Persistent Losses And Cash BurnFY2025 net loss of ~2.56m and operating/free cash flow around -1.02m show ongoing cash consumption. Persistent deficits deplete internal resources, force recurring capital raises, constrain reinvestment, and structurally limit the company's ability to self-fund exploration or development over the medium term.
Minimal Revenue ScaleRevenue of ~22.6k is immaterial relative to the cost base, indicating the business lacks commercial scale. Low top-line undermines margin sustainability and amplifies earnings volatility, leaving the company dependent on external capital until meaningful and consistent revenue growth occurs.
Eroding Equity / Dilution RiskEquity erosion from ~4.56m to ~1.39m reflects cumulative losses consuming the balance sheet. A thinner equity base heightens the likelihood of future equity raises, increases dilution risk for shareholders, reduces shock absorption capacity and constrains strategic flexibility in funding development or unexpected setbacks.