Zero Reported RevenueNo reported revenue across multiple years means the business lacks operational cash inflows and must rely on external financing or asset sales. This structural absence of revenue constrains sustainable operations, increases funding dependency, and weakens valuation and investor confidence over months.
Persistent Losses And Cash BurnOngoing net losses and negative operating and free cash flows indicate the company is burning cash to fund activities. Over a multi‑month horizon this raises dilution risk, limits ability to self‑fund exploration, and forces management to secure financing under potentially adverse terms.
Eroding Equity And Negative ROEMaterial declines in equity and persistent negative ROE show capital erosion and poor capital productivity. This structural deterioration reduces balance sheet capacity to absorb shocks, weakens borrowing or JV leverage, and signals long‑term difficulty converting invested capital into returns.