No Revenue; Persistent Operating LossesThe core business is not generating operating profit or revenue, meaning long-term value depends on asset monetizations or non-operating gains. This undermines sustainable earnings generation and increases reliance on successful exploration outcomes or external funding.
Consistent Negative Cash FlowPersistent operating and free cash outflows create a structural funding requirement. Over the medium term the company will need continuous capital injections, asset sales, or partner funding, which can dilute shareholders or constrain the pace of exploration and project development.
Low Earnings QualityEarnings driven by non-operating items reduce predictability and are less repeatable than operating profits. This weakens forecasting reliability and raises the chance that reported profits will reverse absent asset sales or one-time gains, leaving fundamentals unchanged.