Pre-revenue OperationsAs a pre-revenue explorer, intrinsic value is contingent on successful discovery and monetization events. This business model creates high execution risk and persistent dependence on capital markets, making long-term returns sensitive to exploration outcomes and financing availability.
Persistent Negative Cash GenerationOngoing negative operating and free cash flow force repeated capital raises or dilution, constrain the ability to sustain multi-year drilling campaigns, and can delay project development. Reliance on external funding increases execution and timing risk for value realization.
No Current Revenues; Negative MarginsAbsence of revenue and persistent negative margins mean the company has no internal earnings cushion to fund growth. Long-term value depends entirely on converting exploration success into a monetizable resource or a sale, elevating commodity, development and counterpart risk.