Zero Revenue And Widening Net LossesThe company generates no operating revenue and losses have nearly doubled year-over-year, reflecting that operations are not yet cash-generative. Persisting unprofitability undermines long-term viability absent successful project advancement or consistent external funding, creating structural execution risk.
Sustained Negative Operating And Free Cash FlowMeaningful cash burn and negative free cash flow indicate the business cannot self-fund exploration or development. Over a multi-month horizon this creates dependency on capital markets or partners, exposing the company to dilution or funding timing risks that can delay project milestones.
Very Limited Internal Operating CapacityA two-person headcount implies heavy reliance on contractors and third-party consultants. For complex mineral development, limited in-house capability can slow permitting, technical studies and stakeholder management, increasing execution risk and potentially extending timelines for value-realizing milestones.