Persistent Net LossesRecurring operating and net losses (~A$2.6M across FY2024–FY2025) indicate the business has not yet reached sustainable profitability. Continued losses erode equity over time, force reliance on external capital, and limit the firm's ability to self-fund exploration or development without dilution.
Negative Cash GenerationOngoing negative operating and free cash flows show the company consumes cash to run and advance projects. Persistent cash burn increases dependency on financing, constrains investment flexibility, and heightens liquidity and execution risk if capital markets tighten or costs rise.
Rising LeverageDebt more than doubled to ~A$3.3M, raising leverage to ~0.68x equity. Higher fixed obligations reduce financial flexibility, increase refinancing and interest risks, and magnify downside during commodity or operational setbacks, constraining the ability to invest organically.