No Reported RevenueThe company is not yet commercial: absence of revenue means no operating cash generation and reliance on financing or asset disposals. Over the medium term this makes business viability contingent on successful exploration outcomes or continual external funding.
Persistent Negative Cash FlowConsistent cash burn and deteriorating free cash flow (noted in 2025) increase the likelihood of future capital raises. Even with no debt, recurring negative FCF creates funding risk, potential dilution, and constraints on sustaining or expanding exploration programs.
Negative Operating ProfitabilityPersistent negative EBIT shows core operations are loss-making, and any reported net income appears driven by non-operating items. This weakens earnings quality and predictability, leaving long-term performance dependent on successful operational improvements or asset transactions.