Persistent UnprofitabilityNegative profitability across net, EBIT and EBITDA margins is a structural weakness: until a commercial discovery or sale occurs, the company will likely rely on external capital. Persistent losses constrain retained capital, pressure shareholder returns, and raise dilution risk.
Negative Operating Cash FlowContinued negative operating cash flow creates a recurring funding requirement for core exploration work. This structural cash burn necessitates periodic financing, increasing vulnerability to capital-market conditions and potentially delaying project timelines if funds are constrained.
Exploration-Stage Business Model RiskAs a pure explorer without producing assets or recurring revenue, the company's value depends on successful discovery or partner deals. This binary, capital-intensive model carries long-term execution and commodity-price risks that persist until a monetizable resource is defined.