No Revenue / Structural UnprofitabilityAbsence of revenue is a fundamental constraint for a developer: until commercial sales or an offtake/JV are realized, the business remains binary and dependent on milestones. Ongoing negative margins mean value hinges on future project execution rather than current cash generation.
Negative Operating And Free Cash FlowPersistently negative operating and free cash flow limits internal funding for exploration, permitting and development. Even with improvement, the company cannot self-fund project advancement, increasing dependency on external capital and potentially delaying commercialization timelines.
Reliance On External Funding; Small Recent PlacementA modest recent placement highlights constrained internal resources and the need for further capital or partner dilution. For a capital-intensive seabed phosphate project, recurrent small financings can signal execution risk, potential dilution, and uncertain timing for project milestones.