Persistent LossesConsistent net losses (~2.56m in FY2025) and negative operating cash flow indicate the company is not yet self-sustaining. Over a 2-6 month horizon this structural deficit requires external financing or significant operational improvement, raising execution risk and capital dependency.
Minimal Revenue BaseRevenue is still immaterial after years at zero, reflecting an exploration/development profile rather than a producer. This limited top-line base means margins and cash generation remain unproven and long-term viability depends on successful project advancement or new revenue sources.
Equity Erosion And Funding RiskMaterial decline in shareholders' equity signals operating losses have eaten capital, heightening the likelihood of future equity raises. That persistent erosion raises dilution risk and constrains balance-sheet flexibility, making long-term project funding and execution more uncertain.