Persistent Losses And Weak ProfitabilityOngoing losses and negative margins erode shareholder equity and constrain reinvestment. Without a clear path to sustained profitability, the company faces persistent funding needs and dilution risk, making long‑term independent project development more challenging.
Negative Operating Cash FlowNegative operating cash flow means core activities are not self‑financing, forcing reliance on external funding. This increases execution risk for exploration and development schedules, and heightens vulnerability to capital market cycles and adverse financing conditions.
Pre‑production Status; No Stable Operating RevenueAs a pre‑production explorer/developer, revenue depends on equity raises, farm‑outs, asset sales or future production. This structural absence of recurring cash flow elevates financing and execution risk and extends the time horizon before projects generate sustainable cash returns.