No Revenue And Recurring Net LossesA sustained pre-revenue profile means intrinsic value depends on successful exploration outcomes or asset sales, which are uncertain and binary. Persisting losses—widening in FY2025—signal ongoing investment without demonstrated path to recurring earnings or near-term commercial cash flows.
Consistent Negative Operating And Free Cash FlowChronic cash burn creates structural dependency on external capital markets or partner funding. That increases dilution risk and the chance that exploration programs are paused if markets tighten. For an exploration company, repeated raises can delay project timelines and reduce shareholder value.
Very Small Team And Limited Operational ScaleA four-person workforce constrains in-house technical, permitting, and project development capacity, increasing reliance on contractors and partners. This creates execution risk, limits simultaneous project advancement, and may slow progress toward resource definition or commercial transactions.