No Revenue Since 2020Sustained pre-revenue status means the company lacks operating cash inflows and commercial validation. Over 2–6 months this keeps the firm fully dependent on capital markets or financings to fund exploration, increasing execution and dilution risk if markets tighten.
Consistent Negative Operating Cash FlowPersistently negative operating and free cash flows require recurring external funding to sustain exploration programs. Even with recent improvement, absent positive cash generation the firm faces continual financing and dilution risk that undermines long-term self-sufficiency.
Eroding Equity / Negative ReturnsMaterial decline in equity and persistent negative ROE show the balance sheet is being consumed by losses or write-downs. This structural erosion reduces financial flexibility, raises the likelihood of future dilution, and weakens the company's cushion against exploration setbacks.