Pre-revenue With Widening LossesThe company is pre-revenue and saw losses widen materially year-over-year, indicating rising cost intensity ahead of any commercialization. Persistent, growing losses consume capital and increase the reliance on external funding, making it harder to reach self-sustaining operations without significant progress or financing.
Negative Operating Cash Flow And Rising BurnOperating cash flow is negative every year and cash burn increased, which is a durable constraint on runway. Continued negative free cash flow forces repeated capital raises or asset sales, raising dilution and execution risk for multi-stage exploration and development programs over the coming months.
Negative Returns On EquityA negative ROE shows the company is destroying investor capital rather than compounding it. This structural profitability problem signals challenges converting capital into value and implies ongoing shareholder dilution or operational changes will be required to restore positive returns over a medium-term horizon.