Zero Recent RevenueA sustained absence of revenue and recurring negative operating results mean the business cannot self‑fund exploration or operations. Over 2–6 months this structural shortfall forces dependence on capital markets or partner funding to progress assets, increasing dilution and execution risk if financing conditions tighten.
Persistent Cash BurnConsistent negative operating and free cash flow, with heavy outflows recently, indicates the company is consuming capital to pursue exploration/development. This structural cash burn increases reliance on external funding, raises financing risk, and can delay project timelines if partners or markets are unavailable.
Small Operating ScaleA tiny headcount and absence of producing assets signal limited in‑house execution capacity and a heavy dependence on partners and service providers. Structurally, this elevates execution and coordination risk, can slow project delivery, and makes long‑term scaling contingent on successful farm‑outs or capital raises.