High Cash BurnSustained, rising cash burn is a structural weakness for a pre-revenue explorer: negative operating and free cash flow near -80M TTM forces repeated external financing, increases dilution risk, and limits ability to self-fund longer-term resource development without partnership or asset sales.
Widening Net LossesA dramatic increase in reported losses signals much higher capital intensity and operating spend. Persistently widening losses reduce retained capital, depress returns metrics, and heighten reliance on capital markets or strategic partners to sustain multi-year exploration and development programs.
Weak Returns / Reliance On External FundingNegative ROE and volatile equity imply poor capital efficiency and repeated equity injections. Structurally, this reduces shareholder returns potential and signals ongoing dilution risk as the company needs fresh capital to advance projects rather than generating internal funding.