Persistent LossesRecurring net losses and a worsening 2024 result indicate the company has not yet demonstrated profitability on a sustained basis. This structural shortfall pressures capital allocation, risks dilutive equity raises, and undermines ROE recovery prospects unless operating leverage or project exits materially improve.
Negative Free Cash FlowThree consecutive years of negative free cash flow point to a chronic cash burn dynamic rather than a one-off investment spike. Persistent FCF deficits constrain autonomous project funding, increase dependence on external capital or JV partners, and raise execution risk for advancing projects toward development.
Worsening Operating CashA negative operating cash flow in 2024 and a sharp year-over-year FCF decline reflect deteriorating cash generation from core activities. This structural weakening reduces runway for exploration, heightens fundraising frequency, and makes long-term project timelines and commercialization more uncertain without new financing or partner commitments.