No Revenue And Recurring LossesAs a pre-revenue explorer, the company reports recurring operating losses and no commercial cash flows, a persistent structural weakness. Without demonstrated revenue or defined timelines to production, profitability hinges on exploration success and lengthy project development cycles.
Persistent Negative Cash Flow And Free Cash FlowConsistent negative operating and free cash flow forces ongoing external funding needs. This chronic cash burn constrains strategic choices, increases dilution risk from financings, and can delay or scale back exploration programs if capital markets tighten over the 2–6 month horizon.
Reliance On Capital Markets For FundingDependence on equity markets to fund operations is a structural vulnerability: it subjects program continuity to market access and share-price conditions, risks shareholder dilution, and can alter timelines or terms for joint ventures or asset sales if capital becomes expensive or scarce.