Mindax Limited (AU:MDX)
ASX:MDX
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Mindax Limited
(Sydney:MDX)
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Rating:42Neutral
Price Target:
AU$0.02
▼(-57.50% Downside)
Action:Reiterated
Date:04/30/26
The score is primarily held down by weak financial performance (persistent operating losses and ongoing cash burn) and very bearish technicals (below all major moving averages with negative momentum). A low-debt balance sheet provides some stability, but valuation remains constrained by negative earnings and no dividend data.
Positive Factors
Low Leverage / Strong Balance Sheet
Very low debt on the balance sheet reduces solvency risk and preserves financial optionality. For an exploration company facing recurring cash needs, minimal leverage extends runway, lowers refinancing pressure and gives management the flexibility to fund target drill programs or opportunistic acquisitions without urgent debt servicing constraints.
Negative Factors
Persistent Cash Burn
Sustained negative operating cash flow shows the business routinely consumes capital to fund exploration and operations. Over months this necessitates external financing, raising dilution or covenant risk and constraining the ability to accelerate high-return projects without securing new capital, a structural funding vulnerability.
Read all positive and negative factors
Positive Factors
Negative Factors
Low Leverage / Strong Balance Sheet
Very low debt on the balance sheet reduces solvency risk and preserves financial optionality. For an exploration company facing recurring cash needs, minimal leverage extends runway, lowers refinancing pressure and gives management the flexibility to fund target drill programs or opportunistic acquisitions without urgent debt servicing constraints.
Read all positive factors
Mindax Limited (MDX) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$42.54M
Dividend YieldN/A
Average Volume (3M)123.96K
Price to Earnings (P/E)―
Beta (1Y)0.13
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-2.45
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
0.03
Negative
0.03
Negative
0.04
Negative
Market Momentum
>-0.01
Negative
4.81
Positive
1.52
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 0.02, above the 50-day MA of 0.03, and below the 200-day MA of 0.04, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 4.81 is Positive, neither overbought nor oversold. The STOCH value of 1.52 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$138.78M | 3.56 | 14.07% | 4.01% | 6.77% | 71.42% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
49 Neutral | AU$248.70M | -4.78 | -8.87% | ― | ― | 99.23% | |
47 Neutral | AU$265.60M | 5.17 | 10.73% | ― | 78.18% | ― | |
46 Neutral | AU$143.47M | 26.76 | -0.88% | ― | ― | 78.67% | |
42 Neutral | AU$42.54M | -23.30 | -14.18% | ― | ― | -30.00% |
* Basic Materials Sector Average
AU:MDX
Mindax Limited
0.02
-0.05
-72.73%
AU:BCN
Beacon Minerals
2.36
1.26
114.55%
AU:TGM
Theta Gold Mines
0.22
0.10
79.17%
AU:RND
Rand Mining Limited
2.44
0.61
33.33%
AU:DLI
Delta Lithium Limited
0.20
0.02
8.11%
Mindax Limited Corporate Events
Mindax advances Mid-West iron ore hub vision amid test work and funding moves
Apr 13, 2026
Mindax continued advancing its strategy to develop Western Australia’s Mid-West into an iron ore processing hub during the March quarter, maintaining engagement with potential stakeholders for a shared infrastructure project to transport mag...
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...
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.