No Revenue Over 2020–2024Absent any top-line, the business remains exploration-stage with no proven commercialization model. That structural lack of revenue prevents margin development, forces reliance on external capital or asset sales, and means long-term value depends on successful resource conversion or partnering.
Consistent Negative Operating And Free Cash FlowPersistent cash burn heightens financing and execution risk: the company must continually raise capital or dilute shareholders to fund operations and project advancement. Over months this limits autonomy, delays project timelines, and makes long-term planning contingent on external funding availability.
Deteriorating Returns And Widening Losses In 2024Worsening ROE and larger 2024 net losses indicate the company is eroding equity value rather than creating it. This structural deterioration undermines investor confidence, raises the bar for future capital raises, and can increase the cost of partnerships or financing needed to advance projects to development.