Negative Operating & Free Cash FlowSustained negative OCF and sharply worsening free cash flow indicate heavy cash burn from operations and investments. This elevates dependency on external capital, increases dilution or refinancing risk, and constrains the company's ability to self‑fund exploration and development over the coming months.
Large Net Losses And Weak MarginsMaterial net losses and negative margins show the business has yet to reach profitable operations. For a development‑stage miner, persistent unprofitability can erode equity over time, pressure the balance sheet and force financing at adverse terms, hindering long‑term project advancement.
Small Revenue Base & Volatile Cash ProfileA very small revenue base combined with volatile cash flows means operational scale is limited and sensitivity to project delays is high. Until production and stable sales volumes are achieved, the company faces execution risk, uncertain timing to cash‑flow break‑even and ongoing funding needs.