No Revenue / Pre-revenue StatusLack of operating revenue is a fundamental constraint: the business remains pre-revenue and dependent on exploration outcomes. Without commercial revenues, the company must continually finance operations externally, making long-term sustainability contingent on financing or project success.
Sustained Negative Cash GenerationPersistent negative operating and free cash flow across multiple years indicates structural cash burn. Over a multi-month horizon this necessitates fresh capital or spending cuts, limiting ability to advance projects and increasing execution risk absent durable funding sources.
Reliance On Equity Funding / DilutionEvidence of sizeable equity raises implies the company is financing losses through dilution. Repeated equity funding can erode shareholder value, raise cost of capital, and constrain attractiveness to strategic investors, posing a lasting constraint on shareholder returns.