Pre-/early-revenue StatusNear-zero revenue means the business cannot self-fund development or absorb shocks, leaving it reliant on external capital to progress the Kanyika project. Over multiple quarters this raises execution risk if financing windows narrow or capital becomes more expensive.
Persistent Operating LossesSustained negative EBITDA and net losses erode retained capital and increase likelihood of future equity or debt raises. This continued unprofitability reduces flexibility, risks shareholder dilution, and weakens the balance sheet over the 2–6 month horizon if profitability remains out of reach.
Debt Step-up In 2025A rising debt load, even from a low base, increases interest and amortization obligations and narrows financing options. If project milestones slip, higher debt can strain liquidity and elevate refinancing or covenant risk during the development phase.