Red Metal Limited

RDM.AX

Industrial Materials · Basic Materials

Exchange

Australian Securities Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak 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

Good

Valuation

Good

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Winston Score History

The full picture

Red Metal Limited is a small Australian mining exploration company. It searches for copper and gold deposits, mainly in Queensland, Australia. The company does not yet produce or sell any metals — it is in the early stage of finding and testing mineral resources in the ground.

Red Metal makes no revenue right now. It funds its work by raising money from investors and spending it on drilling and geological surveys. The company operates entirely in Australia and is very small, with a market value of around $100 million. Early-stage explorers like Red Metal have no real competitive moat — their value depends almost entirely on whether they find a significant deposit worth developing. The main risk is that exploration is expensive, uncertain, and can take many years, meaning the company may need to keep raising fresh capital before it ever generates any income.

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

+20.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+61.3% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

29.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~9 months

A$8M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Red Metal 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

N/A

Data not available

Profit after running costs

Operating Margin

N/A

Data not available

Return on the money invested

ROCE

-7.6%

Weak — -7.6% 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

+17.5%

Fast-growing sales (+17.5% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

-39%

Weak — only -39% of profit becomes cash

Spare cash per sale

FCF Margin

-415.9%

Burning cash (-415.9%)

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)

2.6x

no trend

Attractive valuation — P/E 2.6

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

Not applicable for this business.

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