Manganese X Energy Corp (MN) AI Stock Analysis

• Market Cap: C$27.90M
• Dividend Yield: N/A
• Average Volume (3M): 181.54K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.11
• Revenue Growth: N/A
• EPS Growth: 29.85%
• Country: CA
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): >-0.01
• Shares Outstanding: 214,593,870
• 10 Day Avg. Volume: 361,241
• 30 Day Avg. Volume: 181,537
• PEG Ratio: 0.23
• Price to Book (P/B): 4.50
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -7.87
• 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: 52 Neutral
• Price Target: C$0.13 ▼(-3.08% Downside)

The score is held back primarily by weak financial performance (no revenue, ongoing losses, and negative free cash flow), despite the benefit of zero reported debt. Technicals are relatively strong with price above key moving averages and positive MACD, while valuation is constrained by a negative P/E and no dividend. Recent corporate updates are positive but do not yet offset the current pre-commercial, cash-burning profile.

Positive Factors

Low leverage (no debt)

Zero reported debt materially lowers financial distress risk and gives management flexibility to fund exploration or delay dilutive financing. Over a 2–6 month horizon this reduces short-term default risk and improves options for structuring future project financing or partnerships.

Progress on Battery Hill project

Initiating a prefeasibility study and alignment with provincial strategy are structural milestones that de-risk resource economics, enhance permitting and partner conversations, and increase the likelihood of advancing to development or offtake discussions over the next several months.

Narrowing net losses

A sustained reduction in net losses signals improving cost controls and operational discipline. If maintained, this trend lengthens runway per financing round, lowers near-term capital needs, and strengthens credibility with investors and partners over the medium term.

Negative Factors

Pre-commercial (no revenue)

The company remains pre-revenue, meaning it cannot self-fund operations through sales. This structural lack of operating income necessitates ongoing external financing, increasing dilution risk and creating execution risk until commercial production or monetization is achieved.

Consistent negative cash flow

Persistent negative operating and free cash flow indicate continued cash burn and reliance on capital markets. Over months this raises financing frequency and costs, can force dilutive raises, and constrains the firm's ability to scale project work or respond to delays.

Negative returns on equity

Materially negative ROE shows invested capital has not produced profitable returns, which weakens investor economics and may impede raising future equity or securing favorable partner terms. This structural weakness elevates funding and execution risk over the medium term.

Manganese X Energy Corp Business Overview & Revenue Model

Company Description

Manganese X Energy Corp. engages in the acquisition and development of mineral properties in Canada. The company primarily explores for copper, nickel, and cobalt deposits. Its principal project is the Battery Hill manganese property that comprise 55 claims covering an area of approximately 1,228 hectares located in Carlton County, south western New Brunswick. It also develops heating, ventilation, and air conditioning air purification delivery system. The company was formerly known as Sunset Cove Mining Inc. and changed its name to Manganese X Energy Corp. in December 2016. Manganese X Energy Corp. is headquartered in Saint-Laurent, Canada.

How the Company Makes Money

Manganese X Energy Corp generates revenue through the exploration and development of its manganese properties, with a primary focus on the Battery Hill project. The company aims to monetize its manganese resources by advancing the project to production, which would involve extracting and processing manganese ore for sale to battery manufacturers and other industries reliant on manganese. Additionally, Manganese X Energy Corp engages in strategic partnerships and collaborations with technology and manufacturing companies to enhance its market reach and revenue potential. The company’s earnings are largely dependent on the successful progression of its mining projects and the growing demand for manganese in battery production, particularly for electric vehicles.

Manganese X Energy Corp Financial Statement Overview

Summary

Manganese X Energy Corp shows significant financial challenges with no revenue, negative EBIT, and growing losses. The debt-free balance sheet is a positive, but decreasing equity and negative cash flows highlight financial instability.

Income Statement

Manganese X Energy Corp has consistently generated no revenue, resulting in negative EBIT and net income over the periods, indicating a lack of operational profitability. The company shows a concerning trend of growing losses, which is a major challenge for future financial stability.

Balance Sheet

The company maintains a debt-free balance sheet, which is a positive aspect, but the equity has been decreasing significantly due to ongoing losses. The equity ratio remains relatively high, yet the shrinking asset base and declining stockholders' equity highlight potential financial instability.

