No Operating RevenueAbsent operating revenue the company cannot self-fund advancement; results depend on external capital. Over a multi-month horizon this structural lack of revenue heightens funding dependency, increases dilution risk, and lowers resilience if capital markets become less supportive.
Consistent Negative Cash FlowSustained negative operating and free cash flow indicate ongoing cash burn to fund exploration and studies. This weak cash generation is a durable constraint on executing multi-stage development plans and makes progress contingent on repeat financing rounds or asset sales.
Rising Debt And Weak ReturnsIncreasing leverage alongside negative ROE signals growing financing costs and weakening capital efficiency. Over months this raises refinancing and covenant risks, narrows funding options, and could force more dilutive capital raises that impair existing shareholders' claim on future project value.