Inconsistent / Zero RevenueA lack of stable revenue is a persistent structural weakness for an exploration company: without consistent sales or offtake, the business depends on capital markets or partners to fund operations, limiting self-sustainability and raising dilution or funding-risk over the medium term.
Ongoing Operating And Net LossesSustained annual net losses erode returns and indicate the company remains in a burn/investment phase. Over 2–6 months this constrains the ability to demonstrate progress toward profitability and increases reliance on external capital or JV structures to fund continued exploration.
Negative Operating And Free Cash FlowPersistent negative operating and free cash flow means the company consumes cash to operate and explore. Even with recent improvement, ongoing cash deficits limit strategic optionality, increase funding needs, and heighten execution risk until revenue or partner funding is secured.