MRIRF (Route 109 Resources) Beneish M-Score: 0.00 (As of Jun. 26, 2026)

What is Route 109 Resources Beneish M-Score?

Route 109 Resources MRIRF 39 Beneish M-Score is 0.00 as of Jun. 26, 2026. GuruFocus rates MRIRF with a GF Score™ of 39/100. The stock has 1 warning sign investors should review. Among 685 Metals & Mining companies, Route 109 Resources ranks worse than 145985.26% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

The historical rank and industry rank for Route 109 Resources's Beneish M-Score or its related term are showing as below:

During the past 9 years, the highest Beneish M-Score of Route 109 Resources was 0.00. The lowest was 0.00. And the median was 0.00.

Route 109 Resources Beneish M-Score Related Terms

Route 109 Resources Beneish M-Score Historical Data

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The historical data trend for Route 109 Resources's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Route 109 Resources Beneish M-Score Chart

Route 109 Resources Annual Data

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Beneish M-Score

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0.00

Route 109 Resources Quarterly Data
	May21	Aug21	Nov21	Feb22	May22	Aug22	Nov22	Feb23	May23	Aug23	Nov23	Feb24	May24	Aug24	Nov24	Feb25	May25	Aug25	Nov25	Feb26
Beneish M-Score	Get a 7-Day Free Trial															0.00	0.00	0.00	0.00	0.00

MRIRF vs NEM, AU: Beneish M-Score Comparison

For the Gold subindustry, Route 109 Resources's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Route 109 Resources Beneish M-Score vs Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, Route 109 Resources's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Route 109 Resources's Beneish M-Score falls into.

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39GF Score

Route 109 Resources Inc MRIRF

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Route 109 Resources Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Route 109 Resources for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Feb26) TTM:

Last Year (Feb25) TTM:

Total Receivables was $0.00 Mil.
Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil.
Total Current Assets was $0.11 Mil.
Total Assets was $11.42 Mil.
Property, Plant and Equipment(Net PPE) was $11.31 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $0.04 Mil.
Total Current Liabilities was $0.40 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was -0.054 + -0.028 + -0.032 + -0.029 = $-0.14 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 0.001 + -0.036 + 0.012 + -0.033 = $-0.06 Mil.

Total Receivables was $0.03 Mil.
Revenue was 0 + 0 + 0 + 0 = $0.00 Mil.
Gross Profit was 0 + 0 + 0 + 0 = $0.00 Mil.
Total Current Assets was $0.45 Mil.
Total Assets was $11.10 Mil.
Property, Plant and Equipment(Net PPE) was $10.65 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $0.07 Mil.
Total Current Liabilities was $0.31 Mil.
Long-Term Debt & Capital Lease Obligation was $0.13 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(0.003 / 0)	/	(0.027 / 0)
	=		/
	=

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(0 / 0)	/	(0 / 0)
	=		/
	=

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (0.109 + 11.312) / 11.42)	/	(1 - (0.449 + 10.646) / 11.095)
	=	-8.8E-5	/	0
	=

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	0	/	0
	=

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(0 / (0 + 10.646))	/	(0 / (0 + 11.312))
	=	0	/	0
	=

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(0.041 / 0)	/	(0.071 / 0)
	=		/
	=

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((0 + 0.404) / 11.42)	/	((0.129 + 0.313) / 11.095)
	=	0.035377	/	0.039838
	=

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(-0.143 - 0	-	-0.056)	/	11.42
	=	-0.007618

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of 0.00 mean?

Route 109 Resources (MRIRF) has a Beneish M-Score of 0.00 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Route 109 Resources and its competitors. According to the industry distribution chart, Route 109 Resources ranks #999999 out of 685 companies in the Metals & Mining industry.

Is Route 109 Resources' Beneish M-Score too high?

Route 109 Resources' current Beneish M-Score is 0.00. Based on the distribution chart, Route 109 Resources ranks #999999 out of 685 companies in the Metals & Mining industry, which is in the bottom quartile relative to peers. Overall, Route 109 Resources has a GF Score™ of 39/100, reflecting its overall financial health beyond just this single metric.

How does Route 109 Resources' Beneish M-Score compare to NEM and AU?

According to the Metals & Mining industry distribution chart, Route 109 Resources ranks #999999 out of 685 companies for Beneish M-Score. This places Route 109 Resources in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a Metals & Mining company?

A good Beneish M-Score depends on the Metals & Mining industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Route 109 Resources and its competitors. Route 109 Resources's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Route 109 Resources stock overvalued right now?

Route 109 Resources (MRIRF) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Route 109 Resources' overall GF Score™ is 39/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Route 109 Resources (MRIRF), the current Beneish M-Score is 0.00 as of Jun. 26, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Route 109 Resources Business Description

Industry Basic Materials Metals & Mining

Comparable Companies XCNQ:GRHK XCNQ:MOLT TSXV:CAND.H XCNQ:GLDR XCNQ:MNG TSXV:FG TSXV:ALM XCNQ:WMC TSXV:AML XCNQ:NEWD SHSE:601899 NEM TSX:AEM TSX:ABX TSX:WPM AU TSX:FNV HKSE:02259 TSX:K JSE:GFI

Other Exchanges 8M0:Germany RTE:Canada

Address 1185 W. Georgia Street, Suite 1400, Vancouver, BC, CAN, V6E 4E6

Website https://www.route109resources.com

Route 109 Resources Inc is a junior Canadian mining exploration company with the primary objective to acquire, explore, and develop viable gold and base metal projects in the mining-friendly jurisdictions of Quebec, Canada. The company operates in one reportable operating segment, being exploration and evaluation of mineral properties in Canada.

39GF Score

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