M
Cash, Cash Equivalents and Short-Term Investments	8.79M	7.82M	23.88K	40.48K	2.56M	1.39M
Total Debt	258.78K	314.68K	539.27K	58.43K	82.61K	57.26K
Total Liabilities	691.56K	456.49K	731.14K	518.66K	230.01K	241.07K
Stockholders Equity	20.57M	19.50M	11.19M	4.62M	14.65M	12.31M
Cash Flow
Free Cash Flow	-5.67M	-2.90M	-1.62M	-2.24M	-1.01M	-29.01K
Operating Cash Flow	-5.55M	-2.90M	-1.62M	-2.24M	-869.15K	-753.05K
Investing Cash Flow	2.06M	-2.37M	470.55K	-263.88K	-133.14K	-133.15K
Financing Cash Flow	6.57M	10.56M	1.14M	-23.29K	2.51M	1.94M

Midnight Sun Mining Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.66
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:MMA, the sentiment is Positive. The current price of 1.66 is above the 20-day moving average (MA) of 1.47, above the 50-day MA of 1.38, and above the 200-day MA of 0.95, indicating a bullish trend. The MACD of 0.10 indicates Negative momentum. The RSI at 69.35 is Neutral, neither overbought nor oversold. The STOCH value of 88.29 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:MMA.

Midnight Sun Mining Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TI	63 Neutral	C$401.64M	23.03	1280.38%	―	61.24%	―
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
MMA	54 Neutral	C$374.10M	-42.17	-36.30%	―	―	-135.80%
AHR	53 Neutral	C$328.98M	-116.80	-385.36%	―	―	-267.65%
MOON	52 Neutral	$388.21M	-15.15	-22.37%	―	―	-248.35%
TDG	52 Neutral	C$295.95M	-15.79	-40.36%	―	―	-109.66%
SFR	48 Neutral	C$358.17M	-12.28	―	―	―	-42.50%

Midnight Sun Mining Corporate Events

Midnight Sun Mining to Host Technical Webinar on Key Developments

Midnight Sun Mining Corp. is hosting a technical webinar on December 17th, 2025, to discuss developments at its Dumbwa and Kazhiba targets. The event will feature presentations from key company executives and a live Q&A session, providing insights into the company’s exploration activities and potential impact on its operations and stakeholder interests.

Midnight Sun Mining Reports Significant Copper Intercepts at Dumbwa

Midnight Sun Mining Corp. has reported promising assay results from its Dumbwa target, with significant copper intercepts, including 1.0% copper over 22 metres. The company has established nearly 1.5 kilometres of mineralized strike and is expanding its geological team to accelerate exploration efforts. The Dumbwa site shows geological similarities to Barrick Mining’s Lumwana Mine, and the company plans to continue drilling through the rainy season to further explore the mineralized corridor.

Midnight Sun Mining Reports High-Grade Copper Intercepts at Kazhiba Main

Midnight Sun Mining has reported significant copper mineralization results from its 2025 drilling campaign at the Kazhiba Main target, including a notable interception of 7.39% copper over 14.86 meters. The company is progressing towards a maiden resource estimate expected by the end of 2025, with ongoing drilling and due diligence efforts aimed at verifying and expanding the mineralized footprint. Additionally, the initiation of drilling at Kazhiba East targets potential expansion of near-surface oxide resources, enhancing the company’s prospects for resource growth and market positioning.

Midnight Sun Mining Secures C$30.5 Million in Oversubscribed Financing

Midnight Sun Mining Corp. has successfully closed an oversubscribed ‘bought deal’ financing, raising C$30,475,575. The proceeds will be used to advance exploration in the company’s Zambian projects and for general corporate purposes. This financing strengthens Midnight Sun’s position in the copper mining industry and supports its goal of discovering a significant copper deposit in Zambia. The offering was led by Haywood Securities Inc., with participation from several other underwriters, and is pending final approval from the TSX Venture Exchange.

Midnight Sun Mining Begins Trading on OTCQX Best Market

Midnight Sun Mining Corp. has begun trading on the OTCQX Best Market in the United States under the symbol ‘MDNGF’, while maintaining its primary listing on the TSX Venture Exchange in Canada. This move is expected to broaden its investor base and enhance visibility and liquidity for U.S. shareholders, as the company advances its Dumbwa Target copper system in Zambia, a globally significant mining jurisdiction.