Persistent Losses & Deep Negative FCFA net loss of ~A$3.48m and free cash flow around ~-A$6.83m in FY2025 show ongoing cash consumption. Persistent negative profitability and deep negative FCF erode equity, increase funding needs, and can delay project milestones or force dilutive financing if sustained.
Minimal And Inconsistent RevenueRevenue is minimal and erratic—zero in multiple years and only ~A$222k in FY2025—so the company lacks internal cash generation to fund exploration or scale. Weak revenue prolongs reliance on external capital and makes it harder to evidence commercial viability to partners or financiers.
Reliance On Capital Raising / Dilution RiskThe company primarily funds activities via capital raises and lacks confirmed recurring commercial revenue. Ongoing dependence on equity markets creates dilution risk, timing sensitivity to market conditions, and potential constraints on executing exploration and development plans if access to capital tightens.