MinRex Resources Limited (MRR) AI Stock Analysis

• Market Cap: AU$24.95M
• Dividend Yield: N/A
• Average Volume (3M): 1.81M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.88
• Revenue Growth: N/A
• EPS Growth: 45.00%
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): >-0.01
• Shares Outstanding: 1,084,867,600
• 10 Day Avg. Volume: 2,057,615
• 30 Day Avg. Volume: 1,805,245
• PEG Ratio: 0.08
• Price to Book (P/B): 0.67
• Price to Sales (P/S): 265.42
• P/FCF Ratio: -6.97
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 49 Neutral
• Price Target: AU$0.02 ▲(120.00% Upside)
• Action: Reiterated Date: 02/03/26
• Date: Action: Reiterated 02/03/26

The score is held down primarily by weak fundamentals: despite a FY2025 revenue rebound, the company is still loss-making with ongoing cash burn, implying continued reliance on funding. Technicals are moderately supportive (positive MACD and price above the 50-day average) but are tempered by an extremely overextended RSI. Valuation remains challenged because losses make P/E less informative and there is no dividend yield support.

Positive Factors

Balance sheet strength

Near-zero leverage is a durable financial strength: it lowers insolvency risk, preserves borrowing capacity, and gives management flexibility to raise equity or execute strategic investments without heavy interest burdens. That structural conservatism supports runway while revenues recover.

Revenue rebound

A large YoY revenue rebound signals improving product-market traction rather than one-off noise. If sustained, this trend can enable operational gearing, narrowing losses and improving margin leverage over 2–6 months as fixed costs are spread and unit economics begin to scale.

Cash accounting transparency

FCF moving in line with net loss indicates limited non-cash distortions, improving visibility into true cash burn. That transparency aids durable planning, clearer lender/investor assessment of funding needs, and more reliable near-term cashflow forecasting for strategic decisions.

Negative Factors

Ongoing net losses

Sustained material net losses erode equity, limit internal reinvestment, and increase reliance on external capital. Over several quarters this can force dilution or cost cuts, constrain strategic initiatives, and make it harder to achieve durable profitability without a clear path to break-even.

Negative operating cash flow

Consistent negative operating and free cash flow creates an enduring funding requirement. This structural cash burn limits ability to invest in growth, raises refinancing risk, and may lead to dilution or higher-cost financing that weakens long-term returns if cash generation does not improve.

Deeply negative margins / small scale

Very small revenue base combined with deep negative margins implies limited operating scale and high fixed-cost absorption risk. Without meaningful and sustained revenue growth, margin recovery will be difficult, leaving profitability and cash generation fragile over the medium term.

MinRex Resources Limited Business Overview & Revenue Model

Company Description

MinRex Resources Limited engages in the exploration and development of mineral properties. It focuses on the exploration of gold, silver, copper, and other base metal projects in New South Wales (NSW) and Western Australia. The company holds 70% interests in the Marble Bar North, Marble Bar South, Daltons, and Bamboo Creek gold projects in the East Pilbara region of Western Australia; and 100% interests in the Deflector Extended Gold project located at Gullewa in Western Australia. It also holds 7 exploration licenses in Mt Pleasant, Sofala, and Sunny Corner Projects with an area of 514 square kilometers in the Lachlan Fold Belt in NSW; and exploration licenses in lithium and tantalum deposits, as well as holds farm-in rights for 80% interest in EL7974 and EL7423 projects, and 90% interest in the exploration area of EL 5964 project. The company was formerly known as MinRex Resources NL and changed its name to MinRex Resources Limited in January 2016. MinRex Resources Limited was incorporated in 2011 and is based in Perth, Australia.

