Mindax Limited (AU:MDX)
ASX:MDX
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Mindax Limited
(Sydney:MDX)
Select Model
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Rating:47Neutral
Price Target:
AU$0.03
▼(-25.00% Downside)
Action:ReiteratedDate:03/04/26
The score is held down primarily by persistent losses and negative operating/free cash flow with minimal revenue, indicating an ongoing funding/execution risk profile. This is partially offset by a low-debt, equity-supported balance sheet. Technicals add modest pressure due to a weak trend (below major moving averages) while momentum is broadly neutral.
Positive Factors
Low leverage / strong balance sheet
Very low indebtedness materially lowers solvency and refinancing risk. Mindax's minimal debt gives management flexibility to fund exploration from equity or partners, absorb losses, and pursue project development without immediate pressure to secure expensive debt financing over the next months.
Negative Factors
Persistent operating losses
Sustained operating losses and recurring cash burn erode equity and require ongoing external funding. For an exploration company this limits uninterrupted project activity, increases dilution or financing risk, and constrains the ability to convert exploration success into development within months without new capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / strong balance sheet
Very low indebtedness materially lowers solvency and refinancing risk. Mindax's minimal debt gives management flexibility to fund exploration from equity or partners, absorb losses, and pursue project development without immediate pressure to secure expensive debt financing over the next months.
Read all positive factors
Mindax Limited (MDX) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$70.90M
Dividend YieldN/A
Average Volume (3M)123.96K
Price to Earnings (P/E)―
Beta (1Y)0.03
Revenue GrowthN/A
EPS Growth-18.18%
CountryAU
EmployeesN/A
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.00
Shares Outstanding2,363,218,500
10 Day Avg. Volume27,619
30 Day Avg. Volume123,958
Financial Highlights & Ratios
PEG Ratio-2.45
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 explores for mineral properties in Australia. The company operates in two segments, Gold and Iron Ore. Its principal projects are the Meekatharra gold project and Mt Forrest iron project. The company was incorporated in 2003 and is ...
How the Company Makes Money
null...
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 Technical Analysis
Negative
0.04
Price Trends
0.04
Negative
0.04
Negative
0.05
Negative
Market Momentum
>-0.01
Negative
32.44
Neutral
<0.01
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:MDX, the sentiment is Negative. The current price of 0.04 is above the 20-day moving average (MA) of 0.03, above the 50-day MA of 0.04, and below the 200-day MA of 0.05, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 32.44 is Neutral, neither overbought nor oversold. The STOCH value of <0.01 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:MDX.
Mindax Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | AU$127.97M | 3.56 | 14.07% | 4.01% | 24.48% | 97.18% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
49 Neutral | AU$242.92M | -4.78 | -8.87% | ― | ― | 15.86% | |
48 Neutral | AU$388.61M | 5.17 | 10.73% | ― | 11.43% | -238.93% | |
47 Neutral | AU$70.90M | -23.30 | -14.18% | ― | ― | -18.18% | |
46 Neutral | AU$154.23M | 26.76 | -1.46% | ― | ― | 71.98% | |
43 Neutral | AU$245.06M | 3.94 | -3.40% | ― | ― | ― |
* Basic Materials Sector Average
AU:MDX
Mindax Limited
0.03
-0.03
-50.82%
AU:BCN
Beacon Minerals
3.49
2.43
229.25%
AU:TGM
Theta Gold Mines
0.21
0.07
55.56%
AU:RND
Rand Mining Limited
2.25
0.53
30.51%
AU:HRZ
Horizon Minerals Ltd
0.94
0.05
6.21%
AU:DLI
Delta Lithium Limited
0.22
0.06
38.71%
Mindax Limited Corporate Events
Mindax lodges interim half-year financial report for 31 December 2025
Mar 16, 2026
Mindax Limited has released its interim financial report for the half-year ended 31 December 2025, providing condensed financial statements and disclosures that are intended to be read alongside its 30 June 2025 annual report. The document include...
Mindax Enables Secondary Trading of New Share Issue Under Corporations Act Exemption
Mar 11, 2026
Mindax Limited has issued 4,333,333 fully paid ordinary shares on 11 March 2026, expanding its capital base and notifying the market that these securities were issued without a disclosure document. The company has confirmed that the new shares qua...
Mindax Seeks ASX Quotation for 4.3 Million New Shares
Mar 11, 2026
Mindax Limited has applied for quotation of 4,333,333 new ordinary fully paid shares on the Australian Securities Exchange, with an issue date of 11 March 2026. The securities form part of transactions previously flagged to the market, signalling ...
Mindax Plans Placement of Over 4.3 Million New Shares
Mar 10, 2026
Mindax Limited has notified the ASX of a proposed placement of up to 4,333,333 ordinary fully paid shares. The new securities, to be issued on 11 March 2026, reflect the company’s ongoing use of equity markets to access capital, which may af...
Mindax Shares Qualify for Secondary Trading After New Issue
Feb 11, 2026
Mindax Limited has issued 2,702,703 fully paid ordinary shares on 11 February 2026, expanding its share capital base. The new securities were issued without a disclosure document, in accordance with provisions of the Corporations Act that allow su...
Mindax seeks ASX quotation for 2.7 million new shares
Feb 11, 2026
Mindax Limited has applied to the ASX for quotation of 2,702,703 ordinary fully paid shares, formalising the listing of these additional securities under its existing MDX code. The new shares were issued on 11 February 2026 as part of transactions...
Mindax Plans Equity Placement of Up to 2.7 Million Shares
Feb 10, 2026
Mindax Limited has notified the ASX of a proposed issue of up to 2,702,703 ordinary fully paid shares under a placement or similar capital-raising structure. The new securities, to be issued on 10 February 2026, represent an additional equity rais...
Mindax Issues 58 Million Unquoted Options to Expand Capital Base
Feb 3, 2026
Mindax Limited has notified the market of the issue of 58 million unquoted options, exercisable at $0.08 and expiring on 30 November 2026, under its ASX code MDXAT. The new options, which were previously flagged to the market, will not be quoted o...
Mindax Advances Mt Forrest Magnetite Studies and Mid-West Infrastructure Push in December Quarter
Jan 28, 2026
Mindax Limited’s December 2025 quarter was marked by continued advancement of its Mt Forrest Iron Project and associated Mid-West infrastructure plans, alongside ongoing capital raisings. The company issued 58 million options to directors an...
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.