Industrial Minerals Limited (IND) AI Stock Analysis

• Market Cap: AU$12.85M
• Dividend Yield: N/A
• Average Volume (3M): 37.60K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.27
• Revenue Growth: N/A
• EPS Growth: -21.69%
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): >-0.01
• Shares Outstanding: 80,322,500
• 10 Day Avg. Volume: 20,050
• 30 Day Avg. Volume: 37,600
• PEG Ratio: -0.17
• Price to Book (P/B): 2.95
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -10.23
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: AU$0.15 ▲(24.17% Upside)
• Action: Reiterated Date: 02/27/26
• Date: Action: Reiterated 02/27/26

The score is held down primarily by weak financial performance (no revenue, widening losses, and ongoing cash burn despite low leverage). Technicals provide some support with price above major moving averages, but momentum is mixed. Valuation is also constrained because the company is loss-making (negative P/E) and there is no dividend yield provided.

Positive Factors

Low Leverage

Very low leverage (debt-to-equity ~0.04) meaning limited refinancing risk and greater financial flexibility. Over the next 2–6 months this allows management to prioritize operations or development rather than servicing debt, preserving runway and strategic optionality.

Stable Capital Base

Relatively stable total assets and equity provide a reasonable capital base for an early-stage minerals company. This stability supports continuity of development programs and gives management time to pursue milestones without immediate balance-sheet pressure.

Improving Free Cash Flow

A material reduction in free cash outflow in 2025 indicates meaningful cost control or timing improvements. If sustained over the next few quarters, this lowers near-term funding needs, extends runway and meaningfully improves the company's ability to reach commercial inflection points.

Negative Factors

Pre-Revenue Profile

No revenue from 2021–2025 means the business lacks commercial validation and predictable cash inflows. Over a 2–6 month horizon this structural absence forces continued reliance on external financing and raises execution risk until sales are established.

Widening Net Losses

Escalating net losses and negative returns on equity signal shareholder value erosion and increasing cash demands. Persisting deterioration over months will constrain reinvestment, heighten refinancing needs and could force strategic cuts or dilutive capital raises.

Persistent Cash Burn

Consistent negative operating cash flow reflects ongoing cash burn despite low debt. This creates continuous funding requirements, increasing the chance of dilution or project delays if cost discipline slips or external funding becomes harder to secure in the medium term.

Industrial Minerals Limited Business Overview & Revenue Model

Company Description

Industrial Minerals Ltd, a mineral exploration company, explores for and develops mineral projects in Australia. The company primarily explores for gypsum and salt, silica sand, construction sand, and aggregates. It holds 100% interests in 14 high purity silica sand projects and 6 industrial mineral projects in Western Australia. The company was incorporated in 2021 and is headquartered in Peppermint Grove, Australia.

How the Company Makes Money

Industrial Minerals Limited makes money primarily through the sale of extracted and processed industrial minerals to businesses across various industries. The company generates revenue by leveraging its mining operations to supply raw materials for construction, manufacturing, and technology sectors. Revenue streams are diversified through long-term contracts with manufacturers and construction companies who require a consistent supply of minerals. Additionally, IND may engage in strategic partnerships or joint ventures with other mining companies to enhance its supply capabilities and market reach, thereby contributing to its earnings.

Industrial Minerals Limited Financial Statement Overview

Summary

Pre-revenue profile with persistent and worsening net losses (down to -2.35M in 2025) and negative gross profit indicates high operating risk. Balance sheet leverage is low (debt-to-equity ~0.04) which helps, but ongoing negative operating cash flow and free cash flow keep funding needs elevated despite a 2025 free-cash-flow improvement.

Income Statement

The company reports no revenue across 2021–2025, indicating it is not yet operating at a commercial sales level. Losses are persistent and large, with net income deteriorating from -1.55M (2023) to -1.68M (2024) and further to -2.35M (2025), and operating losses also widening in 2025. With gross profit negative and no evidence of improving profitability, the income statement profile remains high-risk and heavily cost-driven.

Balance Sheet

Leverage is low, with debt-to-equity around ~0.04 in 2022–2025 (and debt modest at 119k in 2025), which provides flexibility and reduces refinancing risk. Total assets and equity are relatively stable year-to-year, supporting a reasonable capital base for an early-stage minerals business. The key weakness is ongoing negative returns on equity (about -0.80 in 2025), meaning continued losses are eroding shareholder value over time despite the low debt load.

