Persistent Operating LossesOperating losses every year from 2021–2025 demonstrate a structural inability to generate operating profits from current activities. This erodes equity, limits reinvestment capacity, and makes the business chronically dependent on external capital, hampering long-term self-sufficiency.
Consistently Negative Cash GenerationPersistent negative operating and free cash flow mean the company cannot self-fund exploration or development. This sustained cash shortfall forces reliance on dilutive equity or debt, increases financing risk, and may delay or scale back project advancement if markets tighten.
Rising Leverage As Equity ErodesA sharp rise in debt-to-equity over recent years reflects mounting financial risk as losses reduce equity while debt increases. Higher leverage raises interest and covenant risk, reduces strategic flexibility, and makes future financings costlier or more dilutive if profitability doesn't improve.