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Mindax Limited (MDX) AI Stock Analysis
Mindax Limited
(ASX:MDX)
The score is held back primarily by weak financial performance (minimal revenue, recurring losses, and persistent negative operating/free cash flow). Technical indicators provide a partial offset with moderately positive momentum and trend signals. Valuation is also a constraint because a negative P/E reflects ongoing losses and there is no dividend yield data to support the investment case.
Mindax Limited (MDX) vs. iShares MSCI Australia ETF (EWA)
- Market Cap
- AUD 90.97M
- Dividend Yield
- ―
- Average Volume (3M)
- 355.95K
- Price to Earnings (P/E)
- -133.3
- Beta (1Y)
- 0.41
- Revenue Growth
- ―
- EPS Growth
- 46.15%
- Country
- Australia
- Employees
- 0
- Sector
- Basic Materials
- Sector Strength
- 61
- Industry
- Gold
Mindax Limited Business Overview & Revenue Model
Company Description
Mindax Limited, an Australian-based company established in 2003, specializes in the exploration of mineral resources across the country. Its operations are divided into two primary sectors: gold and iron ore. Notable undertakings include the Meekatha...
Mindax Limited Financial Statement Overview
Summary
Overall financial profile is weak: revenue is minimal/near-zero in most years with persistent operating losses and negative EBIT/EBITDA. Cash flow is a key risk with consistently negative operating cash flow and free cash flow, indicating ongoing cash burn. The main offsetting strength is a conservatively levered balance sheet with negligible debt and a meaningful equity base, which provides some resilience.
Income Statement
18Very NegativeBalance Sheet
66PositiveCash Flow
22Negative| Breakdown | TTM | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0 | 3,888 | 0 | 2,994 | 0 | 59.96K |
| Gross Profit | -62.42K | -62.42K | -67.70K | 2,994 | -11.46K | 59.96K |
| EBITDA | -2.48M | -2.48M | -2.55M | -2.54M | -1.91M | -1.08M |
| Net Income | -1.63M | -1.63M | -2.85M | -2.28M | -5.57M | 13.42M |
Balance Sheet | ||||||
| Total Assets | 37.64M | 37.64M | 33.93M | 26.73M | 19.32M | 18.98M |
| Cash, Cash Equivalents and Short-Term Investments | 83.12K | 83.12K | 1.32M | 520.04K | 4.63M | 1.68M |
| Total Debt | 0 | 0 | 58.69K | 108.65K | 0 | 0 |
| Total Liabilities | 10.00M | 10.00M | 8.67M | 2.13M | 273.95K | 360.74K |
| Stockholders Equity | 21.07M | 21.07M | 18.61M | 17.68M | 19.05M | 18.62M |
Cash Flow | ||||||
| Free Cash Flow | -1.09M | -1.09M | -1.85M | -4.38M | -2.40M | -965.54K |
| Operating Cash Flow | -1.09M | -1.09M | -1.85M | -1.83M | -1.44M | -965.54K |
| Investing Cash Flow | -2.09M | -2.09M | -5.00M | -2.33M | -1.00M | 208.51K |
| Financing Cash Flow | 1.94M | 1.94M | 7.65M | 57.73K | 5.39M | 1.25M |
Mindax Limited Technical Analysis
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:MDX, the sentiment is Positive. The current price of 0.04 is above the 20-day moving average (MA) of 0.04, above the 50-day MA of 0.04, and above the 200-day MA of 0.03, indicating a bullish trend. The MACD of 0.00 indicates Negative momentum. The RSI at 54.30 is Neutral, neither overbought nor oversold. The STOCH value of 76.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:MDX.
Mindax Limited Peers Comparison
Overall Rating
AU:AWJ76.7Outperform- AU:MDX49Neutral
AU:ODY41Neutral
AU:WCN40Underperform
AU:AAM38Underperform
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| AU:AWJ | 77Outperform | AUD 46.03M | 1.83 | 62.41% | ― | 924.01% | 813.19% |
| Sector * | 61Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
| AU:MDX | 49Neutral | AUD 95.76M | -133.33 | -7.64% | ― | ― | 46.15% |
| AU:ODY | 41Neutral | AUD 35.32M | -3.94 | -70.12% | ― | ― | -153.85% |
| AU:WCN | 40Underperform | AUD 93.97M | -3.15 | -330.39% | ― | 2800.61% | 1.08% |
| AU:AAM | 38Underperform | AUD 43.67M | -1.51 | -123.99% | ― | ― | -226.98% |
* Basic Materials Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| AU:MDX | Mindax Limited | 0.04 | -0.01 | -13.04% | |
| AU:WCN | White Cliff Minerals Limited | 0.46 | 0.11 | 29.94% | |
| AU:ODY | Odyssey Gold Limited | 0.03 | -0.00 | -13.33% | |
| AU:AAM | Matador Mining Ltd | 0.03 | -0.01 | -16.67% | |
| AU:AWJ | Auric Mining Ltd. | 0.23 | -0.05 | -16.07% |
Mindax Limited Corporate Events
Mindax Reshapes Board and Bolsters Funding for Next Growth Phase
Mindax Limited overhauled its board during the September 2026 quarter, appointing several new non-executive directors and a new chair to better align governance with major shareholders and guide the next phase of growth. The company also relocated it...
Mindax bolsters cash reserves despite operating outflows
Mindax Limited reported a quarterly cash outflow from operating activities of A$1.051 million, driven mainly by staff, administration and corporate costs, underscoring its status as a non‑revenue generating explorer. The company remains focused...
