Multi-year Net LossesSustained net losses over multiple years indicate the company has not yet converted project investments into profitable operations. Continued negative earnings erode equity, limit reinvestment capacity, and raise execution risk that strategic projects may not mature into cash-generating assets without additional capital.
Persistent Negative Operating And Free Cash FlowConsistent operating and free cash flow deficits create a structural need for external funding. Over time, repeated capital raises can dilute shareholders, constrain long-term project funding options, and reduce resilience during commodity or financing stress, making delivery of development milestones less certain.
Sharp Revenue DeteriorationA marked drop in revenue signals weak commercial momentum and challenges in monetising assets. For an investment-to-development miner, falling top-line receipts reduce runway to advance projects, heighten dependence on capital markets, and weaken the case that portfolio assets are ready to generate sustainable cash returns.