Pre-revenue OperationsCompany reports no revenue across provided annual periods, meaning operations remain pre-commercial. This structural absence of revenue forces reliance on capital markets or partners, increasing dilution and execution risk until a viable resource is proven and developed.
Widening Net LossesNet loss widened sharply to ~-18.9M in 2025 from ~-6.3M in 2024, signalling higher costs or one-offs. Persistent and increasing losses erode equity, pressure cash reserves, and limit ability to reinvest, raising financing and sustainability concerns over the medium term.
Consistent Cash BurnOperating cash flow and free cash flow are negative each year; FCF was very negative in 2023–24 and remains a drain despite 2025 improvement. Continued cash burn implies ongoing financing needs, dilution risk, and potential slowdown of exploration if capital markets tighten.