Revenue CollapseRevenue has declined sharply to zero in 2025, removing any operating cash inflow buffer. For a company funding exploration and project advancement, absent revenue forces reliance on financing or asset sales, increasing execution risk and making internal funding of development activities structurally difficult.
Rising Leverage And Weakened EquityDebt increased materially while equity contracted, pushing debt-to-equity to roughly 2.0x. Higher leverage reduces financial flexibility, raises refinancing and covenant risk, and curtails the firm’s ability to fund project work organically, meaning future asset monetisation may be forced or diluted.
Persistent Negative Cash FlowOperating and free cash flows are chronically negative and worsened in 2025, reflecting sustained cash burn. Persistent outflows elevate funding needs, increase dilution or debt dependence, and limit the company’s ability to progress projects without external capital, a durable constraint on organic growth.