Kingston Resources Limited

KSN.AX

Gold · Basic Materials

Price

A$0.04

-0.00 (-2.78%)

Market Cap

A$42.5M

Exchange

Australian Securities Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Weak

Growth

Good

Cash Flow

Weak

Stability

Strong

Valuation

Strong

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Share count rising — dilution

+196.1% over 4y

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

Diluted shares outstanding: 258.1M (2021) → 764.3M (2025)

Winston Score History

The full picture

Kingston Resources Limited is a small Australian mining company focused on gold exploration and development. Its main asset is the Misima Gold Project, located on Misima Island in Papua New Guinea — a large historic mine that previously produced over 3.7 million ounces of gold before closing in 2004. The company is working to restart and develop that project, targeting gold producers and commodity markets as its end customers.

Kingston earns revenue primarily through gold sales, though it is still in a development-stage phase for its flagship project. It operates mainly in Papua New Guinea, with corporate functions based in Australia, and has a market cap of around $100 million, making it a micro-cap miner. The key growth driver is successfully advancing Misima toward construction and production, but the main risks include permitting challenges, capital funding requirements, and the inherent difficulty of developing a remote island mine in a politically complex jurisdiction.

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

+114.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+101.6% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

A$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

61.9%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Runway

~7 months

A$6M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Revenue accelerating

Kingston Resources Limited grew revenue 115% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

4.0%

Thin — 4.0% gross margin

Profit after running costs

Operating Margin

-1.7%

Losing money on operations — -1.7%

Return on the money invested

ROCE

5.0%

Weak — 5.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+128.7%

Fast-growing sales (+128.7% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

30%

Weak — only 30% of profit becomes cash

Spare cash per sale

FCF Margin

-23.3%

Burning cash (-23.3%)

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

0.02

Conservative — low debt load (0.02)

Covers its interest

Interest Cover

4.09x

Adequate interest coverage (4.1x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

0.8x

Attractive valuation — P/E 0.8

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

Cheaper or dearer next year

P/E vs Forward

+0.4

GROWING

Earnings roughly flat

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Dividends

Not applicable for this business.

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