No Operating RevenueAs an explorer with no revenue, the company cannot self-fund development. Persistent losses mean reliance on external capital or asset sales, exposing operations to capital-market cycles and dilution risk, a structural constraint on sustainable growth over 2–6 months or longer.
Sustained Cash BurnConsistent negative operating and free cash flow shows losses translate into real cash outflows, eroding reserves and forcing periodic fundraising. This persistent cash burn constrains the pace of exploration and increases dilution or partnership dependence over the medium term.
Arbitration And Geopolitical UncertaintyActive arbitration introduces material legal and timing risk that can delay project monetisation, deter partners, and incur legal costs. The long, uncertain timeline is a structural overhang that complicates planning, financing and asset valuation over an extended horizon.