Pre-revenue And Persistent LossesThe company remains effectively pre-revenue with sustained net losses, indicating it has not yet achieved commercial production or meaningful sales. Over a 2–6 month horizon this limits internal capacity to fund development, prevents margin improvement, and makes project economics contingent on future resource conversion and financing.
Negative Operating And Free Cash FlowPersistent negative operating and free cash flow signals ongoing cash burn to fund exploration and corporate costs. This structural cash shortfall forces reliance on external capital, which can delay project timelines, increase financing costs or dilute shareholders unless a sustained move toward self-funding occurs.
Funding Dependence And Dilution RiskEven with low debt, the business model requires external funding to progress projects. Reliance on equity raises or other financing is a persistent structural risk that can dilute shareholders, create timing uncertainty for development, and makes project advancement contingent on capital markets access over the coming months.