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): 0.42
• 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: 51 Neutral
• Price Target: AU$0.02 ▲(120.00% Upside)

The score is held back primarily by weak financial performance (ongoing losses and negative free cash flow despite improved revenue) and a loss-driven valuation profile (negative P/E, no dividend data). Technicals provide some support via positive trend/momentum versus moving averages, but the extremely overbought RSI increases near-term risk.

Positive Factors

Balance sheet strength

Minimal leverage materially reduces refinancing and interest-rate risk over the medium term. With assets largely equity-funded, management has more financial flexibility to support operations, fund selective growth or survive extended cash burn without urgent debt pressures.

Revenue rebound

A large year-over-year revenue recovery provides evidence of improving demand or execution; sustained top-line growth over the next 2-6 months improves prospects for operating leverage, margin recovery, and a clearer path to breaking even if cost discipline continues.

Earnings quality (cash alignment)

When accounting losses align with cash outflows, profitability improvements are likely to translate into cash generation. This clarity reduces risk of hidden impairments or large non-cash adjustments and makes forecasting cash needs and funding plans more reliable.

Negative Factors

Ongoing net losses

Persistent net losses and deeply negative margins indicate the business is not yet covering its cost base. Continued losses erode equity, limit reinvestment capacity, and force reliance on external financing, which can dilute shareholders or constrain strategic options over time.

Negative cash generation

Sustained negative operating and free cash flow means the company consumes cash to run the business, necessitating repeated funding rounds or asset sales. That ongoing cash burn reduces runway, increases financing risk and can limit capital expenditure or scaling initiatives.

Negative returns on equity

Persistent negative ROE signals the business is destroying shareholder capital rather than generating it. Over months this can undermine investor confidence, raise the cost of raising equity, and limit access to capital needed to fund growth or bridge to profitability.

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

Financials are mixed but risk-tilted: revenue rebounded sharply in FY2025, but profitability remains very weak (FY2025 net loss about $2.36M with deeply negative margins) and cash flow is still negative (FY2025 operating and free cash flow about -$1.23M). The balance sheet is a relative strength with essentially no debt, but ongoing losses/cash burn remain the dominant concern.

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	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	32.38K	32.38K	6.02K	0.00	0.00	0.00
Gross Profit	32.38K	32.38K	-70.31K	-113.36K	-66.82K	-50.93K
EBITDA	-2.06M	-2.06M	-4.23M	-17.19M	-2.65M	-1.00M
Net Income	-2.36M	-2.36M	-4.30M	-17.31M	-2.72M	-1.06M
Balance Sheet
Total Assets	12.95M	12.95M	14.81M	19.03M	34.60M	12.08M
Cash, Cash Equivalents and Short-Term Investments	499.32K	499.32K	9.94M	11.69M	14.19M	2.45M
Total Debt	0.00	0.00	71.73K	105.03K	129.71K	102.69K
Total Liabilities	192.14K	192.14K	270.44K	532.39K	475.47K	452.62K
Stockholders Equity	12.76M	12.76M	14.53M	18.50M	34.12M	11.63M
Cash Flow
Free Cash Flow	-1.23M	-1.23M	-2.13M	-3.69M	-2.65M	-1.04M
Operating Cash Flow	-1.23M	-1.23M	-1.98M	-3.54M	-2.35M	-664.79K
Investing Cash Flow	-174.42K	-174.42K	-7.94M	-192.45K	-232.13K	-379.12K
Financing Cash Flow	171.50K	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%
MRR	51 Neutral	AU$24.95M	-10.45	-17.32%	―	―	45.00%
CPN	51 Neutral	AU$28.14M	-5.67	-122.97%	―	―	24.25%
BMG	46 Neutral	AU$25.69M	-17.14	-7.48%	―	―	87.39%
CRR	45 Neutral	AU$27.08M	-11.11	-7.30%	―	―	―
CAZ	43 Neutral	AU$16.84M	-2.30	-45.16%	―	―	-563.16%
SRN	37 Underperform	AU$8.05M	―	-26.26%	―	―	78.57%

MinRex Resources Limited Corporate Events

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.

MinRex Resources Unveils Promising Rare Earth Discoveries at Fraser Range

MinRex Resources Limited announced the results of its maiden Reverse Circulation drilling program at the Fraser Range Project in Western Australia. The drilling, aimed at testing high-priority targets for copper and gold, did not find significant mineralization in these metals but revealed encouraging results for Rare Earth Elements, Titanium Dioxide, and Scandium. This discovery could impact the company’s future exploration strategies and enhance its portfolio, as it continues to assess data and consider further drilling. The company is well-funded with $8.7 million in cash and is exploring additional project opportunities both domestically and internationally.