Persistent LossesOngoing net losses and negative EBIT/EBITDA indicate the business is not yet self-sustaining. Continued operating deficits will erode equity over time, force repeated capital raises, and constrain the company’s ability to fund exploration-to-development milestones without dilution or partner dispositions.
Weak Cash Generation / Negative FCFConsistent negative operating cash flow and very negative free cash flow create structural funding needs. Over the medium term this forces reliance on external capital, may slow project timelines, and risks unfavorable financing terms or dilution if revenues do not scale.
Minimal, Inconsistent Revenue BaseA tiny and volatile revenue stream means no reliable operating leverage and increases project execution risk. Without predictable sales or binding offtakes, advancing to development depends on financing or partners, making long-term revenue sustainability uncertain.