Industrial Minerals Limited (IND) AI Stock Analysis

• Market Cap: AU$9.64M
• Dividend Yield: N/A
• Average Volume (3M): 37.60K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.06
• 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$0.14 ▲(15.83% Upside)
• Action: Reiterated Date: 03/19/26
• Date: Action: Reiterated 03/19/26

The score is primarily held back by weak financial performance (pre-revenue, widening losses, and persistent cash burn) despite low leverage. Technicals are mixed with near-oversold momentum but no clear uptrend, and valuation is difficult to support due to negative earnings and no dividend data.

Positive Factors

Low leverage

Very low debt reduces refinancing and interest burden, giving management time to advance exploration and development. For an early-stage minerals firm this financial flexibility preserves optionality, supports future capital raises, and lowers near-term default risk while projects mature.

Improving free cash flow

A marked reduction in free cash outflow indicates tangible cost control or timing benefits and suggests management can slow burn. If sustained, this structural improvement lengthens runway, reduces the frequency or size of dilutive funding needs and improves execution prospects.

Stable asset and equity base

Relatively steady assets and equity provide a solid capital base to continue exploration programs without immediate impairment or asset sales. For a resource company, balance-sheet stability underpins project continuity, partner negotiations, and credibility with financiers over the medium term.

Negative Factors

Pre-revenue operations

Absence of revenue means the business lacks an operating income stream to fund activities, leaving progress dependent on external financing or JV partnerships. Over the next several months this elevates execution and dilution risk until commercial operations or monetization paths are established.

Widening net losses

Progressively larger net losses reflect scaling costs or exploration spend without revenue offset. Persistent deterioration erodes shareholder equity and narrows strategic options, increasing pressure to raise capital, cut programs, or seek partners, which can dilute existing holders and slow project timelines.

Consistent operating cash burn

Annual negative operating cash flow shows the business structurally consumes cash to operate. That persistent burn necessitates external funding and restricts strategic flexibility, raising the likelihood of dilutive raises or curtailed programs unless revenue or sustained cash-flow improvements materialize.

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

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Industrial Minerals Limited Financial Statement Overview

Summary

Financial profile is high-risk: the company is pre-revenue with widening losses (net loss deepened to -2.35M in 2025) and consistently negative operating cash flow. The main offset is a low leverage balance sheet (debt-to-equity ~0.04) and relatively stable assets/equity, but ongoing cash burn indicates 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	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-57.53K	-65.32K	-36.35K	-36.35K	-10.76K	0.00
EBITDA	-652.61K	-2.28M	-812.00K	-1.50M	-1.22M	916.25K
Net Income	-729.28K	-2.35M	-1.68M	-1.55M	-1.24M	-458.00K
Balance Sheet
Total Assets	3.23M	3.37M	3.29M	3.29M	4.29M	320.57K
Cash, Cash Equivalents and Short-Term Investments	517.31K	881.84K	358.95K	1.20M	3.41M	275.12K
Total Debt	64.11K	119.26K	105.40K	138.98K	172.13K	0.00
Total Liabilities	607.18K	444.69K	490.04K	350.11K	416.91K	279.49K
Stockholders Equity	2.62M	2.93M	2.80M	2.94M	3.88M	41.08K
Cash Flow
Free Cash Flow	-385.35K	-845.48K	-2.42M	-2.18M	-1.48M	-174.30K
Operating Cash Flow	-385.34K	-845.48K	-827.56K	-904.17K	-916.04K	-141.87K
Investing Cash Flow	-298.28K	-755.59K	-1.60M	-1.27M	-563.39K	-32.44K
Financing Cash Flow	-31.55K	2.12M	1.59M	-33.15K	4.61M	449.42K

Industrial Minerals Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.12
• 50DMA: Positive
• 100DMA: Positive
• 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 0.16, 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 Positive momentum. The RSI at 44.29 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 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$31.87M	-7.10	-99.27%	―	―	-36.36%
IND	48 Neutral	AU$9.64M	-8.41	-26.29%	―	―	-21.69%
KLR	45 Neutral	AU$18.43M	-3,062.78	5.92%	―	―	―
AIV	45 Neutral	AU$5.56M	-0.39	-330.13%	―	―	61.60%
SLZ	43 Neutral	AU$6.44M	-0.93	-120.84%	―	―	-349.06%

Industrial Minerals Limited Corporate Events

Industrial Minerals Releases Half-Year Interim Financial Report

Industrial Minerals Limited has released its interim financial report for the half year ended 31 December 2025. The document provides the condensed consolidated financial statements, directors’ report, auditor’s review, and related declarations, offering investors and stakeholders a snapshot of the company’s mid-year financial performance and governance disclosures.

While detailed figures are not included in the brief, the half-yearly report framework signals continued adherence to reporting obligations and transparency for the ASX-listed miner. The release helps the market assess the company’s financial position, cash flows, and equity movements over the period, supporting informed decision-making by shareholders and potential investors.

The most recent analyst rating on (AU:IND) stock is a Hold with a A$0.18 price target. To see the full list of analyst forecasts on Industrial Minerals Limited stock, see the AU:IND Stock Forecast page.

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.