Pre-revenue With Sharply Widening LossesThe company remains pre-revenue while reporting a large, recent increase in losses, which structurally erodes capital and raises execution risk. Without operational revenue, continued heavy losses impair ability to self-fund development and make timely project delivery contingent on external financing or asset monetisation.
Material Equity Cushion ErosionA rapid drop in shareholders' equity materially reduces the company’s capital buffer. This weakens balance-sheet resilience to further cost overruns or project delays, constrains borrowing capacity, and increases the likelihood of dilutive capital raises to fund exploration and development over the coming months.
Consistently Negative Cash GenerationPersistent negative operating and free cash flow means the business is structurally dependent on external funding to progress projects. This reliance raises execution and timing risk, increases probability of dilution, and can delay milestone-driven value creation if capital markets are unfavourable when financing is needed.