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Minnova Corp

www: minnovacorp.ca   email: gglenn@minnovacorp.ca
Category: Junior: Late Stage Developer
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Symbol Data

Symbol Currency
CVE:MCI CAD
OTCMKTS:AGRDF USD

Description

Minnova Corp are a gold focused junior, late stage developer with one mine in development in Canada. They have approximately 0.7Moz. of gold in the reserves and resources category of which 0.3Moz. are in the measured and indicated category. They have a market capitalisation of ~C$47.45M which is a rise of roughly 144% over the last two months. As of 12/17/2025 they have ~C$1M debt and ~C$2.93M cash. They have 121M shares outstanding and trade on the Canadian Venture Exchange and the over-the-counter markets.

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General Details

Financial 12/17/2025
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $19.44M $47.45M 12/17/2025 $28.02M
MCap (OS): $13.44M $32.81M 12/17/2025 $19.37M
Total Assets: $3.63M $3.66M 12/17/2025 $0.03M
Total Liabilities: $3.92M $3.96M 12/17/2025 $0.04M
Current Assets: $2.90M $2.93M 12/17/2025 $0.03M
Current Liabilities: $1.45M $1.47M 12/17/2025 $0.01M
Total Debt: $0.87M $0.88M 12/17/2025 $0.01M
Cash: $2.90M $2.93M 12/17/2025 $0.03M
Debt (Net): $-2.03M $-2.05M $-0.02M
Enterprise Value: $17.40M $45.40M $28.00M
Cash Flow: $0.00M $0.00M never $0.00M
Cash Flow Multiple: 0.00 0.00 never 0.00
Net Debt to
Cash Flow Ratio:		 n/a n/a never 0.00
Finance within 1 year: 12/17/2025 n/a
Misc 12/17/2025
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 121,000,000 121,000,000 12/17/2025 0
Shares (FD): 175,000,000 175,000,000 12/17/2025 0
Insider Ownership: 25% 25% 12/17/2025 n/a
Dividend (Annual): n/a n/a 12/17/2025 n/a
Company Type: Mostly Gold Mostly Gold never n/a
Group: Developer Developer never n/a
Production ETA: n/a 09/01/2027 12/17/2025 n/a
Production (Gold Eq Oz.): (guess) 
0		 (guess) 
0		 12/17/2025
Production (Silver Eq Oz.): (guess) 
0		 (guess) 
0		 12/17/2025
Development Phase: FS Released FS Released 12/17/2025 n/a
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 8
Developer: Location Risk for Production
 8
Developer: Location Risk for Production
 12/17/2025 0
Cash Flow Multiple: 3.5 3.5 12/17/2025 0.00

Resource Data

GOLD 12/17/2025
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 12/17/2025 0.00M
Measured & Indicated: 0.30M 0.30M 12/17/2025 0.00M
Inferred: 0.40M 0.40M 12/17/2025 0.00M
Reserves & Resources: 0.70M 0.70M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 12/17/2025 0.00M
Measured & Indicated: 0.20M 0.20M 12/17/2025 0.00M
Inferred: 0.17M 0.17M 12/17/2025 0.00M
Reserves & Resources: 0.37M 0.37M never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 12/17/2025 $0.00
Extra Operating Cost: n/a n/a 12/17/2025 $0.00
Total: $2,000 $2,000 12/17/2025 $0.00
Margin (Free Cash Flow): n/a $0.00
MCap / Production (AuEq): n/a n/a n/a
EV / Production (AuEq): n/a n/a n/a
G
R
A
D
E		 Underground (Avg): 4.50 g/t 4.50 g/t 12/17/2025 n/a
Open Pit (Avg): n/a 2.00 g/t 12/17/2025 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 12/17/2025 0.00%
F
U
T
U
R
E		 Proven & Probable: 0.50M 0.50M 12/17/2025 0.00M
Annual Production: 40,000oz. 40,000oz. 12/17/2025 0oz.
Cash Cost: $1,300 $1,300 12/17/2025 $0
Extra Operating Cost: $700 $700 12/17/2025 $0
SILVER 12/17/2025
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 12/17/2025 0.00M
Measured & Indicated: n/a n/a 12/17/2025 0.00M
Inferred: n/a n/a 12/17/2025 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 12/17/2025 0.00M
Measured & Indicated: n/a n/a 12/17/2025 0.00M
Inferred: n/a n/a 12/17/2025 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 12/17/2025 $0.00
Extra Operating Cost: n/a n/a 12/17/2025 $0.00
Total: n/a n/a 12/17/2025 $0.00
Margin (Free Cash Flow): n/a $0.00
MCap / Production (AgEq): n/a n/a n/a
EV / Production (AgEq): n/a n/a n/a
G
R
A
D
E		 Underground (Avg): n/a n/a 12/17/2025 n/a
Open Pit (Avg): n/a n/a 12/17/2025 n/a
Recovery Rate: n/a n/a 12/17/2025 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 12/17/2025 0.00M
Annual Production: n/a n/a 12/17/2025 n/a
Cash Cost: n/a n/a 12/17/2025 n/a
Extra Operating Cost: n/a n/a 12/17/2025 n/a

