No Revenue / Widening LossesPersistent absence of revenue and increasing net losses indicate the company cannot self-fund operations and remains dependent on external financing. Over a multi-month horizon this raises dilution risk, limits reinvestment capacity, and can delay project timelines if capital access tightens.
Negative Cash GenerationMaterial negative operating and free cash flow show cash burn exceeds accounting losses, implying ongoing outflows to sustain exploration. This structural cash deficit increases reliance on capital markets, constrains ability to accelerate programs, and elevates liquidity and execution risk over months.
Negative Returns On EquityA materially negative ROE signals that deployed capital has not produced returns, reducing the attractiveness of future financings and increasing investors' required returns. Over time this can raise cost of capital, pressure management to dilute existing holders, or force asset impairments if exploration fails to deliver value.