No Revenue, Persistent LossesAbsence of operating revenue and recurring net losses mean the company has yet to validate commercial economics; long-term viability depends on financing, asset sales, or partners. This structural lack of cash-generating operations raises execution and financing risk over months.
Negative Operating And Free Cash FlowOngoing negative operating and free cash flow erodes shareholder equity and forces reliance on equity financings or asset transactions. Persistent FCF deficits reduce runway, increase dilution risk, and constrain the ability to fund sustained exploration or technical studies internally.
Eroding Equity And Negative ROEDeclining shareholder equity and deeply negative ROE signal value destruction from operations. That pattern undermines investor returns, can limit access to favorable financing, and weakens bargaining power when pursuing partnerships or joint ventures for project advancement.