Declining RevenueMaterial revenue decline (c. -25%) reflects weakening monetisation or lower project-related receipts. Over several months this constrains funding for exploration and technical studies, forcing trade-offs between resource advancement and capital preservation without new funding sources.
Negative Operating Cash Flow And LossesPersistent negative operating cash flow and ongoing operating losses indicate the core business is not self-funding. Structurally this necessitates external financing or asset sales to continue exploration and development, increasing dilution or refinancing risk over the medium term.
Negative Return On EquityA negative ROE shows shareholders’ capital is not generating returns, signalling operational underperformance. Over time this can erode investor confidence and make it harder or costlier to raise equity or debt, limiting the company’s ability to fund project advancement.