Pre-revenue And Widening LossesPersistently zero revenue combined with growing net losses is a structural weakness for an exploration-stage miner. Without operating income, the business must rely on external capital to sustain exploration and development, raising the risk that projects cannot be advanced without repeated funding rounds.
Consistent Negative Operating Cash FlowOngoing negative operating cash flow is a durable constraint: it forces continued capital raises or asset monetisation to fund operations. Over multiple reporting periods this cash burn pattern erodes liquidity, limits discretionary project spend, and increases the likelihood of dilution for existing shareholders.
Declining Equity And Shrinking Asset BaseA shrinking balance sheet and declining equity suggest past losses and possible asset write-downs. This structural erosion reduces the company's ability to collateralise financing, weakens resilience against bad exploration outcomes, and amplifies shareholder dilution risk when new capital is required.