Persistent LossesA sustained net margin around -25% erodes equity and constrains reinvestment into exploration. Persistent losses increase reliance on external funding, raise dilution risk, and impair the company's ability to progress tenements toward development without new capital.
Sharp Revenue DeclineA >50% revenue drop signals weakening commercial traction or one-off revenue loss, reducing internal funding for exploration. Over several months this hinders JV leverage, lowers bargaining power with partners and makes sustaining operations without new capital more difficult.
Negative Operating Cash FlowNegative operating and free cash flows and a poor OCF-to-income ratio indicate operations consume cash and earnings don't convert to liquidity. This structural cash burn raises the likelihood of additional financing, dilutive equity raises, or project slowdown over the medium term.