JAGU

Jaguar Uranium is an exploration-stage junior with, in its own words, 'no operating history,' 'no source of operating cash flow,' and a going-concern dependence on raising fresh capital. There is no revenue and none is anticipated 'until one of our Properties comes into production, which may or may not occur.' The entire business is three early-stage uranium projects in Argentina and Colombia that have never been placed into production — the value is a call option on discovery, not a going concern you can underwrite from the filing.

The balance sheet is the disqualifier. Cash is $82.4K against $953K of current liabilities and only $181K of current assets — negative working capital of roughly -$772K, with current liabilities up 119.5% YoY and current assets down 52.1%. Operating cash flow was -$944K in FY2025, so the company is burning more than ten times its cash on hand. It survives only by selling equity via private placements, which the MD&A confirms ('to date, our ongoing operations have been financed by the sale of equity securities'). Existing holders should expect meaningful, near-certain dilution, and management itself warns financing may not be available 'in sufficient amounts, on attractive terms, on a timely basis, or at all.'