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Mindax Limited
(Sydney:MDX)
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Rating:49Neutral
Price Target:
AU$0.04
▼(-12.50% Downside)
Action:Reiterated
Date:10/01/26
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.
Positive Factors
Negligible Debt
A negligible debt burden reduces interest expense and refinancing exposure, giving Mindax greater flexibility while it advances exploration projects. The low leverage also provides more resilience during periods when projects do not yet generate operating revenue or cash flow.
Negative Factors
Minimal Revenue and Persistent Losses
Limited revenue and recurring operating losses show that Mindax has not yet established a consistently self-sustaining earnings base. This early-stage profile makes results dependent on exploration outcomes and leaves profitability vulnerable to continued project costs.
Read all positive and negative factors
Positive Factors
Negative Factors
Negligible Debt
A negligible debt burden reduces interest expense and refinancing exposure, giving Mindax greater flexibility while it advances exploration projects. The low leverage also provides more resilience during periods when projects do not yet generate operating revenue or cash flow.
Read all positive factors
Mindax Limited (MDX) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$83.09M
Dividend YieldN/A
Average Volume (3M)188.61K
Price to Earnings (P/E)―
Beta (1Y)0.36
Revenue GrowthN/A
EPS Growth46.15%
CountryAU
EmployeesN/A
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)<0.01
Shares Outstanding2,373,999,000
10 Day Avg. Volume38,722
30 Day Avg. Volume188,609
Financial Highlights & Ratios
PEG Ratio0.27
Price to Book (P/B)2.12
Price to Sales (P/S)0.00
P/FCF Ratio-41.04
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
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 Meeka...
How the Company Makes Money
Mindax Limited’s earnings are generally expected to be tied to the outcomes of mineral exploration and project development activities, typically through monetising exploration assets (for example, via project sales, farm-outs/joint ventures, or de...
Mindax Limited Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
66
Positive
Cash Flow
22
Negative
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 2.99K | 0.00 | 59.96K |
| Gross Profit | -62.42K | -67.70K | 2.99K | -11.46K | 59.96K |
| EBITDA | -2.48M | -2.55M | -2.54M | -1.91M | -1.08M |
| Net Income | -1.63M | -2.85M | -2.28M | -5.57M | 13.42M |
Balance Sheet | |||||
| Total Assets | 37.64M | 33.93M | 26.73M | 19.32M | 18.98M |
| Cash, Cash Equivalents and Short-Term Investments | 83.12K | 1.32M | 520.04K | 4.63M | 1.68M |
| Total Debt | 0.00 | 58.69K | 108.65K | 0.00 | 0.00 |
| Total Liabilities | 10.00M | 8.67M | 2.13M | 273.95K | 360.74K |
| Stockholders Equity | 21.07M | 18.61M | 17.68M | 19.05M | 18.62M |
Cash Flow | |||||
| Free Cash Flow | -1.09M | -1.85M | -4.38M | -2.40M | -965.54K |
| Operating Cash Flow | -1.09M | -1.85M | -1.83M | -1.44M | -965.54K |
| Investing Cash Flow | -2.09M | -5.00M | -2.33M | -1.00M | 208.51K |
| Financing Cash Flow | 1.94M | 7.65M | 57.73K | 5.39M | 1.25M |
Mindax Limited Technical Analysis
Positive
0.04
Price Trends
0.04
Positive
0.03
Positive
0.03
Positive
Market Momentum
<0.01
Positive
59.44
Neutral
100.00
Negative
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 <0.01 indicates Positive momentum. The RSI at 59.44 is Neutral, neither overbought nor oversold. The STOCH value of 100.00 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:MDX.
Mindax Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | AU$42.28M | 1.67 | 62.41% | ― | 924.01% | 813.19% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
50 Neutral | AU$87.64M | -2.60 | -330.39% | ― | 2800.61% | 1.35% | |
49 Neutral | AU$83.09M | -50.67 | -7.64% | ― | ― | 46.15% | |
49 Neutral | AU$49.45M | -4.85 | -70.12% | 153.53% | ― | -153.85% | |
48 Neutral | AU$46.59M | -1.83 | -64.47% | ― | ― | -168.12% |
* Basic Materials Sector Average
AU:MDX
Mindax Limited
0.04
-0.02
-33.96%
AU:WCN
White Cliff Minerals Limited
0.03
<0.01
44.44%
AU:ODY
Odyssey Gold Limited
0.03
-0.01
-23.81%
AU:AAM
Matador Mining Ltd
0.03
>-0.01
-11.11%
AU:AWJ
Auric Mining Ltd.
0.22
-0.02
-10.42%
Mindax Limited Corporate Events
Mindax Releases Annual Financial Report for FY2026
Sep 30, 2026
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 non&...
Mindax plans major share placement to raise fresh equity capital
Sep 22, 2026
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 th...
Mindax seeks ASX quotation for 10.8 million new shares
Sep 22, 2026
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...
Mindax Plans New Share Placement of 10.8 Million MDX Shares
Sep 21, 2026
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 20...
Mindax relocates principal place of business within West Perth
Sep 18, 2026
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 i...
Mindax Raises A$3.9m via FIRB-Conditional Convertible Note to Fund WA Exploration
Sep 6, 2026
Mindax Limited has secured an additional A$3.25 million through a binding unsecured convertible note with Singapore-based LY Investment Holdings, taking its total recent convertible note funding to A$3.9 million. The note carries 10% annual intere...
Mindax secures A$650,000 convertible note to fund WA exploration
Aug 31, 2026
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
Aug 25, 2026
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, confirmin...
Mindax refreshes board with new chair and non-executive directors
Aug 21, 2026
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 contribu...
Mindax Reviews Board Change Request from 9.94% Shareholder Group
Aug 14, 2026
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, ...
Mindax advances Mid-West iron hub strategy and gold exploration in June quarter
Jul 29, 2026
Mindax Limited’s June 2026 quarter was marked by steady advancement of its Mid-West Shared Infrastructure Project, aimed at enabling transport of magnetite ore from mine to port, as it deepened engagement with potential stakeholders and part...
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.