Severe Cash BurnPersistent, large negative operating and free cash flows (~-$25.1M and ~-$33.4M TTM) create structural liquidity pressure. Ongoing cash burn forces repeated financing, increases dilution risk, and constrains capital allocation to development or sustaining capital absent sustained operational improvement.
High Leverage And Thin EquityA capital structure with only ~$2.6M equity versus ~$17.6M debt significantly reduces financial flexibility. Elevated leverage increases refinancing, covenant, and default risk, likely forcing asset sales or dilutive financings to meet obligations and limiting long-term strategic optionality.
Persistent UnprofitabilityThe firm has swung from 2021 profitability to sustained, sizable losses (EBIT ~ -$16.9M; net ~ -$18.8M) with revenue inadequate to cover fixed and operating costs. This structural earnings gap makes self-funded growth and sustained operations unlikely without cost repricing or materially higher metal prices.