Ragnar Metals Limited

RAG.AX

Other Precious Metals · Basic Materials

Price

A$0.02

+0.00 (+0.00%)

Market Cap

A$9.8M

Exchange

Australian Securities Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 9, 2026 · filings through Dec 31, 2025

Share count rising — dilution

+345.8% over 4y

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

Diluted shares outstanding: 98.1M (2021) → 437.1M (2025)

Ragnar Metals Limited is dedicated to the discovery and assessment of mineral resources, with a focus on precious metals like gold and silver, alongside industrial metals including nickel, copper, and other base metals. The company boasts full ownership (100% interest) of the Tullsta Nickel prospect and the Gaddebo Nickel project, both strategically situated in Sweden's Bergslagen district. Furthermore, Ragnar Metals holds a 100% stake in the Kenya Gold project and also controls the Leeds Gold project. This Australian-based firm, headquartered in West Perth, was established in 2004.

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

-88.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

>+1,000% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (3%)

Research and development spending

Cash Runway

~5 years

$13M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

$13M cash & investments at current burn rate

Revenue declining

Ragnar Metals Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

0.0%

Thin — 0.0% gross margin

Operating Margin

-667.7%

Losing money on operations — -667.7%

ROCE

-2.2%

Weak — -2.2% return on capital

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

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Growth

Sales YoY

+27.4%

Fast-growing sales (+27.4% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

-28%

Weak — only -28% of profit becomes cash

FCF Margin

-220.7%

Burning cash (-220.7%)

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

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

2.0x

Attractive valuation — P/E 2.0

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

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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