Manganese X Energy Corp (MN) AI Stock Analysis

• Market Cap: C$30.04M
• Dividend Yield: N/A
• Average Volume (3M): 181.54K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.10
• 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: 49 Neutral
• Price Target: C$0.16 ▲(22.31% Upside)

The score is held down primarily by weak financial performance (no revenue, ongoing losses, and negative free cash flow), partially offset by a low-leverage balance sheet (no debt) and improving loss/cash-burn trends. Technicals are moderately supportive with the price trading above key moving averages and neutral-to-positive momentum, while valuation remains constrained by negative earnings and no dividend data.

Positive Factors

Strategic battery-material asset

Owning a dedicated manganese project targeted at battery and industrial end-markets aligns the company with multi-year structural demand for battery materials. If advanced, the asset could provide strategic exposure to electrification trends and downstream supply chains, underpinning long-term optionality.

Low leverage / no debt

A zero-debt balance sheet materially lowers bankruptcy and interest-rate risk and preserves strategic flexibility to raise project finance or JV terms. This durable financial conservatism improves the company's resilience during prolonged development cycles typical in mining.

Improving loss and cash-burn trends

A steady reduction in net losses and narrower free-cash-flow deficits indicate management has tightened spending and improved operational efficiency. Sustained improvement increases runway per financing round and raises the probability of reaching development milestones without unsustainable dilution.

Negative Factors

No revenue / pre-commercial status

Absence of operating revenue over multiple years means value depends entirely on successful exploration and project development. This structural revenue gap necessitates continued external funding and creates execution risk before any margin or cash-flow sustainability can be demonstrated.

Persistent negative operating and free cash flow

Enduring negative OCF and FCF impose a structural need for ongoing financing to sustain operations and advance the project. Reliance on external capital increases dilution or covenant risk and constrains the company's ability to invest in rapid development or capture favorable partnership terms.

Volatile equity and very negative ROE

Material equity volatility and deeply negative returns on equity reflect capital erosion from persistent losses. That undermines investor confidence, can raise the cost of new capital, and signals structural challenges converting invested capital into profitable operations absent successful project advancement.

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

Financials reflect a pre-commercial company with no revenue (2020–2025), persistent net losses, and consistently negative operating/free cash flow (ongoing cash burn). Positives include zero reported debt and some improvement in losses and free cash flow versus prior years, but profitability and cash generation remain weak and likely require continued external financing.

Income Statement

The company reports no revenue across all provided annual periods (2020–2025), indicating it remains pre-commercial. Losses are persistent, though the net loss has narrowed meaningfully versus prior years (net loss improved from about -$4.9M in 2021 to -$1.6M in 2025), suggesting better cost control. Profitability remains weak overall with negative operating results every year and no clear path to margin recovery without revenue generation.

Balance Sheet

Leverage appears low with total debt at $0 in each reported year, which reduces financial risk. However, equity and assets have been volatile (equity peaked around ~$5.7M in 2021 and is ~+$3.0M in 2025), reflecting ongoing losses and funding needs typical of early-stage resource companies. Returns on equity are materially negative (e.g., ~-52% in 2025), underscoring that capital is not yet producing profitable operations.

Cash Flow

Operating and free cash flow are consistently negative (about -$1.7M in 2025 and roughly -$0.95M to -$2.9M in earlier years), indicating continued cash burn. Free cash flow improved in 2025 versus 2024 (less negative), but it remains meaningfully below breakeven, implying reliance on external financing to sustain operations. Cash generation quality is weak given that cash outflows persist alongside net losses.

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: Positive
• Last Price: 0.13
• 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:MN, the sentiment is Positive. The current price of 0.13 is below the 20-day moving average (MA) of 0.13, above the 50-day MA of 0.13, and above the 200-day MA of 0.09, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 53.08 is Neutral, neither overbought nor oversold. The STOCH value of 39.27 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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%
VUL	51 Neutral	C$32.97M	127.50	0.62%	―	―	―
EMN	51 Neutral	C$29.27M	-1.15	-277.75%	―	36.37%	21.97%
MN	49 Neutral	C$30.04M	-14.89	-78.78%	―	―	29.85%
EMM	49 Neutral	C$33.53M	-5.05	-27.31%	―	―	41.07%
SMN	46 Neutral	C$34.27M	-2.73	-64.24%	―	―	―
AMY	45 Neutral	C$27.19M	-31.82	-2.06%	―	―	93.75%

Manganese X Energy Corp Corporate Events

Manganese X Backs G7 Critical Minerals Buyer’s Club as Battery Hill Gains Strategic Relevance

Manganese X Energy Corp. has thrown its support behind a proposed G7 critical minerals buyer’s club strategy, outlined at the World Economic Forum in Davos, which is intended to aggregate demand, secure long-term offtake agreements and de-risk financing for projects supplying key battery metals. The company argues that such a framework could be transformative for the battery materials sector and particularly for its Battery Hill project in New Brunswick, which hosts one of North America’s largest manganese carbonate deposits and benefits from clean power, existing infrastructure and proximity to North American and allied markets. With high-purity manganese processing capacity still limited globally and supply chains concentrated outside G7 jurisdictions, Manganese X positions Battery Hill as a strategically located source of ESG-compliant battery-grade manganese and continues to advance exploration, engineering studies, process optimization and engagement with industry and government stakeholders.

The most recent analyst rating on (TSE:MN) stock is a Hold with a C$0.14 price target. To see the full list of analyst forecasts on Manganese X Energy Corp stock, see the TSE:MN Stock Forecast page.

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.