No Revenue / No Operating ScaleThe company reports no revenue across all provided periods, indicating absence of an operating business and dependence on exploration/financing. Without a revenue base, the firm lacks proven commercial viability and remains reliant on capital markets for continuity.
Persistent Negative Cash FlowMulti-year negative operating and free cash flow reflect ongoing cash burn and structural cash needs. Persistent negative cash generation necessitates frequent external financing, raising dilution risk and constraining long-term planning and project execution.
Eroded Equity CushionShareholders' equity has materially declined over recent years, reducing the balance-sheet buffer against shocks. A weaker equity base limits borrowing capacity, increases vulnerability to further losses, and heightens the reliance on dilutive capital raises.