How the Company Makes Money

MinRex Resources Limited makes money primarily through the exploration and development of mineral resources, specifically targeting gold and base metals. The company generates revenue by discovering economically viable mineral deposits, which can then be developed into profitable mining operations. This may involve selling mineral rights, entering joint ventures, or selling discovered resources to larger mining companies. Strategic partnerships with other mining firms and investors can also provide financial support and revenue opportunities through shared exploration costs and potential project advancements. MinRex Resources' earnings are significantly influenced by mineral market prices, exploration success, and the company's ability to efficiently manage exploration activities.

MinRex Resources Limited Financial Statement Overview

Summary

Revenue rebounded sharply in FY2025, but the company remains far from break-even with a sizable net loss (~$2.36M) and deeply negative margins. The balance sheet is a relative strength with essentially no debt, but persistent losses and ongoing negative operating/free cash flow (~-$1.23M FCF in FY2025) keep financial risk elevated due to continued funding needs.

Income Statement

Revenue is very small in absolute terms but did rebound sharply in FY2025 (up ~119% YoY). Despite this uptick, profitability remains very weak: FY2025 net loss was about $2.36M and margins were deeply negative, indicating the cost base is far ahead of current revenue generation. While losses improved materially versus FY2024, the business is still far from break-even and earnings volatility is high.

Balance Sheet

The balance sheet is a relative strength, with essentially no debt (debt-to-equity ~0.0 in FY2025) and equity funding the asset base. Total assets are broadly supported by shareholders’ equity, reducing near-term financial risk from leverage. The key weakness is persistent negative returns on equity driven by ongoing losses, which can pressure equity over time if cash burn continues.

Cash Flow

Cash generation remains weak, with operating cash flow and free cash flow negative across all periods shown (FY2025 operating cash flow about -$1.23M; free cash flow about -$1.23M). The cash burn did improve versus FY2024, but the company is still consuming cash rather than producing it, implying continued reliance on funding. A positive note is that free cash flow tracked net loss reasonably closely, suggesting limited non-cash distortions, but overall cash sustainability remains a concern.

Breakdown	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	32.38K	6.02K	0.00	0.00	0.00
Gross Profit	32.38K	-70.31K	-113.36K	-66.82K	-50.93K
EBITDA	-2.06M	-4.23M	-17.19M	-2.65M	-1.00M
Net Income	-2.36M	-4.30M	-17.31M	-2.72M	-1.06M
Balance Sheet
Total Assets	12.95M	14.81M	19.03M	34.60M	12.08M
Cash, Cash Equivalents and Short-Term Investments	499.32K	9.94M	11.69M	14.19M	2.45M
Total Debt	0.00	71.73K	105.03K	129.71K	102.69K
Total Liabilities	192.14K	270.44K	532.39K	475.47K	452.62K
Stockholders Equity	12.76M	14.53M	18.50M	34.12M	11.63M
Cash Flow
Free Cash Flow	-1.23M	-2.13M	-3.69M	-2.65M	-1.04M
Operating Cash Flow	-1.23M	-1.98M	-3.54M	-2.35M	-664.79K
Investing Cash Flow	-174.42K	-7.94M	-192.45K	-232.13K	-379.12K
Financing Cash Flow	171.50K	-37.81K	1.23M	14.32M	2.99M

MinRex Resources Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
BMG	54 Neutral	AU$45.59M	-27.86	-7.48%	―	―	87.39%
CPN	53 Neutral	AU$37.53M	-7.39	-122.97%	―	―	24.25%
MRR	49 Neutral	AU$24.95M	-14.38	-17.32%	―	―	45.00%
CRR	45 Neutral	AU$28.52M	-11.11	-7.30%	―	―	―
CAZ	43 Neutral	AU$15.10M	-2.06	-45.16%	―	―	-563.16%
SRN	37 Underperform	AU$8.05M	―	-26.26%	―	―	78.57%

MinRex Resources Limited Corporate Events

MinRex Director Glenn Whiddon Increases Indirect Shareholding

MinRex Resources director Glenn Whiddon has increased his indirect holding in the company through Getmeoutofhere Pty Ltd , acquiring 4,561,784 fully paid ordinary shares for $75,269.44. Following the transaction, Whiddon’s indirect stake via that entity has risen to 42,327,726 shares, while his existing performance rights and other indirect holdings, including those controlled by 6466 Investments Pty Ltd (over which he has no relevant interest), remain unchanged, indicating a higher overall exposure and alignment with shareholder interests.

