MMEX Resources Corp (MMEX)

Price$0.000001Cached quoteAs of 2026-09-05 22:22 UTC

AI: Fair-priced

Price checkLatest OTC close implies a tiny equity value, but trading is extremely discontinuous and illiquid.

MMEX Resources Corporation trades as MMEX on OTC Markets' Pink Open Market. At the latest reported close, its equity value is only about $22 thousand using 22.30 billion shares outstanding. That looks optically cheap, but recent closes have swung between tiny quote increments, making percentage moves misleading. With no revenue and negative book equity, normal valuation ratios are weak guides; price-to-earnings compares market value with profit, and MMEX has no profit. The stock is better treated as distressed project option value, meaning most worth depends on future projects succeeding.

Big pictureCash improved after financing, but operating burn and a working-capital deficit make durability uncertain.

Fiscal 2026 produced no revenue and a $1.91 million net loss, improved from $2.30 million a year earlier. In the July quarter, the loss widened to $854,294 and operating activities used $1.55 million of cash. Cash ended at $1.66 million, while current liabilities of $5.75 million exceeded current assets of $2.36 million, a $3.39 million working-capital deficit. Working capital is the near-term financial cushion. Several notes were in default, and management's going-concern warning means more funding may be needed to meet next-year obligations.

Business strengthA newly permitted refinery creates real optionality, but execution still depends on large external financing.

The clearest asset-level progress is the July 24 TCEQ permit for the first 30,000-barrel-per-day Pecos UltraClean refinery complex. MMEX also owns roughly 1,081 acres in Pecos County and is pursuing power and hydrogen projects. These plans could gain value if financing and construction advance. However, the business is still pre-revenue and capital intensive. Its economics are cyclical, meaning results can swing with energy markets: refinery margins depend on fuel prices versus crude costs, while power and hydrogen returns depend on demand, gas prices, equipment costs, and financing rates.

What could change the storyProject financing could unlock value; failed funding, further dilution, or renewed defaults could erase it.

The bull case assumes MMEX secures project financing on workable terms, turns permits into construction, and limits parent-level dilution, meaning existing shareholders keep a meaningful ownership percentage. The bear case assumes cash burn continues before projects generate revenue, forcing more expensive debt, asset sales, or equity issuance. Recent capital allocation prioritized liquidity: MMEX raised $3.8 million by selling minority interests in subsidiaries and used cash for debt settlements. Common shares remained at 22.30 billion, but billions of warrants and other reserved shares leave future dilution a material risk.

AI: News

Quarterly loss widensFirst-quarter filing showed no revenue, a wider loss, higher cash, and continuing going-concern risk.

For the quarter ended July 31, MMEX reported a net loss of $854,294, with $791,710 attributable to common shareholders, versus $436,139 a year earlier. Cash rose to $1.66 million after financing, but operating cash use reached $1.55 million and current liabilities exceeded current assets by $3.39 million. Management again said substantial doubt remains about continuing as a going concern.

Texas refinery permit issuedTCEQ permitted the first 30,000-barrel-per-day Pecos UltraClean complex, advancing a key development hurdle.

The July 31 filing says the Texas Commission on Environmental Quality issued the permit on July 24 for the first 30,000-barrel-per-day complex. This is a concrete project milestone because permitting is necessary before construction, but it does not solve financing. MMEX still says completion of its clean-fuels projects depends on raising capital for planning, construction, and startup costs, with no assurance of favorable funding.

Sabby dispute settledMMEX agreed to settle longstanding litigation, cancel disputed securities, and remove a large conversion reserve.

MMEX executed a settlement with Sabby Volatility Warrant Master Fund on July 20. It agreed to pay $533,750, made an initial $266,875 payment the next day, and owed the same amount within 90 days. After that initial payment, Sabby surrendered the Series B preferred shares and note, and a 9.025 billion-share conversion reserve was terminated. This removes a major legal and convertible overhang, although other warrants and defaulted obligations remain relevant.

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Total cash / debt

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Financial statements

	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011
Revenue	$0	$0	$0	$0	$0	$0	$0	$0	—	—	—	—	—	—	—	—
Operating expenses	$1.4M	$1.4M	$1.3M	$1.8M	$3.0M	$1.1M	$1.2M	$1.9M	$1.9M	—	—	—	—	—	—	—
Operating income	−$1.4M	−$1.4M	−$1.3M	−$1.8M	−$3.0M	−$1.1M	−$1.2M	−$1.9M	−$1.9M	−$584,106	−$233,239	−$785,064	−$1.1M	−$5.9M	−$3.2M	−$5.4M
EBITDA	−$1.3M	−$1.4M	−$1.3M	−$1.8M	−$2.9M	−$1.0M	−$1.1M	−$1.9M	−$1.9M	−$583,720	−$231,292	−$780,059	−$1.1M	−$5.9M	−$3.2M	−$5.4M
Net income	−$1.9M	−$2.3M	−$2.5M	−$2.0M	−$228,730	−$24.5M	−$4.4M	−$4.0M	$1.8M	−$6.8M	−$2.5M	−$1.3M	−$1.7M	−$7.9M	−$6.2M	−$3.5M
Basic EPSper basic share	$0.00	$0.00	-$0.00	-$0.05	-$0.02	-$14.23	-$0.00	-$0.13	$0.00	-$0.01	-$0.02	-$0.02	-$0.03	-$0.14	-$0.35	-$0.42
Diluted EPSper diluted share	$0.00	$0.00	-$0.00	-$0.05	-$0.02	-$14.23	-$0.00	-$0.13	$0.00	-$0.01	-$0.02	-$0.02	-$0.03	-$0.14	-$0.35	-$0.42