Pre-revenue ProfileHaving no operating revenue is a persistent structural weakness: the business lacks recurring cash inflows to fund activity, increasing reliance on external capital. Over months this heightens financing risk, constrains strategic choices, and makes sustained project development conditional on successful raises.
Consistent Negative Free Cash FlowMaterial negative free cash flow signals ongoing cash burn and the need for fresh capital to sustain operations and exploration. Persistently negative FCF depletes equity buffers, increases the likelihood of dilutive financings, and limits the firm’s ability to scale or de-risk projects without external funding.
Widening Net Losses And Profitability DeteriorationA sharp increase in net losses in FY2025 accelerates equity erosion and shortens financial runway. Deteriorating profitability reduces internal flexibility, may raise investor scrutiny on execution, and makes future capital raises more challenging or expensive absent demonstrable exploration results.