No Revenue & Ongoing LossesThe absence of revenue and persistent operating losses mean the business cannot self-fund exploration or development. Over the medium term this forces reliance on capital markets or partners, increases dilution risk, and makes progress contingent on successful resource milestones or external fundraising.
Sustained Cash BurnMaterial negative operating and free cash flow that track net losses indicate real cash consumption, not just accounting charges. This shortens runway, elevates financing frequency, and increases execution risk for exploration programs unless capital is raised or partner funding secured.
Arbitration/regulatory UncertaintyOngoing arbitration with Indian counterparts represents a structural legal and regulatory overhang that can delay permits, restrict operations, or create contingent liabilities. Long timelines amplify capital consumption and deter strategic partners or major financing until resolution.