Minbos Resources Limited (AU:MNB)
ASX:MNB
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Minbos Resources Limited
(Sydney:MNB)
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Rating:50Neutral
Price Target:
AU$0.03
▲(65.00% Upside)
Action:ReiteratedDate:04/09/26
The score is held back primarily by very weak financial performance—minimal revenue, persistent losses, and heavy negative free cash flow—despite a relatively low-debt balance sheet. Technical indicators are moderately supportive in the short term (price above key shorter moving averages and positive MACD), but the longer-term trend remains weak (below the 200-day average). Valuation is constrained by negative earnings and no indicated dividend yield.
Positive Factors
Low leverage / balance sheet strength
Low absolute debt relative to equity reduces near-term financial distress risk and makes the company a more credible borrower or partner for project financing. For a development-stage miner this structural low leverage supports runway while projects advance toward commercialization.
Negative Factors
Deep negative operating and free cash flow
Persistently large negative operating and free cash flows show the business is not self-funding development and will need external capital. Structurally high cash burn increases execution risk, can delay project timelines, and raises the probability of future equity or debt raises that dilute or stress flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / balance sheet strength
Low absolute debt relative to equity reduces near-term financial distress risk and makes the company a more credible borrower or partner for project financing. For a development-stage miner this structural low leverage supports runway while projects advance toward commercialization.
Read all positive factors
Minbos Resources Limited (MNB) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$35.83M
Dividend YieldN/A
Average Volume (3M)844.50K
Price to Earnings (P/E)―
Beta (1Y)1.35
Revenue GrowthN/A
EPS GrowthN/A
CountryAU
EmployeesN/A
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding1,155,837,600
10 Day Avg. Volume1,185,703
30 Day Avg. Volume844,496
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)0.74
Price to Sales (P/S)542.92
P/FCF Ratio-1.28
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
Minbos Resources Limited Business Overview & Revenue Model
Company Description
Minbos Resources Limited explores for and develops mineral projects. The company primarily explores for phosphate. It focuses on the development of the Capanda Green Ammonia Project and the Cabinda Phosphate Project in Angola and middle Africa. Th...
How the Company Makes Money
Minbos’ intended revenue model is to generate income by producing and selling phosphate-based fertilizer products (and/or phosphate rock or intermediate phosphate products, depending on project configuration) from its Angola phosphate assets into ...
Minbos Resources Limited Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
62
Positive
Cash Flow
18
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Jun 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 43.33K | 0.00 | 0.00 | 95.68K | 0.00 |
| Gross Profit | -210.20K | -265.38K | -224.49K | 12.46K | 0.00 |
| EBITDA | -8.32M | -10.32M | -8.20M | -4.30M | -747.22K |
| Net Income | -7.80M | -9.74M | -7.54M | -4.58M | -804.62K |
Balance Sheet | |||||
| Total Assets | 36.78M | 40.73M | 26.28M | 36.78M | 15.18M |
| Cash, Cash Equivalents and Short-Term Investments | 2.29M | 12.86M | 4.60M | 17.47M | 3.64M |
| Total Debt | 751.03K | 750.13K | 57.90K | 125.23K | 158.03K |
| Total Liabilities | 2.11M | 3.61M | 1.91M | 1.16M | 1.54M |
| Stockholders Equity | 32.00M | 35.78M | 25.94M | 35.63M | 13.64M |
Cash Flow | |||||
| Free Cash Flow | -18.42M | -12.87M | -16.27M | -8.49M | -11.46M |
| Operating Cash Flow | -9.28M | -10.32M | -9.51M | -1.61M | -1.99M |
| Investing Cash Flow | -9.30M | -5.16M | -6.77M | -7.83M | -6.99M |
| Financing Cash Flow | 7.83M | 23.78M | 3.09M | 23.74M | 5.74M |
Minbos Resources Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
50 Neutral | AU$35.83M | -1.42 | -24.39% | ― | ― | ― | |
44 Neutral | AU$34.36M | -1.90 | -12.11% | ― | ― | 23.60% | |
44 Neutral | AU$92.03M | -3.89 | -36.51% | ― | -100.00% | -477.06% | |
43 Neutral | AU$36.96M | -11.22 | -0.02% | ― | ― | -12.34% | |
42 Neutral | AU$242.07M | -16.15 | -6.73% | ― | -71.00% | 9.44% |
* Basic Materials Sector Average
AU:MNB
Minbos Resources Limited
0.03
-0.01
-24.39%
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0.38
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Minbos Resources Limited Corporate Events
Minbos Outlines ‘Fit-for-Purpose’ Governance Framework Aligned to ASX Principles
Mar 31, 2026
Minbos Resources Limited has detailed its current corporate governance framework, confirming it has adopted the ASX Corporate Governance Council’s 4th Edition Principles and Recommendations to the extent appropriate for its size and operatio...
