MeritValue

THUNDER MOUNTAIN GOLD INC

THMGdata completeness 75%17 fiscal years on file

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

The thesis, from the filings

THUNDER MOUNTAIN GOLD INC earns about -247% on equity, but has diluted owners by 36% 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$800,0001$300,0001———
Net income−$571,7962−$1.24M3−$817,2274−$631,1115−$2.83M5
Operating cash flow−$257,8166−$402,1367−$543,9958−$539,2879−$1.61M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt———$010$167,90010
Cash & equivalents$1.16M11$682,71812$170,62813$481,32214$2.59M14
Diluted shares60.4M60.9M60.9M62.5M82.0M

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
$0.17
your share of equity
Profit it earned you last year
−$0.34
Free cash flow it threw off
—
Debt you’d be carrying
$0.02

10 shares is a claim on $0.17 of net worth that earned you −$0.34 last year, against $0.02 of debt.

iii. Is this a good business?
Moat signal · return on equity
-247% avg · 5y
FY21 -43%FY22 -497%FY23 —FY24 —FY25 -200%

It earned an average -247% 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
+36% shares · 5y

Share count is up 36% 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
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001062993-23-007681 (Revenues)
  2. 10-K · period ending 2021-12-31 · accession 0001062993-23-007681 (NetIncomeLoss)
  3. 10-K/A · period ending 2022-12-31 · accession 0001062993-24-016440 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001062993-25-006533 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001062993-26-001714 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001062993-23-007681 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K/A · period ending 2022-12-31 · accession 0001062993-24-016440 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-12-31 · accession 0001062993-25-006533 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001062993-26-001714 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001062993-26-001714 (LongTermDebtNoncurrent)
  11. 10-K · period ending 2021-12-31 · accession 0001062993-23-007681 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K/A · period ending 2022-12-31 · accession 0001062993-24-016440 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-12-31 · accession 0001062993-25-006533 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-12-31 · accession 0001062993-26-001714 (CashAndCashEquivalentsAtCarryingValue)