Pre-revenue OperationsThe company remains effectively pre-revenue, with negligible operating sales in 2025. Without a clear revenue ramp, the business cannot self-fund development activities, prolonging reliance on external capital and increasing execution risk for progressing the Kanyika project toward construction and production.
Persistent Cash BurnOperating cash flow has been negative across reporting periods, indicating ongoing cash consumption to fund operations and development. Persistent burn depletes liquidity over time, forces recurrent fundraising or debt, and constrains the company’s ability to finance critical studies, permits or construction without dilution or increased leverage.
Sustained Net Losses Eroding EquityRecurring net losses and negative returns on equity gradually erode shareholders’ capital. Continued deficits reduce balance sheet resilience, heighten the need for future capital raises, and raise the probability that project timelines and ambitions will be delayed or scaled back if funding becomes constrained.