No RevenueThe company reports no operating revenue, meaning it cannot self-fund activities from operations. Over the medium term this makes the business entirely dependent on capital markets, partners, or asset sales, increasing execution risk if financing dries up or exploration results lag.
Sustained Losses & Cash BurnRecurring net losses (TTM ~ $2.6M) and negative free cash flow require frequent external funding. Persistent cash burn depletes resources, forces dilution or asset sales, and can delay or shrink exploration programs if partner funding or investor appetite weakens over the next several quarters.
Collapsed Equity BaseEquity has contracted dramatically, eroding the capital cushion that absorbs exploration setbacks. A thin equity base reduces borrowing capacity, increases sensitivity to further losses, and raises the likelihood of dilutive financings or dependence on joint-venture partners for project continuity.