No Operating RevenueOperating with no revenue means the business cannot self‑fund exploration or development; value creation depends on successful discoveries or external financing. This structural lack of operating income increases dependence on capital markets and partner deals, raising dilution and execution risk.
Consistent Negative Cash FlowPersistent negative operating and free cash flow creates a durable funding requirement. Even with improved 2025 metrics, ongoing cash consumption forces recurring raises or JV funding, which can delay programs, dilute shareholders, and constrain the pace of value‑accretive drilling.
Weak And Volatile ReturnsNegative and volatile profitability undermines long‑term investor returns and signals execution or timing challenges in advancing projects. Weak ROE reduces the firm's appeal for long‑term capital, making it harder to secure favorable funding and potentially slowing project development.