Zero Revenue BaseThe absence of meaningful revenue is a fundamental structural weakness: without operating sales the company cannot self-fund exploration or corporate costs. Long-term viability depends on recurring external capital, asset sales, or a material change in business activity to restore cash generation.
Persistent Cash BurnConsistent negative operating and free cash flows create an inexorable drain on resources, forcing frequent capital raises or dilution. Structurally, ongoing cash burn limits strategic optionality, slows project development, and makes execution reliant on volatile external funding over the medium term.
Negative ROE / Value ErosionA persistently negative ROE indicates structural destruction of shareholder value from recurring losses. This erodes investor confidence and handicaps access to favorable capital, raising the cost of future funding and increasing the risk that equity dilution will be needed to sustain operations.