Persistent Operating LossesConsistent operating losses erode returns and mean the company is not yet converting assets into profitable operations. Over months this amplifies dependence on external capital, pressures management to deliver profitable projects, and raises the bar for achieving sustainable margins once production scales.
Very Large Negative Free Cash FlowSustained, very large negative free cash flow signals heavy investment outlays or failed monetization, creating structural funding risk. Over a multi-month horizon this necessitates persistent external financing, dilutive equity raises, or asset sales, any of which can limit strategic optionality and slow project timelines.
Lack Of Reported RevenueAbsent recurring revenue, it's difficult to assess core operational traction and scalability. This structural opacity increases execution risk for development-stage miners because progress and commercial viability depend on future resource conversion and external funding rather than demonstrated sales performance.