diff --git a/src/oold/validation/pipeline.py b/src/oold/validation/pipeline.py
index 39a7aa0..023414a 100644
--- a/src/oold/validation/pipeline.py
+++ b/src/oold/validation/pipeline.py
@@ -409,7 +409,9 @@ def _unmapped_properties(run: _Run, name: str, raw, schema, sample) -> set[str]:
     Permitted by the specification (`OOLD-SCH-2d05`), so this is not a failure anywhere; it is
     reported by `context.coverage` and subtracted from what `roundtrip.generated` calls a loss.
     Returns an empty set when the context cannot be resolved - the checks that report resolution
-    failures do so on their own, and guessing here would double-report it.
+    failures do so on their own, and guessing here would double-report it. A context that resolves
+    to nothing is the opposite case and answers the question: no term exists, so every declared
+    property is unmapped.
     """
     if name in run._unmapped:
         return run._unmapped[name]
@@ -418,7 +420,11 @@ def _unmapped_properties(run: _Run, name: str, raw, schema, sample) -> set[str]:
         try:
             resolved = run.resolver.load(run.directory / name)
             context = resolve_context(raw, resolved.base_uri, run.resolver)
-            if not context.errors and not context.is_empty:
+            if context.errors:
+                unmapped = set()
+            elif context.is_empty:
+                unmapped = set(collect_composed_properties(schema))
+            else:
                 id_key, type_key = find_alias_keys(context.terms())
                 declared = set(collect_composed_properties(schema)) | {id_key, type_key}
                 outcome = check_predicates(
@@ -447,6 +453,21 @@ def _check_predicates(run: _Run, name: str, raw, schema, sample) -> None:
         return
     if context.is_empty:
         run.add("context.predicates", name, SKIP, "schema declares no @context")
+        # Coverage still has an answer here, and it is the strongest one it ever gives: no term
+        # exists, so nothing reaches RDF. Staying silent would report a schema mapping one
+        # property of ten while saying nothing about a schema mapping none of them.
+        declared = sorted(collect_composed_properties(schema))
+        if declared and run.options.wants("context.coverage"):
+            plural = "ies" if declared[1:] else "y"
+            run.add(
+                "context.coverage",
+                name,
+                FAIL if run.options.strict else WARN,
+                f"schema declares no @context, so none of its {len(declared)} propert{plural} "
+                f"will reach RDF: {', '.join(declared)}. Declare @vocab to map them into a "
+                "default namespace, or add the terms to x-oold-context.",
+                {"declared": declared},
+            )
         return
 
     _run_rule_checks(run, name, raw, schema, ContextView(terms=context.terms(), entries=list(context.context)))
diff --git a/tests/data/oold/broken/no_context.schema.json b/tests/data/oold/broken/no_context.schema.json
new file mode 100644
index 0000000..e810e95
--- /dev/null
+++ b/tests/data/oold/broken/no_context.schema.json
@@ -0,0 +1,14 @@
+{
+  "$schema": "https://oo-ld.org/latest/meta/oold-meta-schema.json",
+  "$id": "no_context.schema.json",
+  "title": "NoContext",
+  "type": "object",
+  "properties": {
+    "name": {
+      "type": "string"
+    },
+    "orphan": {
+      "type": "string"
+    }
+  }
+}
diff --git a/tests/test_validation/test_pipeline.py b/tests/test_validation/test_pipeline.py
index e137348..91dd81d 100644
--- a/tests/test_validation/test_pipeline.py
+++ b/tests/test_validation/test_pipeline.py
@@ -163,6 +163,25 @@ def test_missing_context_term_warns_and_names_the_orphan_property(broken_dir):
     assert "context.coverage" not in {c.id for c in report.failures()}
 
 
+def test_a_schema_with_no_context_warns_instead_of_failing_the_round_trip(broken_dir):
+    """No `@context` means no term, so no property is mapped and none can be lost.
+
+    `roundtrip.generated` subtracts unmapped properties from what it calls a loss, and an
+    absent context is the case where that set is every declared property. Reporting them as
+    lost would fail a schema for the one thing `OOLD-SCH-2d05` says must not fail it.
+    """
+    report = validate_schema(broken_dir / "no_context.schema.json", OFFLINE)
+    checks = {c.id: c for c in report.checks}
+
+    assert checks["roundtrip.generated"].status == OK
+    assert checks["context.predicates"].status == SKIP
+    coverage = checks["context.coverage"]
+    assert coverage.status == WARN
+    assert coverage.detail["declared"] == ["name", "orphan"]
+    assert "@vocab" in coverage.message and "x-oold-context" in coverage.message
+    assert not report.failures()
+
+
 def test_a_processor_failure_is_not_downgraded_to_a_coverage_warning(broken_dir, monkeypatch):
     """A raised processor must not read as a permitted omission.