No Revenue Across PeriodsAbsence of operating revenue is a fundamental constraint: the business relies entirely on external funding rather than internally generated cash. This structural dependence leaves long-term viability tied to capital markets and project success rather than sustainable operating cash generation.
Consistent Negative Operating And Free Cash FlowPersistent operating and free cash outflows indicate ongoing cash burn that financing must repeatedly cover. Over 2-6 months this constrains flexibility, raises dilution risk, and can force project timeline cuts or external financing on less favorable terms if exploration does not deliver near-term value.
Sharply Widening Losses And Deeply Negative ROERapidly worsening net losses and severely negative returns on equity signal deteriorating profitability and capital inefficiency. Structurally, this undermines investor confidence and makes future capital raises more dilutive or costly unless exploration success demonstrably reverses the trend.