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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$34.42M which is a rise of roughly 77% over the last three months. As of 12/17/2025 they have ~C$1M debt and ~C$2.91M 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
Item Value Value Updated
MCap (FD): $19.44M $34.42M 12/17/2025
MCap (OS): $13.44M $23.80M 12/17/2025
Total Assets: $3.63M $3.64M 12/17/2025
Total Liabilities: $3.92M $3.93M 12/17/2025
Current Assets: $2.90M $2.91M 12/17/2025
Current Liabilities: $1.45M $1.46M 12/17/2025
Total Debt: $0.87M $0.87M 12/17/2025
Cash: $2.90M $2.91M 12/17/2025
Debt (Net): $-2.03M $-2.04M
Enterprise Value: $17.40M $32.38M
Cash Flow: $0.00M $0.00M never
Cash Flow Multiple: 0.00 0.00 never
Net Debt to
Cash Flow Ratio:		 n/a n/a never
Finance within 1 year: 12/17/2025
Misc 12/17/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 121,000,000 121,000,000 12/17/2025
Shares (FD): 175,000,000 175,000,000 12/17/2025
Insider Ownership: 25% 25% 12/17/2025
Dividend (Annual): n/a n/a 12/17/2025
Company Type: Mostly Gold Mostly Gold never
Group: Developer Developer never
Production ETA: n/a 09/01/2027 12/17/2025
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
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
Cash Flow Multiple: 3.5 3.5 12/17/2025

Resource Data

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

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
Item Value Value Updated
Percentage Gold: n/a n/a n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): n/a n/a n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

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

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.20M 0.20M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $472.26M $533.15M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $472.26M $533.15M n/a
Max Profit / Current MCap: 24.298 15.490 n/a
Max Profit Per Share (Gold): $2.70 $3.05 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $2.70 $3.05 n/a
Total Free Profit Per Share: $2.55 $2.78 n/a
FD MCap / Gold Eq.: $95.28 $168.72 n/a
FD MCap / Silver Eq.: $1.44 $2.60 n/a
FD MCap / Per Metal
as % Spot Price:		 2.21% 3.66% n/a
EV / Gold Eq.: $85.31 $158.72 n/a
EV / Silver Eq.: $1.29 $2.44 n/a
EV / Per Metal
as % Spot Price:		 1.98% 3.44% n/a

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

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.37M 0.37M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $865.81M $977.44M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $865.81M $977.44M n/a
Max Profit / Current MCap: 44.546 28.399 n/a
Max Profit Per Share (Gold): $4.95 $5.59 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $4.95 $5.59 n/a
Total Free Profit Per Share: $4.79 $5.32 n/a
FD MCap / Gold Eq.: $51.97 $92.03 n/a
FD MCap / Silver Eq.: $0.79 $1.42 n/a
FD MCap / Per Metal
as % Spot Price:		 1.20% 1.99% n/a
EV / Gold Eq.: $46.53 $86.57 n/a
EV / Silver Eq.: $0.70 $1.33 n/a
EV / Per Metal
as % Spot Price:		 1.08% 1.88% n/a

Future Valuation (Cash Flow & Totals)

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