No RevenueThe company remains pre-revenue, meaning it has no operating income to fund activities. Absence of revenue makes the business structurally dependent on external capital to sustain exploration, increasing execution and financing risk and limiting any near-term pathway to self-funded growth or margin expansion.
Worsening Cash BurnSharply higher operating cash burn materially shortens runway and heightens reliance on capital markets. For an exploration company without revenue, accelerating negative operating and free cash flows increases likelihood of dilutive financings and raises the probability that projects will be delayed or scaled back absent sustained funding.
Persistent Net LossesOngoing and increasing net losses—coupled with negative gross profit in multiple years—indicate the company has not achieved operating leverage or a path to profitability. Persistent losses constrain strategic options, deter non-dilutive financing, and make long-term project advancement contingent on continued capital raises.