No Operating Revenue And Persistent LossesThe absence of operating revenue and continued net losses mean the business lacks internal cash generation. Over the medium term this forces reliance on external capital, erodes equity if losses persist, and elevates execution risk until project financing or a revenue base is established.
Consistent Negative Cash FlowPersistent negative operating and free cash flow, despite some improvement, indicate ongoing cash burn. This creates structural funding pressure, increases the probability of dilution or onerous financing terms, and constrains the company's ability to fund permitting and technical work internally.
Blocked Capital Reorganisation / Financing RiskA failed shareholder vote that prevented a planned reorganisation and financing facility is a durable governance and funding risk. It can delay critical financing, slow development timelines, and force emergency or dilutive capital raises under less favorable conditions.