No Revenue And Widening LossesThe company remains pre-revenue while losses have widened materially, meaning operating activity isn't yet generating cash inflows. Over months this structural absence of revenue heightens reliance on external funding and raises the risk that costs outpace capital availability.
Accelerating Cash BurnLarge and accelerating negative operating and free cash flow will deplete available equity and force financing decisions. Over the medium term persistent cash burn increases dilution risk, may curtail exploration programs, and can pressure the company to seek costly capital or partners.
Deeply Negative Returns On EquityNegative ROE indicates deployed capital is not creating economic value, undermining investor confidence. Structurally, this raises the company's cost of capital and makes future fundraising more difficult or dilutive unless operational performance or resource prospects improve materially.