No Revenue And Persistent LossesThe absence of operating revenue means intrinsic value depends on exploration outcomes or asset sales, not ongoing cash generation. Persistent operating losses erode investor capital and limit runway, making the company reliant on external financing to sustain activities.
Negative Operating And Free Cash FlowOngoing cash burn creates structural financing pressure; the company must repeatedly access capital markets or partners. That reliance tends to cause dilution, constrain multi-year exploration programs, and raises execution risk if market access tightens.
Eroding Equity And Poor ROEDeclining shareholders' equity and deeply negative ROE indicate capital is being consumed faster than value is created. Over time this reduces financial flexibility, raises the cost of capital, and can limit the firm's ability to attract non-dilutive partners or financing on favorable terms.