Minbos Resources Releases 2025 Annual Report to Shareholders
Mar 31, 2026
Minbos Resources Limited has released its Annual Report for the year ended 31 December 2025, detailing its consolidated financial performance, position, and cash flows. The report also includes the Chairman’s letter, Directors’ Report,...
Minbos Director Increases Option Holdings via Free Attaching Securities
Mar 19, 2026
Minbos Resources director Graeme Robertson has updated the market on changes to his interests in the company’s securities, including both direct and indirect holdings through Aspac Mining Limited, where he is the sole director. His direct in...
Minbos Options Register Shows Highly Concentrated Holdings
Mar 18, 2026
Minbos Resources Limited has disclosed the distribution of its listed options expiring on 16 March 2029, revealing that a total of 84,490,270 options are on issue. The holdings are highly concentrated, with 89 holders controlling 95.9% of the opti...
Minbos Reveals Concentrated Top Holders of 2029 Listed Options
Mar 18, 2026
Minbos Resources Limited has released an updated register of the top 20 holders of its listed options expiring in March 2029, highlighting a concentrated investor base. The largest option holders include Vidog Capital, Ruthie Pty Ltd, and company ...
Minbos Seeks ASX Quotation for 84.5 Million New Options
Mar 18, 2026
Minbos Resources Limited has applied to the ASX for quotation of 84,490,270 new options, listed under the code MNBOD and expiring on 16 March 2029. The options, issued on 16 March 2026, form part of previously announced transactions and will expan...
Minbos Corrects Expiry Date on Lead Manager Options in Proposed Securities Issue
Mar 16, 2026
Minbos Resources Limited has updated the terms of a proposed issue of lead manager options, clarifying that the options, to be issued on 17 March 2026, will now expire on 17 March 2029, three years from the actual issue date, rather than the previ...
Minbos Increases Free Attaching Options After Oversubscribed SPP
Mar 16, 2026
Minbos Resources Limited has updated its proposed securities issue, notifying the ASX that the number of free attaching options under its securities purchase plan has increased. The revision reflects stronger-than-expected investor demand, with th...
Minbos launches highly speculative options offer under transaction-specific prospectus
Mar 16, 2026
Minbos Resources has released a transaction-specific prospectus dated 16 March 2026 detailing offers of up to 84,490,270 new options to various stakeholders, including participants in its share purchase plan, directors involved in a recent placeme...
Minbos Director Graeme Robertson Increases Shareholding
Mar 15, 2026
Minbos Resources has disclosed a change in the interests of director Graeme Robertson, in line with ASX listing rule requirements for director shareholdings. The notice records that Robertson, through a combination of direct holdings and his assoc...
Minbos Restructures Company Secretarial Role After Resignation
Mar 11, 2026
Minbos Resources Limited has announced the immediate resignation of Iveta Sceales from her roles as Joint Company Secretary and Legal Counsel, with the board expressing its appreciation for her service during her tenure. Following her departure, H...
