Pre‑revenue Operating ProfileRepeated near‑zero or volatile revenues mean the company remains dependent on capital markets rather than operating cash flow. Without a clear revenue pathway, long‑term viability depends on financing or asset monetisation, increasing execution risk for advancing projects to development.
Consistent Negative Cash FlowPersistent negative operating and free cash flow creates an ongoing funding requirement. Even with improvement, this structural cash burn raises dilution risk, constrains the ability to fund exploration and development internally, and may force asset sales or expensive financing to sustain progress.
Erosion Of Shareholder ValueSustained net losses erode equity value over time, weakening the balance sheet despite current size. Continued negative ROE undermines investor returns and can limit future capital raising terms, making it harder to fund long‑lead exploration and development without significant dilution.