Pre-revenue With Negative Gross ProfitBeing pre-revenue with negative gross profit means there is no operating leverage or internal revenue runway. This structurally increases reliance on external financing until commercial resources are proven or monetized, making long-term viability contingent on successful exploration outcomes.
Negative Shareholders' EquityNegative equity reflects accumulated losses that have eroded the capital base, reducing the company's financial buffer. This structural weakness impairs creditor confidence, can limit financing options, and raises the likelihood of dilutive equity raises or distressed transactions to continue operations.
Persistent Negative Cash FlowOngoing negative operating and free cash flow forces repeated external funding, increasing dilution risk and financing cost over time. Worsening free cash flow in 2025 versus 2024 highlights that cash generation has not stabilized, threatening continuity of exploration programs without fresh capital.