Pre‑revenue Operating ModelAurania generates no operating cash from sales, meaning exploration is funded exclusively by capital markets or partners. Structurally absent revenue increases dilution and funding risk; over 2–6 months limited market access could materially constrain operations and project advancement.
Highly Stressed Balance SheetDeep negative equity and meaningful debt relative to a tiny asset base create elevated refinancing and solvency risk. In the medium term this weak capital structure limits strategic options, raises cost of capital, and increases the likelihood of dilution or asset disposals to raise liquidity.
Sustained Cash BurnConsistent negative operating and free cash flow show the company consumes substantial cash to fund exploration. Without revenues, continued ~-9M annualized burn necessitates frequent external financing, pressuring program continuity and increasing execution and dilution risk over coming months.