No Revenue; Widening LossesThe absence of operating revenue through 2025 and materially larger net losses in the latest year indicate structural unprofitability. Persistent losses erode equity and constrain the firm's ability to self-fund exploration or development, increasing dependence on external capital.
Sustained Negative Cash FlowConsistent negative operating and free cash flow, with a pronounced cash burn increase in 2025, shows the company is consuming balance-sheet resources to sustain activity. This trend raises execution risk for multi-year project programs without reliable funding sources.
Inconsistent Equity BaseMaterial swings in reported equity suggest reliance on intermittent financings or balance-sheet adjustments to fund operations. An unstable equity base increases the probability of dilution or funding delays, which can slow project timelines and reduce long-term shareholder value.