No Meaningful Revenue BaseAuroch lacks recurring operating revenue, leaving it unable to self-fund exploration or overhead. Dependence on external capital increases execution risk, can delay project timelines, and makes it harder to demonstrate commercial viability to partners or investors over the medium term.
Persistent Negative Cash FlowConsistent negative operating and free cash flow necessitates ongoing financings to sustain exploration. Repeated equity raises dilute existing holders, can weaken negotiating leverage in farm-outs, and create execution uncertainty if capital markets tighten or investor appetite wanes.
Recurring Losses And Negative Returns On EquitySustained operating and net losses with negative ROE indicate management has not translated capital into positive returns. Continued erosion of shareholder equity heightens the need for capital injections or asset sales, raising long-term dilution and governance pressures if performance does not improve.