Negative Operating And Free Cash FlowPersistent negative operating and free cash flows erode liquidity and force reliance on equity issuance, partners, or debt to fund exploration. Over several months this constrains project advancement, increases dilution risk, and limits ability to capitalise on discoveries without external financing.
Ongoing Unprofitability And Negative MarginsSustained negative net profit and EBIT margins show operations do not currently generate returns for capital. This persistent unprofitability undermines retained earnings, restricts reinvestment, and raises dependency on external capital; a structural headwind until project economics materially improve.
Inconsistent And Declining Revenue TrendRevenue inconsistency and recent decline reduce visibility into scale and delay achieving operating leverage. For a project-driven explorer, this pattern raises execution and funding risk, making multi-month planning harder and lowering the probability of reaching steady production without operational changes or successful discoveries.