Pre-revenue With Materially Wider LossesRemaining pre-revenue while incurring a substantially larger net loss in 2024 undermines financial sustainability. Persistent operating deficits erode equity cushions, increase the frequency and size of required financings, and raise execution risk by diverting management focus to capital raises rather than project advancement.
Deepening Negative Cash FlowWorsening operating and free cash flow are durable warning signs: higher cash burn increases reliance on external financing and reduces strategic flexibility. Over the medium term, sustained negative cash generation can force project delays, asset sales, or unfavorable funding terms, impairing long-term development plans.
Increased Reliance On External FundingDependence on capital markets exposes the company to timing and dilution risk. Exploration firms that repeatedly tap external funding face shareholder dilution and may be vulnerable if market conditions tighten, which can slow or halt project progression and weaken long‑term value creation prospects.