Persistent Operating LossesOperating performance shows repeated losses and negligible revenue, meaning core activities are not self-sustaining. Persistent negative EBIT increases dependence on external capital to fund operations and raises execution risk in converting exploration programs into revenue-generating assets.
Negative And Accelerating Cash BurnOperating and free cash flow are negative across multiple years with accelerating burn, signaling reliance on external funding. That dynamic increases dilution and financing risk, constrains the pace of exploration spending, and limits the company's ability to sustain programs without new capital.
Equity Erosion Raises Dilution RiskSharp decline in equity reduces internal capital cushions and borrowing capacity. With equity eroded materially since 2023, future capital raises will likely be dilutive or costly, limiting strategic flexibility to fund exploration or respond to setbacks without altering shareholder value materially.