New Risk • Jul 31
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 116% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (26% average weekly change). High level of non-cash earnings (116% accrual ratio). Revenue is less than US$1m. Market cap is less than US$10m (€1.62m market cap, or US$1.87m). 공고 • Jun 10
M3 Metals Corp., Annual General Meeting, Aug 13, 2025 M3 Metals Corp., Annual General Meeting, Aug 13, 2025. New Risk • Jul 20
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 130% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (130% accrual ratio). Revenue is less than US$1m. Market cap is less than US$10m (€1.75m market cap, or US$1.91m). Minor Risk Shareholders have been diluted in the past year (27% increase in shares outstanding). 공고 • May 17
M3 Metals Corp., Annual General Meeting, Jul 16, 2024 M3 Metals Corp., Annual General Meeting, Jul 16, 2024. Board Change • Oct 11
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. 1 independent director (3 non-independent directors). Independent Director Marco Montecinos was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. 공고 • Jan 21
M3 Metals Corp. announced that it expects to receive CAD 1.2 million in funding M3 Metals Corp. announced a non-brokered private placement of up to 5,000,000 units at a price of CAD 0.24 per unit for gross proceeds of up to CAD 1,200,000 on January 20, 2023. Each unit consists of one common share and one common share warrant. Each whole warrant will entitle the holder to purchase one common share at an exercise price of CAD 0.32 per share at any time within 2 years after closing. All securities to be issued in the transaction will be subject to a 4 month hold period. The transaction is subject to TSX Venture Exchange approvals. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Marco Montecinos was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Marco Montecinos was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Director Overboarding • Aug 27
Director Adrian Smith has joined 5th company board Adrian Smith has been appointed to the board of Usha Resources Ltd. (TSXV:USHA). Smith now sits on a total of 5 company boards. With 5 board positions including the role of CEO at ArcPacific Resources Corp. (TSXV:ACP), the director is at risk of having too many board obligations according to the Simply Wall St Risk Model. Director Overboarding • Aug 27
Director Adrian Smith has joined 5th company board Adrian Smith has been appointed to the board of Usha Resources Ltd. (TSXV:USHA). Smith now sits on a total of 5 company boards. With 5 board positions including the role of CEO at ArcPacific Resources Corp. (TSXV:ACP), the director is at risk of having too many board obligations according to the Simply Wall St Risk Model.