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Mindax Limited
(Sydney:MDX)
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Rating:48Neutral
Price Target:
AU$0.03
▼(-37.50% Downside)
Action:Reiterated
Date:07/30/26
The score is held down primarily by weak financial performance: negligible/volatile revenue, ongoing operating losses, and persistent negative operating/free cash flow. Technicals provide a modest offset with the price above key short-term averages, but the longer-term trend remains weak (below the 200-day average). Valuation is constrained by negative earnings (negative P/E) and no stated dividend yield.
Positive Factors
Very low leverage
Extremely low debt reduces solvency and refinancing risk, giving the company durable financial flexibility to fund exploration cycles or pursue farm-outs/transactions. This structural conservatism lengthens runway and supports strategic optionality despite near-term losses.
Negative Factors
Persistent operating losses
Ongoing negative EBIT and recurring net losses weaken internal funding capacity and erode shareholder capital over time. For an exploration business, sustained operating deficits limit the ability to advance projects organically and increase dependence on external capital or asset disposals.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage
Extremely low debt reduces solvency and refinancing risk, giving the company durable financial flexibility to fund exploration cycles or pursue farm-outs/transactions. This structural conservatism lengthens runway and supports strategic optionality despite near-term losses.
Read all positive factors
Mindax Limited (MDX) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$59.08M
Dividend YieldN/A
Average Volume (3M)123.96K
Price to Earnings (P/E)―
Beta (1Y)0.63
Revenue GrowthN/A
EPS Growth-30.00%
CountryAU
EmployeesN/A
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding2,363,218,500
10 Day Avg. Volume27,619
30 Day Avg. Volume123,958
Financial Highlights & Ratios
PEG Ratio-2.50
Price to Book (P/B)6.82
Price to Sales (P/S)0.00
P/FCF Ratio-68.49
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Mindax Limited Business Overview & Revenue Model
Company Description
Mindax Limited, an Australian-based company established in 2003, specializes in the exploration of mineral resources across the country. Its operations are divided into two primary sectors: gold and iron ore. Notable undertakings include the Meeka...
How the Company Makes Money
Mindax Limited’s earnings are generally expected to be tied to the outcomes of mineral exploration and project development activities, typically through monetising exploration assets (for example, via project sales, farm-outs/joint ventures, or de...
Mindax Limited Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
70
Positive
Cash Flow
18
Very Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 2.99K | 0.00 | 59.96K | 0.00 |
| Gross Profit | -56.48K | -67.70K | 2.99K | -11.46K | 59.96K | -1.11K |
| EBITDA | -2.98M | -2.55M | -2.54M | -1.91M | -1.08M | -1.91M |
| Net Income | -2.85M | -2.85M | -2.28M | -5.57M | 13.42M | -1.13M |
Balance Sheet | ||||||
| Total Assets | 30.14M | 33.93M | 26.73M | 19.32M | 18.98M | 4.25M |
| Cash, Cash Equivalents and Short-Term Investments | 146.18K | 1.32M | 520.04K | 4.63M | 1.68M | 1.19M |
| Total Debt | 30.20K | 58.69K | 108.65K | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 1.90M | 8.67M | 2.13M | 273.95K | 360.74K | 396.83K |
| Stockholders Equity | 21.64M | 18.61M | 17.68M | 19.05M | 18.62M | 3.85M |
Cash Flow | ||||||
| Free Cash Flow | -2.33M | -1.85M | -4.38M | -2.40M | -965.54K | -2.00M |
| Operating Cash Flow | -2.33M | -1.85M | -1.83M | -1.44M | -965.54K | -1.36M |
| Investing Cash Flow | -7.69M | -5.00M | -2.33M | -1.00M | 208.51K | -644.86K |
| Financing Cash Flow | 9.56M | 7.65M | 57.73K | 5.39M | 1.25M | 3.01M |
Mindax Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | AU$37.42M | 7.22 | 19.12% | ― | 144.06% | 50.82% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
51 Neutral | AU$63.33M | -10.07 | -9.31% | ― | ― | -18.92% | |
50 Neutral | AU$52.88M | -1.60 | -302.41% | ― | 641.25% | -12.36% | |
48 Neutral | AU$59.08M | -62.50 | -14.18% | ― | ― | -30.00% | |
48 Neutral | AU$43.80M | -8.16 | -35.89% | ― | ― | -69.57% | |
48 Neutral | AU$52.40M | -2.13 | -64.47% | ― | ― | -168.12% |
* Basic Materials Sector Average
AU:MDX
Mindax Limited
0.02
-0.03
-57.89%
AU:WCN
White Cliff Minerals Limited
0.02
>-0.01
-26.09%
AU:ODY
Odyssey Gold Limited
0.03
<0.01
14.29%
AU:PGO
Pacgold Limited
0.15
0.08
130.77%
AU:AAM
Matador Mining Ltd
0.04
<0.01
16.67%
AU:AWJ
Auric Mining Ltd.
0.23
0.05
32.35%
Mindax Limited Corporate Events
Mindax advances Mid-West iron hub strategy and gold exploration in June quarter
Jul 29, 2026
Mindax Limited’s June 2026 quarter was marked by steady advancement of its Mid-West Shared Infrastructure Project, aimed at enabling transport of magnetite ore from mine to port, as it deepened engagement with potential stakeholders and part...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.