Recurring Operating And Net LossesRecurring operating and net losses from 2021–2025 erode shareholder capital and limit the company’s ability to self-fund exploration. Persistent unprofitability reduces strategic flexibility, heightens reliance on external financing, and increases dilution and execution risk over the medium term.
Persistent Negative Cash FlowNegative operating and free cash flow every year indicates ongoing cash burn that must be covered by financing. This structural cash deficit forces repeated capital raises, constrains continuous drilling budgets, and makes long-term project advancement dependent on volatile equity or partner funding.
Inconsistent And Minimal Revenue HistoryRevenue is absent in most years and only appeared in 2021–2022, indicating lack of steady operating income. Without reproducible revenue streams, the business is highly dependent on exploration outcomes and asset transactions, increasing uncertainty about sustainable operations and financing.