Pre-revenue With Widening Net LossesThe company remains pre-revenue with recurring net losses that widened in 2025, indicating its assets are not yet income-generating. Persistent losses increase dependency on external capital, raise dilution risk, and mean the firm must demonstrate project economics to justify further investment.
Consistent Negative Operating Cash FlowSustained negative operating and free cash flow highlight ongoing cash burn to support development activities. This elevates the likelihood of future equity or costly debt raises, constrains autonomy to progress projects, and can pressure timelines if additional funding is delayed or dilutive.
Pre-development Execution And Permitting RiskThe business is still in technical studies and permitting stages, which entail lengthy timelines and uncertain outcomes. Delays or unfavorable study results can materially increase capital requirements, defer value realization, and expose the company to regulatory and execution risks that determine long-term viability.