Persistent Cash BurnOperating cash flow has been negative each year and free cash flow remains deeply negative, reflecting structural cash burn from exploration and development activities. Persistent deficits require ongoing external funding, increasing dilution and constraining strategic flexibility over the medium term.
Loss-Making OperationsThe company remains loss-making with negative operating profit and net income. While FY2025 narrowed losses, sustained unprofitability undermines return generation, delays self-funded project advancement, and raises execution risk until margins and scale are demonstrably durable.
Negative ROE And Dilution RiskConsistently negative returns on equity indicate invested capital is not generating profits. That persistent underperformance increases the probability management will need to raise equity to fund operations, which would dilute existing shareholders and limit long-term per-share value creation.