No Meaningful RevenueThe company is effectively pre‑revenue with a 2025 revenue of zero and persistent operating losses. Absence of commercial income means progress depends on external capital or partners; without revenue visibility, financing and execution risk dominate over the medium term, limiting sustainable operations.
Consistent Cash OutflowsRecurring negative operating and free cash flows, including ~‑3.7M in 2025, create persistent funding requirements. Continued burn raises the probability of equity dilution, stressed partner negotiations, or curtailed exploration programs if capital access tightens, posing medium‑term execution risk.
Equity Erosion & Negative ROESharp equity decline and materially negative ROE weaken the balance sheet and reduce financial headroom. This erosion constrains borrowing capacity, increases reliance on dilutive funding, and impairs negotiating leverage with potential JV partners or acquirers unless profitability or capital structure improves.