No Revenue And Recurring Operating LossesAbsence of revenue means the business remains pre-commercial; recurring operating losses structurally consume capital. Until resources are developed or commercial agreements secured, the company will depend on external funding, preventing internal earnings-driven stability.
Negative Shareholders' Equity And Shrinking Asset BaseNegative equity and dramatic asset decline weaken financial resilience, increase dilution risk, and limit borrowing capacity. This structural balance-sheet fragility elevates fundraising cost and could force unfavorable equity financing or asset sales to sustain exploration activity.
Persistent Negative Operating And Free Cash FlowSustained negative OCF and FCF show core operations consume cash rather than generate it, creating ongoing financing dependency. This structural cash deficit raises execution risk, potential dilution from equity raises, and constrains ability to advance projects without partner funding.