No RevenueAn absence of revenue reflects an early-stage exploration model where value is speculative and not supported by operating cash flows. Over the medium term this forces reliance on capital markets and makes operational sustainability contingent on financing or successful resource monetization.
Persistent Cash BurnConsistent operating outflows of roughly $1.5M TTM indicate ongoing burn that must be covered by financing. Structurally, continued cash deficits raise dilution and execution risk, constrain exploration progress, and pressure management to secure recurrent funding.
Ongoing Net LossesMaterial multi-year net losses mean the capital base is not generating returns, impairing internal funding capacity. Until resource confirmation or revenue generation occurs, negative earnings will limit reinvestment, lengthen the timeline to profitability, and elevate investor risk.