Persistent Negative ProfitabilityOngoing negative profit and EBITDA margins reflect structural inability to generate operating profits. Over several months this limits capacity to self-fund exploration or progress development, increases likelihood of dilutive financing, and weakens investor confidence in execution of long-term value creation.
Negative Operating Cash FlowNegative operating cash flow is a fundamental weakness for an exploration company: it erodes cash reserves and forces reliance on equity or debt to sustain operations. This constraint can slow drilling programs, delay resource definition, and raise structural financing risk over the next 2-6 months.
Highly Volatile And Declining RevenueA dramatic revenue decline and volatile top-line trend undermine planning and project funding. Such swings make it difficult to forecast capital needs or secure partner commitments, increasing the probability of paused programs or dilutive funding events that can impair long-term project advancement.