No Revenue Across 2019–2024A multi‑year absence of operating revenue is a fundamental constraint: the business cannot self‑fund exploration or development from operations. This structural lack of revenue makes project advancement contingent on external capital or asset sales, increasing execution and financing risk.
Persistent Operating Losses And Negative Cash FlowRecurring operating losses and negative free cash flow erode equity and require repeated funding rounds, which can dilute shareholders and divert management focus. Over the medium term, sustained negative cash generation limits the ability to invest in value‑accretive development work without external support.
Reliance On Permits, Partnerships And External FundingAs a pre‑production explorer, monetisation depends on securing permits, technical de‑risking, farm‑outs or capital raises. Each step is time‑consuming and uncertain; regulatory, commodity and partner risks make cash‑flow outcomes binary and increase the probability of delay or value impairment over the next 2–6 months.