Pre-revenue OperationsOperating with no revenue and recurring negative gross profit means the company lacks internal cash generation to fund exploration or development. Over the next 2–6 months this structural reality forces reliance on external capital and creates execution risk if markets tighten.
Negative Shareholders' EquityNegative equity signals accumulated losses have eroded the capital base, weakening balance-sheet resilience. This structural impairment constrains financing alternatives, increases creditor and counterparty risk, and raises the probability of dilutive recapitalizations to continue operations.
Persistent Negative Cash FlowConsistent negative operating and free cash flow, with a meaningful year-over-year decline, creates a structural funding gap. The company is dependent on external financing to sustain exploration and cannot self-fund project advancement, raising medium-term dilution and execution risk.