No RevenueAbsence of reported revenue over multiple years means the company lacks operating receipts to fund activity or validate commercial traction. Long-term viability depends on capital markets, asset disposals, or successful discovery converting to commercialized production.
Persistent Cash BurnOngoing negative operating and free cash flow indicate persistent cash burn and reliance on external funding. Over the medium term this raises dilution risk, constrains program execution, and may force timing changes to exploration or development plans absent partner financing.
Earnings Volatility / One-offsA swing from a one-off positive to a material loss highlights reliance on non-recurring items for reported profits. This undermines earnings quality and makes forecasting available cash for exploration or development less reliable for strategic planning.