No Revenue / Persistent LossesThe company reports no revenue and ongoing net losses, indicating it has not yet reached a self-sustaining operating model. Over the medium term this limits internal funding for exploration, constrains reinvestment capacity, and increases reliance on external capital to advance projects.
Consistently Negative Cash GenerationPersistently negative operating and free cash flow mean the business destroys cash absent financing. This structural cash burn heightens refinancing and dilution risk, restricts the pace of project advancement, and leaves the firm vulnerable if capital markets tighten.
Negative Returns And Dilution RiskMeaningfully negative returns on equity signal capital destruction and weak shareholder value creation. If funding needs continue, the company may issue equity or other instruments, diluting existing holders and making it harder to attract long-term institutional capital.