Minbos Seeks ASX Quotation for 11.5 Million New Shares
Mar 10, 2026
Minbos Resources Limited has applied for quotation on the ASX of 11,538,462 new fully paid ordinary shares, dated 9 March 2026. The securities arise from previously announced transactions and their quotation will expand the company’s listed ...
Minbos Raises $300,000 via Director Share Issue After Shareholder Approval
Mar 10, 2026
Minbos Resources Limited has issued 11,538,462 fully paid ordinary shares to directors Graeme Robertson and Valentine Chitalu, raising $300,000 at an issue price of $0.026 per share. The move follows a previously announced placement and shareholde...
Minbos Secures US$16m IDC Loan to Advance Cabinda Phosphate Plant
Mar 1, 2026
Minbos Resources has secured a US$16 million debt facility from South Africa’s Industrial Development Corporation to fund Phase 2 construction of its Cabinda Phosphate Fertilizer Plant in Angola. The financing is expected to be in place with...
Minbos Seeks ASX Quotation for 51.4 Million New Shares
Feb 10, 2026
Minbos Resources Limited has applied for quotation on the ASX of 51,384,573 new fully paid ordinary shares, with an issue date of 6 February 2026. The additional securities, issued as part of previously announced transactions, will expand the comp...
Minbos Updates General Meeting Notice to Increase SPP Option Approval
Feb 6, 2026
Minbos Resources Limited has issued a second addendum to its notice of general meeting, updating shareholders on an amendment to Resolution 7 ahead of the 16 February 2026 meeting. The change increases the maximum number of Share Purchase Plan (SP...
Minbos Resources’ Oversubscribed Share Purchase Plan Raises $1.34m
Feb 6, 2026
Minbos Resources has closed its recently launched Share Purchase Plan oversubscribed, receiving valid applications from eligible shareholders totalling $1.336 million at an issue price of $0.026 per share. The company will issue 51,384,573 new sha...
Minbos Adds Director Option Issue to Upcoming General Meeting Agenda
Feb 3, 2026
Minbos Resources Limited has issued an addendum to its previously released notice of general meeting, introducing a new Resolution 10 to be considered at the shareholders’ meeting scheduled for 16 February 2026 in Perth. The additional resol...
Minbos Resources Posts Negative Quarterly Cash Flow, Relies on Equity to Fund Development
Jan 30, 2026
Minbos Resources reported negative operating cash flow of A$1.86 million for the December 2025 quarter and A$9.28 million for the year to date, reflecting ongoing staff, administration and non-mining project costs with limited customer receipts. T...
Minbos Advances Financing, Fast-Tracks Cabinda Phosphate and Seals Green Ammonia JV
Jan 30, 2026
Minbos Resources reported progress on multiple debt financing facilities during the December 2025 quarter, moving toward financial close on a US$16 million loan with South Africa’s Industrial Development Corporation, advancing credit approva...
Minbos Updates Timetable for Share Purchase Plan
Jan 15, 2026
Minbos Resources has updated the indicative timetable for its previously announced Share Purchase Plan, setting out key dates for the offer period, issuance, and quotation of new shares and associated options on the ASX. The plan will now open to ...
Minbos Calls February 2026 General Meeting, Urges Shareholder Participation
Jan 15, 2026
Minbos Resources Limited has called a General Meeting of shareholders for 10:00am (WST) on Monday, 16 February 2026, to be held at Level 5, 191 St Georges Terrace, Perth, Western Australia. In line with corporate law requirements, the company will...
Minbos Resources Plans Issuance of Over 21 Million Options via Placement
Jan 9, 2026
Minbos Resources Limited has lodged a notice of proposed securities issuance with the ASX, outlining plans to issue up to 21,567,235 options, designated MNBOC and expiring on 15 December 2028, via a placement or similar form of capital raising. Th...
Glossary
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