Pre-revenue With Ongoing Net LossesBeing pre-revenue and loss-making means the company lacks operating cash inflows and relies on financing to fund core activities. Over a 2–6 month horizon this creates structural funding pressure, limits reinvestment into growth or projects, and increases the probability of dilution or paused activities if capital access tightens.
Weak Cash Generation And Rising FCF BurnNegative and worsening free cash flow shows accounting losses are translating into real cash outflows. This persistent cash burn heightens reliance on external funding, constrains the timeframe for achieving operational milestones, and materially raises execution risk for projects or exploration over the medium term.
Negative Returns On Equity; Volatile Equity BaseConsistent negative ROE signals failure to generate returns from invested capital, eroding long-term shareholder value. A volatile equity base combined with negative returns implies recurring capital raises or dilution, undermining the company's ability to demonstrate sustainable profitability or attract long-term strategic investors.