Alliance Nickel Limited

AXN.AX

Industrial Materials · Basic Materials

Price

A$0.03

-0.00 (-6.06%)

Market Cap

A$25.7M

Exchange

Australian Securities Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Based on the IPO prospectus (annual filing). This score will refine automatically once the company reports its first quarters.

Data as of Sep 2, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+31.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 552.7M (2021) → 725.8M (2025)

Winston Score History

The full picture

Alliance Nickel is an Australian mining exploration company focused on developing nickel and cobalt projects. Its flagship asset is the NiWest Nickel-Cobalt Project in Western Australia, which contains nickel laterite deposits. These metals are key ingredients in batteries used for electric vehicles and energy storage.

The company is pre-revenue, meaning it does not yet sell products or generate meaningful income. It funds operations primarily through equity raises from investors. Alliance Nickel is a small-cap explorer listed on the Australian Securities Exchange, competing with other junior miners for capital and development opportunities. Its potential growth depends on successfully advancing NiWest toward production and on strong demand for battery metals, but the main risks include commodity price swings, permitting hurdles, and the significant capital needed to build a mine.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

YoY Growth Rate

Revenue data limited

EPS Growth

-950.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

A$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

6.2%ownership

Insiders own a meaningful stake in the company

Cash Runway

~2 months

A$1M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Cash watch

Alliance Nickel Limited has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Profit after running costs

Operating Margin

-121.3%

Losing money on operations — -121.3%

Return on the money invested

ROCE

-3.0%

Weak — -3.0% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+20.7%

Fast-growing sales (+20.7% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

N/A

Data not available

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-368.6%

Burning cash (-368.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.11

Conservative — low debt load (0.11)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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