Persistent Operating And Net LossesConsistent operating and net losses erode retained equity and limit strategic options. Over months this weakens the balance between capital needs and available resources, forcing management to pursue dilutive financing or asset sales and hindering long-term project development.
Ongoing Negative Operating And Free Cash FlowSustained negative operating and free cash flow mean the company burns cash to fund operations. This structural cash deficit requires repeated external funding, increases financing risk and potential dilution, and constrains the firm's ability to self-fund exploration programs over the medium term.
Very Small, Volatile Revenue With 2025 DeclineVery small and volatile revenue, including a sharp 2025 decline, signals weak monetization and inconsistent project commercialization. This structural revenue instability limits margin scalability, increases reliance on financing, and raises execution risk for advancing toward sustained cash-generating operations.