No Revenue / Pre-commercial StatusAbsence of operating revenue over multiple years means value depends entirely on successful exploration and project development. This structural revenue gap necessitates continued external funding and creates execution risk before any margin or cash-flow sustainability can be demonstrated.
Persistent Negative Operating And Free Cash FlowEnduring negative OCF and FCF impose a structural need for ongoing financing to sustain operations and advance the project. Reliance on external capital increases dilution or covenant risk and constrains the company's ability to invest in rapid development or capture favorable partnership terms.
Volatile Equity And Very Negative ROEMaterial equity volatility and deeply negative returns on equity reflect capital erosion from persistent losses. That undermines investor confidence, can raise the cost of new capital, and signals structural challenges converting invested capital into profitable operations absent successful project advancement.