Pre-revenue LossesAbsent meaningful revenue and with widening net losses, returns on shareholder capital remain negative. Until commercial resources are defined and monetised, persistent losses will deplete cash, require additional capital raises or cutbacks, and constrain the timeframe for delivering shareholder value.
Elevated Cash BurnA large step-up in free cash outflows increases financing frequency and dilution risk. Sustained high burn heightens sensitivity to capital markets and demands demonstrable project progress to justify continued spend, creating a structural funding and execution constraint over coming months.
Funding & Execution RiskThe company’s pre-revenue profile and higher spend amplify reliance on external funding and on management executing exploration programs. If results lag or markets tighten, raising capital may be more costly or dilutive, limiting strategic optionality and risking project delays.