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
▲(30.00% 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
Focused phosphate fertilizer business model
Minbos targets phosphate fertilizer production for domestic and regional agricultural markets in Angola. A clear, sector-specific model aligns the company with structural demand for fertilizers in agriculture, supporting long-term sales potential if projects reach commercial scale and local supply displaces imports.
Negative Factors
Deep negative free cash flow
Sustained, large negative free cash flow (~-A$18.4m) signals heavy cash burn from development and operations. Structural reliance on external funding to cover capex and operating deficits increases execution risk, potentially diluting shareholders or delaying project timelines if financing conditions tighten.
Read all positive and negative factors
Positive Factors
Negative Factors
Focused phosphate fertilizer business model
Minbos targets phosphate fertilizer production for domestic and regional agricultural markets in Angola. A clear, sector-specific model aligns the company with structural demand for fertilizers in agriculture, supporting long-term sales potential if projects reach commercial scale and local supply displaces imports.
Read all positive factors
Minbos Resources Limited (MNB) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$30.05M
Dividend YieldN/A
Average Volume (3M)844.50K
Price to Earnings (P/E)―
Beta (1Y)1.17
Revenue GrowthN/A
EPS Growth29.82%
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% | |
51 Neutral | AU$117.80M | -3.89 | -36.51% | ― | -69.59% | -254.46% | |
50 Neutral | AU$30.05M | -1.42 | -24.39% | ― | ― | 29.82% | |
44 Neutral | AU$32.22M | -1.90 | -12.11% | ― | ― | 45.35% | |
43 Neutral | AU$34.72M | -11.22 | -0.02% | ― | ― | 13.53% | |
42 Neutral | AU$221.90M | -16.15 | -6.73% | ― | -100.00% | 0.70% |
* Basic Materials Sector Average
AU:MNB
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Minbos Resources Limited Corporate Events
Minbos sets 29 May 2026 AGM with focus on electronic notices and proxy voting
Apr 30, 2026
Minbos Resources has notified shareholders that its Annual General Meeting will be held in Perth on 29 May 2026, with eligibility to vote determined by share registration as of the evening of 27 May 2026. The company is shifting primarily to elect...
Minbos Secures Funding and Advances Construction at Cabinda Phosphate Project
Apr 30, 2026
Minbos Resources reported strong progress on its Cabinda Phosphate Project in Angola during the March 2026 quarter, underpinned by a US$16 million debt facility from South Africa’s Industrial Development Corporation and a US$5.48 million loa...
Minbos Secures Funding to Complete Cabinda Phosphate Fertilizer Plant
Apr 15, 2026
Minbos Resources has secured a US$5.48 million debt term sheet from Banco de Fomento Angola, which, together with an existing US$16 million facility from South Africa’s Industrial Development Corporation, fully funds completion of the Cabind...
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...
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.