Persistent Negative Cash FlowSustained negative operating and free cash flow means the business cannot self-fund exploration or development activity and will need external capital to meet plans. This raises dilution risk, constrains timing for project milestones, and increases dependency on capital markets or partners.
Minimal Revenue And Large Operating LossVery low operating revenue versus a large operating loss indicates the cost base far exceeds current commercial scale. For an explorer/developer, this reflects the long runway to revenue generation and implies substantial capital and execution risk before sustainable earnings are achievable.
Earnings Volatility And Reliance On Non-operating ItemsHistoric swings tied to non-operating gains create unreliable earnings signals and complicate assessment of core performance. This volatility undermines confidence in recurring profitability metrics and makes planning, lender assessment, and investor comparability more difficult.