Pre-revenue Status And Operating LossesBeing effectively pre-revenue with persistent operating losses means the business lacks internally generated income to fund activity. Over the medium term this raises execution risk, increases reliance on external capital, and can produce dilution or slowed project progress if funding conditions tighten.
Negative Operating And Free Cash FlowConsistent operating and free cash flow deficits indicate ongoing cash burn and dependence on external financing. Structurally weak cash conversion limits the company's ability to self-fund exploration, meet milestone-driven expenditures, and increases vulnerability to financing cycles or higher capital costs.
Weak Earnings Quality (EBIT Losses)Negative gross profit and EBIT despite a positive net income suggest reported profits are not yet driven by core operations. Without a sustainable revenue base, earnings remain fragile and could reverse, undermining the durability of any reported profitability and complicating long-term planning.