No Meaningful RevenueThe company has effectively no revenue while posting sizable net losses (~2.0M in 2025). Lack of operating income prevents self-funding, increases reliance on external capital, and elevates execution risk absent a clear path to commercial production.
Persistent Negative Cash FlowOperating and free cash flows are negative across most years, including 2024–2025, meaning the business is not self-funding. Sustained cash deficits force repeated financing, raise dilution risk, and constrain investment in exploration or development programs.
Value Erosion / Negative ROEMaterial decline in equity and a deeply negative ROE (~-51% in 2025) reflect cumulative losses that erode balance-sheet resilience. This weakens the company's ability to fund projects internally and increases vulnerability to adverse commodity or financing environments.