No Revenue And Persistent LossesContinued absence of operating revenue and multi-year net losses erode equity and limit internal funding for project advancement. This structural deficit forces reliance on capital raises or partnerships, which can dilute shareholders or slow timelines for development and value creation.
Volatile Cash Flow HistoryInconsistent cash flow generation raises execution risk for a capital-intensive mining project. If cash conversion proves sensitive to spending or commodity cycles, the company may need recurring external funding around key milestones, increasing dilution risk and planning uncertainty.
Very Small Operating TeamA tiny in-house team limits internal operational capacity to advance permitting, engineering, and development tasks at scale. The company likely depends on contractors or partners, which can slow project coordination, increase costs, and create execution risk during multi-year development phases.