Persistent Negative Operating Cash FlowSustained negative operating and free cash flow indicates the business is not self-funding and remains cash-consuming. Over a multi-month horizon this raises financing or dilution risk, constrains capital for development activities, and forces reliance on the equity cushion or external funding.
Large Net Loss And Weak Operating ProfitabilityA material net loss and negative EBIT/EBITDA reflect weak operational scalability or pre‑production expense burdens. Continued negative profitability undermines sustainable margins, reduces reinvestment capacity, and complicates securing favourable financing or offtake terms until a clear path to positive earnings is shown.
Tiny, Volatile Revenue BaseExtremely low and inconsistent revenue demonstrates the company has not yet achieved commercial scale. Revenue volatility limits visibility into future cash generation, weakens operating leverage prospects, and increases execution risk for delivering sustained mine output and customer contracts.