Mindax Files Updated Corporate Governance Statement with ASX
Mindax Limited has confirmed that its corporate governance statement for the year ended 30 June 2026 is current as of 28 October 2026 and has been approved by the board. The statement is available both attached to the ASX Appendix 4G filing and via t...
Mindax Releases 2026 Annual Report and Confirms Corporate Structure
Mindax Limited has released its annual report for the year ended 30 June 2026, providing shareholders with updated corporate and financial disclosures. The report confirms the company’s current governance structure, including a board composed e...
Mindax Sets China-Based AGM and Pushes Digital Shareholder Communications
Mindax Limited has called its annual general meeting for 28 November 2026, to be held as a physical-only gathering in Xiamen, China, with shareholders required to attend in person to vote or otherwise appoint a proxy. The company has underscored the...
Mindax Appoints Chengze Yu as Director, Reveals Major Family Shareholding
Mindax Limited has appointed Chengze Yu as a director, effective 22 October 2026, and disclosed his substantial interests in the company’s fully paid ordinary shares. The filing outlines that Yu directly holds 20,956,803 shares, while additiona...
Mindax appoints three new non-executive directors and names new chair
Mindax Limited has strengthened its board by appointing three new non-executive directors, Ying Yang, Bolin Lan and Chengze Yu, effective 22 October 2026, with Yang also taking on the role of non-executive chair. The new directors bring extensive exp...
Mindax Adds ASX Shareholder Approval Condition to A$3.25m Convertible Note
Mindax Limited has amended its A$3.25 million convertible note deed with L&Y Investment Holdings to add a new condition precedent tied to ASX Listing Rule 10.11 shareholder approval, or confirmation that such approval is unnecessary, or a waiver...
Mindax Sets AGM Date and Opens Director Nomination Window
Mindax Limited has scheduled its annual general meeting for Saturday, 28 November 2026, in line with ASX Listing Rule 3.13.1 and its constitutional requirements. A key item of business will be the re-election and appointment of directors, underscorin...
Mindax Converts Note to Equity and Clears Path for Secondary Trading
Mindax Limited has converted an unsecured convertible note previously announced to the market into equity, issuing 19,891,241 fully paid ordinary shares to investor Chengze Yu at a conversion price of $0.033 per share. The move adjusts the company...
Mindax Seeks ASX Quotation for Nearly 20 Million New Shares
Mindax Limited has applied for the quotation of 19,891,241 ordinary fully paid shares on the Australian Securities Exchange, with an issue date of October 7, 2026. The new securities, linked to previously announced transactions, expand the company...
Mindax Releases Annual Financial Report for FY2026
Mindax Limited is an Australian company listed on the ASX under the ticker MDX. The group is headquartered in West Perth, Western Australia, and maintains its registered and principal offices there, with corporate administration overseen by a nonR...
Mindax plans major share placement to raise fresh equity capital
Mindax Limited has notified the ASX of a proposed issue of up to 114,755,085 new fully paid ordinary shares, to be undertaken as a placement or similar capital-raising transaction. The securities are intended to be quoted on the ASX, reflecting the c...
Mindax seeks ASX quotation for 10.8 million new shares
Mindax Limited has applied for the quotation of 10,780,423 ordinary fully paid shares on the ASX, with the securities to be issued and quoted effective 22 September 2026. The issuance forms part of previously announced transactions and will expand th...
Mindax Plans New Share Placement of 10.8 Million MDX Shares
Mindax Limited has lodged a new Appendix 3B with the ASX outlining a proposed placement or other type of securities issue. The company plans to issue up to 10,780,423 ordinary fully paid shares, with the issue scheduled to occur on 22 September 2026....
Mindax relocates principal place of business within West Perth
Mindax Limited has announced a relocation of its principal place of business within West Perth, shifting its main office operations to Ground Floor, 41 Colin Street, effective 21 September 2026. The move consolidates the company’s presence in t...
Mindax Raises A$3.9m via FIRB-Conditional Convertible Note to Fund WA Exploration
Mindax Limited has secured an additional A$3.25 million through a binding unsecured convertible note with Singapore-based L&Y Investment Holdings, taking its total recent convertible note funding to A$3.9 million. The note carries 10% annual inte...
Mindax secures A$650,000 convertible note to fund WA exploration
Mindax Limited has secured A$650,000 in funding via an unsecured convertible note from investor Chengze Yu, carrying 10% annual interest, a 12‑month term and a fixed conversion price of A$0.033 per share. The note is issued under the company...
Mindax Adds Three Directors and Files Initial Interest Notices with ASX
Mindax Limited has appointed three new directors, Guishi Wang, Yibo Qiu and Teng Zhang, effective 21 August 2026, as part of changes to its board composition. The company has lodged Initial Director’s Interest Notices with the ASX, confirming t...
Mindax refreshes board with new chair and non-executive directors
Mindax Limited has undertaken a planned renewal of its board, announcing the resignation of directors Benjamin Chow, Qinglong Zeng and Biaozhun Zhu effective 21 August 2026. The departing directors are acknowledged for their long-standing contributio...
Mindax Reviews Board Change Request from 9.94% Shareholder Group
Mindax Limited has disclosed that it received correspondence from a group of shareholders seeking changes to the company’s Board of Directors. The group collectively holds a relevant interest of about 9.94% of Mindax’s issued capital, ind...
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.
Date of analysis: Oct 01, 2026