Northern Minerals FY2026: Going Concern Reiterated, $474,918 Net Loss, Oil Assets Written to Zero
NMEX sits 72% above its 52-week low of $0.034.
Summary
Northern Minerals' FY2026 10-K shows a $474,918 net loss, $10,488 of cash against $304,124 of current liabilities, and a reiterated going-concern warning with oil and gas properties written down to zero. Funding continues to come from a related-party credit line that converts at $0.05 with a full-ratchet reset.
Key Events · Earnings and Guidance · NMEX
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Going Concern Doubt Reiterated
Management states its plans have not alleviated substantial doubt about the company's ability to continue as a going concern within one year of the financial statement date.
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Cash of $10,488 vs $304,124 Current Liabilities
At July 31, 2026 the working capital deficit stood at $251,303, with $283,432 of cash used in operating activities during fiscal 2026 versus $176,580 the prior year.
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Net Loss Widens to $474,918
Fiscal 2026 net loss of $474,918 versus $383,612 in fiscal 2025; revenue was $30,600 against $37,909 of cost of revenue, a negative gross margin of $7,309.
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Oil and Gas Properties Written Down to Zero
A $151,456 impairment charge reduced the carrying value of oil and gas properties to $0, and no proved reserves were reported as of July 31, 2026.
Analysis · NMEX · Energy & Transportation
Survival is the central issue in this annual report. At July 31, 2026 the company held $10,488 of cash against $304,124 of current liabilities, leaving a $251,303 working capital deficit, and it burned $283,432 in operations during the year. Management states plainly that its plans have not alleviated substantial doubt about continuing as a going concern, which makes the next capital raise a necessity rather than a choice. The asset base has also evaporated on paper: oil and gas properties were written down another $151,456 to a zero carrying value and no proved reserves were reported, even though the wells still produce a trickle of revenue ($30,600 for the year, at a negative gross margin of $7,309). Funding has come from related-party lender Victor Miranda, whose $500,000 line of credit was partly converted into 8,298,833 shares in May 2026 and who lent a further $57,000 after year-end; that same note carries a full-ratchet anti-dilution provision at a $0.05 conversion price, so any future equity issued below that level resets the conversion price lower. Material weaknesses in internal control were also disclosed, and the company has no independent directors, no audit committee and no code of ethics.
How filings like this one have moved
In the 30 days to Nov 3, 2026, 50.3% of the 199 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.29%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, NMEX was trading at $0.06 on OTC in the Energy & Transportation sector, with a market capitalization of approximately $7.1M. The 52-week trading range was $0.03 to $0.25. This filing was assessed with negative market sentiment and an importance score of 9 out of 10.