Silver North Resources Ltd.

TARSFdata completeness 63%4 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Silver North Resources Ltd. earns about -23% on equity, but has diluted owners by 93% over 4 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

Figure	FY 2019	FY 2020	FY 2021	FY 2022
Revenue	—	—	—	—
Net income	−$997,369¹	−$1.06M¹	−$939,124¹	−$2.05M²
Operating cash flow	−$770,628³	−$656,565³	−$1.34M³	−$435,882⁴
Capital expenditure	—	—	—	—
Free cash flow (derived)	—	—	—	—
Total debt	—	—	—	—
Cash & equivalents	$352,530⁵	$362,063⁵	$412,676⁵	$637,174⁶
Diluted shares	82.4M	110.2M	149.0M	159.0M

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

Net assets behind them

$0.44

your share of equity

Profit it earned you last year

−$0.13

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $0.44 of net worth that earned you −$0.13 last year.

iii. Is this a good business?

Moat signal · return on equity

-23% avg · 4y

FY19 -26%FY20 -25%FY21 -12%FY22 -29%

It earned an average -23% on equity over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+93% shares · 4y

Share count is up 93% over 4 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

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

20-F/A · period ending 2019-09-30 · accession 0001376474-23-000271 (NetIncomeLoss)
20-F · period ending 2022-09-30 · accession 0001376474-23-000197 (NetIncomeLoss)
20-F/A · period ending 2019-09-30 · accession 0001376474-23-000271 (NetCashProvidedByUsedInOperatingActivities)
20-F · period ending 2022-09-30 · accession 0001376474-23-000197 (NetCashProvidedByUsedInOperatingActivities)
20-F/A · period ending 2019-09-30 · accession 0001376474-23-000271 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
20-F · period ending 2022-09-30 · accession 0001376474-23-000197 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)