No Revenue (pre-revenue Profile)The company reports no revenue across multiple years, a long-lived constraint for fundamentals: without operating cash inflows the business depends on financing to sustain activities, and its core economic model remains unproven until resources are developed or monetized.
Widening Losses And Rising Cash BurnPersistent negative operating cash flow and a material deterioration in cash burn indicate the company is consuming capital faster over time. Structurally this increases reliance on external funding, raises dilution risk, and heightens execution risk for multi-month exploration programs.
Eroding Equity And Negative Returns On CapitalDeclining shareholder equity and consistently negative ROE show that capital is being eroded by losses. Over the medium term this reduces the balance sheet buffer, limits self-funding ability for projects, and increases the likelihood of future dilution or asset sales to raise cash.