Weak Balance Sheet And High LeverageNegative or previously negative shareholders' equity and heavy debt reliance constrain strategic flexibility. Over the medium term this raises refinancing and covenant risk, limits ability to fund exploration internally, and amplifies dilution or costly financing needs if projects require capital.
Consistent Negative Operating Cash FlowPersistent negative operating cash flow and negative free cash flow indicate poor cash generation from core activities. This structural weakness forces dependence on external financing, impeding sustained project development and increasing long-term execution and solvency risk without business model changes.
Lack Of Profitability And Recent Revenue AbsenceReported TTM absence of revenue and negative gross/net margins point to fundamental operational challenges. Without demonstrable, repeatable production revenue, the company cannot validate project economics, weakening prospects for financing, partner interest, or progression to sustained production.