Pre-revenue And Widening LossesThe company remains effectively pre-revenue with materially widening net losses over multiple years. That persistent operating deficit is a durable weakness: until resources are monetized or revenues begin, the business depends on external funding and faces ongoing dilution or financing risk.
Sharp Deterioration In Free Cash FlowDeepening negative free cash flow signals escalating cash burn that increases structural funding risk. Sustained large outflows force reliance on capital raises or JV funding, which can dilute shareholders and constrain the pace of project advancement until cash generation improves.
Persistent Negative Returns On EquityNegative ROE over multiple periods indicates the company is consuming shareholder capital rather than creating value. Even with higher equity, returns remain poor, a structural governance and operational concern that can deter long-term investors and limit access to favourable funding.