No Operating RevenueThe company has no operating revenue and continues to report recurring operating losses, meaning it has not proven a self-sustaining business model. Over the medium term this necessitates external funding for development and raises execution risk if capital access tightens.
Financing Access RiskA blocked capital reorganisation and lost access to an equity facility create material funding uncertainty. For a non-revenue project developer this can delay studies and permitting or force ad hoc, highly dilutive raises, materially impacting timelines and shareholder value.
Consistent Negative Cash GenerationPersistent negative operating and free cash flow means the company must repeatedly rely on external capital. That structural cash deficit increases dilution risk, constrains ability to fund longer-term project work internally, and makes progress dependent on capital markets.