Minerva Gold Inc.

MINRdata completeness 88%5 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Minerva Gold Inc. earns about -480% on equity, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2022	FY 2023	FY 2024	FY 2025	FY 2026
Revenue	$0¹	$0²	$0³	$26,000⁴	$33,500⁴
Net income	−$15,735⁵	−$17,669⁶	−$35,660⁷	−$7,123⁸	−$9,389⁸
Operating cash flow	−$15,563⁹	−$17,238¹⁰	−$35,630¹¹	−$1,390¹²	−$10,103¹²
Capital expenditure	$690¹³	$0¹³	—	$3,500¹⁴	$0¹⁴
Free cash flow (derived)	−$16,253⁹	−$17,238¹⁰	—	−$4,890¹²	−$10,103¹²
Total debt	—	—	—	—	—
Cash & equivalents	$28,132¹⁵	$14,780¹⁵	$0¹⁶	$17,180¹⁶	$7,077¹⁷
Diluted shares	6.6M	6.6M	6.6M	6.6M	6.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

−$0.08

your share of equity

Profit it earned you last year

−$0.01

Free cash flow it threw off

−$0.02

Debt you’d be carrying

—

10 shares is a claim on −$0.08 of net worth that earned you −$0.01 and generated −$0.02 of cash last year.

iii. Is this a good business?

Moat signal · return on equity

-480% avg · 5y

FY22 -80%FY23 -880%FY24 —FY25 —FY26 —

It earned an average -480% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

−0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

DCF · Growth Exit 5Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K/A · period ending 2022-02-28 · accession 0001477932-23-008899 (Revenues)
10-K · period ending 2023-02-28 · accession 0001477932-24-003036 (Revenues)
10-K · period ending 2024-02-29 · accession 0001477932-25-003445 (Revenues)
10-K · period ending 2025-02-28 · accession 0001477932-26-002908 (Revenues)
10-K/A · period ending 2022-02-28 · accession 0001477932-23-008899 (NetIncomeLoss)
10-K · period ending 2023-02-28 · accession 0001477932-24-003036 (NetIncomeLoss)
10-K · period ending 2024-02-29 · accession 0001477932-25-003445 (NetIncomeLoss)
10-K · period ending 2025-02-28 · accession 0001477932-26-002908 (NetIncomeLoss)
10-K/A · period ending 2022-02-28 · accession 0001477932-23-008899 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-02-28 · accession 0001477932-24-003036 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-02-29 · accession 0001477932-25-003445 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2025-02-28 · accession 0001477932-26-002908 (NetCashProvidedByUsedInOperatingActivities)
10-K/A · period ending 2022-02-28 · accession 0001477932-23-008899 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2025-02-28 · accession 0001477932-26-002908 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K/A · period ending 2022-02-28 · accession 0001477932-23-008899 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-02-29 · accession 0001477932-26-002908 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
10-K · period ending 2026-02-28 · accession 0001477932-26-002908 (CashAndCashEquivalentsAtCarryingValue)