Effectively Zero RevenueLack of operating revenue over multiple years means the company cannot self-sustain operations or demonstrate commercial asset productivity. This structural revenue absence forces dependence on external funding, increases execution risk on projects, and limits margin recovery visibility.
Material Cash BurnSustained negative operating and free cash flow materially shortens runway for an explorer without revenue. Persistent cash burn necessitates repeated capital raises, dilutes shareholders, and can delay or curtail exploration and development programs, reducing long-term project optionality.
Persistent Losses And Negative ReturnsOngoing net losses and negative ROE indicate the equity base is not generating value, undermining investor confidence. Over the medium term this pattern risks higher funding costs, governance scrutiny, and potential dilution, making it harder to finance the steps needed to prove and commercialize resources.