No Revenue, Persistent LossesAbsence of operating revenue and recurring net losses mean the company lacks an internal earnings base to fund growth. Over the medium term this necessitates continual external capital, risks dilution, and indicates the business has yet to demonstrate durable commercial viability.
Consistent Negative Cash FlowSustained negative operating and free cash flows create a persistent funding requirement. Even with some improvement, negative cash generation undermines runway and increases reliance on capital raises or partner financing, potentially delaying exploration programs or asset advancement.
Declining Equity & Negative ROEFalling equity and persistently negative ROE signal capital erosion and weak return generation on invested capital. This undermines investor confidence, makes future fundraising more dilutive or costly, and highlights structural challenges converting exploration spending into profitable assets.