The most recent analyst rating on (AU:MRR) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on MinRex Resources Limited stock, see the AU:MRR Stock Forecast page.

MinRex Moves to Merge With Electrum, Building Serbia–Australia Gold-Copper Platform

MinRex Resources has advanced a proposed merger with Canadian TSX-V listed Electrum Discovery Corp., a gold and copper exploration company focused on Serbia’s Western Tethyan Belt, culminating after the quarter in a definitive agreement for MinRex to acquire 100% of Electrum via a statutory plan of arrangement. The deal, unanimously backed by both boards and strongly supported by Electrum shareholders, is expected to close in March 2026 and will create a well‑capitalised, ASX‑listed gold‑copper explorer with a dual focus on Serbia and Australia, anchored by Electrum’s advanced Tlamino Gold Project and the Timok East Copper‑Gold Project alongside MinRex’s Australian exploration portfolio; MinRex also continued technical work on its Australian assets, particularly in the Lachlan Gold Belt, and ended the quarter with $8.3 million in cash, underscoring a solid funding position for ongoing exploration and integration activities.

The most recent analyst rating on (AU:MRR) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on MinRex Resources Limited stock, see the AU:MRR Stock Forecast page.

MinRex Wins ASX Waiver to Issue Shares for Electrum Merger Without Shareholder Vote

MinRex Resources Limited has secured an ASX waiver from Listing Rule 7.1 to facilitate its planned acquisition of Canadian-listed Electrum Discovery Corp. via a court-approved plan of arrangement under British Columbia corporate law. The waiver allows MinRex to issue shares to Electrum securityholders as consideration for the merger without requiring separate MinRex shareholder approval or using up its placement capacity, provided the deal does not constitute a reverse takeover, thereby reducing transaction conditionality, cost and timeframe and aligning the treatment of this foreign scheme with that of an equivalent Australian scheme of arrangement.

The most recent analyst rating on (AU:MRR) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on MinRex Resources Limited stock, see the AU:MRR Stock Forecast page.

MinRex Highlights New Geophysical Targets at Serbian Timok East Ahead of Electrum Merger

MinRex Resources reported that Electrum Discovery’s second-phase Audio-Magnetotelluric geophysical survey over the western portion of the Timok East Copper-Gold Project in Serbia has identified two high-conductivity zones at depths of roughly 250–550 metres, interpreted as compelling concealed porphyry-epithermal style targets beneath limestone and volcanic cover. The new AMT data, integrated into a 3D resistivity model and supported by age-dating that ties local andesites to the Timok Magmatic Complex, significantly strengthens the geological model at Timok East and underscores the strategic rationale for MinRex’s planned merger with Electrum, which is expected to accelerate exploration across Serbian copper-gold assets and enhance MinRex’s positioning as a well-capitalised explorer in a prolific copper-gold belt.

The most recent analyst rating on (AU:MRR) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on MinRex Resources Limited stock, see the AU:MRR Stock Forecast page.

MinRex Director James Pearse Lifts Indirect Shareholding via On-Market Purchase

MinRex Resources director James Pearse has increased his indirect shareholding in the company via Lilijam Pty Ltd as trustee for the Lilijam Family Trust, purchasing 838,235 fully paid ordinary shares on market for $14,149.03. Following this on-market trade, Pearse’s indirect interests now comprise 3,338,235 fully paid ordinary shares, alongside unchanged holdings of multiple classes of performance rights and listed options, signalling a higher personal financial exposure to the company for existing shareholders to note.

The most recent analyst rating on (AU:MRR) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on MinRex Resources Limited stock, see the AU:MRR Stock Forecast page.

