No Revenue And Negative Gross ProfitThe absence of revenues and persistent negative gross profit mean the company has not validated a commercial operating model. Long-term value depends on successful project development and future sales, so ongoing non-revenue status raises execution risk and makes fundamentals contingent on future milestones.
Persistent Cash BurnConsistent negative operating and free cash flow forces reliance on equity raises or partnerships to fund operations and development. Over time this dilutes existing holders or constrains project timelines; repeated funding rounds can also divert management focus from operational progress to financing.
Development-stage, No Producing MinesBeing a non‑producing, exploration/development company entails multi-year permitting, capital intensity, and commodity/market risk before cash generation. Project delivery, regulatory approvals, and commodity demand are uncertain, making durable cash generation and profitability contingent on successful project execution.