Pre-revenue, Multi-year StatusBeing pre-revenue across six years indicates the company remains in exploration/development without commercial cash inflows. This structural stage dependency means long lead times to monetization, high execution risk, and ongoing need for external capital until production is achieved.
Rising Debt And Negative EquityHigher debt alongside negative shareholders' equity materially weakens financial flexibility. Negative equity elevates refinancing and covenant risks, limits borrowing options, and increases likelihood of dilution or distressed asset sales if operational milestones are not met.
Continued Negative Operating And Free Cash FlowSustained negative operating and free cash flow means the company cannot self-fund development and will remain dependent on external financing. Persisting cash burn raises dilution risk, complicates long-term planning, and may delay project timelines absent fresh capital or partner funding.