Mindax Limited has released its quarterly cash flow report for the quarter ended 31 March 2025, detailing its financial position and key cash flow movements. The report shows that during the period, the company recorded a net cash outflow of A$785,000 from operating activities. Despite this, firm level administration and staff costs were modest components of these outflows, while the entity benefited modestly from interest receipts of up to A$16,000 and government grants amounting to A$874,000 in the nine‐month period, partially offsetting these operating deficits. Investing activities continued to exert significant pressure on available cash, with outflows of A$2,562,000 largely related to payments for exploration and evaluation and investment acquisitions. In contrast, financing operations provided a strong positive contribution during the quarter. Mindax Limited raised A$7,750,000 by issuing 237,204,767 fully paid ordinary shares and secured an additional A$950,000 through borrowings, resulting in a net cash inflow from financing activities of A$8,683,000. These financing gains helped boost the company’s cash position, increasing its ending cash and cash equivalents to A$5,944,000 from a beginning balance of A$608,000. The company’s liquidity position appears strengthened by the financing activities, with current cash resources supporting roughly 5.8 quarters of estimated operating and exploration expenditures, which cumulatively amount to spendings of A$1,029,000 per quarter. However, the persistent operating and investing cash outflows highlight an underlying challenge, characteristic of entities in the mining exploration sector, where heavy upfront investments are common. Market sentiment on the developments may be mixed. On the bullish side, the substantial funds raised via equity issuance and borrowings have provided Mindax Limited with an improved cash buffer and the flexibility to advance its exploration initiatives. Conversely, the bearish view centers on the continuing negative operating cash flow and significant investing outlays, which raise questions about the sustainability of its cash burn rate if financing activities were to slow down. For beginner traders, understanding these technical indicators is essential to weigh the risk and potential inherent in a capital-intensive exploration company like Mindax Limited.