MinRex Discloses Director Glenn Whiddon’s Increased Shareholding

MinRex Resources Limited has reported a change in the securities interests of director Glenn Whiddon, detailing both his direct holdings and indirect interests held through associated entities. The notice shows Whiddon, via these structures, has acquired 12,765,942 fully paid ordinary shares for a consideration of $210,691.23, with no disposals, while also clarifying that certain indirectly held shares are disclosed solely for good corporate governance as he has no relevant interest in them. This adjustment in director holdings provides increased transparency for shareholders around insider ownership and reinforces the company’s governance practices regarding disclosure of related-party interests.

The most recent analyst rating on (AU:MRR) stock is a Hold with a A$0.02 price target. To see the full list of analyst forecasts on MinRex Resources Limited stock, see the AU:MRR Stock Forecast page.

MinRex Plans Major Share Issue to Raise Capital

MinRex Resources Limited has lodged an Appendix 3B with the ASX outlining a proposed placement or other type of securities issue of up to 1,053,676,093 new fully paid ordinary shares. The new securities are expected to be issued on 30 March 2026, signalling a significant prospective capital raising that could strengthen the company’s funding position for ongoing operations and project development, while materially increasing its share base and potentially impacting existing shareholders through dilution.

The most recent analyst rating on (AU:MRR) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on MinRex Resources Limited stock, see the AU:MRR Stock Forecast page.

MinRex and Electrum in A$28m Merger to Form Serbia–Australia Gold-Copper Explorer

MinRex Resources has agreed to merge with TSX-V listed Electrum Discovery Corp. in a roughly A$28 million all-share merger of equals that will create a well-capitalised gold-copper exploration group focused on Serbia and Australia. The combined company, to remain listed as MinRex on the ASX, will hold advanced assets including Electrum’s Tlamino Gold Project in Serbia, which has a significant foreign-classified Inferred gold equivalent resource and a prior economic assessment, and MinRex’s Sofala Gold Project in New South Wales, which hosts substantial Inferred gold resources. With an expected pro-forma market capitalisation of about A$28 million, approximately A$8 million in cash and no debt, the merged group aims to accelerate resource growth drilling and discovery-focused exploration at Tlamino and advance both Serbian copper-gold targets and MinRex’s broader NSW portfolio, supported by a combined board and management team and strong backing from both companies’ directors and major Electrum shareholders.

The most recent analyst rating on (AU:MRR) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on MinRex Resources Limited stock, see the AU:MRR Stock Forecast page.

MinRex Resources Halts Trading Ahead of Material Acquisition Announcement

MinRex Resources Limited has requested and been granted a trading halt on its securities on the ASX, effective from 5 January 2026, while it prepares to release details of a material acquisition. The halt will remain in place until either the announcement regarding the transaction is released or normal trading resumes on 7 January 2026, signalling that MinRex is considering a potentially significant deal that could affect its strategic direction and valuation, and prompting investors to watch for a near-term update on the company’s growth plans.

The most recent analyst rating on (AU:MRR) stock is a Hold with a A$0.01 price target. To see the full list of analyst forecasts on MinRex Resources Limited stock, see the AU:MRR Stock Forecast page.

MinRex Resources Announces Expiry of 10 Million Options

MinRex Resources Limited announced the cessation of 10 million options that expired on December 2, 2025, without being exercised or converted. This announcement may impact the company’s financial position by reducing potential future capital inflow from these options, which could affect stakeholder expectations and market perception.

MinRex Resources Passes Key Resolutions at Annual General Meeting

MinRex Resources Limited announced the results of its Annual General Meeting held on November 28, 2025, where all three resolutions were passed by a poll. The resolutions included the adoption of the remuneration report, the re-election of director Glenn Whiddon, and the approval of a 10% placement capacity. These outcomes reflect shareholder support for the company’s strategic decisions and governance, potentially strengthening its position in the gold and base metals exploration industry.