Pre-revenue StatusWith no operating revenue, the business has no internal cash generation and must convert projects into producing mines to become sustainable. This elevates execution, permitting, and capital-risk exposures; successful project delivery is required before financial metrics improve materially.
Persistent Negative Operating And Free Cash FlowContinued negative operating and free cash flows force reliance on external financing, which can dilute existing equity and constrain timing of development work. If capital markets sour or costs rise, project schedules and capital allocation flexibility could be materially impaired.
Ongoing Net Losses And Negative Returns On EquityDespite improvement, persistent net losses and negative ROE indicate the company is not yet generating returns on shareholders' capital. Continued losses erode equity over time or necessitate dilutive financings, and profitability remains contingent on successful, timely project commercialization.