Volatile, Immaterial Revenues And Negative EBITRevenues are negligible and inconsistent, and core operations produce negative EBIT each year. This structural lack of an operating revenue base means earnings are driven by non‑operating items, limiting predictability and making long‑term operational self‑sufficiency unlikely without project monetisation.
Consistently Negative Free Cash FlowRepeated negative free cash flow and large recent outflows imply the company cannot consistently self‑fund exploration and development. Over a multi‑month horizon this raises the probability of additional capital raises or partner dependence, which can dilute shareholders and slow project progress.
Small Scale Operations & Funding RelianceA very small workforce and a collapsed revenue base indicate limited internal capacity to advance multiple projects to development simultaneously. Structurally, this increases reliance on external partners, contractors or capital markets to progress assets, adding execution and financing risk over the medium term.