MeritValue

Nevada Canyon Gold Corp.

NGLDdata completeness 63%11 fiscal years on file

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

The thesis, from the filings

Nevada Canyon Gold Corp. earns about -1092% on invested capital, but has diluted owners by 527% over 5 years — worth asking whether the growth reaches owners. 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
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$692,5711−$1.56M2−$2.65M3−$3.56M4−$3.73M4
Operating cash flow−$222,2305−$430,5046−$1.15M7−$954,2828−$1.91M8
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$1.42M9$1.01M10$9.74M11$7.04M12$5.46M12
Diluted shares4.5M3.0M12.6M26.1M28.0M

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
shares
Net assets behind them
$2.49
your share of equity
Profit it earned you last year
−$1.33
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $2.49 of net worth that earned you −$1.33 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-1092% avg · 5y
FY21 —FY22 —FY23 -2945%FY24 -136%FY25 -195%

It earned an average -1092% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+527% shares · 5y

Share count is up 527% over 5 years — owners have been diluted. Worth asking what they got for it.

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
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$0.85
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K/A · period ending 2021-12-31 · accession 0001493152-23-021317 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-009515 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-000893 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-013949 (NetIncomeLoss)
  5. 10-K/A · period ending 2021-12-31 · accession 0001493152-23-021317 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-009515 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-000893 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-013949 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K/A · period ending 2021-12-31 · accession 0001493152-23-021317 (CashAndCashEquivalentsAtCarryingValue)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-009515 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-000893 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-013949 (CashAndCashEquivalentsAtCarryingValue)