Industrial Minerals Limited (IND) AI Stock Analysis

• Market Cap: AU$10.44M
• Dividend Yield: N/A
• Average Volume (3M): 37.60K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.08
• 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: 43 Neutral
• Price Target: AU$0.13 ▲(4.17% Upside)

The score is primarily weighed down by weak financial performance (no revenue, persistent losses, and ongoing cash burn), despite low leverage on the balance sheet. Technicals also reflect a clear downtrend with weak momentum, while valuation is constrained by a negative P/E and no dividend support.

Positive Factors

Low leverage provides financial flexibility

Very low debt levels materially reduce refinancing and interest coverage risk for an early‑stage minerals company. This balance sheet flexibility supports continued project development or exploration without immediate pressure from creditors, preserving strategic optionality over months.

Stable asset and equity base

A consistent asset and equity base gives management a steady capital foundation to execute multi‑period exploration and development plans. Stability in capital structure reduces the need for abrupt financing moves and supports measured investment decisions over the medium term.

Improving free cash flow trend in 2025

A sizable reduction in free cash outflow signals management has meaningfully improved cost control or timing of expenditures. If sustained, this trend extends operational runway, lowers near‑term fundraising dependence, and improves prospects for reaching commercialization without severe dilution.

Negative Factors

Pre-revenue profile

Absent revenue, the business lacks an intrinsic cash generation engine and remains dependent on external funding. This structural gap means long‑term viability hinges on successful commercialisation or sustained capital access, elevating execution and financing risk over months.

Persistent and widening net losses

Growing net losses erode shareholder equity and produce negative returns on invested capital. Over time this trend increases pressure to raise funds, risks diluting existing holders, and limits the company's ability to reinvest in growth or transition to profitable operations without structural change.

Consistent operating cash burn

Sustained negative operating cash flow creates an ongoing funding requirement and heightens refinancing and execution risk. Even with low debt, persistent cash burn forces management to seek capital or cut investment, which can slow development timelines and impair long‑term project delivery.

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

Industrial Minerals Limited is facing significant financial challenges with no revenue generation and persistent losses. The balance sheet suggests a solid equity position, but the lack of revenue and negative cash flows raise concerns about the company's operational viability and financial health.

Income Statement

The income statement reflects a challenging environment with zero revenue across multiple years, leading to consistent net losses. EBIT and EBITDA margins are negative, indicating operational inefficiency and lack of profitability. The absence of revenue growth further exacerbates financial instability.

Balance Sheet

The balance sheet shows strong equity and a low debt position, resulting in a favorable debt-to-equity ratio. However, the company is not generating revenue, which poses a long-term risk. While the equity ratio is strong, the declining equity over the years is a concern.

Cash Flow

Cash flow from operations is negative, and free cash flow is consistently negative, reflecting cash outflows that are not supported by income generation. Despite positive financing cash flow, reliance on external financing to cover operational shortfalls is unsustainable.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-65.32K	-65.32K	-36.35K	-36.35K	-10.76K	0.00
EBITDA	-2.28M	-2.28M	-812.00K	-1.50M	-1.22M	916.25K
Net Income	-420.72K	-2.35M	-1.68M	-1.55M	-1.24M	-458.00K
Balance Sheet
Total Assets	3.37M	3.37M	3.29M	3.29M	4.29M	320.57K
Cash, Cash Equivalents and Short-Term Investments	881.84K	881.84K	358.95K	1.20M	3.41M	275.12K
Total Debt	119.26K	119.26K	105.40K	138.98K	172.13K	0.00
Total Liabilities	444.69K	444.69K	490.04K	350.11K	416.91K	279.49K
Stockholders Equity	2.93M	2.93M	2.80M	2.94M	3.88M	41.08K
Cash Flow
Free Cash Flow	-845.49K	-845.48K	-2.42M	-2.18M	-1.48M	-174.30K
Operating Cash Flow	-845.48K	-845.48K	-827.56K	-904.17K	-916.04K	-141.87K
Investing Cash Flow	-755.59K	-755.59K	-1.60M	-1.27M	-563.39K	-32.44K
Financing Cash Flow	2.12M	2.12M	1.59M	-33.15K	4.61M	449.42K

Industrial Minerals Limited Technical Analysis

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:IND, the sentiment is Neutral. The current price of 0.12 is below the 20-day moving average (MA) of 0.13, below the 50-day MA of 0.14, and below the 200-day MA of 0.14, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 50.01 is Neutral, neither overbought nor oversold. The STOCH value of 55.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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	44 Neutral	AU$42.18M	-11.00	-106.64%	―	―	-36.36%
KLR	44 Neutral	AU$23.22M	-50.65	―	―	―	―
SLZ	44 Neutral	AU$7.02M	-0.50	-78.12%	―	―	-349.06%
AIV	44 Neutral	AU$5.98M	-4.58	-38.30%	―	―	61.60%
IND	43 Neutral	AU$10.44M	-4.29	-81.99%	―	―	-21.69%

Industrial Minerals Limited Corporate Events

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.

Industrial Minerals Limited Announces Successful AGM Outcomes

Industrial Minerals Limited held its 2025 Annual General Meeting where all proposed resolutions were passed. The successful adoption of the remuneration report and the re-election of director Melanie Leighton indicate strong shareholder support, potentially strengthening the company’s governance and strategic direction.

Industrial Minerals Ltd Announces Maiden Resource Estimate at Pippingarra

Industrial Minerals Ltd has announced a Maiden JORC Inferred Mineral Resource Estimate of 6.2Mt at 98% SiO₂ for its Pippingarra Quarry Project, highlighting its potential as a key supplier in the global high purity quartz market. The successful testwork programs and the extension of the Option Agreement until October 2026 underscore the project’s strategic advantages and the company’s commitment to meeting long-term supply security needs, enhancing project economics through potential co-products, and leveraging its logistical advantage near Port Hedland.

Industrial Minerals Ltd Unveils Maiden High Purity Quartz Resource at Pippingarra

Industrial Minerals Ltd has announced a maiden Mineral Resource Estimate for its Pippingarra Quarry Project, revealing a significant high-grade quartz deposit with 6.2 million tonnes at 98% SiO₂. This development positions the company as a potential cornerstone supplier in the global high purity quartz market, addressing the industry’s need for long-term supply security and quality consistency. The project’s strategic location near Port Hedland, along with successful beneficiation testwork and mineral-sorting trials, enhances its commercial potential. The inclusion of potassium-feldspar and muscovite mica as potential co-products may further improve project economics and reduce risk through revenue diversification.