No Operating RevenueLack of operating revenue prevents self-funding and means the company depends on external capital to sustain exploration. Over a multi-month horizon this raises execution risk for programs, and makes long-term project economics untested and reliant on financing availability.
Persistent Cash BurnNegative operating and free cash flow across periods signifies ongoing burn that must be funded externally. Even with some TTM improvement, sustained negative cash flow constrains program continuity, increases financing frequency, and elevates dilution or covenant risk over months.
Profitability Driven By Non-operating ItemsReported net income swings appear driven by non-core items rather than recurring operations, and do not convert to cash. This creates volatile, non-repeatable earnings that provide limited assurance of sustainable profitability or funding capacity over the near term.