No Revenue Over 2020–2025Absence of revenue across multiple years confirms the company remains pre-commercial and wholly dependent on financing or partner deals to progress projects. That structural lack of commercial cash generation limits self-funding, increases financing frequency, and raises dilution and execution risk over the medium term.
Recurring Operating LossesConsistent negative EBIT indicates operations do not generate margin surplus and the business is not on a near-term path to internal profitability. This persistent loss profile makes long-term viability hinge on successful discovery, partner transactions, or continued external capital, increasing strategic and funding risk.
Inconsistent Cash Generation And Renewed Cash BurnCash flow volatility and a return to net cash burn reduce runway between financings and may force more frequent dilutive raises or scaled-back programs. Structurally, inconsistent cash generation undermines steady project advancement and increases the likelihood that important exploration milestones are delayed or dependent on partner funding.