Industrial Minerals Limited (IND) AI Stock Analysis

• Market Cap: AU$8.84M
• Dividend Yield: N/A
• Average Volume (3M): 37.60K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.10
• 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: 44 Neutral
• Price Target: AU$0.13 ▲(9.17% Upside)

The score is primarily held back by pre-revenue operations, persistent and widening losses, and ongoing cash burn that imply continued funding risk. Technicals also lean negative with the price below major moving averages and a negative MACD. Low leverage on the balance sheet is the main offsetting strength but does not outweigh the lack of revenue and negative cash generation.

Positive Factors

Low financial leverage

The company’s extremely low debt-to-equity (~0.04) materially reduces refinancing and interest-rate risk, preserving financial flexibility. For an early-stage minerals business this durable conservatism supports the ability to raise project funding without high leverage-related distress.

Stable capital base

Relatively stable assets and equity provide a steady capital foundation, limiting short-term dilution and enabling multi-stage project development. This stability supports continued exploration or pilot activities and improves predictability for financing and capital allocation decisions over months.

Free cash flow improvement in 2025

A marked reduction in free cash outflow signals tangible progress on cost control or timing of expenditures. If sustained, this trend reduces near-term funding needs and indicates management can improve operating efficiency—an important durable shift for runway and investor confidence.

Negative Factors

Pre-revenue operations

No reported revenue across multiple years means the business model remains unproven commercially. Over the medium term this elevates execution and market-adoption risk: long-term value depends on successful transition from exploration/development to consistent sales, which is uncertain.

Persistent and widening losses

Steadily worsening net losses erode equity and indicate the company is not yet achieving operating leverage. Continued deterioration raises the probability of further capital raises, shareholder dilution, or cutbacks, creating structural challenges for long-term viability absent revenue.

Consistent operating cash burn

Persistent negative operating cash flow requires ongoing external financing and increases funding risk. Over a multi-month horizon, reliance on raises can constrain strategy, force asset sales or dilution, and limit ability to execute growth or development milestones without secured long-term funding.

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

Financial profile is high-risk: the company is pre-revenue (no revenue reported across 2021–2025) with widening losses (net income declining to about -2.35M in 2025) and consistently negative operating cash flow. The balance sheet is a relative strength due to very low leverage (debt-to-equity ~0.04) and a stable capital base, but ongoing losses and cash burn indicate continued reliance on external funding.

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	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: Negative
• Last Price: 0.12
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• 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 Negative. The current price of 0.12 is below the 20-day moving average (MA) of 0.12, below the 50-day MA of 0.13, and below the 200-day MA of 0.14, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 46.53 is Neutral, neither overbought nor oversold. The STOCH value of 35.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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$39.75M	-9.67	-106.64%	―	―	-36.36%
AIV	47 Neutral	AU$5.98M	-4.58	-38.30%	―	―	61.60%
KLR	45 Neutral	AU$22.85M	-46.77	―	―	―	―
IND	44 Neutral	AU$8.84M	-3.96	-81.99%	―	―	-21.69%
SLZ	43 Neutral	AU$8.78M	-0.63	-78.12%	―	―	-349.06%

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.