Severely Negative ProfitabilityPersistently large net losses and an extreme negative margin are structural concerns that erode equity and limit reinvestment capacity. Without a clear path to sustained profitability, the company risks diluting shareholders, cutting programs, or needing asset sales to stabilise its capital base over the coming months.
Weak Cash Generation / Rising Cash BurnConsistent negative operating and free cash flows, with materially higher 2024 burn, create persistent funding risk for exploration programs. In E&P this forces reliance on external financing or asset disposals, which can delay projects, increase dilution, or halt progress if capital markets tighten.
Revenue Scale Insufficient To Cover CostsThe company's revenues remain structurally small relative to fixed and project costs, meaning operational scale has not been achieved. Until meaningful production or higher sustained revenues arrive, the firm will continue to rely on financing, jeopardising long-term project continuity and strategic execution.