No Revenue And Persistent LossesWith zero operating revenue and recurring net losses, the company lacks an internal funding source and remains dependent on external capital. This structural absence of operating cash generation increases dilution and execution risk until commercial production is achieved.
Negative Operating And Free Cash FlowConsistent negative operating and free cash flow indicate ongoing cash consumption for exploration and G&A. Over the next several months this creates a durable financing requirement that can pressure equity cushions or force dilutive raises absent a JV or asset sale.
Negative Returns On EquityNegative ROE shows capital deployed has not produced shareholder returns; even as equity levels improved, continuing losses imply shareholder value remains eroded. This structural profitability issue challenges long-term value creation until resources are commercialized.