Cash Flow

Cash burn remains meaningful and consistent, with operating cash flow negative every year (approximately -0.83M to -0.92M in 2022–2025) and free cash flow also negative throughout. 2025 shows a sharp improvement in free cash flow versus 2024 (free cash outflow reduced to about -0.85M from -2.42M), which is a positive sign of cost control or timing benefits. However, with negative operating cash flow and no revenue base, funding needs remain a central risk.

Breakdown	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	-65.32K	-36.35K	-36.35K	-10.76K	0.00
EBITDA	-2.28M	-812.00K	-1.50M	-1.22M	916.25K
Net Income	-2.35M	-1.68M	-1.55M	-1.24M	-458.00K
Balance Sheet
Total Assets	3.37M	3.29M	3.29M	4.29M	320.57K
Cash, Cash Equivalents and Short-Term Investments	881.84K	358.95K	1.20M	3.41M	275.12K
Total Debt	119.26K	105.40K	138.98K	172.13K	0.00
Total Liabilities	444.69K	490.04K	350.11K	416.91K	279.49K
Stockholders Equity	2.93M	2.80M	2.94M	3.88M	41.08K
Cash Flow
Free Cash Flow	-845.48K	-2.42M	-2.18M	-1.48M	-174.30K
Operating Cash Flow	-845.48K	-827.56K	-904.17K	-916.04K	-141.87K
Investing Cash Flow	-755.59K	-1.60M	-1.27M	-563.39K	-32.44K
Financing Cash Flow	2.12M	1.59M	-33.15K	4.61M	449.42K

Industrial Minerals Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.12
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:IND, the sentiment is Positive. The current price of 0.12 is below the 20-day moving average (MA) of 0.12, below the 50-day MA of 0.12, and below the 200-day MA of 0.14, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 73.18 is Negative, neither overbought nor oversold. The STOCH value of 77.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:IND.

Industrial Minerals Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
MRD	49 Neutral	AU$37.17M	-9.33	-106.64%	―	―	-36.36%
IND	48 Neutral	AU$12.85M	-5.28	-81.99%	―	―	-21.69%
AIV	47 Neutral	AU$5.98M	-4.58	-38.30%	―	―	61.60%
KLR	45 Neutral	AU$19.16M	-41.94	―	―	―	―
SLZ	43 Neutral	AU$8.78M	-0.63	-78.12%	―	―	-349.06%

Industrial Minerals Limited Corporate Events

Industrial Minerals Defines Maiden High Purity Quartz Resource at Pippingarra Quarry

Industrial Minerals Ltd has reported a maiden JORC Inferred Mineral Resource estimate of 6.2 million tonnes at 98% SiO₂ at its Pippingarra Quarry Project in Western Australia, supported by successful high purity quartz beneficiation and mineral-sorting testwork that underscores the deposit’s commercial potential and supply security for prospective offtake partners. With a substantial exploration target beyond the defined resource and an option to acquire 80% of the non‑construction mineral rights at the well‑located, infrastructure‑connected quarry near Port Hedland, the company plans in 2026 to undertake detailed resource modelling, expansion drilling and multi‑product processing trials for quartz, feldspar and mica, alongside stepped‑up global and Asia-Pacific marketing to secure long-term offtake and strengthen its positioning in semiconductor and solar supply chains.

The most recent analyst rating on (AU:IND) stock is a Hold with a A$0.13 price target. To see the full list of analyst forecasts on Industrial Minerals Limited stock, see the AU:IND Stock Forecast page.

Industrial Minerals Ltd Transitions Share Registry Services to XCEND

Industrial Minerals Ltd has announced a change in its share registry services, transferring responsibilities from Automic Registry Services Limited to Xcend Pty Ltd, effective 8 December 2025. This transition to XCEND is expected to enhance shareholder management through a secure online portal, offering improved access to shareholder information and document management.

Industrial Minerals Limited Announces Expiry of 2.5 Million Options

Industrial Minerals Limited announced that 2,500,000 options expired unexercised as of November 30, 2025. This development, which includes changes in director’s interest, may impact the company’s financial strategy and stakeholder interests, as it involves significant holdings and potential shifts in market positioning.