NORTHERN MINERALS & EXPLORATION LTD.

NMEXdata completeness 63%18 fiscal years on file

Data notes: no data for concept 'capex'

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 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 shares	72.8M	77.9M	82.8M	94.5M	105.8M

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

−$0.02

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.

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.

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

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts