No Revenue; Widening LossesThe company remains pre-revenue with growing operating losses, which is structurally typical for explorers but means persistent reliance on external capital. Continued negative EBIT increases dilution risk and compresses the time window to convert exploration upside into a fundable, value-creating asset.
Negative Operating Cash FlowConsistent negative operating and free cash flow indicates the business cannot self-fund exploration. Over a multi-month horizon this necessitates recurrent financings or deals, which can dilute existing shareholders and create execution risk if market access tightens or financing terms worsen.
Eroding Equity And Negative ROEDeclining equity and materially negative ROE show capital is being consumed rather than compounded. This structural erosion reduces the cushion available to fund exploration, increases likelihood of further capital raises, and signals that current programs have yet to create accretive value for shareholders.