Persistent Cash BurnNegative operating cash flow every year and a ~A$3.8m outflow in 2025 mean the company relies on external funding to continue exploration. That persistent burn elevates dilution and execution risk, compresses runway, and can force hurried farm-outs or asset sales that reduce long-term value capture.
Recurring Large Net Losses And Equity ErosionSustained net losses and a sharply negative ROE indicate the company is destroying equity rather than building it. Over months this reduces internal funding capacity, harms credibility with partners and investors, and increases the likelihood of dilutive capital raises or asset disposals that impair long-term shareholder returns.
Highly Volatile, Contracting RevenueLarge revenue swings and a sharp contraction to ~A$1.0m show the company lacks stable, recurring income. This revenue unpredictability complicates multi-period planning, makes sustaining overheads difficult, and signals that prior revenue spikes were non-recurring, limiting prospects for steady organic growth without material discoveries or partner deals.