Pre-revenue ProfileThe company remains pre-revenue and loss-making, so there is no demonstrated commercial cash flow or validated project economics. For mining developers this creates structural execution risk: lengthy timelines and uncertainty over conversion of resource into profitable production can persist for multiple years.
Negative Operating Cash Flow & Funding RelianceConsistent negative operating cash flow shows the business still depends on external funding to progress. That reliance elevates dilution and execution risk if capital markets tighten or project milestones slip, and it constrains the company’s ability to self-fund studies, permitting, or early-stage development.
Negative Returns On EquityA negative ROE indicates the current asset base and equity have not translated into profitable returns. Over the medium term this suggests capital is not yet creating shareholder value, which can pressure future capital allocation decisions and raise the bar for management to demonstrate commercial progress.