No RevenueThe company remains pre-revenue across multiple years, indicating it has not yet commercialized assets. That structural gap means future value depends on successful exploration-to-development outcomes and external financing, raising execution and commercialisation risk over the medium term.
Persistent Negative Free Cash FlowConsistent negative free cash flow creates an ongoing dependency on external capital. Over several months this elevates dilution and financing risk, could constrain investment timing for projects, and forces focus on cash preservation rather than accelerated development.
Ongoing LossesContinued annual losses indicate the company has not yet achieved sustainable profitability. While trending better, ongoing negative earnings undermine equity compounding and maintain pressure to raise funds, which can limit long-term strategic flexibility and increase shareholder dilution risk.