Negative Cash FlowThe company reports persistently negative operating and free cash flows, signalling that core activities consume cash. This structural cash deficit forces reliance on external financing or partner funding to sustain exploration, raising dilution and execution risk if capital markets tighten or partner interest wanes.
Persistent UnprofitabilityConsistent negative net profit and EBIT margins despite revenue growth show the business cannot yet convert sales into operating earnings. Long‑running unprofitability limits the company’s ability to self‑fund project advancement, increases dependence on external capital, and can compress strategic options over time.
Exploration-Stage Business Model RiskAs an exploration-stage firm without recurring operating revenue, monetisation is binary and episodic (asset sales, JV earn-ins, or eventual production). That structural model creates high outcome volatility and requires continual access to capital markets or partners to sustain programs, elevating medium-term funding risk.