Persistent Negative Cash FlowMulti-year negative operating and free cash flow signals structural cash burn that undermines self-funding for exploration. Over time this raises reliance on equity issuance or debt, dilutes shareholders, and constrains the company's ability to sustain multi‑year project development without external capital.
Severe Revenue Decline And VolatilityA steep 2024 revenue drop and historical swings reduce predictability of future cash flows and margins. For a resource-explorer, unstable top-line undermines capital allocation and partner negotiations, complicating multi‑year funding plans and increasing the risk of project delays or scaled-back programs.
Earnings Quality And ROE InconsistencyNet income not matched by operating cash flow suggests earnings include non‑cash gains or one‑offs, reducing confidence in sustainability. Coupled with inconsistent and often negative ROE in prior years, this raises the risk that reported profits are not repeatable or cash-generative across project cycles.