Persistent Operating LossesSustained negative EBIT/EBITDA shows the core exploration business is loss-making. For a developer, prolonged operating losses erode capital, require continual external financing, and increase execution risk for progressing projects to commercially viable production over multi‑year horizons.
Negative Operating And Free Cash FlowConsistent cash burn across periods means the company cannot self-fund exploration or development. This structural negative cash flow forces dependency on equity or partner funding, raising dilution and execution risk, and limiting ability to capitalise on opportunities without external capital.
Very Small, Volatile RevenueTiny, volatile revenue indicates lack of stable commercial operations and weak revenue visibility. This undermines sustainable margin development and cash-flow predictability, making it harder to demonstrate project economics or secure long-term financing for resource development.