Persistent Cash BurnSustained negative operating and free cash flows materially weaken self-funding ability; the company must access external capital to continue exploration or development. Recurrent cash burn raises dilution risk, constrains project timelines, and pressures liquidity over months.
Negative Return On EquityA deeply negative ROE indicates capital is being eroded rather than generating value. Over the medium term this undermines shareholder wealth creation, makes it harder to attract non-dilutive capital, and signals that current operations and investments have not delivered sustainable returns.
Small, Inconsistent Revenue BaseThe very small revenue base combined with large losses shows the business has not reached commercial scale. Limited revenues restrict the ability to cover fixed costs or fund growth internally; without sustained revenue expansion, margins and capital needs will remain stressed.