Zero Reported RevenueAn absent revenue base is a fundamental constraint: the company currently cannot self-sustain operations through sales and must rely on external funding, asset sales, or JV arrangements. This structurally raises execution and dilution risk over the medium term.
Persistent Negative Operating Cash FlowConsistent negative operating cash flow signals ongoing cash burn from core activities. Without a durable shift to positive OCF or a secured financing plan, the company faces recurring capital raises that can dilute shareholders and slow project advancement over coming quarters.
Declining Equity BaseShrinking equity reduces the balance sheet buffer to absorb further losses and limits capacity to self-fund exploration. Continued erosion increases the risk the company must seek dilutive financing or dispose of assets, impairing long-term project optionality.