No Meaningful RevenueAn absence of recurring revenue leaves the company dependent on capital markets or transactions to fund operations. Over a multi-month horizon this undermines self-sustainability, increases dilution risk, and makes long-term project funding contingent on external financing or successful asset sales.
Consistent Negative Cash GenerationRepeated operating and free cash flow outflows mean the business cannot self-finance project advancement. Persistent negative cash generation structurally pressures liquidity, forces recurring capital raises, and constrains the pace of exploration and approvals over the medium term.
Equity Erosion And Negative ReturnsSharp equity decline and negative ROE reflect value erosion from losses, weakening the company's capital base. This structural deterioration raises financing costs, increases susceptibility to dilution when raising funds, and signals past investments haven't translated into shareholder value.