Midnight Sun Mining

MMA.V

Industrial Materials · Basic Materials

Price

C$0.68

+0.02 (+3.03%)

Market Cap

C$146.6M

Exchange

TSX Venture Exchange

Winston Score

–

No score yet — Winston is napping.

We couldn’t gather enough financial data to score this stock reliably.

Share count rising — dilution

+70.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 108.2M (2021) → 184.4M (2025)

Midnight Sun Mining Corp. is a junior mining exploration company focused on finding and developing copper deposits in Zambia, a country in southern Africa known for its rich copper belt. The company does not yet produce or sell any metal — instead, it explores land for mineral resources that could one day become operating mines. Its main project is the Solwezi copper project, located in one of Africa's most copper-rich regions.

Because Midnight Sun is still in the exploration stage, it earns no revenue and has a gross margin of zero. The company funds its work by raising money from investors, which is typical for early-stage mining companies. It operates entirely in Zambia, making it exposed to political and regulatory risks in that country. The key growth driver is proving that its copper deposits are large enough and rich enough to attract a larger mining partner or justify building a mine — but until that happens, the company continues to burn cash with no guarantee of success.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

Revenue data limited

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

Research and development spending

Insider Activity

4.1%ownership

Relatively low insider ownership

Cash Runway

~16 months

$28M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

N/A

—

Data not available

Operating Margin

N/A

—

Data not available

ROCE

-31.0%

Weak — -31.0% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

N/A

—

Data not available

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

N/A

—

Data not available

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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