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Altamin Limited

AZI.AX
19
Industrial Materials · Basic Materials
Price
A$0.03
+0.00 (+0.00%)
Market Cap
A$20.7M
Exchange
Australian Securities Exchange
Winston Score
19
Winston is worried
Weak fundamentals across most pillars.
Based on the IPO prospectus (annual filing). This score will refine automatically once the company reports its first quarters.
Data as of Sep 16, 2026 · filings through Dec 31, 2025

§How the score breaks down

Quality
Mixed
Growth
Weak
Cash Flow
Weak
Stability
Good
Valuation
Data not available

Share count rising — dilution

+86.2% over 4y

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

Diluted shares outstanding: 5.0M (2021) → 9.4M (2025)

§Winston Score History

The full picture

Altamin Limited is an Australian-listed mining exploration and development company focused on zinc and base metals projects in Europe. The company's flagship asset is the Gorno Zinc Project in northern Italy, which is a historic mining district with known zinc, lead, and silver mineralization. Altamin also holds other exploration licenses in Italy.

The company is pre-revenue, meaning it does not yet generate sales from mining operations. It funds its activities through capital raises on the Australian Securities Exchange, where it trades as a micro-cap stock. Altamin's potential advantage lies in its access to established mining infrastructure and proximity to European metal markets. The key challenge ahead is securing the permits, financing, and technical milestones needed to move Gorno from development into production, which carries significant execution and funding risk typical of junior mining companies.

Growth Profile

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

Revenue Growth

-100.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+99.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

A$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

30.6%ownership

Insiders own a meaningful stake in the company

Cash Runway

~5 months

A$4M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Cash watch

Altamin 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.

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Quality

Profit per sale
Gross Margin
100.0%
Premium pricing power — 100.0% gross margin
Profit after running costs
Operating Margin
-6454.4%
Losing money on operations — -6454.4%
Return on the money invested
ROCE
-348.4%
Weak — -348.4% 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
-49.0%
Shrinking sales (-49.0% 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
-4080.9%
Burning cash (-4080.9%)

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
0.00
Conservative — low debt load (0.00)
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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