Pre-revenue With Large TTM Net LossBeing pre-revenue with a TTM net loss of roughly $19.2M means the company lacks operating income to fund activities. This structural deficit increases execution risk and extends dependence on external capital until commercial production or monetizable assets emerge, potentially delaying returns to investors.
Negative Operating And Free Cash FlowConsistently negative OCF and FCF indicate the business cannot self-fund exploration or build value internally. Persistent cash burn forces repeated external financings, dilutes shareholders, and makes long-term planning contingent on capital markets availability rather than operating performance.
Rising Leverage And Shrinking Equity BaseDebt-to-equity increasing to ~2.30 from ~0.51 signals materially higher leverage and balance-sheet risk. With shrinking equity and negative returns on equity, financial flexibility and resilience are impaired, raising the cost of capital and limiting strategic options during a multi-year development cycle.