No Operating RevenueAs an exploration-stage company without producing assets, there is no internal revenue to fund operations. Structural dependence on external capital or disposals to finance activity raises execution risk over months, and project value realization remains uncertain until development or sale.
Consistent Cash BurnPersistent negative operating and free cash flow necessitates recurrent financing. Even with 2025 improvement, ongoing cash burn creates dilution risk and dependency on capital markets or partners, constraining ability to fund sustained drilling campaigns or accelerate project development.
Limited Internal Operational CapacityHaving no reported employees suggests heavy reliance on contractors and external consultants. This structure can impede project continuity, increase execution risk, and slow decision-making for exploration programs over the medium term compared with peers with in-house technical teams.