No Revenue Or Commercial TractionAbsence of revenue over multiple years shows the business remains at exploration stage with no proven commercial operations. That structural lack of operating income means the company cannot self-fund growth, remains highly dependent on external capital, and faces execution risk tied to discovery or farm-out outcomes.
Persistent Negative Cash FlowConsistent negative operating and free cash flow erodes liquidity and equity over time. For an exploration company this necessitates repeated financing rounds, increasing dilution risk and constraining the ability to advance projects or secure strategic partners, which hinders sustainable growth prospects.
Eroding Equity And Widening LossesDeclining shareholder equity alongside a larger net loss reduces the company’s capital cushion and financial flexibility. Persistent losses lower return metrics and can raise the cost of capital, making it harder to fund exploration without significant dilution or asset sales, threatening long-term project execution.