No Revenue / Deepening LossesAbsence of operating revenue and a doubling of net losses make the business model highly speculative. Persistent negative profitability undermines internal ability to self-fund exploration, lengthens timelines to value realization, and increases dependence on capital markets or partners to progress projects.
High And Worsening Cash BurnSustained and accelerating negative operating and free cash flow erodes runway and forces recurrent external financing. For an explorer without revenue, this raises dilution risk and can delay or scale back drilling programs, impairing the company's ability to reach resource milestones that enable monetization.
Balance Sheet Consumption / Funding RelianceA falling asset base signals balance-sheet consumption to fund operations and exploration. Combined with the pre-revenue profile, this makes the company reliant on capital raises or partners to continue. That structural funding dependence can pressure strategy, dilute shareholders, and delay project advancement.