Pre-revenue Business ModelWith no revenue to date, the company relies entirely on exploration value creation and external capital. This structural lack of operating income means progress depends on successful discoveries and project advancement, extending timeline and execution risk for realizing shareholder returns.
Consistent Negative Operating Cash FlowPersistent negative operating cash flow creates a structural funding requirement: the company must access capital markets or partners to fund exploration and studies. That dependence can lead to dilution, timing risk, and constrained ability to pursue multiple high‑cost programs simultaneously.
Negative Returns On Deployed EquityDespite growing equity and assets, the company has produced negative ROE each year, signaling capital has yet to translate into profitable operations or value-realizing projects. This structural shortfall raises the bar for future drilling success to justify prior capital injections.