Pre-revenue StatusNo reported revenue across the period indicates the company is non-producing and must rely on capital markets to fund operations. Over months this structural lack of operating income prevents internal reinvestment, delays path to profitability, and raises execution risk for advancing projects toward production.
Persistent Negative Cash FlowSustained negative operating and free cash flow forces repeated external financing, increasing dilution risk and distracting management from long-term development. Persistently negative cash generation constrains the company's ability to progress exploration work and negotiate project-level financing without conceding value.
Shrinking Equity And Negative ROEA materially reduced equity base and very negative returns on equity reflect repeated losses and possible dilution, eroding the company's financial buffer. This structural capital depletion limits resilience to setbacks, worsens funding terms, and raises the long-term risk that additional capital raises meaningfully dilute existing holders.