No Operating Revenue And Worsening LossesThe company remains pre‑commercial with no revenue and deteriorating net losses. Persistent negative earnings mean no operating leverage, continual need for external funding to sustain exploration, and limited internal cash generation to advance projects without partner support.
Negative Shareholders' EquityNegative equity is a structural capitalization concern: it constrains borrowing capacity, complicates counterparty and joint‑venture negotiations, and increases the likelihood that future financing will be equity‑dilutive. This weakens long‑term financial flexibility for project advancement.
Sizeable, Accelerating Cash BurnConsistent and rising cash burn is a durable risk for an explorer: growing TTM negative operating and free cash flow forces reliance on capital markets or partners, increases dilution risk, and could curtail drilling and advancement programs if external funding becomes constrained.