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2026-11-06
◂ Monitor IMD ASX

IMDEX LIMITED

Producer · Others · AU · US · NO · LU Rating locked: sign in to view v8 · imd-20261024t141024-full
Last 2026-11-06
A$3.2
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$1.7B
EV
A$1.9B
Cash
A$40.8M
Debt
A$239.5M
4 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$40.8M Self Funding
Debt A$239.5M Net cash A$-198.8M
Basic shares 520.3M 2026-10-12
Runway Self Funding Continuing operating business with positive reported operating cash flow; explorer burn runway is not meaningful.

Liquidity

Financial position

At 30 June 2026 reported cash A$40.770m, book borrowings A$239.527m, lease liabilities A$44.944m and undrawn facilities A$104.8m. Floating-rate facilities mature 11 June 2029. Subsequent cash and working capital are not reported at the evidence cutoff.

Inventory composition3

A$67.269m of tool/product/consumable inventory is operating working capital, not saleable metal inventory. No excess inventory value is added to the DCF.

Raw materials for tools and drilling products
A$4.1M carrying
Technology products work in progress
A$2.4M carrying
Finished equipment and consumable products
A$60.8M carrying

Capital structure

Ownership and dilution

Ordinary shares
520.3M
Fully diluted
528.7M

June30 ordinary511,841,821 plus5,718,418 converted19Aug plus2,722,621 converted20Aug equals520,282,860. October12 rights8,432,521 reflect September grants and October lapse. FD528,715,381 assumes all current rights vest; weighted diluted EPS denominator537,746,623 is a period average and not current capitalization.

Security classes2
ClassTypeQuantityStrikeExpiry
Ordinary fully paid sharesOrdinary Share520.3M——
Outstanding performance rights, full one-for-one dilution assumed; mixed performance and employment conditionsPerformance Right8.4MA$0—

KPI history

Operating metrics

Comparable series use a shared scale

Company normalized EBITDA after central costs and R&D · IMDEX consolidated mining technology and services · Year

AUD

2 periods
  1. FY25126,391,000 AUD
    Reported
  2. FY26162,630,000 AUD
    Reported

Consolidated revenue · IMDEX consolidated mining technology and services · Year

AUD

2 periods
  1. FY25431,395,000 AUD
    Reported
  2. FY26520,086,000 AUD
    Reported

Operating cash flow less PPE and intangible capex, before financing cash costs · IMDEX consolidated mining technology and services · Year

AUD

2 periods
  1. FY2566,107,000 AUD
    Source Derived
  2. FY2656,673,000 AUD
    Source Derived

Operating cash flow less capital investment and lease cash, before bank interest and rights settlement · IMDEX consolidated mining technology and services · Year

AUD

2 periods
  1. FY2555,201,000 AUD
    Source Derived
  2. FY2644,856,000 AUD
    Source Derived

Platform-enabled hardware, software and advisory · IMDEX consolidated mining technology and services · Year

AUD

2 periods
  1. FY25185,083,000 AUD
    Reported
  2. FY26246,323,000 AUD
    Reported

Reported operating cash flow before financing cash costs · IMDEX consolidated mining technology and services · Year

AUD

2 periods
  1. FY25123,503,000 AUD
    Reported
  2. FY26126,007,000 AUD
    Reported
Operating metric source table12
MetricProjectPeriodPeriod typeValueStatus
Consolidated revenueImd Mining TechnologyFY25Year431,395,000 AUDReported
Company normalized EBITDA after central costs and R&DImd Mining TechnologyFY25Year126,391,000 AUDReported
Reported operating cash flow before financing cash costsImd Mining TechnologyFY25Year123,503,000 AUDReported
Operating cash flow less PPE and intangible capex, before financing cash costsImd Mining TechnologyFY25Year66,107,000 AUDSource Derived
Consolidated revenueImd Mining TechnologyFY26Year520,086,000 AUDReported
Company normalized EBITDA after central costs and R&DImd Mining TechnologyFY26Year162,630,000 AUDReported
Reported operating cash flow before financing cash costsImd Mining TechnologyFY26Year126,007,000 AUDReported
Operating cash flow less PPE and intangible capex, before financing cash costsImd Mining TechnologyFY26Year56,673,000 AUDSource Derived
Platform-enabled hardware, software and advisoryImd Mining TechnologyFY25Year185,083,000 AUDReported
Platform-enabled hardware, software and advisoryImd Mining TechnologyFY26Year246,323,000 AUDReported
Operating cash flow less capital investment and lease cash, before bank interest and rights settlementImd Mining TechnologyFY25Year55,201,000 AUDSource Derived
Operating cash flow less capital investment and lease cash, before bank interest and rights settlementImd Mining TechnologyFY26Year44,856,000 AUDSource Derived
Company guidance2
MetricProjectPeriodLowHighStatus
Capital Expenditure Intensity Frameworkimd-mining-technologycapital-light business framework, not specific numeric FY27 earnings guidance1015 % of revenueCurrent
R&D Investment Targetimd-mining-technologyframework from1July20261010 % of revenueCurrent