Property

Last Analysis Data  (12/17/2025)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev PL
100 400.00 200.00 35.00 show
PEA to produce 40,000 oz for 10 years.

Only $30 million capex. Permitted mill.

Size: 2,000 ha
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev PL
100 400.00 200.00 35.00 show
PEA to produce 40,000 oz for 10 years.

Only $30 million capex. Permitted mill.

Size: 2,000 ha

Profitability (by resource)

Proven &
Probable		 12/17/2025
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 0.00M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: n/a n/a n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: n/a n/a n/a $0.00M
Max Profit / Current MCap: n/a n/a n/a 0.000
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: n/a n/a n/a $0.00
Total Free Profit Per Share: n/a n/a n/a $0.00
FD MCap / Gold Eq.: n/a n/a n/a $0.00
FD MCap / Silver Eq.: n/a n/a n/a $0.00
FD MCap / Per Metal
as % Spot Price:		 n/a n/a n/a 0.00%
EV / Gold Eq.: n/a n/a n/a $0.00
EV / Silver Eq.: n/a n/a n/a $0.00
EV / Per Metal
as % Spot Price:		 n/a n/a n/a 0.00%
Measured &
Indicated		 12/17/2025
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 0.30M 0.30M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -2.32M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.20M 0.20M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -1.58M
Maximum Profit (Gold): $472.26M $549.16M n/a $76.90M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $472.26M $549.16M n/a $76.90M
Max Profit / Current MCap: 24.298 11.572 n/a -12.725
Max Profit Per Share (Gold): $2.70 $3.14 n/a $0.44
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.70 $3.14 n/a $0.44
Total Free Profit Per Share: $2.55 $2.77 n/a $0.22
FD MCap / Gold Eq.: $95.28 $232.62 n/a $137.35
FD MCap / Silver Eq.: $1.44 $3.99 n/a $2.54
FD MCap / Per Metal
as % Spot Price:		 2.21% 4.96% n/a 2.75%
EV / Gold Eq.: $85.31 $222.56 n/a $137.25
EV / Silver Eq.: $1.29 $3.81 n/a $2.52
EV / Per Metal
as % Spot Price:		 1.98% 4.74% n/a 2.77%

Reserves &
Resources		 12/17/2025
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 0.70M 0.70M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -5.41M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.37M 0.37M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -2.89M
Maximum Profit (Gold): $865.81M $1,006.79M n/a $140.99M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $865.81M $1,006.79M n/a $140.99M
Max Profit / Current MCap: 44.546 21.216 n/a -23.330
Max Profit Per Share (Gold): $4.95 $5.75 n/a $0.81
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $4.95 $5.75 n/a $0.81
Total Free Profit Per Share: $4.79 $5.38 n/a $0.59
FD MCap / Gold Eq.: $51.97 $126.89 n/a $74.92
FD MCap / Silver Eq.: $0.79 $2.17 n/a $1.39
FD MCap / Per Metal
as % Spot Price:		 1.20% 2.70% n/a 1.50%
EV / Gold Eq.: $46.53 $121.40 n/a $74.86
EV / Silver Eq.: $0.70 $2.08 n/a $1.38
EV / Per Metal
as % Spot Price:		 1.08% 2.59% n/a 1.51%

Future Valuation (Cash Flow & Totals)

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