Persistent Operating LossesEBIT has been negative across multiple years and net losses occurred in five of six periods, indicating core operations are not profitable. Persistent unprofitability erodes equity, undermines investor confidence, and limits internal options to fund exploration or development without external capital.
Chronic Negative Cash GenerationOperating cash flow and free cash flow are negative across all reported years, forcing dependence on external financing or asset transactions. Chronic cash deficits increase dilution risk, constrain timely funding of milestones, and complicate long‑term project advancement plans.
Rising Leverage TrendLeverage has climbed materially as equity declined, increasing fixed obligations and financial risk. A rising debt burden with negative cash flows limits strategic flexibility, raises refinancing risk, and can pressure counterparties and partners if the company cannot fund exploration milestones.