Pre-revenue With Persistent Operating LossesNo revenue and sustained operating losses indicate the company remains dependent on exploration success rather than commercial cash flows. Over months this structural model requires continued capital infusions and increases execution risk before any revenue-driven valuation inflection.
Negative Operating And Free Cash FlowPersistent negative operating and free cash flow demonstrate structural cash burn from exploration and corporate costs. This weak cash generation limits the company's ability to self-fund projects, forces prioritization of activities, and increases vulnerability to funding cycles over the next several months.
Reliance On External FundingGiven persistent losses and negative FCF, the business model requires repeated capital raises to sustain exploration. Reliance on external financing creates dilution risk, timing dependence on capital markets, and strategic constraints if funding conditions tighten over a multi-month horizon.