Great Boulder Resources Limited

GBR.AX

Industrial Materials · Basic Materials

Price

A$0.09

+0.00 (+2.27%)

Market Cap

A$167.3M

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 Aug 23, 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

+231.0% over 4y

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

Diluted shares outstanding: 213.4M (2021) → 706.4M (2025)

Winston Score History

The full picture

Great Boulder Resources Limited is a small Australian mining exploration company. It searches for gold and other minerals, mainly in Western Australia. The company owns exploration tenements in the Pilbara and other regions of Western Australia, where it is working to find and define mineral deposits that could one day become producing mines.

The company does not yet generate meaningful revenue from selling minerals. Instead, it funds its work by raising money from investors and spending it on drilling and geological studies. With a market cap of around $100 million and deeply negative operating margins, it is in the early exploration stage — typical for junior miners. The main risk is that exploration is expensive and uncertain, and there is no guarantee that any of its projects will ever contain enough gold or minerals to be mined profitably.

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

-100.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-25.9% 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

7.6%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Runway

~4 years

A$14M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

A$14M cash & investments at current burn rate

Revenue declining

Great Boulder Resources Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

-1445.4%

Losing money on operations — -1445.4%

Return on the money invested

ROCE

-6.2%

Weak — -6.2% 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

+178.3%

Fast-growing sales (+178.3% 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

-4894.9%

Burning cash (-4894.9%)

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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