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NORTHERN MINERALS & EXPLORATION LTD.

NMEXdata completeness 63%18 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$01——$02$8,6342
Net income−$242,9683−$149,2834$23,4985−$170,3406−$383,6126
Operating cash flow−$168,8737−$165,7048−$145,9139−$167,38610−$176,58010
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$96711$25,81312———
Diluted shares72.8M77.9M82.8M94.5M105.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$0.02
your share of equity
Profit it earned you last year
−$0.04
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.02 of net worth that earned you −$0.04 last year.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+45% shares · 5y

Share count is up 45% 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 v0.6.0
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
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 10-K/A filed 2021-11-17 · period ending 2021-07-31 · accession 0001654954-21-012357 (Revenues)
  2. 10-K/A filed 2025-11-26 · periods ending 2024-07-31, 2025-07-31 · accession 0001437749-25-036462 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K filed 2022-10-31 · period ending 2021-07-31 · accession 0001654954-22-014390 (NetIncomeLoss)
  4. 10-K filed 2023-10-30 · period ending 2022-07-31 · accession 0001437749-23-029421 (NetIncomeLoss)
  5. 10-K filed 2024-10-29 · period ending 2023-07-31 · accession 0001437749-24-032441 (NetIncomeLoss)
  6. 10-K/A filed 2025-11-26 · periods ending 2024-07-31, 2025-07-31 · accession 0001437749-25-036462 (NetIncomeLoss)
  7. 10-K filed 2022-10-31 · period ending 2021-07-31 · accession 0001654954-22-014390 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K filed 2023-10-30 · period ending 2022-07-31 · accession 0001437749-23-029421 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K filed 2024-10-29 · period ending 2023-07-31 · accession 0001437749-24-032441 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A filed 2025-11-26 · periods ending 2024-07-31, 2025-07-31 · accession 0001437749-25-036462 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K/A filed 2021-11-17 · period ending 2021-07-31 · accession 0001654954-21-012357 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K filed 2022-10-31 · period ending 2022-07-31 · accession 0001654954-22-014390 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)