Zero Operating RevenueNo sustained operating revenue means the business lacks an established cash-generating core; reliance on financing or asset disposals is required to fund operations. Over months, absence of revenue elevates dilution and execution risk if projects fail to progress toward commercial production.
Persistent Cash Burn, Worsening In 2025Consistent negative operating and free cash flow, and a worsening burn rate, erode liquidity and increase the probability of equity or debt raises. For an exploration firm, prolonged cash deficits can force asset sales or dilute shareholders before projects reach de-risking milestones.
Negative Returns On EquityRepeated negative ROE signals the company is not converting invested capital into shareholder value. Over a multi-month horizon this implies limited capacity to attract accretive capital and heightens the risk that future financing will come at unfavorable terms or dilute existing holders.