No Revenue; Persistent Operating LossesThe company generates no operating revenue and has persistent operating losses, characteristic of an early-stage explorer. This structural absence of revenue prevents internal funding of development, forces reliance on capital markets, and means operational sustainability depends on continued financing or a material near-term discovery.
Negative Cash Flow And Continuing Cash BurnOperating and free cash flow remain negative each year, with ~-2.8M in 2025, indicating ongoing cash burn. This creates a sustained funding requirement, heightens execution risk if markets tighten, and can force dilutive capital raises or project delays that materially affect long-term value creation prospects.
Widening Net Losses And Negative Returns On EquityNet losses widened materially year-over-year and ROE is negative (~-13%), reflecting erosion of shareholder value from operations. Over several months this trend undermines balance sheet strength, constrains access to non-dilutive funding, and may increase the cost of capital for future project development absent a clear path to revenue or materially reduced cash burn.