Minnova Corp (MCI) Financings
TSXV: MCI · Gold · Development stage
- Market cap$20.4M
- Share price$0.165
- 52-week range$0.140 – $0.500
- Shares outstanding123,568,795
- ExchangeTSXV
- Websitewww.minnovacorp.ca
Minnova Corp. is a near term gold producer focused on the restart and expansion of its 100%-owned PL Gold Mine in the prolific Flin Flon Greenstone Belt of Central Manitoba. The project is situated on a past producing mine site and benefits from significant existing infrastructure, including a 1,000 tpd processing plant and valid underground mining permit (Environment Act License 1207E). A positive 2017 Feasibility Study, based on an underground development plan and a gold price of US$1,250 per ounce, outlined a robust 5-year mine life with an annual production rate of 46,493 ounces. Given the current high gold price Minnova is revising the mine development plan to prioritize lower-cost open pit mining methods for the initial years of production before transitioning to underground methods. A Preliminary Economic Assessment is advancing with a revised and optimized mine development plan leverages the existing 1,000 tpd process plant capacity, envisions an expansion to 2,000 tpd from open pit operations starting in year 2, underground test mining in year 1 and transition from open pit to underground operations in years 3 and 4. The revised development strategy targets reduced operating costs, lower initial capital costs and higher gold production than the previous underground-only model. The current global gold resource remains open to expansion, as does the reserve. The 2017 MRE will be updated in 2026, using current consensus gold price assumption and will incorporate all drilling conducted after the 2017 Feasibility Study, including the 13,500 meter 2025-2026 drill program
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Minnova Corp financial statements
Key figures read from 39 of 39 financial statement filings, Feb 28, 2017 to Aug 31, 2026. Each column is the period as the company first filed it.
Balance sheet: annual key figures
Canadian dollars (C$), figures as printed in the statements. Losses and cash outflows are in brackets.
| Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | |
|---|---|---|---|---|---|
| Cash and equivalents | C$792,815 | C$3,556 | C$1,378 | C$129,726 | C$138,038 |
| Short-term investments | C$75,000 | — | — | — | — |
| Total current assets | C$1,122,501 | C$29,953 | C$28,749 | C$175,374 | C$337,101 |
| Total current liabilities | C$986,510 | C$1,808,975 | C$1,311,629 | C$890,936 | C$790,411 |
| Working capital | C$135,991 | (C$1,779,022) | (C$1,282,880) | (C$715,562) | (C$453,310) |
| Exploration and evaluation assets | — | — | — | — | C$20,626,843 |
| Property, plant and equipment | C$168,863 | C$180,462 | C$193,350 | C$207,764 | C$223,996 |
| Total assets | C$1,366,364 | C$210,415 | C$222,099 | C$383,138 | C$21,187,940 |
| Debt | C$0 | C$173,226 | C$117,158 | C$88,000 | — |
| Total liabilities | C$4,403,244 | C$5,235,868 | C$4,597,981 | C$4,426,301 | C$3,679,494 |
| Shareholders' equity | (C$3,036,880) | (C$5,025,453) | (C$4,375,882) | (C$4,043,163) | C$17,508,446 |
Income statement: annual key figures
Canadian dollars (C$), figures as printed in the statements. Losses and cash outflows are in brackets.
| FY Mar 2026 | FY Mar 2025 | FY Mar 2024 | FY Mar 2023 | FY Mar 2022 | |
|---|---|---|---|---|---|
| Exploration and evaluation expense | C$3,702,717 | C$109,735 | C$97,361 | C$716,713 | — |
| General and administrative | C$361,813 | C$236,136 | C$236,053 | C$258,847 | C$157,673 |
| Share-based compensation | C$1,072,714 | C$79,556 | C$38,302 | C$84,479 | C$44,545 |
| Net income (loss) | (C$5,263,583) | (C$750,127) | (C$374,981) | (C$1,766,895) | — |
Cash flow statement: annual key figures
Canadian dollars (C$), figures as printed in the statements. Losses and cash outflows are in brackets.
| FY Mar 2026 | FY Mar 2025 | FY Mar 2024 | FY Mar 2023 | FY Mar 2022 | |
|---|---|---|---|---|---|
| Operating cash flow | (C$4,396,714) | (C$65,822) | (C$154,048) | (C$736,462) | C$294,375 |
| Investing cash flow | (C$75,000) | — | — | — | (C$950,696) |
| Financing cash flow | C$5,260,973 | C$68,000 | C$25,700 | C$728,150 | C$662,909 |
| Exploration spending (capitalized) | — | — | — | — | (C$950,696) |
| Proceeds from share issues | C$5,395,654 | — | — | — | C$706,000 |
| Change in cash | C$789,259 | C$2,178 | — | (C$8,312) | C$6,588 |
| Cash at end of period | C$792,815 | C$3,556 | C$1,378 | C$129,726 | C$138,038 |
Minnova Corp financings
2 financings announced or closed by Minnova Corp, read by Mining News Terminal, newest first.
| Date | Company | Type | Stage | Amount | Unit price | Release |
|---|---|---|---|---|---|---|
| 2025-05-07 | Minnova Corp (MCI) | Private placement, non-brokered | Announced | $800K | $0.050 | Minnova Announces Private Placement of Units |
| 2023-07-24 | Minnova Corp (MCI) | Debt | Announced | $33K | — | Minnova Announces Approval of Loan |