# Minerals 260 (MI6.AU)

Canonical: https://gigainvestors.com/s/MI6.AU

Analysis as of: 2026-10-16T07:43:00.770Z. Financial observations: FY2019–FY2026.

Listing currency: AUD. Reporting currency: AUD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: AUD 0.76 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- more than 2 net loss years

- Financial history: 8 years

- Years with a net loss: 7

Chart: Net income; fiscal year observations.

- FY2019: AUD -18K

- FY2020: AUD -309K

- FY2021: AUD -1K

- FY2022: AUD -89M

- FY2023: AUD -13M

- FY2024: AUD -7.7M

- FY2025: AUD -12M

- FY2026: AUD 83M

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -49.1%

- ROIC, second-lowest year: -300.6%

- Years with nonpositive capital: 3

- Capital spending / revenue: 63.3%

- ROIC including acquisitions, ten-year median: -1939.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2021: -0.0%

- FY2022: -300.6%

- FY2023: -65.8%

- FY2024: -1683.5%

- FY2025: -6.0%

- FY2026: -32.5%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD -47M

- Net income, five-year total: AUD -37M

Chart: Owner earnings · five years; fiscal year observations.

- FY2022: AUD -89M

- FY2023: AUD -13M

- FY2024: AUD -7.8M

- FY2025: AUD -12M

- FY2026: AUD 74M

### management: fail

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- Per-share earnings: -0.00 to -0.02 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 58.5%

- Diluted shares, 5-year annual growth: 58.5%

- Per-share value change: AUD -0.02

- Per-share value, starting three-year median: AUD -0.00

- Per-share value, ending three-year median: AUD -0.02

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 1.8%

- Buyback history: 2 years

- Debt-funded buybacks: Yes

- ROIC, last three-year median: -32.5%

Chart: Earnings per share; fiscal year observations.

- FY2019: AUD -0.00

- FY2020: AUD -0.00

- FY2021: AUD -0.00

- FY2022: AUD -0.54

- FY2023: AUD -0.06

- FY2024: AUD -0.03

- FY2025: AUD -0.02

- FY2026: AUD 0.04

### accounting: fail

- Sloan accruals exceed 10%

- earnings not backed by cash

- Sloan accruals: 29.1%

- Earnings backed by cash: No

- Operating cash / earnings: -0.62×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2021: 18.3%

- FY2022: -351.9%

- FY2023: -41.5%

- FY2024: -15.7%

- FY2025: -1.3%

- FY2026: 29.1%

## Holders

## Price story

Up 136% since Oct 2023 · sales -26.7%

Story as of 2026-10-16T10:00:12.569Z; price observation 2026-10-15.

### Sales · FY2023–2024

sales -26.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2021: AUD 0 

- FY2022: AUD 57K 

- FY2023: AUD 804K 

- FY2024: AUD 589K 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### Why customers stay

It lost 49.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:00.770Z); 8-year return on capital observations [[2021,-0.00003201692531293898],[2022,-3.006078052259937],[2023,-0.657676911441354],[2024,-16.835400457078293],[2025,-0.060136842201785376],[2026,-0.3249019352930741]]; median -0.49128942336721404. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 1 of 8 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:00.770Z); FY2026: growth capex 0; upkeep 10123000; owner earnings 73700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:00.770Z); Dividend observations: [[2019,0],[2020,0],[2021,0],[2022,0],[2023,30224.68],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 17.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MI6.AU SharesStats.PercentInsiders = 17.669999999999998 percentage points; cache date 2026-10-16.

### What the price says

The price is 4.6 times net assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:43:00.770Z); Closing price 0.755 AUD; reporting-to-trading FX 1; FY2026 net assets per share 0.16540940393752515; price multiple 4.564432142474573. FY2026 cash earnings/share 0.03348359303941069. Closing-price date 2026-10-15.

## Monthly share-price history (AUD per share)

- 2021-10: AUD 0.47 per share

- 2021-11: AUD 0.62 per share

- 2021-12: AUD 0.53 per share

- 2022-01: AUD 0.58 per share

- 2022-02: AUD 0.42 per share

- 2022-03: AUD 0.52 per share

- 2022-04: AUD 0.47 per share

- 2022-05: AUD 0.51 per share

- 2022-06: AUD 0.24 per share

- 2022-07: AUD 0.28 per share

- 2022-08: AUD 0.32 per share

- 2022-09: AUD 0.26 per share

- 2022-10: AUD 0.33 per share

- 2022-11: AUD 0.42 per share

- 2022-12: AUD 0.34 per share

- 2023-01: AUD 0.35 per share

- 2023-02: AUD 0.31 per share

- 2023-03: AUD 0.42 per share

- 2023-04: AUD 0.42 per share

- 2023-05: AUD 0.48 per share

- 2023-06: AUD 0.79 per share

- 2023-07: AUD 0.63 per share

- 2023-08: AUD 0.45 per share

- 2023-09: AUD 0.46 per share

- 2023-10: AUD 0.32 per share

- 2023-11: AUD 0.29 per share

- 2023-12: AUD 0.32 per share

- 2024-01: AUD 0.18 per share

- 2024-02: AUD 0.16 per share

- 2024-03: AUD 0.15 per share

- 2024-04: AUD 0.16 per share

- 2024-05: AUD 0.17 per share

- 2024-06: AUD 0.14 per share

- 2024-07: AUD 0.17 per share

- 2024-08: AUD 0.13 per share

- 2024-09: AUD 0.13 per share

- 2024-10: AUD 0.13 per share

- 2024-11: AUD 0.14 per share

- 2024-12: AUD 0.13 per share

- 2025-01: AUD 0.13 per share

- 2025-02: AUD 0.13 per share

- 2025-03: AUD 0.13 per share

- 2025-04: AUD 0.13 per share

- 2025-05: AUD 0.15 per share

- 2025-06: AUD 0.12 per share

- 2025-07: AUD 0.11 per share

- 2025-08: AUD 0.13 per share

- 2025-09: AUD 0.25 per share

- 2025-10: AUD 0.30 per share

- 2025-11: AUD 0.34 per share

- 2025-12: AUD 0.42 per share

- 2026-01: AUD 0.45 per share

- 2026-02: AUD 0.69 per share

- 2026-03: AUD 0.69 per share

- 2026-04: AUD 0.70 per share

- 2026-05: AUD 0.85 per share

- 2026-06: AUD 0.73 per share

- 2026-07: AUD 0.59 per share

- 2026-08: AUD 0.88 per share

- 2026-09: AUD 0.88 per share

- 2026-10: AUD 0.84 per share

## Annual estimated value (AUD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.