Persistent Net LossesContinuous annual losses, including material widening in 2025, erode shareholder equity and limit retained earnings available to fund growth. Over time this forces reliance on external capital, increases dilution risk and undermines the path to self-sustaining operations.
Negative Operating Cash FlowConsistent operating and free cash flow deficits indicate structural cash burn tied to operations and exploration. This persistent funding gap makes long-term project development contingent on external financing, adding execution risk and potential dilution for shareholders.
Inconsistent Or Absent RevenueIntermittent or absent revenue undermines predictable cash generation and makes forecasting project economics difficult. Without recurring operational revenue, the company remains dependent on episodic funding or asset transactions to sustain exploration and advance projects.