Weak ProfitabilityDeep negative net margin and negative EBIT/EBITDA reflect structural operating losses that impair retained earnings and reinvestment. Persistent unprofitability increases reliance on external capital, raises dilution risk, and must be remedied via higher margins or lower operating intensity to be sustainable.
Negative Cash FlowOngoing negative operating and free cash flows undermine financial flexibility, forcing dependence on financing for working capital and capex. Over multiple quarters this constrains project development, raises funding costs, and elevates execution risk for long‑dated mining investments.
Negative Return On EquityA negative ROE indicates the company is destroying shareholder capital rather than generating returns, weakening investor confidence and limiting access to low‑cost capital. Until ROE turns positive, attracting long‑term funding and justifying further equity dilution will be challenging.