Significant Cash BurnSustained negative operating and free cash flow of roughly A$6m in 2025 creates a persistent funding requirement. Over the next 2–6 months, this elevated cash burn increases the probability of equity raises or asset sell-downs, diluting holders or slowing project timelines.
Deep And Widening LossesVery large negative margins and a widening net loss reflect weak operating leverage and a tiny revenue base. Structurally, this undermines earnings durability and suggests the company will require material funding or meaningful operational changes to achieve sustainable profitability.
Eroding Equity And Negative ReturnsA sharp drop in equity and strongly negative ROE weaken the balance sheet cushion and increase vulnerability to shocks. Over a multi-month horizon this reduces strategic optionality, making dilutive capital raises or asset disposals more likely to fund exploration and development activities.