Deep Value: cash covers about 93% of the stock price

This company holds roughly $48M in cash and investments — about 93% of its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

CZR Resources

CZR.AX

Other Precious Metals · Basic Materials

Exchange

Australian Securities Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Exceptional

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Good

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Winston Score History

The full picture

CZR Resources Ltd is a small Australian mining company focused on iron ore. It owns and develops iron ore projects in the Pilbara region of Western Australia, one of the world's most important iron ore producing areas. The company is in an early stage, meaning it is still working to build its projects rather than selling large amounts of product yet.

CZR makes money by advancing its mineral assets, which explains the unusual financial margins — they largely reflect asset-related income rather than full-scale production revenue. The company operates entirely in Australia and, with a market cap of around $100 million, is considered a micro-cap explorer and developer. Its main competitive advantage is the location of its Robe Mesa project in an established iron ore corridor with existing infrastructure nearby, but the key risk is that it must secure financing and approvals to reach commercial production, which is never guaranteed for small mining developers.

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

93.8%

Excellent — 93.8% operating margin

Return on the money invested

ROCE

85.9%

Exceptional — 85.9% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

N/A

Data not available

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

-8%

Weak — only -8% of profit becomes cash

Spare cash per sale

FCF Margin

-6.4%

Burning cash (-6.4%)

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

N/A

Data not available

Covers its interest

Interest Cover

230.33x

Comfortably covers interest (230.3x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

0.9x

no trend

Attractive valuation — P/E 0.9

P/E under 10. The price tag is small relative to last year's profit.

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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