No Revenue And Persistent LossesThe absence of operating revenue and a sizeable 2025 loss mean the company cannot self-fund development or demonstrate operational returns. Persistent losses erode shareholder value, leave ROE negative, and make progress contingent on successful project de-risking or continued external capital rather than internal cash generation.
Accelerating Cash BurnWorsening operating and free cash flow create structural funding pressure, increasing reliance on capital markets or project financing. This elevates execution risk: potential dilution from equity raises, stricter financing terms, or delays to studies and permitting if funding windows close or become more expensive over the medium term.
High Dependence On External Funding And Limited Offtake VisibilityA business model reliant on external finance and without confirmed offtake or material partner agreements reduces bankability. Structural dependence on volatile funding sources and the absence of secured commercial contracts increase the probability of delays, renegotiation risk, or dilution if market or regulatory conditions tighten.