Black Canyon Limited

BCA.AX

Industrial Materials · Basic Materials

Price

A$0.30

+0.00 (+0.00%)

Market Cap

A$40.0M

Exchange

Australian Securities Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Based on the IPO prospectus (annual filing). This score will refine automatically once the company reports its first quarters.

Data as of Jul 25, 2026 · filings through Dec 31, 2025

Share count rising — dilution

+152.5% over 4y

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

Diluted shares outstanding: 39.7M (2021) → 100.3M (2025)

Black Canyon Limited is a small Australian mining exploration company focused on finding and developing mineral deposits. Its main focus has been on manganese, a metal used in steel production and increasingly in batteries for electric vehicles. The company operates exploration projects in Western Australia, targeting resources that could one day be sold to industrial and battery manufacturers.

Black Canyon does not yet produce or sell minerals at commercial scale, so it earns little to no revenue. Its high gross margin reflects minimal cost of goods, but its deeply negative operating margin shows it is spending far more on exploration and administration than it brings in — a typical profile for an early-stage explorer. The company is funded primarily through equity raises rather than operating cash flow. The key growth driver is successfully proving up a viable mineral resource and attracting a development partner or buyer, while the main risk is running out of cash before reaching that milestone.

Winston Score History

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

-55.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+131.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Insider Activity

9.9%ownership

Insiders own a meaningful stake in the company

Cash Runway

~8 months

$2M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Cash watch

Black Canyon 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

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Operating Margin

-315.9%

Losing money on operations — -315.9%

ROCE

-8.7%

Weak — -8.7% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-46.7%

Shrinking sales (-46.7% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

N/A

Data not available

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Cash Flow

Cash Conversion

-226%

Weak — only -226% of profit becomes cash

FCF Margin

-702.2%

Burning cash (-702.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.00

Conservative — low debt load (0.00)

Interest Cover

N/A

—

Data not available

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Valuation

P/E Ratio (TTM)

78.9x

Expensive — P/E 78.9

P/E over 35. The market is pricing in heavy, sustained growth.

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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