Persistent LossesConsistent negative EBIT and EBITDA margins show core operations are not yet economically viable. Persisting losses erode equity, increase the need for dilutive capital raises, and make it harder to progress projects from development to production without partner transactions or material structural improvements.
Negative Operating Cash FlowNegative operating cash flow is a durable constraint: it signals ongoing cash burn from exploration and development activities. Over multiple months this increases financing risk, forces reliance on capital markets or JVs, and can delay project milestones absent sustained improvements in operations or financing.
Negative Return On EquityA negative ROE demonstrates the company is not delivering returns on invested capital, reflecting weak project economics or cost structure. Persisting negative ROE undermines investor confidence and makes it harder to attract long‑term strategic capital needed to advance development-stage assets.