Pre-revenue Business ModelNo operating revenue means the company cannot self-fund growth and remains dependent on external capital. Over the medium term this makes future project advancement contingent on financing cycles and investor appetite, increasing execution and dilution risk.
Persistent Operating Cash BurnSustained negative operating cash flow implies recurring financing needs to sustain exploration activities. Over 2–6 months this constrains strategic flexibility, elevates funding risk, and can force dilutive capital raises or scaling back of high-value programs.
Asset Volatility And Negative ReturnsA volatile asset base and continued negative returns point to execution risk on projects or intermittent write-downs. Structurally, this raises uncertainty about resource conversion and long-term shareholder returns, complicating capital allocation decisions.