Pre-Revenue ProfileNo revenue means the business model remains entirely development-stage; value depends on successful resource conversion and project financing. That structural lack of operational cash inflows sustains dependency on external capital and heightens execution and funding risk over months.
Widening Net LossesA sharp increase in net losses signals rising development and pre-production spending without offsetting revenues. Persistent, volatile losses erode returns on capital and increase the scale and frequency of required financing, pressuring shareholder dilution and long-term value creation.
Rising Debt ExposureMaterial growth in debt while the company remains pre-revenue increases leverage and refinancing risk. As the asset is not yet cash-generating, higher debt raises interest and covenant risks, narrows financial flexibility and can force dilutive equity raises if project milestones or markets turn unfavourable.