No Revenue BaseAbsence of operating revenue means the company must rely on external financing to fund development. Persistent net losses erode reserves and make long-term project execution contingent on capital markets or partners, raising dilution and execution risk over the medium term.
Negative Shareholders' EquityAccumulated deficits producing negative equity indicate a weakened balance sheet and limited borrowing capacity. This status undermines leverage quality, increases the probability of equity raises or restructuring, and constrains the company’s ability to fund project advancement organically.
Consistent Negative Cash FlowSustained negative OCF and FCF drain available resources and force recurring external financing. Persistent cash burn constrains capital allocation to the Shymanivske project, heightens dilution risk, and leaves the company vulnerable to financing market conditions over the coming months.