No Revenue / Persistent LossesThe absence of revenue and repeated operating/net losses means no internal cash generation to fund operations. Over time this erodes equity, forces continual external financing or asset monetization, and constrains the company’s ability to scale exploration without dilution.
Negative Operating & Free Cash Flow / Rising Cash BurnPersistent negative operating and free cash flow, with worsening TTM burn, creates structural financing risk. Continued cash consumption forces more frequent capital raises, increases dilution risk, and limits the company’s ability to sustain or scale exploration programs absent partner funding.
Declining Equity And Negative ROEFalling equity and materially negative ROE indicate ongoing value erosion from losses and/or write-downs. This weakens the balance sheet, reduces financial resilience, narrows funding options, and can erode bargaining power in JV or sale negotiations over the medium term.