Pre-revenue StatusBeing pre-revenue means no operating cash inflows to fund activities, leaving the business dependent on external financing. Over a 2–6 month horizon this structural absence of sales prolongs the path to self-sufficiency, increases execution risk on projects, and keeps returns on invested capital uncertain.
Negative Operating And Free Cash FlowPersistent negative operating and free cash flows, with increased FCF burn in 2025, indicate the company is depleting resources to fund operations. This durable cash deficit raises the probability of recurring capital raises, dilutive financing or constrained project activity if external funding conditions tighten over months.
Ongoing Funding DependenceDespite a debt-free position, recurring losses and rising cash burn create structural reliance on external capital. Over the medium term this dependence increases dilution risk, creates execution uncertainty if markets sour, and limits the company’s ability to pursue sustained exploration without repeated financings.