Persistent Cash BurnConsistent negative operating and free cash flow forces dependence on external financing, raising dilution or borrowing risk. This durable cash-generation weakness constrains the company’s ability to sustain prolonged exploration programs and limits optionality until operating cash flow turns positive.
Volatile And Collapsing RevenueTiny, highly variable revenue undermines predictability of funding and operational planning. Structural revenue volatility reduces the company’s ability to build recurring cash flows or reinvest internally, making long-term project sequencing and capital allocation more uncertain.
Deep Recurring LossesSustained, large net losses erode shareholder equity over time and heighten the probability of future dilutive raises or asset sales. Recurring losses are a structural impediment to self-funded growth and increase execution risk for advancing projects to value-creating milestones.