Declining Revenue TrendA 26.11% revenue decline reflects weakening commercial activity or fewer monetisation events. For a non‑producing explorer, falling revenue reduces internal funding capacity, makes JV attraction harder, and increases dependence on external financing, slowing project advancement and value realisation.
Persistent Unprofitability / Negative MarginsConsistently negative net, EBIT and EBITDA margins and a negative ROE signal the company is not generating returns on invested capital. Persistent losses erode equity, limit reinvestment, and force ongoing fundraising, which can dilute shareholders and constrain longer-term project development.
Negative Operating And Free Cash FlowNegative operating and free cash flow with a -11.45% free cash flow growth rate indicate deteriorating cash generation. Structurally weak cash flow necessitates frequent capital raises, increases dilution risk, and constrains the firm's ability to fund multi-stage exploration programs or progress projects to monetisation.