No Revenue In 2025Reported revenue collapsed to zero in 2025, eliminating any operating cash buffer and meaning the business cannot self-fund exploration from sales. Over multi-month horizons this forces dependence on external capital, raising dilution and execution risk if markets or financing access tighten.
Persistent Negative Cash FlowOperating and free cash flows have been negative across reporting periods, with a marked deterioration in 2025. This structural cash burn undermines sustainability of exploration programs without new funding, increases financing frequency and costs, and heightens vulnerability to funding gaps.
Eroding Shareholder EquityCumulative losses have driven equity down to roughly 1.9M, shrinking the balance-sheet cushion against adverse outcomes. Lower equity limits borrowing capacity, increases sensitivity to write-downs, and signals capital has not generated positive returns, constraining longer-term strategic options without recapitalisation.