No Revenue / Exploration-stage ModelLack of operating revenue is a core structural risk: the business remains entirely exploration-driven with no cash-producing operations. Over 2–6 months this implies continued project risk, limited self-funding ability, and persistent reliance on external financing to advance assets.
Negative Operating And Free Cash FlowSustained negative operating and free cash flow demonstrates ongoing cash burn that will require external financing to continue exploration. This structural cash deficit can force dilution, delay project timelines, and constrain strategic options absent meaningful capital raises.
Earnings Quality Concerns (non-operating Gains)A mismatch where reported net income improves while operating cash flow remains negative signals earnings are driven by non‑operating items. This undermines the durability of reported profits and complicates forecasting, making credit and capital providers more cautious over time.