Declining Revenue And Slipped ProfitabilityFalling revenue and a return to net losses weaken the company's ability to self-fund exploration and raise concerns about sustainable operations. Persistent negative profitability can force dilutive financing or delay project milestones, impairing long-term value creation.
Multi-year Earnings VolatilityIrregular earnings and multi-year revenue gaps undermine predictability critical for securing long-term JV funding or attracting strategic partners. This structural volatility raises execution risk and complicates capital planning for multi-year exploration programs.
Weak Cash Cover Of DebtAlthough cash flow is positive, coverage under 0.5x means limited buffer against increased spending or adverse results. If exploration ramps or costs rise, the company may need external financing, increasing dilution risk and potentially constraining project advancement.