Pre-revenue With Widening LossesSustained and growing net losses indicate the business cannot self-fund operations and will remain reliant on external capital. Continued erosion of retained capital weakens long-term resilience, elevates dilution risk from equity raises, and reduces flexibility for multi-year project development.
Material Cash BurnPersistent negative operating and free cash flow drains available liquidity and shortens runway absent new financing. Structural cash burn constrains the pace of exploration and drives recurring capital raises, increasing financing cost and the risk that projects are stalled or downscaled.
Sharply Reduced Assets And EquityA steep decline in assets and equity signals diminished balance-sheet capacity to absorb shocks or fund large projects. This reduction raises the likelihood of onerous financing terms or dilution on future raises and may reflect impairments or cash spend that weaken long-term strategic optionality.