Pre-revenue OperationsBeing pre-revenue means no commercial cash generation; the business must convert resource value into producing assets to reach profitability. This creates a multi-year execution and financing bridge with material risk that development, permitting, or capex timing will delay revenue realization.
Material Cash Burn And Negative FCFSustained negative operating and free cash flow indicate ongoing funding needs to progress the project. Over time this raises the probability of equity dilution, reliance on external capital markets or partnerships, and potential delays if financing conditions deteriorate, constraining long-term value capture.
Limited Internal Operating ScaleA very small employee base increases execution risk for complex geology, permitting, engineering and commercialisation tasks. Reliance on contractors and partners can raise costs, coordination burden and timelines, limiting the company's ability to run multiple development workstreams in parallel.