Pre-revenue Business ModelLack of revenue means the company cannot self-fund operations or capex, creating structural reliance on external capital. Over months this heightens dilution and execution risk, constraining the firm's ability to independently advance exploration to commercial stages.
Weak Cash Generation And FCF VolatilityPersistent negative operating cash flow and volatile free cash flow imply unpredictable funding needs and potential project stop-starts. Over a multi-month horizon this elevates refinancing risk, increases dependence on equity markets, and can delay asset appraisal or development timelines.
No Commercial TractionYears without revenue and ongoing losses indicate the company remains at an early exploration stage with limited commercial validation. This structurally increases execution risk, reduces near-term cash generation prospects, and makes long-term project monetization uncertain without external funding or partners.