Negative Cash FlowPersistent negative operating and free cash flows indicate ongoing cash burn from exploration and operations, requiring repetitious external funding or equity raises. Over months this dilutes shareholders, constrains project timelines, and increases execution risk for advancing targets to resource definition.
Unprofitable OperationsContinued negative EBIT and net margins show the company has not converted exploration activities into profitable operations. This structural lack of profitability increases reliance on capital markets to sustain activity and weakens resilience to slower funding environments over the medium term.
Negative ROEA negative ROE signals the company is not generating returns on invested capital, undermining its ability to attract long-term investors. Over a 2–6 month horizon this can raise cost of capital, complicate financing for drilling campaigns, and pressure strategic options if performance doesn't improve.