GCM Resources

GCM.L

Coal · Energy

Price

17.00 GBp

+4.55 (+36.55%)

Market Cap

63.7M GBp

Exchange

London Stock Exchange

Winston Score

–

No score yet — Winston is napping.

We couldn’t gather enough financial data to score this stock reliably.

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Share count rising — dilution

+143.0% over 4y

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

Diluted shares outstanding: 121.7M (2021) → 295.8M (2025)

Winston Score History

The full picture

GCM Resources Plc is a UK-listed mining development company focused on a large coal deposit in Bangladesh called the Phulbari Coal Project. The company has not yet built a mine — it holds the rights to develop this resource, which is estimated to contain hundreds of millions of tonnes of thermal coal used to generate electricity. Its main potential customer would be Bangladesh's energy sector, which faces chronic power shortages.

The company currently generates no revenue, meaning it spends money on project development and administration without any income coming in. This explains the negative returns and zero margins in its financials. GCM has been trying to advance the Phulbari project for over two decades, but it faces serious obstacles including local community opposition, government approvals, and environmental concerns. The key risk is that the project may never receive the permits needed to move forward, leaving the company in a prolonged pre-revenue state with ongoing cash burn.

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

Revenue data limited

EPS Growth

+40.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

£850,000/ year

Research and development spending

Insider Activity

0.1%ownership

Relatively low insider ownership

Cash Runway

~6 months

£706,000 cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Cash watch

GCM Resources 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

N/A

—

Data not available

Profit after running costs

Operating Margin

N/A

—

Data not available

Return on the money invested

ROCE

-2.8%

Weak — -2.8% 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

N/A

—

Data not available

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

N/A

—

Data not available

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Stability

What it owes vs what it owns

Debt / Equity

0.17

Conservative — low debt load (0.17)

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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