Rand Mining Limited

RND.AX

Gold · Basic Materials

Price

A$2.30

+0.00 (+0.00%)

Market Cap

A$130.8M

Exchange

Australian Securities Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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

How the score breaks down

Quality

Exceptional

Growth

Mixed

Cash Flow

Strong

Stability

Good

Valuation

Good

Dividends

Good

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Share count falling — buybacks

−4.5% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 59.6M (2021) → 56.9M (2025)

Winston Score History

The full picture

Rand Mining Limited is a small Australian gold mining company. It produces gold from underground mines in Western Australia, selling the metal to refiners and bullion dealers. The company is best known for its stake in the New Celebration gold mine, located in the Kalgoorlie region, one of Australia's most historically productive gold belts.

Rand Mining earns revenue by selling gold it extracts from its mining operations, with no subscription or licensing model — it simply mines and sells a commodity. The company operates entirely within Western Australia and, with a market cap of around $100 million, is considered a micro-cap miner. Its relatively high operating margin suggests low-cost production, which is a key competitive advantage in a commodity business. The main risk the company faces is its dependence on gold prices, which it cannot control, along with the natural depletion of ore reserves over time.

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

+14.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+556.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

A$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

83.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~10 months

A$4M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

Rand 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

62.6%

Premium pricing power — 62.6% gross margin

Profit after running costs

Operating Margin

55.8%

Excellent — 55.8% operating margin

Return on the money invested

ROCE

24.5%

Exceptional — 24.5% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+6.8%

Slow sales growth (+6.8% YoY)

Profit growth

EPS YoY

+74.6%

Earnings growing fast (+74.6% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

114%

Turns 114% of profit into real cash

Spare cash per sale

FCF Margin

11.6%

Modest free cash flow (11.6%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

1282.74x

Comfortably covers interest (1282.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

8.6x

Attractive valuation — P/E 8.6

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

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

4.44%

Healthy income — 4.44% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

-74.2%

Dividend cut (-74.2% YoY) — warning sign

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