Midnight Sun Mining

MMA.V

Industrial Materials · Basic Materials

Price

C$0.72

+0.07 (+10.77%)

Market Cap

C$155.2M

Exchange

TSX Venture Exchange

Winston Score

–

No score yet — Winston is napping.

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

Track this stock — start free trial

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)

Winston Score History

The full picture

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.

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

-129.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

C$0/ year

Research and development spending

Insider Activity

4.1%ownership

Relatively low insider ownership

Cash Runway

~7 months

C$20M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Midnight Sun Mining has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

N/A

—

Data not available

Profit after running costs

Operating Margin

N/A

—

Data not available

Return on the money invested

ROCE

-104.5%

Weak — -104.5% return on capital

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

N/A

—

Data not available

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

N/A

—

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

N/A

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Not applicable for this business.

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial