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Its multi-year record is a pre-revenue exploration model with recurring operating losses and negative operating cash flow, so project work is funded through equity rather than internally generated cash. Financing has expanded the share base, while exploration spending adds to—but does not replace—the ongoing operating cash use.
The latest results still show no revenue and continuing cash outflows, but a January financing rebuilt cash reserves while materially increasing shares outstanding. That improves near-term liquidity without changing the externally funded exploration model.
Whether available cash and additional financing cover planned exploration without another near-term equity raise.
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| 2.5m | 1.4m | 520.6k | 1.4m | 65.1k | |
| 2.5m | 1.4m | 520.6k | 1.4m | 65.1k | |
| 50.8k | 0 | 4.7k | 17k | 33.8k | |
| — | 0 | 4.7k | 17k | 33.8k | |
| — | 0 | 0 | 0 | 0 | |
| 65k | 19.3k | 19.3k | 22.1k | 31.6k | |
| 2.6m | 1.4m | 544.6k | 1.4m | 130.5k | |
| — | — | 20.3k | 118.5k | 252.7k | |
| 2.6m | 1.4m | 564.9k | 1.5m | 383.2k | |
| 322.6k | 133.4k | 39.1k | 83.8k | 66.9k | |
| 0 | 0 | 0 | 0 | 0 | |
| 322.6k | 133.4k | 39.1k | 83.8k | 66.9k | |
| 0 | 0 | 0 | 0 | 0 | |
| 322.6k | 133.4k | 39.1k | 83.8k | 66.9k | |
| 1.3m | 1.3m | 1.3m | 2.7m | 3.9m | |
| 810.8k | (257.4k) | (1m) | (1.4m) | (4.1m) | |
| 174.2k | 225.1k | 225.1k | 57.3k | 466.1k | |
| 27.7k | 27.7k | 29.3k | 29.1k | (29.5k) | |
| 2.3m | 1.3m | 525.8k | 1.4m | 316.3k | |
| 2.6m | 1.4m | 564.9k | 1.5m | 383.2k | |
| 64.7m | 64.7m | 64.7m | 121.6m | 209m |
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Stock intrinsic value is the real worth of a company's stock, based on its financial health and performance.
Instead of looking at the stock's current market price, which can change due to people's opinions and emotions, intrinsic value helps us understand if a stock is truly a good deal or not.
By focusing on the company's actual financial strength, like its earnings and debts, we can make better decisions about which stocks to buy and when.
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