Persistent LossesThe company remains loss-making (net margin ≈ -45% in 2025), which undermines internal funding capacity and increases dependence on external capital. Prolonged negative profitability erodes shareholder equity, complicates long-term project financing and diminishes operational resilience.
Negative Cash Flow In 2025Operating and free cash flow flipped negative in 2025, reversing prior years of positive generation. Renewed cash burn raises funding and dilution risk, can delay exploration or development schedules, and heightens execution risk absent stable internal cash generation or committed partners.
Volatile Operating PerformanceEarnings have been volatile—profit in 2022 then losses across 2023–2025—indicating inconsistent returns from project activities. Such variability hampers multi-year planning, reduces partner/investor confidence, and increases the likelihood of repeated financings during development phases.