Polymetals Resources

POL.AX

Other Precious Metals · Basic Materials

Price

A$1.04

+0.07 (+6.67%)

Market Cap

A$262.6M

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

Mixed

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Share count rising — dilution

+141.5% over 4y

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

Diluted shares outstanding: 88.4M (2021) → 213.6M (2025)

Winston Score History

The full picture

Polymetals Resources is a small Australian mining company focused on exploring and developing gold and silver deposits. Its main asset is the Endeavour silver-gold mine in New South Wales, Australia, which it acquired and is working to bring back into production. The company sells precious metals to refiners and commodity markets, targeting investors and buyers who want exposure to gold and silver prices.

Polymetals makes money by eventually selling mined metal, but right now it is in the development stage and is spending more than it earns — which explains the deeply negative margins. It operates entirely in Australia and has a market cap of around $200 million, making it a small-cap exploration and development play. The biggest risk the company faces is the need to raise additional capital to fund mine development, since it is not yet generating positive cash flow and relies on equity markets to keep operations moving forward.

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

>+1,000% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-261.1% 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

38.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~3 months

A$30M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Revenue accelerating

Polymetals Resources grew revenue 27810% 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.

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Quality

Profit per sale

Gross Margin

-63.9%

Thin — -63.9% gross margin

Profit after running costs

Operating Margin

-78.5%

Losing money on operations — -78.5%

Return on the money invested

ROCE

-101.4%

Weak — -101.4% 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

>+1,000%

Fast-growing sales (>+1,000% 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

-177.0%

Burning cash (-177.0%)

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

1.09

Elevated debt (1.09)

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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