Ongoing UnprofitabilitySustained negative net income and EBIT mean the firm cannot self-fund growth or development. Persistent losses depress returns on equity, force external financing, and increase vulnerability to funding squeezes that can delay project timelines and dilute existing shareholders.
Negative Operating And Free Cash FlowNegative operating and free cash flows are structurally important: the business consumes cash to progress projects. That cash burn necessitates recurring capital raises, constrains discretionary spending on studies or permitting, and raises execution risk if markets tighten.
Reliance On Capital Raisings (pre-revenue Model)Dependence on equity/debt raises is a structural risk for juniors. Access to markets determines project pace; adverse uranium market sentiment or tighter capital markets can force dilution, delay development, or compel asset sales before projects realise full value.