No RevenueThe company reports no revenue across all provided periods, indicating it remains in an exploration/pre-production phase. Structurally this means value depends entirely on future discoveries, making cash generation speculative and the business reliant on capital markets to fund operations over the medium term.
Persistent Negative Cash FlowConsistent operating and free cash outflows (roughly -£205k to -£280k, ~-£241k in 2025) create a structural need for recurring external financing. Over months this increases dilution and financing risk, constraining ability to progress projects without shareholder or creditor support.
Eroding Equity And Shrinking AssetsA declining equity base and shrinking assets over several years weakens the company’s capital foundation. Structurally this limits balance-sheet capacity to fund exploration, reduces bargaining power with counterparties, and raises the likelihood of value-dilutive financing to sustain operations.