Persistent Negative Operating Cash FlowOperating and free cash flows have been negative across reported years, with deterioration in 2024–2025. Persistent cash burn forces reliance on external financing or asset sales, increasing dilution or refinancing risk and constraining the company’s ability to self-fund project advancement over the medium term.
Very Small, Volatile Revenues; 2025 Drop To ZeroRevenue volatility and an annual reported drop to zero in 2025 undermine operating visibility and scalability. Without stable sales or offtake, the company’s ability to build operating leverage and fund incremental development is impaired, heightening execution and funding risk.
Recurring Operating Losses And Earnings VolatilityThe company shows recurring negative operating results and swings in reported profitability, suggesting earnings are driven by non-operating items. This inconsistent core profitability reduces predictability of cash generation and increases dependence on external capital or strategic disposals.