MC Mining Limited

MCM.AX

Coal · Energy

Exchange

Australian Securities Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Winston Score History

The full picture

MC Mining Limited is a small coal mining company based in South Africa. It is focused on developing and producing coking coal, which is a type of coal used to make steel — not the kind burned for electricity. Its main project is the Makhado hard coking coal project in the Limpopo province of South Africa, and its target customers are steel producers, primarily in regional and global markets.

The company makes money by selling coal, but it is still in an early development stage, which explains why its costs far exceed its revenues right now. It operates entirely in South Africa and has a market cap of around $300 million Australian dollars, making it a small, high-risk mining company. The biggest challenge MC Mining faces is securing the financing and approvals needed to bring Makhado into full production — until that happens, the company continues to burn cash with no clear timeline for profitability.

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

-20.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-157.4% YoY

YoY Growth Rate

Earnings declining

Insider Activity

94.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~2 months

A$11M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

MC Mining 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

-70.1%

Thin — -70.1% gross margin

Profit after running costs

Operating Margin

-136.8%

Losing money on operations — -136.8%

Return on the money invested

ROCE

-33.0%

Weak — -33.0% 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

-20.5%

Shrinking sales (-20.5% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-251.1%

Burning cash (-251.1%)

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

0.12

Conservative — low debt load (0.12)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

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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