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-10-01Ann. 2026-08-17DividendA$9.1M——Announced—
2026-08-17DebtA$350M——Ongoing—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-10-13

Primary annual notes 4.10 and 5.2, subsidiary table and half-year note 7 establish current acquisition and employee terms. No financial derivatives operated at 30 June 2026.

Legal ESA holding 80.5%; put/call captures remaining 19.5% risks and rewards. The original-share-price obligation is recognized at A$6.886m; employment-dependent upside is remuneration.

Other · Active
Counterparties
ESA remaining shareholders
Applies to
IMDEX consolidated mining technology and services · Others
Economic direction
Mixed
Period
From 2025-08-27; no end date stated
Key terms
Legal holding: 80.5 %
Recognized deferred base purchase liability: 6,886,000 AUD
Remaining shares acquisition window: after four years term
How it affects our valuation

No valuation treatment is available for this arrangement.

ALT/MSI are wholly owned. Deferred consideration is A$9.488m at 30 June 2026. Original terms cap trial and incremental-revenue earnouts together at EUR20m; incremental-revenue participation is 20% above undisclosed agreed targets.

Other · Active
Counterparties
ALT selling shareholders
Applies to
IMDEX consolidated mining technology and services · Others
Economic direction
Burden
Period
From 2026-02-12; no end date stated
Key terms
Recognized deferred liability: 9,488,000 AUD
Native maximum conditional payment: 20,000,000 EUR
Incremental-revenue participation above agreed thresholds: 20 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Prototype XRF technology acquired as an asset; A$3.144m recognized deferred consideration includes a trailing fee of 5% on technology-derived revenue. Commercialization is still progressing.

Other · Active
Counterparties
J&C Bachman GmbH
Applies to
IMDEX consolidated mining technology and services · Others
Economic direction
Burden
Period
From 2026-04-13; no end date stated
Key terms
Recognized deferred liability: 3,144,000 AUD
Trailing technology revenue fee: 5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

A$4.2m employment-conditioned payment over three tranches; FY26 employee expense A$1.0m. This is remuneration rather than business-combination consideration. Unpaid amount at cutoff is not separately disclosed.

Other · Active
Counterparties
Solve Datarock selling shareholders
Applies to
IMDEX consolidated mining technology and services · Others
Economic direction
Burden
Period
From 2026-02-02; no end date stated
Key terms
Total contingent employee payment: 4,200,000 AUD
FY26 employee expense: 1,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Performance bonus for ALT key management is capped at A$2.4m and requires agreed milestones; payment timing and accrued unpaid balance are not separately disclosed.

Other · Active
Counterparties
ALT Group key management
Applies to
IMDEX consolidated mining technology and services · Others
Economic direction
Burden
Period
From 2026-02-12; no end date stated
Key terms
Maximum performance bonus: 2,400,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Employment-dependent put/call upside is employee remuneration over four years; half-year expense A$0.6m is reported, but the payment ceiling is not disclosed.

Other · Active
Counterparties
ESA founding employee shareholders
Applies to
IMDEX consolidated mining technology and services · Others
Economic direction
Burden
Period
From 2025-08-27; no end date stated
Key terms
Latest disclosed half-year employee expense: 600,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.