No Revenue HistoryAbsence of revenue from 2020–2025 means there's no operational proof of commercial cash generation. Long-term viability depends on exploration success and future project development, making future profitability and self-funding highly uncertain over the medium term.
Persistent Negative Cash GenerationMulti-year negative operating and free cash flow demonstrates reliance on external funding to sustain operations. Ongoing cash burn and FCF volatility constrain strategic flexibility, elevate financing risk, and could force dilutive raises or cutbacks if capital markets tighten.
Eroding Equity And Negative ROEDeclining equity and a negative ROE indicate shareholder capital has been consumed by losses, reducing the firm's financial buffer. This trend heightens dilution risk for future capital raises and signals weak capital efficiency, limiting long-term shareholder value creation.