No Revenue / Non‑producing ProfileA persistent absence of revenue signals a pre‑revenue, non‑producing business model reliant on successful exploration or development. Without operational cash generation, long-term sustainability depends on external capital and commodity outcomes, increasing structural business risk.
Persistent Negative Cash FlowRecurrent negative operating and free cash flow forces reliance on financing to support operations. Over months this compounds dilution or funding risk, constrains ability to progress projects, and limits capacity to invest in value‑creating exploration or development activities.
Deteriorating Equity BaseA materially shrinking equity base reflects accumulated losses that erode the balance-sheet buffer. This reduces financial flexibility, heightens insolvency risk under further setbacks, and can impair the company’s ability to secure non-dilutive financing or joint‑venture partners over the medium term.