Pre-Revenue ModelThe company is pre-revenue with no sales recorded, leaving its path to operating cash generation unproven. Over the medium term, lack of revenue means project economics remain theoretical and success depends on converting resources into paying production, a materially uncertain step.
Widening LossesAnnual net losses notably increased year-over-year, signaling rising absolute cash needs to sustain operations. Persistent and growing losses erode financial flexibility, increasing reliance on external capital and raising execution risk for multi-stage development timelines.
Sustained Cash BurnOperating and free cash flow remain meaningfully negative, with free cash flow contracting sharply. This sustained burn limits self-funding of studies and permits, heightens dilution risk from capital raises, and reduces resilience to industry or financing slowdowns over coming months.