No Revenue; Persistent LossesThe company generates no operating revenue and reported recurring net losses, meaning the business lacks internal cash generation. Over time this structural absence of revenue forces reliance on external capital, increases dilution risk, and limits the firm's ability to self‑fund exploration or advancement.
Weak Cash Generation / Cash BurnMaterial negative operating and free cash flows show losses translate into real cash outflows and erode reserves. Persistent cash burn necessitates repeated fundraising, raises financing costs, and can delay or scale back exploration and permitting work if market access tightens.
Arbitration And Legal Uncertainty (India)Protracted arbitration with Indian counterparties creates structural legal and operational uncertainty that can impede permitting, deter partners and financiers, and increase contingent liabilities. Extended timelines materially raise execution risk and reduce near‑term probability of monetizing affected assets.