No RevenueAbsence of operating revenue means the company has not yet demonstrated commercial economics, making project viability speculative. Over the medium term this forces continued reliance on capital markets for exploration funding and delays path to internally generated funding should resources be proven.
Negative Cash FlowOngoing operating and free cash flow deficits indicate persistent cash burn, requiring external funding to support exploration. Worsening free cash flow magnifies financing frequency and dilution risk, constraining execution of multi-year programs without partner funding or capital raises.
Poor Profitability & Equity VolatilityDeep negative ROE and equity volatility reflect that invested capital has not generated returns and that funding has fluctuated. This undermines investor confidence, can raise the cost of future capital, and increases the risk that financing terms will be dilutive or restrictive during critical development phases.