Negative Cash FlowPersistently negative operating and free cash flows create a structural funding requirement for ongoing exploration and development. Continued cash burn increases reliance on external financing, which can dilute shareholders or delay project milestones if capital markets tighten.
Unprofitable OperationsDespite strong revenue growth, sustained negative EBIT and net margins indicate operating inefficiencies or high development costs. Long-term profitability remains uncertain until operational scale, cost controls, or higher-margin product pathways are achieved.
Low Shareholder ReturnsA negative ROE suggests the company is not translating invested equity into value. This structural weakness can limit investor appetite for future equity raises and signals execution risk in converting resources and capital into profitable, cash-generative assets.