Cash Flow

Cash flows are heavily negative, with no signs of improvement in operating or free cash flow generation. Capital expenditures are minimal, but the negative operating cash flow surpasses any financing gains, indicating insufficient cash management.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	0.00	0.00	-15.00K	-15.00K	-15.00K	-15.00K
EBITDA	-1.83M	-1.70M	-2.19M	-2.81M	-4.25M	-4.85M
Net Income	-1.68M	-1.57M	-2.28M	-2.83M	-4.27M	-4.88M
Balance Sheet
Total Assets	2.79M	3.10M	2.37M	3.95M	4.05M	5.98M
Cash, Cash Equivalents and Short-Term Investments	2.68M	2.86M	2.20M	3.32M	3.51M	5.56M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	33.60K	77.46K	179.24K	106.85K	128.43K	243.51K
Stockholders Equity	2.76M	3.03M	2.19M	3.84M	3.93M	5.74M
Cash Flow
Free Cash Flow	-1.79M	-1.73M	-1.93M	-2.74M	-2.10M	-2.91M
Operating Cash Flow	-1.79M	-1.73M	-1.93M	-2.74M	-2.10M	-2.91M
Investing Cash Flow	0.00	0.00	0.00	0.00	0.00	41.81K
Financing Cash Flow	2.39M	2.40M	804.13K	2.55M	46.13K	7.90M

Manganese X Energy Corp Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.13
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:MN, the sentiment is Neutral. The current price of 0.13 is above the 20-day moving average (MA) of 0.13, above the 50-day MA of 0.12, and above the 200-day MA of 0.08, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 47.24 is Neutral, neither overbought nor oversold. The STOCH value of 20.00 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:MN.

Manganese X Energy Corp 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%
MN	52 Neutral	C$27.90M	-13.30	-78.78%	―	―	29.85%
VUL	51 Neutral	C$29.74M	115.00	0.62%	―	―	―
SMN	46 Neutral	C$30.73M	-2.83	-64.24%	―	―	―
AMY	45 Neutral	C$32.37M	-43.94	-2.06%	―	―	93.75%
EMM	44 Neutral	C$26.82M	-4.04	-27.31%	―	―	41.07%
EMN	40 Underperform	C$23.56M	-0.96	-277.75%	―	36.37%	21.97%

Manganese X Energy Corp Corporate Events

Manganese X Energy Launches Battery Hill Prefeasibility Study

Manganese X Energy Corp. has initiated a prefeasibility study for its Battery Hill High Purity Manganese project, selecting ABH Engineering Inc. and GEMTEC Consulting Engineering and Scientists Ltd. to lead the study. This move marks a significant milestone for the company as it aims to optimize project economics and environmental stewardship, advancing Battery Hill towards becoming a key production hub for the EV and energy-storage sectors in North America. The study will incorporate recent advancements and is expected to enhance the project’s readiness for production, potentially impacting the North American supply chain for high purity manganese.

Manganese X Energy Supports New Brunswick’s Minerals Strategy

Manganese X Energy Corp. commends New Brunswick’s new comprehensive minerals strategy, which aims to enhance the province’s mining sector with a focus on transparency, environmental responsibility, and collaboration with First Nations and stakeholders. The company’s alignment with the framework positions it to benefit from streamlined regulatory processes and improved investment climate, supporting its Battery Hill project and contributing to North America’s clean-energy transition.

Manganese X Energy Corp Strengthens Board with New Director Appointment

Manganese X Energy Corp has appointed Desmond Tranquilla, a seasoned mining executive with over 32 years of experience, to its Board of Directors. Tranquilla’s expertise in project management and strategic development is expected to be instrumental as the company progresses its Battery Hill High-Purity Manganese Project towards a Pre-Feasibility Study, enhancing its position in the North American EV battery supply chain.

Manganese X Energy Corp Urges North American Battery Supply Chain Amid China’s Export Controls

Manganese X Energy Corp has emphasized the urgent need to establish a North American battery materials supply chain in response to China’s new export controls on critical minerals, which are expected to disrupt global supply chains. The company’s Battery Hill project in Canada is positioned to address this supply gap by producing high-purity manganese, a key component in next-generation electric vehicle batteries, thereby reducing dependency on foreign processing and aligning with government initiatives for energy security and clean technology.