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Midland Exploration
(MD)
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Rating:47Neutral
Price Target:
C$0.34
▼(-10.53% Downside)
Action:Reiterated
Date:08/17/26
The score is held down primarily by persistent losses and ongoing operating/free cash flow burn, despite a strong, low-debt balance sheet that reduces solvency risk. Technically, the stock shows mixed-to-weak trend signals (below key longer-term moving averages), and valuation is constrained by negative earnings and no dividend yield.
Positive Factors
Low leverage
Near-zero leverage materially reduces refinancing and solvency risk, giving Midland greater flexibility to fund exploration and operations without substantial debt-service obligations. This conservative capitalization provides resilience during periods when project payments or property monetization are uneven.
Negative Factors
Persistent unprofitability
Persistent operating and net losses show that Midland’s strong gross margins are currently overwhelmed by operating costs. Continued unprofitability limits internally generated capital, weakens returns on equity, and makes future exploration progress dependent on external or transaction-based funding.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage
Near-zero leverage materially reduces refinancing and solvency risk, giving Midland greater flexibility to fund exploration and operations without substantial debt-service obligations. This conservative capitalization provides resilience during periods when project payments or property monetization are uneven.
Read all positive factors
Midland Exploration (MD) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$41.18M
Dividend YieldN/A
Average Volume (3M)32.50K
Price to Earnings (P/E)―
Beta (1Y)0.70
Revenue Growth104.17%
EPS Growth-35.90%
CountryCA
EmployeesN/A
SectorGeneral
Sector StrengthN/A
IndustryIndustrial Materials
Share Statistics
EPS (TTM)-0.02
Shares Outstanding124,802,910
10 Day Avg. Volume45,544
30 Day Avg. Volume32,502
Financial Highlights & Ratios
PEG Ratio27.75
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 Inc. is a Canadian company primarily engaged in the identification, acquisition, and assessment of mineral deposits across the country. The firm holds outright ownership of 460 mineral claims, collectively spanning 260 square k...
How the Company Makes Money
Midland primarily makes money by creating value from mineral exploration projects rather than by selling mined commodities. Its revenue and cash-generation model is typically driven by (1) option and joint-venture agreements under which partner co...
Midland Exploration Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
86
Very Positive
Cash Flow
20
Very Negative
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 307.32K | 164.49K | 194.95K | 314.97K | 210.41K | 202.22K |
| Gross Profit | 273.53K | 134.81K | 165.06K | 285.08K | 180.52K | 172.33K |
| EBITDA | -2.31M | -2.51M | -1.91M | -1.52M | -1.55M | -1.59M |
| Net Income | -2.34M | -2.12M | -1.95M | -1.11M | -1.90M | -1.02M |
Balance Sheet | ||||||
| Total Assets | 53.11M | 46.79M | 41.22M | 41.66M | 39.22M | 39.92M |
| Cash, Cash Equivalents and Short-Term Investments | 10.43M | 8.56M | 4.78M | 4.96M | 6.41M | 7.43M |
| Total Debt | 242.03K | 258.52K | 16.61K | 51.11K | 82.41K | 110.75K |
| Total Liabilities | 2.54M | 2.26M | 1.70M | 1.88M | 921.93K | 1.57M |
| Stockholders Equity | 50.57M | 44.53M | 39.52M | 39.78M | 38.29M | 38.34M |
Cash Flow | ||||||
| Free Cash Flow | -2.90M | -2.34M | -4.52M | -4.64M | -5.32M | -6.84M |
| Operating Cash Flow | -2.90M | -2.34M | -1.60M | -464.72K | -1.19M | -1.20M |
| Investing Cash Flow | -8.26M | -5.81M | -1.75M | -2.37M | -995.64K | -834.91K |
| Financing Cash Flow | 13.86M | 8.43M | 2.48M | 3.39M | 2.59M | 2.22M |
Midland Exploration Technical Analysis
Negative
0.38
Price Trends
0.38
Negative
0.39
Negative
0.43
Negative
Market Momentum
-0.01
Positive
37.75
Neutral
50.93
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 0.38 is above the 20-day moving average (MA) of 0.36, above the 50-day MA of 0.38, and below the 200-day MA of 0.43, indicating a bearish trend. The MACD of -0.01 indicates Positive momentum. The RSI at 37.75 is Neutral, neither overbought nor oversold. The STOCH value of 50.93 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 (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
47 Neutral | C$41.18M | -15.64 | -4.99% | ― | 104.17% | -35.90% | |
44 Neutral | C$33.87M | -57.69 | -2.33% | ― | ― | 43.18% | |
43 Neutral | C$58.97M | -7.11 | 80.32% | ― | ― | -38.20% | |
43 Neutral | C$27.46M | -6.63 | -90.81% | ― | ― | -47.46% | |
42 Neutral | C$39.74M | -16.02 | -47.80% | ― | ― | -33.33% | |
42 Neutral | C$39.28M | 63.51 | 10.18% | ― | ― | ― |
* General Sector Average
TSE:MD
Midland Exploration
0.33
-0.15
-31.25%
TSE:ESK
Eskay Mining
0.21
-0.08
-29.31%
TSE:FT
Fortune Minerals
0.09
>-0.01
-2.22%
TSE:GMA
Geomega Resources
0.24
-0.08
-24.19%
TSE:NMI
Namibia Critical Metals Inc
0.15
-0.10
-39.58%
TSE:QZM
Quartz Mountain Resources
0.37
-0.24
-39.67%
Midland Exploration Corporate Events
Business Operations and Strategy
Midland Expands Gold Footprint with New High-Grade Boulders at Caniapisc Au
Positive
Oct 15, 2026
Midland Exploration’s first phase of its 2026 summer program on the wholly owned Caniapisc Au project has uncovered several new gold-bearing boulders, including a selected grab sample grading up to 15.8 g/t Au, in a previously untested area....
Business Operations and StrategyExecutive/Board Changes
Midland Exploration Elevates Veteran Geologist to Lead Exploration Strategy
Positive
Sep 29, 2026
Midland Exploration Inc. has appointed long-time company geologist Jean-François Larivière as Vice President Exploration, elevating him from his recent role as Chief Geologist. Larivière brings nearly 25 years of mineral exploration...
Business Operations and Strategy
Midland and SOQUEM Expand High-Grade Copper-Gold-Silver Discoveries at Nachicapau
Positive
Sep 22, 2026
Midland Exploration and SOQUEM have reported significant new copper, gold and silver boulders and showings on the Nachicapau project in Nunavik following a five-day sampling campaign. The work targeted induced polarization anomalies mapped in 2025...
Business Operations and Strategy
Midland and Wallbridge Launch New Drilling Campaign at Casault Gold Property
Positive
Aug 27, 2026
Midland Exploration Inc., in partnership with Wallbridge Mining, is intensifying its focus on the Casault gold property in Quebec, a large land package positioned along the Sunday Lake Deformation Zone near several significant gold mines and depos...
Business Operations and Strategy
Midland and SOQUEM Expand Exploration at Labrador Trough Copper-Gold-REE Discovery
Positive
Aug 18, 2026
Midland Exploration and SOQUEM are launching a follow-up exploration program on the Malaco Mountain copper, gold and rare earth element project in Quebec’s Labrador Trough after high-grade mineralization was found there in 2025. The campaign...
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.