Effectively Pre-revenueMinimal operating revenue means the company cannot self-fund exploration or development from sales, creating persistent reliance on external capital. Over months to years this undermines margin development and increases dilution and execution risk if markets tighten.
Sustained Negative Cash FlowConsistent negative operating and free cash flow reflects cash-based losses and a continuing burn profile. Persisting cash outflows force recurrent fundraising, constrain the scale and timing of exploration programs, and elevate the risk that projects are delayed or downsized.
Eroded Equity And Financing RiskA marked decline in shareholder equity over several years signals cumulative losses and a diminished capital buffer. This increases the probability of further dilutive raises, reduces capacity to absorb exploration setbacks, and limits financial flexibility for advancing projects.